The aggregate value of the merger and acquisition (M&A) transactions involving Indian entities was $ 36.3 billion last year, up 22.6 per cent over the 2011 tally, global deal tracking firm mergermarket said.

In terms of numbers, 2012 saw as many as 268 deals -- up 7.6 per cent from the 249 deals registered during 2011.

Outbound M&As hit $ 11.2 billion last year. In contrast, inbound M&As slowed in 2012 as the aggregate inbound deal value for the year stood at $ 17.4 billion, down 30.1 per cent than the corresponding period a year ago.

A sector-wise analysis shows that energy, mining and utilities commanded 31.9 per cent of the total M&A value in 2012, although the figure comprised mostly the $ 10.3 billion Sesa Goa-Sterlite restructuring, which represented 28.3 per cent of all M&A value in 2012.

Industrials & chemicals continued to dominate M&A deal volumes, along with the pharma, medical & biotech and business services sectors.

Last year began on a bullish note, but deal activities fell significantly in the second and part of the third quarter.

According to mergermarket, deal volume in the fourth quarter of 2012 fell 9 per cent, from the third quarter of 2012 to 61 deals. The deal value in Q4 2012 dropped 26.3 per cent, from Q3 2012 to $ 7.1 billion.

However, various reform measures announced by the government in mid-September and easing in liquidity conditions helped boost the deal value as well as volumes, which are expected to see a pick up going forward.

Citi topped the financial adviser league tables in terms of deal value, with 9 deals worth $ 18.5 billion. It was followed closely by five peers who acted on the Sesa Goa-Sterlite merger.

Ernst and Young retained first place in the rankings in terms of number of deals, having advised on 17 transactions this year, mergermarket said.