Deal Tracker Annual Edition 2010 Test Version

Dealtracker
Providing business owners with M&A market insight
6th
ANNUAL EDITION 2010
2011 Grant Thornton India Member firm within Grant Thornton International Ltd
Contents
I. II. Foreword....... The Year of Rebound... 2 3 5 6 7 8 13 14 15 16 17 18 19 20 662 deals, , $ 49.8 bn 971 deals, $ 62.2 bn III 2010: III. 2010 A Snapshot Sn p h t... IV. M&A V. VI. QIP QIP Round up ... Top p Deals.... IPO Round up ... Top Deals.... 56 deals, $ 6.2 bn M&A Round up. Domestic.... Cross Border.. PE Round up.. T Deals Top D l ....
PE 253 deals, $ 6.2 bn
VII. IPO 62 deals, $ 8 bn
VIII. Special Feature. IX. List of Deals in 2010

Foreword
It has been a rebound year for Indian M&A and Pi Private Equity E i investments i after f the h weak k activity i i levels we saw in 2009. The increasing confidence in the Indian Economy, buoyancy in the Capital markets, significant improvements in global perception of India and improved performance of the earlier cross border transactions, resulted in India Incs total M and A and PE activity reached US$62.24 billion registering a growth of 159% over 2009. This renewed momentum has taken the Deal Activity back to almost the levels we saw in 2007. Opportunities across sectors in India continued to fuel M&A activity. The increasing need for telecom infrastructure, oil & gas, primary & tertiary healthcare and power sectors ensured both growth and consolidation related transactions within these g g M&A deal values of US$ $ 14.62 sectors registering billion, US$ 11.27 billion and US$ 6.24 billion respectively. As we have said before and seen from the data, Indian M and A and PE activity is sector agnostic and we have seen activity in all sectors . There is a clear case for consolidation in most sectors which would bring about scale and cost benefits and with technology changes are some of the key drivers of M and A and PE activity in the country. Cross border activity also surged in 2010 and we saw significant outbound investments which totaled US $ 22.50 billion including that of Bhartis Zain acquisition of $ 10.7 Bn.
Inbound activity also increased significantly to US $ 9 Billion Billi driven di by b the h comfort f Indian I di Businessman have developed in not just acquiring but divesting their businesses. On the domestic front, deal values almost trebled to reach an all time high of US$ 18.32 billion, up by 173% over 2009. 2009 The growth was driven by Oil & Gas, Telecom and Real Estate & Infrastructure Management sectors. Private Equity investors have also returned to the markets in a significant way and have focused on the key demand sectors of Infrastructure during the year. We saw 253 PE deals worth US $ 6.3 billion in 2010 up from US $ 3.45 billion in the previous year. Private equity is the new force in India Inc and has been helping Indian entrepreneurs to scale up their h i b businesses, i i inculcating l i good d governance practices and provide strategic inputs. We see continued growth in PE investment and also much higher levels of exits this year through IPO and strategic M and As. Overall, we have seen significant level of activity Overall in M&A and PE investments in 2010. We believe that 2011 will be an even more exciting year in M and A and PE and will continue our Dealtracking activity. Harish HV Partner- India Leadership Team Grant Thornton, India
"Private equity is the new force in India Inc and has been helping Indian entrepreneurs to scale up their businesses, inculcating good governance practices and provide strategic inputs "
THEYEAROF REBOUND
Welcome to the 6th edition of the Annual Dealtracker, our yearly analysis of the Indian M&A and PE scenario. We would like to thank all our readers for their continued interest and support over the years. Thanks to the insightful feedback we receive from time to time, this year we have tried to analyse deal activity from more perspectives than before.
Hutch Vodafone Hindalco - Novelis Daiichi - Ranbaxy Tata - Corus HDFC - Centurion ONGC - Imperial Tata Tele - Docomo
The year 2010 has been a year of landmark deals, with the largest M&A deal of the year (Bhartis g acquisition of telecom assets of Zain) breaking into the top 10 deals of the year globally. M&A deals worldwide also saw a resurgence with deal values clocking US$ 2.4 trillion in 2010 registering a growth of 14% over 2009. The Indian economy too saw a sustained momentum across sectors driven di by b a good d monsoon and high domestic demand. Despite inflationary concerns and reduced industrial output in the last quarter of 2010, India is expected to grow at 9.7% for the year and 8.4% in 2011. The outlook for Indian companies saw a revival with most companies earlier affected by the financial crunch turning around with positive plans for the future. In the presence of such strong fundamentals, Indias benchmark SENSEX increased by 20% over the year clocking its highest ever close of 21,005 in November 2010. With the capital markets opening up, India Incs appetite for strategic M&A has more than quadrupled over 2009 clocking US$49.78 billion in 2010. With corporate debt raisings, IPOs and the h QIP funding f di helping h l i companies i f fund d their h i acquisition plans, India Inc proceeded to make some of the largest deals ever in 2010. In fact, three of the top seven deals ever to have taken place in India were announced in 2010 clocking over US$ 25 billion for the year. The telecom sector, driven by a massive demand for assets, in particular towers and infrastructure was the most sought after M&A sector in 2010.
Private Equity players raised some of the largest funds in 2010, with first time funds raising in excess of US$ 200 million and deploying them into Indian companies with renewed vigour. PE players also walked away with large returns through high valued exits, both from IPOs and secondary sale, thereby enhancing the impetus to invest. The power Th p sector t received i d the th maximum i investment from PE players in 2010 garnering US$ 1.5 billion through 24 deals. As Indian companies continue to look abroad for large acquisitions, and Indian promoters continue to be willing to let go of their stakes, we expect more consolidation across sectors in the coming 12 months coupled with many more large deal announcements.
CG Srividya Partner-Grant Thornton
2010: A Snapshot
y/y over 2009|Deal value nears 2007 levels |Outbound deals drive M&A growth |9 billion-dollar M&A deals | PE deal value up by 81% 2010 vs 2009
141% 81%
Driven by Power and REI Driven by Minin g& REI Crossborder M&A Domestic M&A QIP
498%
Driven by Telecom & Pharma
173%
Driven by Oil & Gas and Telecom
28%
BankingTop Sector
IPO PE
Deal Summary Year I b Inbound d Outbound Cross Border Domestic M&A PE QIP Grand Total
2008 86 196 282 172 454 312 766
Volume 2009 74 82 156 174 330 206 54 590
2010 91 198 289 373 662 253 56 971
Value (US$ bn) 2008 2009 12 55 12.55 3 88 3.88 13.19 1.38 25.74 5.26 5.21 6.70 30.95 11.96 10.59 3.45 8.61 41.54 24.01
2010 8 96 8.96 22.50 31.46 18.32 49.78 6.23 6.22 62.24
Quarterly Trends
Q1 80 70 60 Q2 Q3 Q4 Volume(# of deals) 1200 1000
Year 2007 - 2010

