India Inc continued with its M&A frenzy in August striking an average of two deals per day, a marginal increase over the previous month's deal numbers but over three-fold jump in value terms.

A total of 62 M&A deals valued at $3.37 billion were announced in August, against 59 deals worth about $0.94 billion in July, according to data compiled by Grant Thornton.

Although nearly equal number of domestic and cross-border deals were recorded last month, in value terms there was a distinct foreign flavour in the overall league table.

The international consultancy and research major in its M&A report for the month, released today, said 30 domestic deals were announced with a total value of $0.66 billion, while the value of 32 cross-border deals was nearly four-times of this figure at $2.71 billion.

The increase in the value was in sharp contrast to the general perception that the US subprime mortgage crisis and the subsequent impact on the global markets would slow down M&A activity.

The total tally of M&A deals announced so far this year stood at 460, with an announced value of $48.4 billion.

The most significant deals of the month were JSW Steels acquisition of three US firms  Jindal United Steel Corp, Saw Pipes USA and Jindal Enterprises LLC   and Wipro [Get Quote] acquiring US-based Infocrossing Inc, Grant Thornton said.

Another outstanding cross-border deal includes Holcim's increasing of its stake in Ambuja Cements to 36.20 per cent for $220 million.

Out of total 32 cross-border deals, 21 were outbound with a value of $2.33 billion and 11 inbound deals with a value of $0.38 billion.