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Outbound deals gaining pace, but integration a challenge: Citi, Equirus CapitalRahul Saraf, India Head of Investment Banking at Citi, and Bhavesh Shah, MD and Head of Investment Banking at Equirus Capital, said large outbound deals reflect rising global ambition among Indian firms. They noted that deal activity is increasing across sectors, but highlighted that execution after acquisition remains critical, with integration determining whether companies can achieve synergies and sustain growth.By Prashant Nair   |  Nigel D'Souza   |  Mangalam Maloo  April 27, 2026, 12:36:21 PM IST (Published)2 Min ReadRahul Saraf, India Head of Investment Banking at Citi, said the Sun Pharmaceuticals-Organon deal marks a shift in how Indian companies approach global expansion, with more large outbound deals expected across sectors.

Calling it a milestone, Saraf said, “It marks history for India. It's the largest outbound acquisition,” adding that the deal reflects growing ambition among Indian firms to scale globally. He noted that companies with strong balance sheets and global experience are increasingly looking to expand into international markets and capture synergies.

For the full interview, watch the accompanying video

Saraf added that deal activity has picked up sharply in recent weeks, with multiple transactions across sectors and structures. “Lots of transactions happening almost every week,” he said, indicating that mergers and acquisitions are likely to continue through the year with varied objectives such as consolidation, expansion and partnerships.

Bhavesh Shah, Managing Director and Head of Investment Banking at Equirus Capital, said such acquisitions help companies expand into new products and geographies but come with execution risks.

Also Read | Sun Pharma-Organon Deal: Analysts advice what to do with the stock after the news

He cautioned that the real challenge lies after the deal is completed. “It's easy to acquire, but very difficult to integrate,” Shah said, stressing the need for a clear integration strategy to realise synergies and drive growth.

Shah added that companies which execute well on integration and align acquisitions with their broader strategy can benefit from improved market valuation, while others may struggle if integration falls short.

The stock was trading at ₹1,726.50 at 11:30 am and has seen its shares lose more than 6% over the last year.

Overall, both executives indicated that outbound acquisitions are set to remain a key strategy for Indian companies, with a focus on scaling operations globally while managing integration risks.

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