Summary
Faster approvals reduce uncertainty and risk, enable quicker deal closures and capital deployment, lower costs, and improve deal certainty, making transactions more efficient and investor-friendly
Companies pursuing mergers are securing timely clearances from India’s competition watchdog, with the Competition Commission of India (CCI) adhering to its tighter 150-day approval timeline, government data shows, signalling lower risk and greater certainty for investors and lenders.
In reply to a question in the Lok Sabha on 30 March, finance and corporate affairs minister Nirmala Sitharaman said the CCI cleared 194 merger and acquisition (M&A) cases between 10 September 2024 and 24 March 2026, within the revised deadline.
In each case, the regulator formed its prima facie view within 30 days, indicating that the majority of these deals did not raise significant competition concerns and were cleared at the first stage of review.
While all 194 cases saw a prima facie view within 30 days, only two transactions required detailed scrutiny, both of which were cleared within the overall 150-day timeline.
However, while the government’s reply suggests all 194 mergers were cleared within the prescribed timeline, Mint found that 31 of these were deemed approved under Section 6(5) of the Competition Act, 2002, meaning they were automatically cleared as the CCI did not pass a final order within the stipulated period.
According to data available on the CCI website for the period from 10 September 2024 to 26 March 2026, the regulator reviewed 199 cases, including 196 approvals, of which two were with modifications along with one exempt case (not requiring notification), one withdrawal, and one invalid notice.
Queries emailed to the CCI and the ministry of corporate affairs seeking clarity remained unanswered till the time of publishing.
The Competition (Amendment) Act 2023 reduced the outer limit for deal approvals from 210 days to 150 days, effective September 2024, aiming to speed up deal clearances and improve regulatory certainty.
Deal dynamics
According to lawyers, faster approvals reduce uncertainty and risk, enable quicker deal closures and capital deployment, lower costs, and improve deal certainty, making transactions more efficient and investor-friendly.
“Lenders and investors benefit from improved visibility on timelines, enabling better alignment of financing commitments with deal closures, reducing reliance on costly bridge financing, and lowering risk premiums,” said Neeha Nagpal, founding partner at NM Law Chambers. “It also shifts negotiation dynamics, with fewer aggressive clauses such as ‘hell or high water’ provisions or regulatory break fees, particularly in non-complex transactions.”
Where timelines are unclear, parties tend to build in valuation adjustments or rely on contingent structures to manage approval risk, said Pranav Bhaskar, senior partner at SKV Law Offices. “A tighter regulatory window reduces the need to price in such uncertainty, directly supporting deal value.”
Before the 2023 amendments, India’s merger approval framework allowed up to 210 days for regulatory clearance. However, this was an outer limit rather than a strict deadline, and timelines could stretch depending on information requests and the complexity of the transaction.
According to Nagpal, even before the amendments, the CCI was generally efficient, with several mergers cleared in within 30 days. However, timelines lacked formal predictability. Delays occurred due to “stop-the-clock” provisions when additional information was sought, and complex cases often stretched closer to the 210-day outer limit.
Merger review process
In India, the CCI is the primary antitrust regulator responsible for overseeing mergers and acquisitions and enforcing competition law. Under the Competition Act, 2002, companies that cross specified asset or turnover thresholds must notify the regulator before completing a transaction.
The process begins with filing detailed information about the deal, followed by a prima facie review within 30 days, where most transactions are cleared. If concerns arise, the CCI may initiate a deeper investigation, seek additional information, and require remedies such as divestments before approving a deal. The regulator ultimately assesses whether a transaction could cause an “appreciable adverse effect on competition” before clearing it.
Ravisekhar Nair, partner at Economic Laws Practice, said dealmakers and investors need to be proactive in preparing and filing CCI notifications to fully benefit from the faster regime.
“As long as dealmakers and investors plan ahead and prepare for CCI filings where required, they can factor in structuring, valuation and financial aspects from a competition law perspective and fully benefit from the shortened 150-day timeline,” he said.
As per LSEG data published by Fortune India on 2 April, India recorded around 430 M&A deals in the first quarter of 2026, with overall activity slowing sharply. Total deal value declined 44.5% year-on-year to $17.4 billion, while volumes fell by more than 30%, marking the weakest start since 2021.
