Grant Thornton India LLP. All rights reserved.

Dealtracker
Providing M&A and Private Equity Deal Insights
Quarterly Issue
Volume 9.3
Dealtracker
Quarterly 2013

2
Grant Thornton India LLP. All rights reserved.
Quarter 1 Deal Summary
Destination Of M&A Deals Q1 2013
Quarter 1, 2013: Deal Snapshot
Highlights

the total M&A, PE deals in Q1 2013 were valued at US$5.85
billion (219 Deals) as compared to US$20.53 billion (299
Deals) and US$20.48 billion (217 Deals) in the corresponding
quarters of 2012 and 2011 respectively.
the total value of outbound deals (Indian companies acquiring
businesses outside India) in Q1 2013 was US$0.19 billion (21
deals) as compared to US$0.69 billion (26 deals) during Q1
2011, registering a decline of over 72% in value
the total value of inbound deals (foreign companies or their
subsidiaries acquiring Indian businesses) in Q1 2013 was
US$2.90 billion (29 deals) as compared to US$1.26 billion (36
deals) in Q1 2011, registering a increase of over 130% in
value.
the total value of domestic deals in Q1 2013 was US$1.41
billion (66 deals) as compared to US$2.01 billion (71 deals)
and US$2.40 billion (41 deals) during the corresponding
quarters in 2012 and 2011 respectively
PE deal values amounted to US$1.29 billion (90 deals) in Q1
2013 as compared to US$2.13 billion (121 deals) and
US$2.61 billion (75 deals) during the corresponding quarters
in 2012 and 2011 respectively.
there were 3 QIP deals valued at US$228.62 million in the
first quarter of 2013.
7 IPO were listed in the Q1 2013, which raised a sum of
US$13.48 million from the public.The total amount raised
through IPO during the period Jan-Dec 2012 was US$ 1.16
billion from 24 IPOs.
Total M&A values reduced by 75% in Q1 2013 compared to Q1 2012
Excluding internal mergers and restructuring M&A deal values
increased by 14% compared to Q1 2012.
PE values decreased by 39% and volumes decreased by 26% in Q1
2013 compared to Q1 2012
Q1 Deal Summary
Year 2011 2012 2013 2011 2012 2013
Domestic 41 71 66 2.40 2.01 1.41
Cross Border 60 62 50 15.47 1.95 3.09
Mergers & Internal Restructuring 41 45 13 - 14.43 0.06
Total M&A 142 178 129 17.87 18.39 4.56
PE 75 121 90 2.61 2.13 1.29
Grand Total 217 299 219 20.48 20.53 5.85
Cross Border includes
Inbound 26 36 29 13.75 1.26 2.90
Outbound 34 26 21 1.73 0.69 0.19
Volume Value (US$ bn)
Domestic
31%
Inbound
65%
Outbound
4%
Crossborder
69%
Dealtracker
Quarterly 2013

3
Grant Thornton India LLP. All rights reserved.
M&A Trend PE Trend
QIP Trend
IPO Trend
17.9
12.0
7.4 7.3
18.4
4.4
5.4
13.3
4.6
142
171
148
183
178
147
113
162
129
0
20
40
60
80
100
120
140
160
180
200
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
Q
1

1
1
Q
2

1
1
Q
3

1
1
Q
4

1
1
Q
1

1
2
Q
2

1
2
Q
3

1
2
Q
4

1
2
Q
1

1
3
V
o
l
u
m
e
U
S
$

B
i
l
l
i
o
n
2.6
2.9
1.9
1.4
2.1
1.7
2.3
1.3
1.3
75
120
90
88
121
98
92
89
90
0
20
40
60
80
100
120
140
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Q
1

1
1
Q
2

1
1
Q
3

1
1
Q
4

1
1
Q
1

1
2
Q
2

1
2
Q
3

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Q
4

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Q
1

1
3
V
o
l
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m
e
U
S
$

B
i
l
l
i
o
n
220
453
456
75
130
114
19
895
13
6
8
11
5
3
5
7
9
7
0
2
4
6
8
10
12
-
200
400
600
800
1,000
Q
1

1
1
Q
2

1
1
Q
3

1
1
Q
4

1
1
Q
1

1
2
Q
2

1
2
Q
3

1
2
Q
4

1
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Q
1

1
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e
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S
$

M
i
l
l
i
o
n
526
126
282
15
69
5
166
635
229
2
2
3
2
4
1
3
4
3
0
1
2
3
4
5
-
200
400
600
800
Q
1

1
1
Q
2

1
1
Q
3

1
1
Q
4

1
1
Q
1

1
2
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2

1
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1

1
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$

M
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n
Dealtracker
Quarterly 2013

4
Grant Thornton India LLP. All rights reserved.
M&A Top sectors
(by Value)
PE Top sectors
(by Value)
*Also includes sectors less than 1%
Pharma,
Healthcare &
Biotech
41%
Power & Energy
22%
IT & ITeS
6%
Banking &
Financial
Services
6%
Manufacturing
5%
Plastic &
Chemicals
3%
Media,
Entertainment &
Publishing
3%
FMCG, Food &
Beverages
2%
Automotive
2%
Others*
10%
Pharma,
Healthcare &
Biotech
22%
Power & Energy
15%
Real Estate
13%
Banking &
Financial
Services
13%
IT & ITeS
8%
Cement
8%
FMCG, Food &
Beverages
7%
Infrastructure
Management
5%
Logistics
3%
Others*
6%
Dealtracker
Quarterly 2013