Crossborder 80 70
60
Deal Summary
Domestic PE QIP Volume(# of deals) 1200 1000
US$ bn
40 30 20 10 0 2007 2008 2009 2010
600 400 200 0
US$ bn
50 40 30 20 10 0 2007 2008 2009 2010
600 400 200 0
No. of deals
50
No. of Deals
800
800
M&A Round up : 662 deals, $ 49.8 bn

M&A investment i i India in I di in i 2010 has h seen a substantial b i l growth h in i value l and d volume l i comparison in i with i h 2008 and d 2009, 2009 driven by outbound deals reflecting India Inc's rising appetite for foreign assets . Total M&A deal values increase 4x times over 2009 while volumes more than doubled. Average Deal Sizes US$ mn
Deal Summary Y Year Inbound Outbound Cross Border Domestic M&A 2006 76 190 266 214 480 Volume 2007 2008 2009 112 86 74 243 196 82 355 282 156 321 172 174 676 454 330 33 2010 91 198 289 373 662 2006 5.40 9.91 15.31 4.99 20.30 3 Value (US$ bn) 2007 2008 2009 15.50 12.55 3.88 32.76 13.19 1.38 48.26 25.74 5.26 2.85 5.21 6.70 51.11 30.95 3 9 11.96 9 2010 8.96 42 22.50 31.46 18.32 2006 49.78 9
76 68 36 75
2007
2008
2009
2010
M&A Deal value break up - % share Top M&A Sectors in 2010

Sectors Telecom Oil & Gas Pharma, Healthcare & Biotech Metals & Ores Banking & Financial Services Mining Power & Energy Real Estate & Infrastructure Management Hospitality p y FMCG, Food & Beverages Volume 16 8 57 33 73 8 23 32 13 35 US$ mn % Value 14,616.30 184.21% 11,273.20 142.08% 6,244.57 78.70% 4,099.72 51.67% 3,640.03 45.88% 1,974.49 24.88% 1,500.95 18.92% 985.85 12.42% 958.17 12.08% 947.43 11.94%
2010
18% 37% 56%

2009
32%
12% 45%
Inbound
Outbound
Domestic
Domestic : 373 deals, $ 18.3 bn

Domestic D i deals d l values l i 2010 increased in i d almost l three-fold h f ld to reach h US$ 18.32 18 32 billion, billi up by b 173% over 2009. 2009 The Th growth h was driven by Oil & Gas, Telecom and Real Estate & Infrastructure Management sectors. Top Domestic M&A Sectors in 2010
Sectors Oil & G Gas Telecom Real Estate & Infrastructure Management Banking & Financial Services Metals & Ores FMCG Food & Beverages FMCG, Hospitality Pharma, Healthcare & Biotech Power & Energy Aviation Volume 8 8 26 52 20 14 9 27 19 3 US$ mn 11 2 3 20 11,273.20 3,093.03 834.38 711.17 553.29 255 93 255.93 224.47 209.92 172.85 157.45 % Value 61.5% 16.9% 4.6% 3.9% 3.0% 1 4% 1.4% 1.2% 1.1% 0.9% 0.9%
Average Deal Sizes US$ mn
23.3
8.9
30.3
38.5
49.1
2006
2007
2008
2009
2010
214 deals, US$4.99 bn

14.0 12.0 10.0

119 114 140 120 68 72 80 60 40 20 0 100
100 67 48 67 63
80 8.0 6.0 4.0 2.0 Q1 1.0 42
57
58
65 52 35 39 27 0.8 Q4 25 3.3 Q1 1.0 Q2 1.3 Q3 1.1 Q4 3.1 Q1 2.5 Q2 45
2.9 Q2
0.5 Q3
0.6 Q4
0.8 Q1
0.8 Q2
0.3 Q3
0.9 Q4
2.9 Q1
1.3 Q2
0.1 Q3
11.7 Q3
1.0 Q4
2006
2007
2008
2009
2010
No. of D Deals
91
US$ b bn
Cross border M&A: 289 deals, US$ 31.46 bn

