Apollo Tyres (advised by Deutsche Bank and Morgan Stanley), for instance, was granted $2.5 billion to buy out New York-listed Cooper Tire & Rubber Co (advised by Bank of America), a company nearly three times the size of its Indian suitor.
Bankers said lenders were taking advantage of a window of opportunity that exists while monetary policy remains loose, before any sort of scaling back by central banks happens.
Indian companies are bidding for at least $10 billion worth of deals and, if successful, even push up to $13 billion -- the highest since a record year in 2010, analysis shows.
But the revival of M&A activity is good news for foreign investment banks operating in the country, which for years have struggled with wafer-thin margins.
"The debt market is back today," said Venkat Anantharaman, South Asia Co-Head for wholesale banking at Standard Chartered. He was referring to the US high yield market and opportunity to provide companies with the money needed to grow.