New Delhi, Jan. 1 -- Rising deal activity in India's mergers and acquisitions (M&A) space shows that domestic acquirers are firmly back in the saddle, even as Japanese players step up their presence in the country, Sourav Mallik, managing director and deputy chief executive of Kotak Investment Banking, told Mint in an interview.

From JSW Paints acquiring AkzoNobel to Torrent Group acquiring J.B. Chemicals & Pharmaceuticals to Bajaj Finance buying out Allianz, growth-hungry Indian business groups are now making substantive M&A moves, he said.

"We have seen that capital from global investors is headed towards India, and domestic capital continues to flow unabated. Domestic groups are getting stronger and stronger and becoming very active ...