5
Grant Thornton India LLP. All rights reserved.
Quarter 1, 2013: TOP 10 Deals
M&A
* Subject to Regulatory Approvals
Acquirer Target Sector US $ Mn Deal Type %
Mylan Inc
Agila Specialties Pvt Ltd
(Stridess injectable
business)
Pharma,
Healthcare &
Biotech 1,800.00 Acquisition 100%
FPM Power Holdings Ltd
GMR Energy (Singapore)
Pte Ltd Power & Energy 481.82
Majority
Stake 70%
NTPC Ltd
Nabinagar Power
Generating Company Pvt
Ltd Power & Energy 412.68
Strategic
Stake N.A.
Aliaxis Group SA Ashirvad Pipes Pvt Ltd Manufacturing 148.00
Majority
Stake N.A.
Webhelp S.A.
HEROtsc subsidiary of Hero
Group IT & ITeS 123.20 Acquisition 100%
L&T General Insurance
Company Limited *
Future Generali India
Insurance Company Ltd.
Banking &
Financial
Services 109.09 Merger N.A.
Exide Industries Ltd
ING Vysya Life Insurance
Pvt Ltd
Banking &
Financial
Services 100.00
Increasing
Stake to
100% 50%
Varun Beverages
Pearl Drinks-Bottling
Business
FMCG, Food &
Beverages 72.73 Acquisition 100%
IPG Mediabrands Interactive Avenues
Media,
Entertainment &
Publishing 72.73 Acquisition 100%
Dealtracker
Quarterly 2013

6
Grant Thornton India LLP. All rights reserved.
Quarter 1, 2013: TOP 10 Deals
PE
Investor Investee Sector % US $ mn
Government of Singapore
Investment Corporation Greenko Group Power & Energy N.A. 150.00
Blackstone Sree Jayajothi Cements Ltd Cement 53% 100.00
Oppenheimer Funds Apollo Hospitals Enterprise
Pharma, Healthcare &
Biotech 5% 95.09
Blackstone
Panchshil Realty - Eon Free
Zone Real Estate 50% 81.82
Aditya Birla Private Equity, Norwest
Venture Partners, Faering Capital,
Gaja Capital, GPE (India), Argonaut
Ventures, UTI Invest Advisory The Ratnakar Bank Ltd. Banking & Financial Services N.A. 54.55
IFC Smart Value Homes Ltd Real Estate N.A. 50.00
Baring PE Dabur India Ltd FMCG, Food & Beverages N.A. 45.00
Everstone Capital Transpole Logistics Pvt Ltd Logistics N.A. 40.00
ChrysCapital Ipca Laboratories Ltd
Pharma, Healthcare &
Biotech 4% 40.00
Macquarie SBI Infrastructure
Investments Pte, SBI Macquarie
Infrastructure Trust
GMR Jadcherla Expressways
Pvt Ltd Infrastructure Management 74% 37.45
WestBridge Capital Partners Dr Lal PathLabs
Pharma, Healthcare &
Biotech N.A. 36.00
Temasek HealthCare Global Enterprises
Pharma, Healthcare &
Biotech N.A. 25.70
Dealtracker
Quarterly 2013

7
Grant Thornton India LLP. All rights reserved.
M&A Deal of the Quarter

Mylan Inc Acquired Agila Specialties Pvt Ltd (Stridess injectable business)
About the companies

Mylan Inc. engages in the development, manufacture, marketing, licensing, and distribution of generic and branded generic pharmaceuticals, specialty
pharmaceuticals, and active pharmaceutical ingredients (APIs) worldwide. It operates in two segments, Generics and Specialty. The Generics segment primarily
develops, manufactures, sells, and distributes generic or branded generic pharmaceutical products in tablet, capsule, and injectable or transdermal patch forms, as
well as API. It also focuses on developing APIs with non-infringing processes to partner with manufacturers.

Agila Specialties Pvt Ltd (Stridess injectable business) manufactures and markets pharmaceutical products. The company offers penicillin, oncology
drugs, and sterile injectables. The company was formerly known as Strides Specialties Pvt Ltd. Agila Specialties Private Limited operates as a subsidiary of Strides
Arcolab Ltd.


Transaction Rationale: According to Mylan, the acquisition of Agila will create a global injectables leader, significantly expanding and strengthening Mylan's
global injectables platform and providing Mylan entry into new high-growth geographic markets.

Transaction Terms: Mylan will pay Strides Arcolab US$1.6 billion in cash. The agreement also provides for up to an additional US$250 million in potential
payments subject to the satisfaction of certain conditions by Strides.





Acquirer Target US $ mn % Stake
Mylan Inc Agila Specialties Pvt Ltd (Stridess injectable business) 1800 100.00%
Dealtracker
Quarterly 2013

8
Grant Thornton India LLP. All rights reserved.
This document captures the list of deals announced based on information available in the public domain and based on public announcements. Grant Thornton India LLP does
not take any responsibility for the information, any errors or any decision by the reader based on this information. This document should not be relied upon as a substitute for
detailed advise and hence, we do not accept responsibility for any loss as a result of relying on the material contained herein. Further, our analysis of the deal values are
based on publicly available information and based on appropriate assumptions (wherever necessary). Hence, if different assumptions were to be applied, the outcomes and
results would be different.
Dealtracker
Quarterly 2013

9
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