The global economic slowdown forced corporate India to look largely within the country for

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merger and acquisitions in 2009, accounting for about 60 per cent of the 10-billion dollar worth of deals.

Besides, some foreign MNCs -- possibly enticed by the world's second fastest growing economy -- sought to enter India by acquiring into local companies, mostly in telecom, steel and pharma sectors.

The cross-border deals, worth about USD four billion, could have been lot larger had the estimated USD 12-billion takeover of global petrochemicals major LyondellBasell by Mukesh Ambani-led RIL happened this year, and Sunil Mittal-led Bharti Airtel's USD 23-billion worth deal with South Africa's MTN not failed - for the second time.

Some experts also said that the theme of M&A space changed in 2009 from 'aggression and optimism' to 'distress sale and desperation' -- thus leading to less intense deal activity.

But, it was Ruias-led Essar group that bucked the trend and constantly went hunting overseas in sectors like oil, telecom and technology and kept the Indian flag flying on deal tables in one of the most difficult times for global economy.

Good news also came from Tatas who appeared to have overcome the impact of global meltdown on their overseas acquisitions of iconic British carmaker Jaguar-Land Rover and steel behemoth Corus in Europe.