2009 $Mn # 1322.4 19 159.8 17 2010 $Mn # 3121.3 24 2257.8 39
Europe North America I b Inbound d Outbound 2009 $Mn 1145.6 11 6 440.3 # 25 2 24 2010 $Mn 4558.1 81 2254.2 # 30 62 Inbound Outbound
2009 $Mn 1408.7 319.0 # 28 23
2010 $Mn 1282.7 5130.6 # 36 64
Asia Inbound Outbound
Africa
South America Inbound Outbound
2009 $Mn 8.0 266.5 # 1 9
2009 $Mn 0.0 82.0 # 0 3 $Mn 0.0 368.8
2010 # 0 6
Inbound Outbound
2010 $Mn # 1 11535.2 22 Australia Inbound Outbound 2009 $Mn 108 5 108.5 # 1 6 $Mn 0.0 951 2 951.2 2010 # 0 5
2010 Outbound
19% 9% Af i Africa 49% 4% 49% 8% UK 12% 14% 2%
7%
2010 Inbound
USA
50%
Japan 18% China 14% 50% UK 9%
Belgium 8% USA 8%
Australia 4% Others 19% 8% 18% 12%

France 2% Others 7%
Inbound M&A: 91 deals, US$ 8.96 bn

The inbound Th i b dd deals l accounted df for 18% of f the h total l M&A deal d l value l in i 2010 as against i 32% in i 2009, 2009 although l h h deal d l values l rose by 131% over 2009 values. The year saw top investments in varied sectors such as Pharma, Power and Metals.
Sectorwise Inbound value break up
Country-wise Inbound Investment 2010

Inbound USA Canada Mexico TotalAmerica UK France Others TotalEurope Japan China Others TotalAsia Africa Australia TotalInbound 2007 $Mn 704.94 704.94 12,577.50 129.76 1,130.17 13,837.43 445.96 491.82 937.78 20.79 15 500 95 15,500.95 Volume 39 2 41 10 7 27 44 6 2 13 21 5 1 112 $Mn 488.75 88.89 577.64 572.05 370.00 2,504.30 3,446.35 7,215.20 3.16 1,304.10 8,522.46 12 546 46 12,546.46 2008 Volume 22 1 23 13 3 29 45 6 1 8 15 1 2 86 $Mn 1,145.64 1,145.64 92.44 949.33 366.95 1,408.73 69.25 1,253.13 1,322.38 8.00 3,884.75 3 884 75 2009 Volume 25 25 4 8 16 28 4 15 19 1 1 74 $Mn 4,524.04 34.04 4,558.08 789.83 180.80 312.08 1,282.70 1,641.40 1,232.00 247.90 3,121.30 8,962.08 8 962 08 2010 Volume 29 1 30 7 12 17 36 11 1 12 24 1 91
1% 2% 2% 4% 3% 4% 5% 52%
13%
14%
Pharma, Healthcare & Biotech 52% Power & Energy 14% Metals & Ores 13% T l m 5% Telecom Banking & Financial Services 4% Engineering 3% Electrical & Electronics 2% Pl i & Chemicals Plastic Ch i l 2% Real Estate & Infrastructure Management 1% Others 4%
Top 10 Inbound Deals in 2010

Acquirer Target Piramal Healthcare Solutions - Domestic Formulations Business Sector Pharma, Healthcare & Biotech US $ Mn Deal Type % Stake
USA
Abbott Labs
3,720.00 Acquisition
China
Huaneng Group InterGen NV (from GMR) Power & Energy 1,232.00 Majority Stake 50.00%
Japan
JFE Steel Corporation
JSW Steel
Metals & Ores Pharma, Healthcare & Biotech
1,021.28 Minority Stake
14.99%
UK
USA Japan
Reckitt Benckiser Group plc Paras Pharmaceuticals American Tower Corp (through its affiliate Transcend Essar Telecom Infrastructure Ltd) Infrastructure Pvt Ltd Sumitomo Mitsui Banking Corporation Hitachi Construction Machinery Ltd. g Legrand
726.00 Acquisition
Telecom Banking & Financial Services Engineering Electrical & Electronics
450.00 Acquisition
Japan France
Kotak Mahindra Bank Ltd Telco Construction Equipment Co. Ltd Indo Asian Fusegear Ltd switchgear g business
295.00 Strategic Stake Increasing Stake 246.60 to 60% 127.66 Acquisition q
4.50% 20.00%
USA
Avantor Performance Materials Holdings, earlier known as Mallinckrodt Baker RFCL Limited
Plastic & Chemicals
100.00 Majority Stake
85.00%
Netherlands
ArcelorMittal (through its unit ArcelorMittal Netherlands BV) Uttam Galva Steels Ltd
Metals & Ores
Increasing Stake 89.94 to 34.42%
28.81%
10
Outbound M&A: 198 deals, US$ 22.50 bn

