Cross-Border M&A & Market Entry: France ↔ India
For French companies entering or acquiring in India, and for Indian buyers of French technology and brands — Paris-anchored European origination paired with SEBI-regulated Indian execution via Equirus Capital.
Why this corridor, now
France is a natural corridor partner: IndoWest's co-sponsor, Tech IA Impact Invest, is based in Paris, and the France–India strategic partnership spans aerospace and defence, civil nuclear and renewable energy, space, and luxury. These are precisely the sectors where French technology and Indian scale and demand meet.
The India–EU Free Trade Agreement, concluded in January 2026, adds tariff liberalisation and a clearer investment framework, while India's domestic growth and manufacturing build-out sustain demand for French capital goods, energy technology and premium brands.
The France–India corridor is most active in aerospace and defence, energy and renewables, luxury and consumer, IT and technology, and pharmaceuticals.
Who we work with
- French corporates and mid-caps — market entry, joint ventures and acquisitions in India.
- Indian acquirers of French technology, energy and consumer/luxury assets.
- French companies localising manufacturing or R&D in India under the FDI framework.
- Sponsors and family groups pursuing JVs, carve-outs and minority investments.
What we do
IndoWest provides European-side origination, structuring and process management. Equirus Capital — a SEBI-registered Category I Merchant Banker that has advised on 315+ transactions worth over USD 14.9 billion — provides Indian execution, including the valuation a cross-border share swap legally requires. The combined structure delivers origination and Indian regulatory depth in a single coordinated mandate. See the full scope on our cross-border M&A advisory page, or the wider context in our guide to Europe–India M&A.
The regulatory map, in brief
On the French side: the AMF where relevant and France's foreign-investment control regime (contrôle des investissements étrangers) for strategic sectors. On the Indian side: FEMA / NDI Rules, the Overseas Investment Rules 2022, and SEBI/CCI where applicable. The India–France double-tax treaty may provide relief.
Frequently asked questions
How does a French company enter or acquire in India?
Through India's FDI route under FEMA / NDI Rules — by acquisition, joint venture or greenfield entry. IndoWest provides European-side origination and structuring; Equirus Capital, a SEBI Category I Merchant Banker, provides Indian execution including any required valuation.
Can shares be used as consideration in a France–India deal?
Yes. Since the 2024 amendment to the NDI Rules, cross-border share swaps are permitted under the automatic route; the valuation must be performed by a SEBI-registered merchant banker.
Which sectors are most active in the France–India corridor?
Aerospace and defence, energy and renewables, luxury and consumer, technology and pharmaceuticals — the sectors at the centre of the France–India strategic partnership.
What is IndoWest's role versus Equirus?
IndoWest Capital provides European-side origination, structuring and process management; Equirus Capital provides SEBI-regulated Indian execution. IndoWest does not provide investment management or SEBI-reserved activities.
Exploring a transaction or market entry along the France–India corridor?
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