Deal-making by India Inc and investors acquired pace in the first half of 2016. Data from Grant Thornton show that 750 deals adding up to $21.8 billion were made in this period against 738 deals worth $21.1 billion in the same period in 2015. Mergers and acquisitions rose 12 per cent year-on-year to $15.7 billion, but global uncertainties appear to have hurt PE (private equity) activity and inbound deals. Domestic deal-making was robust, increasing 43 per cent in value year on year to $8.1 billion in the first half of 2016. Energy and manufacturing saw two deals valued at over a billion dollars - Ultratech-Jaiprakash Cement ($2.4 billion) and Tata Power-Welspun Renewables ($1.4 billion). IPO action in the first half was the highest since 2010, with 11 issues worth $1.1 billion in diverse sectors. Equitas Holdings was the largest initial public offering, raising $325 million. Overseas investments by India Inc too were strong. Outbound deal activity, which was subdued in 2015, touched $3.1 billion, up 135 per cent y-o-y. Deals in the energy, IT and pharma sectors saw investments flowing to the US, the UK and Russia. Many of the deals (over 80 per cent) were large, valued at over $100 million. This included Indian Oil, Oil India and a unit of Bharat Petroleum acquiring Tass-Yuryakh oilfield in Siberia, Russia, for $1.3 billion, and Wipro's $460 million acquisition of Healthplan Services, US.