The outbound Th b dd deals l accounted df for 45% of f the h total l M&A deal d l value l in i 2010 as against i 12% in i 2009. 2009 The Th deal d l values l in i 2010 were over 16 times those of 2009. The year saw top investments in varied sectors such as Telecom, Banking and Metals. Sectorwise Outbound value break up Country-wise Outbound Investment 2010
Outbound USA Canada Others TotalAmerica UK Belgium Germany Others TotalEurope Singapore Oman Bangladesh Others TotalAsia Africa Zimbabwe SouthAfrica Others TotalAfrica Australia SouthAmerica TotalOutbound 2007 $Mn 10,572.66 1,754.08 12,326.74 13,785.01 39.84 2,014.58 1,130.86 16,970.29 810.10 1,816.80 2,626.89 12.09 186.47 198.56 153.15 483.40 32,759.04 Volume 84 11 95 26 4 7 47 84 15 28 43 2 5 7 9 5 243 $Mn 2,687.00 277.61 70.50 3,035.11 6,610.25 35.50 1,201.44 1,578.09 9,425.28 38.05 343.00 381.05 75.25 75.25 275.90 13,192.59 2008 Volume 71 4 2 77 25 1 17 35 78 3 17 20 9 5 14 7 196 $Mn 440.26 440.26 105.78 182.00 31.20 318.98 44.44 115.34 159.78 47.00 219.50 266.50 108.47 82.00 1,375.99 2009 Volume 22 2 24 9 5 9 23 2 1 14 17 4 5 9 6 3 82 $Mn 1,784.52 469.72 2,254.25 2,742.58 1,863.00 239.57 285.45 5,130.61 868.58 464.00 300.00 625.23 2,257.81 10,878.28 10 878 28 500.00 138.44 18.47 11,535.18 951.24 368.83 22,497.92 2010 Volume 55 7 62 36 2 3 23 64 8 1 1 29 39 4 1 6 11 22 5 6 198
1% 5% 3% 2% 3% 6% 9% 49%
11% 11%
Telecom 49% Banking & Financial Services 11% Metals & Ores 11% Mi i Mining 9% Pharma, Healthcare & Biotech 6% FMCG, Food & Beverages 3% Hospitality 3% IT & ITeS IT S 2% Agriculture & Agro Products 1% Others 5%
11
Top 10 Outbound Deals in 2010

Acquirer Bharti Airtel Target Zain Africa BV KBL European Private Bankers Sector Telecom Banking & Financial Services US $ Mn Deal Type % Stake Africa
Hinduja Group
B l i Belgium
Hindustan Zinc Ltd Anglo American Plc - Zinc (Vedanta Resources ) business Metals & Ores Griffin Coal ( Griffin Coal Mining Company Pty Ltd and Carpenter Mine Management Pty Ltd) Mining Pharma, Healthcare & Biotech Hospitality Mining
UK 1,340.00 Acquisition
Australia 845.00 Acquisition Singapore 685 30 Strategic Stake 685.30 648.60 Acquisition 600.00 Acquisition 23 90% 23.90% UK USA Zimbabwe
Lanco Infratech Ltd
Fortis Healthcare Ltd Parkway Holdings Ltd Sahara India Pariwar Essar Minerals Resources Limited Grosvenor House hotel Trinity Coal Corporation LLC
Zimbabwe Iron and Steel Essar Africa Holdings Company Jindal Steel & Power Ltd JSW Energy Ltd
Metals & Ores
500.00 Acquisition Oman 464.00 Acquisition 415.00 Acquisition Canada
Shadeed Iron and Steel Co LLC Metals & Ores CIC Energy Corp Mining
12
PE: 253 deals, US$ 6.2 bn

Private Equity Investments increased from US$ 3.45 billion in 2009 to US$ 6.23 billion in 2010 registering a growth of 81%. The highest proportion of PE investment was made in the Power & Energy and Real Estate & Infrastructure Management sectors which garnered investments worth US$1.5 billion and US$945 million respectively, together accounting g for over 40% of Private Equity q investment made in India during g 2010. Monthly PE Trend 2010
900 35 800 700 600
US$ mn
40 35 26 19 16 15 16 21 21 16 18 26 30
No. of Deals
24
25 20 15 10 5
500 400 300 200 100 634 0 Jan
545 Feb
384 Mar
829 Apr
263 May
296 Jun
775 Jul
648 Aug
284 Sep
314 Oct
428 Nov
833 0 Dec
Average Deal Sizes US $mn

$26 $47 $34 $17 $25
Top PE Sectors 2010 Sector Volume Power & Energy 24 Real Estate & Infrastructure Management 33 Banking & Financial Services 33 Telecom 6 IT & ITeS 41 Pharma, Healthcare & Biotech 23 FMCG, Food & Beverages 6 Education 20 Manufacturing 6 Cement 1 Shipping & Ports 2
Value 1537.1 944.7 594.1 515 4 515.4 398.1 320.4 221.3 174.6 163.9 159.6 157.6
Value % 25% 15% 10% 8% 6% 5% 4% 3% 3% 3% 3%
2006
2007
2008
2009
2010
13
Top Ten PE Deals 2010

