India Inc. witnessed some resilience in the mergers and acquisition arena last month as total M&A and private equity (PE) deals involving an Indian company announced during the month totaled were valued at $1.90 billion, more than tripled compared to $0.59 billion recorded in the year-ago period, revealed a survey report by global M&A research firm Grant Thornton.

However, total deal value is still far behind $4.42 billion witnessed in February 2008.

The total number of deals signed doubled in February to 80 as compared to just 38 deals in February last year.

During the period, Indian companies showed a higher shopping desire in the global market as out-bound M&A deals at $616 million surpassed total value of in-bound deals, $551 million. Cumulative value of all out-bound deals was even higher than $243 million seen in February 2008. Domestic deals were valued at $154 million.

While acquisition of Essar Telecom Infrastructure Pvt. Ltd. by American Tower Corp. for $450 million remained the biggest deal announced last month, Shree Renuka Sugars' announcement to buy majority stake in Equipav SA Açúcar e Álcool for $329 million was the biggest out-bound deal for the month.