India cross-border acquisitions are in decline - and by no small margin either. The latest stats show a 39% drop so far this year on the corresponding period last year.

Ironically, the news comes only a month after the largest cross-border Indian acquisition so far this year - the US$2.3bn acquisition of Land Rover and Jaguar by Mumbai-based multinational Tata Motors. The deal was a boon to local and international firms alike, including Allen & Overy, who advised on the international aspects of the deal, and AZB and Rodyk & Davidson, who advised on Indian and Singaporean law respectively.

Big deals mean big business for firms and, if rumours are anything to go by, the Indian M&A stats might be getting a big boost soon. Bharti Airtel, India's largest telecommunications company, has been widely reported to be in pursuit of South African MTN. The deal, if successful, could become the largest cross-border acquisition by an Indian firm on record, with sources estimating the deal to be potentially worth up to US$20bn.