Acquirer Target Sector % Stake US $ mn
Sector Analysis Power

Value in US$ bn
Clean tech 24% Trans missio n tower 3%
Blackstone Moser Baer Projects Pvt Ltd Power & Energy Quadrangle Capital Partners LLC and a consortium of international investors Tower Vision India Pvt Ltd Telecom 3i India Infrastructure Fund
N.A.
300.0
1.54 0.90 2008 0.40 2009 2010
Power genera tion 37%
N.A.
300.0
Energ y 36% Real Estate 9%
GVK Energy Limited
Power & Energy
21%
255.3
Real Estate
Temasek Holdings GMR Energy Ltd Power & Energy N.A. 200.0
3.30
Kohlberg Kravis Roberts & Co Dalmia Cement (Bharat) Ltd Cement
0.90
N.A. 159.6
0.90 2010
2008
Unnamed Investors Tikona Digital Networks Telecom N.A 148.9
2009
Infra Mgmt 34%
Com mercia l& Resi 57%
Eton Park Capital
JSW Infrastructure
Shipping & Ports
10%
125.0
Banking
TPG Growth & Others Greenko Group plc. Power & Energy Real Estate & Infrastructure Management Real Estate & Infrastructure Management N.A. 116.0
0.80 0.40
N.A. 111.7
Other s NBFC 6% 12% 0.59 2010 Insura nce & Other 17%
ASK Property Investment Amit Enterprises Housing Advisors Ltd - Darode Jog Realties
2008
N.A. 110.0
2009
Fin Servic es 43%
The Xander Group
Panchshil Realty
Micro fin 22%
14
QIP: 56 deals, US$ 6.2 bn

QIP Investments decreased from US$ 8.61 billion in 2009 to US$ 6.22 2010 registering a decline of 28%. The highest proportion of QIP investment was made in the Banking & Financial Services, Real Estate & Infrastructure Management and Automotive sectors which garnered investments worth US$1.7 billion, US$815 million and US$713 million respectively, together accounting for over 52% of QIP made in India during 2010.
1400 1200 1000
Monthly QIP Trend 2010

10
12 10 8
No. of Deals N
8 6 5 5 6 4 2 2 2 2 418 0
US$ mn
800 600 400 200 483 0 J Jan F b Mar Feb M Apr A M May J Jun 1 37 4 4
350 668 218 803 1265 321 596 1040 22
J l Aug Jul A S Sep O Nov Oct N D Dec
Average Deal Sizes US $mn

$159 $111
Top QIP Sectors 2010 Sector Volume Value Banking & Financial Services 10 1722.8 Real Estate & Infrastructure Management 8 815.1 Automotive 1 713.0 IT & ITeS 4 450.7 Manufacturing 7 356.0 FMCG, Food & Beverages 2 296.1 Textile & Apparels 4 216.1 Power & Energy 2 120.1 Metals & Ores 1 118.0 Plastic & Chemicals 3 112.1
Value % 28% 15% 13% 11% 7% 6% 5% 3% 2% 2%
2009
2010
15
Top Ten QIP Deals 2010
Investee Adani Enterprises Limited Tata Motors Limited Infrastructure Development Finance Co Info Drive Software Ltd Info-Drive GMR Infrastructure Ltd Indiabulls Financial Services Ltd IndusInd Bank Ltd Others Automotive
Sector
% Stake N.A N.A. N.A. NA N.A. N.A. N.A. N.A.
Investment Value in US$ mn 851.06 712.98 575.00 396 28 396.28 297.87 272.34 253.00
Banking & Financial Services IT & ITeS Real Estate & Infrastructure Management Banking & Financial Services Banking & Financial Services
Real Estate & Infrastructure g Development and Infrastructure Ltd Management g Housing Yes Bank Ess Dee Aluminium Ltd Banking & Financial Services FMCG, Food & Beverages
N.A. N.A. N.A
246.28 225.00 183.05
16
IPO: 62 deals, US$ 8 bn

The year 2010 saw close to US$8 billion being raised through IPO IPO's, s, led by the single largest public sector company Coal India's IPO of US$3.29 billion
4500.0 4000.0 3500.0
Total IPO O Value $ mn
Mining Power & Energy
Total IPO
2010
$7 966 $7,966
Media, Entertainment & Publishing
3000.0 2500.0 2000.0
2009
Banking & Financial Services Real Estate & Infrastructure Management Manufacturing
$3,336 $4,509 $9 921 $9,921
2008 2007
1500.0
Avg. Cap Raised

2010
$128 $196 $102 $98
1000.0 500.0 0.0 0 2 4 6 8 10 12 14
2009
Bubble size = Avg Capital Raised $ mn
2008 2007
No. of IPO's
Year 2010 No. of deals T t l IPO Value Total V l $ mn n Avg. Capital Raised $ mn
Mining 3 3 572 29 3,572.29 1,190.76
Real Estate & Infrastructure Management 12 1 509 54 1,509.54 125.79
Banking & Financial Power & Energy Services 4 906 31 906.31 226.58 4 550 53 550.53 137.63
Media, Entertainment & Publishing 4 221 62 221.62 55.41
Manufacturing 6 213 59 213.59 35.60
17
Top IPOs 2010

