New Delhi, May 1 -- Six Indian companies announced acquisitions and divestments across IT services, auto components, diagnostics, pharma and fintech lending.
Tech Mahindra will acquire an 85% stake in Canada-based Alluri Technologies Inc (Avant); Bharat Forge will buy a 30% stake in Fortuna Engineering with an option to gain majority control; Dr Lal PathLabs will acquire Shahbazkers Diagnostic Centre; IIFL Fintech will raise its stake in Xtracap Fintech India to around 87.8%; Indoco Remedies will sell its ophthalmic business to Sunways India; and Zydus Lifesciences has acquired two French medical distribution firms.
Tech Mahindra-Avant
Tech Mahindra Ltd's wholly-owned step-down subsidiary, Tech Mahindra Consulting Group Inc, has signed a share purchase agreement to acquire an 85% stake in Alluri Technologies Inc (Avant) for CAD 28 million (about Rs 171 crore) in cash, subject to customary working capital and cash adjustments. The deal will give the Indian IT services provider deeper capabilities in payments modernization for North American banks.
Avant, incorporated in 2012 and headquartered in Canada, specializes in real-time rail payments, ISO 20022 migration, wire modernization, core banking cloud transformation, and wealth management platforms. It employs more than 240 people and contractors, and reported revenue of CAD 58.64 million (Rs 407 crore) in calendar year 2025.
The first closing for the 85% stake is expected by July 31, 2026. Tech Mahindra will acquire the remaining 15% after three years on a pre-agreed pricing formula, taking its holding to 100%.
The company said the move will strengthen its BFSI vertical, bring experienced talent and client relationships, and create opportunities in open banking, commercial lending and financial crime compliance. The deal doesn't require regulatory approvals and is not a related-party transaction.
Bharat Forge-Fortuna Engineering
Bharat Forge Ltd has entered into a share purchase and shareholders' agreement to acquire up to 30% of Fortuna Engineering Pvt Ltd for Rs 129.60 crore in cash, subject to closing adjustments. The Nashik-based company, incorporated in 1989, manufactures machined connecting rods, camshafts and fixtures for commercial vehicles, passenger vehicles and off-highway applications.
Fortuna reported sales of Rs 322.50 crore and net worth of Rs 173.15 crore in FY25. Bharat Forge will have the option to acquire an additional stake of up to 20% plus one share in subsequent tranches, potentially securing majority control, subject to meeting certain commercial parameters and regulatory approvals.
The acquisition aligns with Bharat Forge's strategy to strengthen machining capabilities and forward integration for both domestic and export markets. It is not a related-party transaction.
Dr Lal PathLabs-Shahbazkers Diagnostic Centre
Dr Lal PathLabs Ltd has agreed to acquire 100% of Shahbazkers Diagnostic Centre Pvt Ltd (SDCPL) for a cash consideration not exceeding Rs 20 crore. The deal, expected to close by May 31, 2026, will make the Mumbai-based provider a wholly-owned subsidiary.
SDCPL, incorporated in 2021, provides diagnostic services and reported turnover of Rs 6.11 crore in FY26.
The acquisition is aimed at bolstering Dr Lal PathLabs' presence in Mumbai and the broader Maharashtra market. The deal doesn't require any regulatory approvals.
IIFL Fintech-Xtracap Fintech India
IIFL Fintech Pvt Ltd, a wholly-owned subsidiary of IIFL Finance Ltd, is acquiring additional shares in Xtracap Fintech India Pvt Ltd to raise its holding to approximately 87.8%. The total cash outlay is around Rs 37.7 crore, split into a secondary purchase of Rs 25.7 crore and a primary capital infusion of Rs 12 crore.
Xtracap provides anchor-led, invoice-linked supply chain financing solutions to distributors and retailers, primarily serving the MSME segment. It reported turnover of Rs 7.03 crore in FY25 and is currently in a scale-up phase.
The transaction, which builds on IIFL Fintech's existing 18.8% stake, is classified as a related-party deal but will be executed on an arm's-length basis.
IIFL said the move will help it scale presence in the structurally underserved supply chain financing segment, diversify its lending portfolio and support MSME credit. The deal is expected to close within 45 days, subject to definitive agreements and customary conditions.
Indoco Remedies-Sunways India
Indoco Remedies Ltd, a Mumbai-listed formulations and bulk drugs maker, has agreed to sell its ophthalmic division in India and Africa to eyecare products maker Sunways India Pvt Ltd.
Sunways will acquire the assets for Rs 110 crore via a slump sale, according to a stock exchange filing. The transaction is expected to be completed within three months.
Indoco's ophthalmic division generated Rs 47.79 crore in revenue in FY25, accounting for 3.2% of its standalone revenue.
Indoco Remedies' managing director Aditi Panandikar said the "divestment is an important step in sharpening" the focus on core therapeutic areas with stronger potential. The deal would strengthen Sunways' ophthalmology platform by adding an established operating business and complementing its existing services, product portfolio and manufacturing capabilities.
Zydus Lifesciences-Aptitude Orthopedie, FBC Medical
Zydus Lifesciences, through its indirect French subsidiary Amplitude SAS, has acquired two medical equipment distribution companies, Aptitude Orthopedie and FBC Medical, in all-cash deals, according to separate stock exchange filings.
The company paid €360,000 (around Rs 4 crore) for Aptitude Orthopedie and €700,000 for FBC Medical.
The acquisitions follow Zydus' entry into the medtech sector last year through a controlling stake in the French orthopaedics firm Amplitude Surgical SA.
Zydus said the deals will help internalize commercial capabilities for Amplitude, reducing reliance on third-party agents and lowering long-term distribution costs.
Published by HT Digital Content Services with permission from VC Circle.