New Delhi: India has been ranked second after in outbound M&A deals so far during 2007 in the Asia-Pacific region, with outbound deals totalling $13.5 billion, in a report by global consultancy firm Dealogic.

According to the report, 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 data collected by Dealogic shows Australia topping the Asia-Pacific cross-border outflow with over 125 deals valued at $30 billion, followed by India with a total of 74 foreign acquisitions in the current year so far.

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

Japan follows at the third spot with deals worth $7.7 billion, down 50 per cent in the same period in 2006.

US companies have emerged as the most targeted for acquisitions by overseas firms with 135 deals valued at $28 billion, followed by the firms in the UK with 43 deals at $12.1 billion and acquisition of 25 Canadian businesses at deals worth $11.1 billion.

The Asia Pacific cross-border M&A outflow activity has crossed $63.6 billion.