7i Capital’s Industrials group is an industry-focused investment banking team with transaction experience across a broad range of sub sectors. Our professionals have deep sector knowledge built over years of focused industry coverage. We work collaboratively with a wide range of organizations, including Indian and global organizations . Our Industrials team provides clients with a broad range of strategy & transactions, including mergers and acquisitions advisory and Private Equity.

Our focus areas:

The building material industry is among the few industries expected to regain its momentum in leaps and bounds as the pandemic fades. India’s construction market is expected to emerge as the third largest and expected to reach USD 1.4 trillion industry till FY 2025. The major drivers of growth of this industry will be Indian Infrastructural development such as real estate, smart cities, industrial corridors, Railway stations, mega ports and increasing demands for commercial space. By 2025, Construction output is expected to grow on average by 7.1% each year.

Indian automotive market is in for exiting times,  with huge growth opportunities by the Electric Mobility and associated technologies.  India  has the potential of becoming the leader in EV component play and shared mobility by 2030. Top Automobile companies are planning to shift their base from IC engines to EV and this may disrupt the IC powertrain focused businesses . We also foresee other technologies like embedded systems, autonomous driving, infotainment, newer materials to drive the  Indian Automotive market..

Industrial manufacturers are taking steps to accelerate growth and their competitive position against a rapidly changing risk environment. To move forward, it’s never been more critical to optimize portfolios and invest in technology. Digitization is opening new avenues for product and service innovation for capital goods suppliers. Continuous augmentation of product functionality, coupled with data analytics, is helping suppliers better understand customer needs, tailor offerings and monetize additional services.

With the rise in Industry 4.0. the manufacturing sector has a lot of changes to make to cope up with the growing technologies and methodologies. The trends that we can see in the sector are increase in usage of Automation technologies to decrease the human presence around the machines (Covid-19 impact), utilizing digital technologies, Using AI for cost optimization and efficiency, focusing on customer centricity.

Low crude oil prices reduced raw material costs for some product lines along with tighter environmental law in China which led to closure of 40,000 manufacturing facility in China and US, China and Europe trade war propelling India an enormous opportunity to be the global manufacturing and export hub for the specialty chemical.

Specialty chemicals are driven by extensive product R&D and innovation, which is a significant differentiator over the commoditized chemical industry. These chemicals are derived from basic chemicals and are sold based on their functions. For example, Agrochemicals, Diversified Chemicals, Dyes & Pigments, Life Sciences, HPC & Textile Chemicals, Flavours & Fragrances, Construction & water chemicals, specialty additives, etc. The specialty chemicals constitute 22% of the total chemicals and petrochemicals market in India. As of FY19, the total market size is around USD 35 bn. The demand for specialty chemicals is expected to rise at a 12% CAGR in 2019-22.


The Indian agrochemicals market is expected to register an 8% CAGR to reach US$ 3.7 billion by FY22 and US$ 4.7 billion by FY25. Indian Agrochemicals market is consolidated with top players. We can see increase in the use of bio pesticides, companies have to start producing bio pesticides in order to survive.

Dyes & Pigments

India is a strong global dye supplier, accounting for approximately 16 percent of the world’s production of dyestuff and dye intermediates. Indian dyes and pigments market is expected to grow at a CAGR of 11% from 2021-2026.

Flavours and Fragrance

Global Flavours and Fragrances (F&F) market is valued at USD 29.8bn in 2019 and is expected to grow at 5.1% CAGR to reach USD 40.6bn by 2025. India forms a relatively small part of the global F&F industry and with its size and growing economy, it offers significant headspace to grow. In FY 2019, the Indian flavours & Fragrance Industry is worth USD 500 million. Indian F&F blends market is fairly consolidated with the top 5 players accounting for almost 65% of the market and 4 among the top 5 being the MNCs. With 4 MNCs controlling over 50% of the market, domestic players lack scale.


The Indian Paint Industry is estimated to be USD 660 Million Industry. In FY19, the paints industry has expanded at the rate of 12% in volume terms and 15% in value terms. The sector consists of manufacturers of paints, varnishes, lacquers, shellacs, stains, and a variety of other specialty coatings.


The global adhesives and sealants market size was valued at USD 52.55 billion in 2017 and is expected to witness a CAGR of 5.6% from 2018 to 2025. The Indian adhesives and sealants market is consolidated with 4 top players with an approximate market share of 85.3%.

The global industrial gases market size is expected to experience significant growth by reaching USD 149.33 billion by 2027 while exhibiting a CAGR of 6.0% between 2020 and 2027. Factors such as the increasing investment in the processing and manufacturing industries, coupled with the growing demand from the healthcare sector, will propel the adoption of the product globally.

Oxygen has dominated the market and will do so in the forth coming years. Increasing demand for oxygen due to Covid-19 to aid market growth and also the increase in demand from healthcare industry to promote growth is one of main driving factors for the industry.

Packaging Industry in India stood at USD 75.95 billion in 2019. Also, with many innovations happening, it will reach USD 103.32 billion by 2025. Therefore, this makes it a good opportunity for companies wanting to enter or expand the market. Packaging is among the high growth industries in India and is becoming a preferred hub for world packaging industry. In India, the fastest growing packaging segments are laminates and flexible packaging, especially PET and woven sacks. The growing middle class with rising income, increased awareness, E-commerce and demand for packed foods and materials is major drivers of the domestic demand in the packaging industry.

The aerospace industry in India is growing significantly with the rising activities from both the defense and civil aviation sectors. With an increasing demand for large aircraft from Indian carriers such as Spice –Jet and Indigo and a focus on Powered by Hour Contracts (PBH), many of India’s aerospace services and manufacturing activities are expected to be carried out. Similarly, as India’s defense capital expenditure spending is continuously growing, there are also many opportunities in defense aerospace. This offers opportunities for start-ups as well as further expansion for existing players.

The Indian aerospace & defense (A&D) market is projected to reach ~US$ 70 billion by 2030, driven by the burgeoning demand for advanced infrastructure and government thrust.

The electrical equipment market size in India is expected to grow by USD 33.74 billion and record a CAGR of 9% during 2021-2025. The electrical equipment market in India is driven by an increase in the number of commercial building projects. In addition, other factors such as growth in cross-border electricity trading are expected to trigger the electrical equipment market in India.

We focus on the product companies in the space of electronic components. Electronics is now the world’s fastest-growing sector and plays a prominent role in all other verticals too. The government is also highly focused on electronics hardware manufacturing as it will boost Digital India and Make in India initiatives.

The growth of the electronic components industry in India will increase due to the massive transformations in technology such as the emergence of 4G/LTE networks and the Internet of Things (IoT), policy boosts from the government like Digital India and Smart Cities, wider broadband connectivity, and e-governance programs.

How can 7i help?

One of the most active mid-market industrials investment banks in India, 7i has successfully completed multiple transactions in this space. Combined with our deep sector insight and strong domestic/global network of industry relationships with private and public companies (across market caps) and PE/VCs, we have a strong track record in leveraging new growth opportunities and add value for our clients through our services in:

  • Domestic and Cross border Mergers & Acquisition

  • Fund raising via Private Equity

  • Long-term Strategic/Financial advice

Led by

Abhijeet A. Biswas, CFA


Tapas Sarkar


Manoj Patkar


Key Transactions

At 7i, we strive to generate bespoke and differentiated deal ideas that help our clients derive substantial value in their field of business.