Company Name Sector Capital C i lR Raised i d (I (In USD Mn) Exchanges E h listed on
Coal India Ltd
Mining
3,292.6
BSE & NSE
JSW Energy ltd
Power & Energy
499.5
BSE & NSE
SKS Microfinance Ltd
Banking & Financial Services Real Estate & Infrastructure Management Real Estate & Infrastructure Management
351.9
BSE & NSE
DB Realty Ltd
307.3
BSE & NSE
Jaypee Infratech Limited
306.1
BSE & NSE
Moil Ltd
Mining Real Estate & Infrastructure Management
268.1
BSE/NSE
Prestige Estates Projects Limited
255.3
BSE & NSE
SJVN Limited
Power & Energy
229.6
BSE & NSE
Oberoi Realty Limited Orient Green Power Company Limited
Real Estate & Infrastructure Management
218.9
BSE & NSE
Power & Energy
163.6
BSE & NSE
18
Special p Feature
Called off Deals: 2010
Oil & Gas Reliance Industries Ltd - LyondellBasell GTL Infrastructure Ltd Towers (Reliance Communication) Zimbabwe Iron & Steel - Jindal Steel and Power Abbott Laboratories - Nutrition businesses of Wockhardt F i Healthcare Fortis H lh - GIC S Special i l Investments Scripps Networks Interactive Inc NDTV Lifestyle PVR DT Cinemas $14.5 bn $11 bn
Seller Symphony Capital Partners Ltd ChrysCapital
Top PE Exits: 2010

Sector Real Estate & Infrastructure DLF Assets Ltd Management Infosys Technologies IT & ITeS Real Estate & Infrastructure Amby Valley Management Banking & Financial YES Bank Services Banking & Kotak Mahindra Financial Bank Services Aviation SpiceJet National Stock Banking & Exchange of Financial India Ltd Services Target % Stake US$ mn
Telecom Steel
N.A N.A.
695.00 400.00
$1 bn
Siva Ventures Ltd
N.A
323.00
Pharma
$130 mn $80.5 mn $55 mn $10.6 mn

$77 bn $27 bn $50 bn
Rabobank International Holding BV
11.00%
208.72
Banking
Media Media
ING WL Ross & Co
3.07% 30.00%
172.50 127.00
NYSE Euronext
5.00%
115.00
Top Sectors PE Exits 2010

Deal value close to 2007 highs, despite deals worth US$27 bn being called off $51 bn $31 bn $20 bn $12 bn 2005 2006 2007 2008 2009 2010
Sector Real Estate & Infrastructure M Management Banking & Financial Services IT & ITeS Pharma, Healthcare & Biotech A i ti Aviation
Number of exits 4 16 8 9 2
Value US$ mn 1028 6 1028.6 850.0 473.4 330.6 161.0 161 0
M&A : US S$ Bn
$16 bn
19
List of Deals in 2010

