India witnessed a record-breaking surge in deal activity in February, with 226 M&A and private equity deals totaling $7.2 billion -- the highest monthly deal volume in the last three years, according to the Dealtracker report of Grant Thornton Bharat."This represents a 67 per cent increase in volumes and a 5.4-fold increase in values compared to February 2024, while a 14 per cent increase over the previous month," it said.