India has been ranked second in the global M&A deals this year so far in the Asia-Pacific region, with a total outbound deal value of $13.5 billion, a latest report says.

According to data complied by global consultancy firm Dealogic, Australia tops the Asia-Pacific cross-border outflow with over 125 deals worth $30 billion, followed by India with a total of 74 foreign acquisitions in the current year so far.

Some of the significant outbound cross-border deals include Suzlon Energy's [Get Quote] acquisition of REpower for $1.7 billion, Vijay Mallya-led United Spirits [Get Quote] buying out Whyte & Mackay for $1.11 billion, Tata Power [Get Quote] picking up stake in two Indonesian firms and Essar Group's purchase of Canadian Algoma Steel for about $1.55 billion.

India's cross-border M&A deal value has more than doubled this year from about $5 billion in the same period in last year, the report said.

Japan is the third country with the $7.7 billion worth cross-border M&A deals in the first six months of the year, down 50 per cent from its rally in the same period in 2006.

Interestingly, the US has emerged as the most targeted country for acquisitions by firms in Asia-Pacific with 135 deals worth $28 billion in the year so far, followed by the United Kingdom with $12.1 billion from 43 deals and Canada at $11.1 billion via 25 deals, the report said.

Overall, the Asia Pacific cross-border M&A outflow activity has crossed a record volume of $63.6 billion via 369 deals in 2007 so far, up seven per cent from $57.1 billion via 337 deal in the corresponding year so far.