Acquirer Anil Ltd formerly Anil P d Products Ltd Ld Bhoruka Aluminium Ltd BK Birla Group Coromandel Sugars DCM Shriram Consolidated Ltd EID P E.I.D. Parry (India) (I di ) Ltd Gayatri Sugars Ltd Target A il Bi Anil Bioplus l L Ltd d Bhoruka Agro Greens Ltd MP Chini Industries Ponni Sugars Shriram Bioseed Genetics India Ltd. GMR I Industries d t i Ltd (GIDL) GSR Sugars Pvt. Ltd. Harrisons Rubber Products Ltd. and Harrisons AgroProducts Ltd. Ltd Advance Crop Solutions Ltd Motilal Padampat Chini Industries Agro Dutch Industries Ltd
I. Domestic Deals Acquisition price (US$ mn) NA N.A. N.A. 23.94 N.A. N.A. 25 91 25.91 N.A.
Sector A i l Agriculture &A Agro P Products d Agriculture & Agro Products Agriculture & Agro Products Agriculture & Agro Products Agriculture & Agro Products A i lt & Agro Agriculture A P Products d t Agriculture & Agro Products
Deal Type M Merger Merger Acquisition Increasing I i S Stake k to 6.74% Merger M j it St Majority Stake k Merger
% Stake NA N.A. N.A. 100.00% 5.00% N.A. 65 00% 65.00% N.A.
Harrisons Malayalam Ltd Insecticides (India) Ltd Jay Shree Tea & Inds. Ltd. Penta Homes Pvt Ltd and HNI
Agriculture & Agro Products Agriculture & Agro Products Agriculture & Agro Products Agriculture & Agro Products
NA N.A. N.A. 23.94 4.26
Merger Merger Acquisition Increasing Stake to 57.71%
NA N.A. N.A.
25.20%
2011 Grant Thornton India. Member firm within Grant Thornton International Ltd.
20
I. Domestic Deals Acquisition price (US$ mn) 21 17 21.17 N.A. N.A. 0.19 0.35 0.05 0.43 NA N.A. N.A. N.A. N.A.
Acquirer R lli I Rallis India di Ltd Rids Securities Ltd Ruchi Soya Industries Ltd Shiva Fertilizers Ltd Shiva Fertilizers Ltd Shiva Fertilizers Ltd Shiva Fertilizers Ltd Virat Crane Industries Ltd Zuari Industries Ltd Falcon Tyres Ltd Mahindra & Mahindra Ltd
Target Metahelix Life Sciences Private Ltd Tricom Agrochem Ltd Palm Tech India Ltd Ghatprabha Fertilizer Pvt. Ltd Kirtiman Agro Genetics Ltd Shiva Parvati Poultry Feed Pvt. Pvt Ltd Shrinivasa Agro Foods Pvt. Ltd Durga Dairy Ltd Gobind Sugar Mills Ltd Monotona Tyres Ltd Mahindra Renault Pvt Ltd
Sector A ri lt r & A Agriculture Agro r Pr Products d t Agriculture & Agro Products Agriculture & Agro Products Agriculture & Agro Products Agriculture & Agro Products Agriculture & Agro Products Agriculture & Agro Products Agriculture & Agro Products Agriculture & Agro Products Automotive Automotive
Deal Type M j rit St Majority Stake k Merger Merger Increasing I i St Stake k to 69.90% Increasing Stake to 78.75% Increasing Stake to 42.05% Increasing Stake to 51% Merger Merger Majority Stake g Stake Increasing to 100%
% Stake 53 50% 53.50% N.A. N.A. 29.59% 41.25% 5.00% 40.70% NA N.A. N.A. 75.00% 49.00%
21
I. Domestic Deals Acquisition A i ii price (US$ mn) N.A. NA N.A. N.A. N.A. N.A. 157.45 N.A. 0.66 N.A. N.A. 439.79
Acquirer Minda Industries Ltd Si Siemens L Ltd d Tata Advanced Systems Concurrent India Infrastructure Ltd Jet Airways (India) Ltd KAL Airways Aditya Birla Financial Services Pvt Ltd Advani Pvt Ltd Almondz Global Securities Ltd Axis Bank Ltd Axis Bank Ltd
Target Minda Acoustic Ltd Si Siemens R Rolling lli Stock S k Pvt. P Ltd Ld HBL Elta Avionics Kazi Aviation & Travel Services MAS GMR Aerospace Engineering Company Pvt Ltd. Spicejet Aditya Birla Money Ltd Golechha Global Finance Ltd Almondz Insurance Brokers Pvt. Ltd. Max New York Life Insurance Company Ltd. Enam Securities Pvt Ltd
Sector Automotive A Automotive i Automotive Aviation Aviation Aviation Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services
Deal Type Merger M Merger Majority Stake Majority Stake Strategic Stake Strategic Stake Majority Stake Majority stake Strategic Stake Minority Stake Acquisition
% Stake N.A. NA N.A. 74.00% N.A. 26.00% 38.00% 75.00% 60.95% 51.00% 4.00%
22
I. Domestic Deals Acquisition price (US$ mn) 23 69 23.69 N.A.
Acquirer B j j Finserv Bajaj Fi r Ltd Cholamandalam DBS Finance
Target Bajaj Auto Finance - Stake held b Chr by ChrysCapital C pit l Cholamandalam Factoring Ltd CNI Infoxchange Pvt. Ltd Perfect Company Advice Pvt. Ltd Anagram Capital Frontier Leasing & Finance Ltd Yew Investments Private Ltd Indian Energy Exchange Harrisons Malayalam Financial Services Ltd. Bank of Rajasthan United Stock Exchange g IDBI Gilts Ltd
Sector B ki & Financial Banking Fi i l Services S r i Banking & Financial Services
Deal Type Increasing Stake t 54.8% to 54 8% Increasing Stake
% Stake 4 37% 4.37% N.A.
C iR Cni Research h Ltd Edelweiss Capital Ltd Essar Capital Finance Pvt. Pvt Ltd Ltd. Fervent Pharma Synergies Ltd Financial Technologies (India) Ltd Harrisons Malayalam Ltd ICICI Bank ICICI Bank IDBI Bank Ltd
B ki & Financial Banking Fi i l Services S i Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking g & Financial Services Banking & Financial Services
NA N.A. 34.89 0 11 0.11 N.A. 4.56 N.A. N.A. N.A. N.A.
M Merger Acquisition Majority Stake Merger Minority Stake Merger Merger Minority y Stake Merger
NA N.A.
72 09% 72.09% N.A. 6.92% N.A. N.A. 1.33% N.A.
23
I. Domestic Deals Acquisition price (US$ mn) N.A. N.A. 72.00 8.00 N.A. N.A. N.A. N.A. N 4.68
