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Mergers and acquisitions mean big bucks for buyers and sellers. And they also mean massive earnings for investment banks.

These organisations are typically involved in all stages of a deal—from scouting for potential buyers in case of sale to working out all the conditions of the deal.

In India, in the first six months of 2016 (January to June), Ernst & Young LLP (EY) earned some $8 million (Rs54 crore) in advising fee for all completed M&As, according to data from Thomson Reuters and Freeman Consulting Co.

“M&A advisory fees from completed transactions in India totalled $58.9 million (Rs395 crore) in the first half of 2016, a 5.2% decline from the comparable period last year,” Thomson Reuters said in a report released July 5.

Some of the big-ticket announcements in the period include Ultratech Cement’s acquisition of Jaypee Cement’s manufacturing plants and Tata Power buying Welspun’s renewable power business.

The data is only for completed M&A transactions during the period. Banks earn more from other advisory services such as initial public offerings (IPOs), debt syndication deals, and general consulting. In an M&A deal, investment banks charge a fee or a commission as a proportion of the deal value.