New Delhi, May 1 -- Four Indian companies announced acquisitions late on Thursday across IT services, auto components, diagnostics 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; and IIFL Fintech will raise its stake in Xtracap Fintech India to around 87.8%.

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.

Published by HT Digital Content Services with permission from VC Circle.