Indian Firms Turn to Overseas Deals to Secure Energy Supply Chains

India's companies are increasingly turning to cross-border mergers and acquisitions (M&A) as they seek to secure reliable energy and critical-mineral supply chains, according to JPMorgan.

The dealmaker, Paul Uren, said geopolitics has made key inputs 'weaponized,' forcing firms to buy companies rather than just signing supply contracts to ensure a stable supply of essential resources.

JPMorgan's data show that total M&A involving Indian businesses reached $100 billion in the first half of 2026 across 680 deals, with outbound activity on pace for a record. One notable example is Sun Pharmaceuticals' $11.75 billion purchase of US drugmaker Organon & Co (including debt), a deal JPMorgan advised on.

The trend is not just limited to M&A; Indian firms are also discussing investments in Canadian liquefied natural gas (LNG) and critical-mineral projects as part of trade talks.