Acquirer IDBI Bank Ltd IL&FS Investment Managers India Infoline from Orient Global Tamarind Fund Pte Ltd India Infoline from Orient Global Tamarind Fund Pte Ltd India Securities Ltd - Finance Undertaking Indiaco Ventures Ltd Indiaco Ventures Ltd Infrastructure Development p y (IDFC) ( ) Finance Company Infrastructure Development Finance Company Ltd
Target IDBI Homefinance Ltd Saffron Assets Advisors Pvt. Ltd. India Infoline Investment Services Ltd India Infoline Marketing Services Ltd Essar Securities Ltd IndiaCo Advisors Pvt. Ltd IndiaCo Capital Pvt. Ltd IDFC-SSKI Securities Ltd Orbis Capital Ltd Pallmall Edusystems & Medicare Services Pvt. Ltd (subsidiary of Star Paper Mills Ltd)
Sector Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking g & Financial Services Banking & Financial Services
Deal Type Merger Acquisition Strategic Stake Minority Stake Acquisition Majority Stake Majority Stake Increasing Stake to 100% % Strategic Stake
% Stake N.A.
22.0% 10.4%
N.A. N.A. 20.00% % 26.00%
ISG Traders Ltd
Banking & Financial Services
N.A.
Merger
N.A.
24
I. Domestic Deals Acquisition price (US$ mn)
Acquirer JM Financial Ltd - from SRS Private Pri t Investment I tm t Management LLC Kernel Tech Networks Pvt. Ltd Monnet Ispat Ltd Multilayer Films Pvt Ltd
Target I fi it India Infinite I di Investment I tm t Management Pvt. Ltd. Multifarious Trading & Agencies Ltd Mounteverest Trading & Investment Ltd Parijat Trading Ltd National Securities Depository Ltd (from Specified Undertaking of the Unit Trust of India) IDFC Asset Management Company Rupeetalk.com Cholamandalam DBS Finance Ltd g Pvt. Ltd Pearl Stockholdings Naman Tradvest Pvt. Ltd and Zeuxite Investments Pvt. Ltd
Sector
Deal Type Increasing I r i St Stake k to 100% Strategic Stake Merger Merger
% Stake
Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services
N.A. 0.21 N.A. N.A.
50.00% N.A. N.A. N.A.
National Stock Exchange Of India Ltd Natixis Global Asset Management NetAmbit New Ambadi Estates Pvt. Ltd. (Murugappa Group) Nila Infrastructures Ltd Oricon Enterprises Ltd
Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking g & Financial Services Banking & Financial Services
25.00 N.A. N.A. 14.15 N.A. N.A.
Increasing Stake to 25% Minority Stake Acquisition Strategic Stake Merger g Merger
9.42% 25.00%
N.A. N.A. N.A.
25
I. Domestic Deals Acquisition price (US$ mn) N.A. N.A. N.A.
Acquirer Peninsula Land Ltd Protiviti Consulting Pvt. Ltd Riddhi Siddhi Bullions Ltd
Target Topstar Mercantile Pvt. Ltd JC Bhalla and Co United Stock Exchange National Commodity & D i i Exchange Derivative h Ltd. d f from Crisil Wall Street Finance Ltd Wall Street Finance Ltd State Bank of Indore Sundaram Investment Ltd. TVS Investments Ltd, Anusha Investments Ltd Sundaram BNP Paribas Asset Management Company
Sector Banking & Financial Services Banking & Financial Services Banking & Financial Services
Deal Type Merger Acquisition Minority Stake Increasing i S Stake k to 12% Majority Stake Increasing I i S Stake k to 81.710% Merger Acquisition Merger Increasing Stake to 100%
% Stake N.A.
5.00%
Shree Renuka Sugars Ltd Spice Investments & Finance Advisors Pvt Ltd Spice S i Investments I & Fi Finance Advisors Pvt Ltd State Bank of India Sundaram Clayton Ltd Sundaram Clayton Ltd Sundaram Finance Ltd
Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services
8.10 7.00 1.53 N.A. N.A. N.A. N.A.
7.00% 51.00% 10.70% N.A.
N.A. 49.90%
26
I. Domestic Deals Acquisition price (US$ mn) NA N.A. 65.96 N.A. N.A. 0.84 N.A. N.A.
Acquirer S pr m H Supreme Holdings ldi Ltd Tube Investments of India Ltd Vertex Securities Ltd Vidal Healthcare Services from Swiss Re Vista Vyapaar Pvt Ltd Weizmann Ltd Tilaknagar Industries Ltd
Target Royalways Trading & I Investment tm t Services S r i Pvt. P t Ltd Cholamandalam DBS Finance Ltd Transwarranty Capital Pvt. Ltd. TTK Healthcare TPA Pvt Ltd Mathew Easow Research Securities Ltd Weizmann Forex Ltd Kesarval Springs Distillers Pvt Ltd Associate Breweries w & Distilleries Ltd, Millennium Alcobev Pvt Ltd, United Millennium Breweries Ltd, Empee Breweries Ltd and Millennium Beer Industries Ltd. Pioneer Distilleries Ltd
Sector B ki & Financial Banking Fi i l Services S r i Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Breweries & Distilleries
Deal Type M r r Merger Increasing Stake to 57.41% Merger Strategic Stake Majority Stake Merger Acquisition
% Stake NA N.A. 26.48% N.A. 26.00% 69.20% N.A.
United Breweries Ltd. United Spirits Ltd
Breweries & Distilleries Breweries & Distilleries
N.A. 15.73
Merger Majority Stake
N.A. 54.69%
27
I. Domestic Deals Acquisition price (US$ mn) NA N.A. 37.66 3 31 3.31 N.A. 1.00 N.A.
Acquirer ACC Dalmia Cement (Bharat) Ltd Echo Fiscal Services Pvt. Pvt Ltd Sagar Cements Ltd. Career Launcher India Ltd Computer Point Ltd
Target Encore Cement And Additives P t Ltd Pvt Orissa Cement Ltd Andhra Cements Ltd Amareswari Cements Ltd. 361 Degree Minds Consulting Pvt Ltd Computer Point Education Ltd Pragmatum Training Pvt. Ltd Brand Owner of Quest Tutorials Bridle Information and Technology Solutions Pvt. Ltd ( ERP brand name SchoolMATE) SmartLearn WebTV Sparkling Minds C m t Cement Cement Cement Cement Education Education
Sector
Deal Type A i iti Acquisition Increasing Stake to 45.4% Minority Stake Merger Minority Stake Merger
% Stake
23.70% NA N.A. N.A. N.A. N.A.
DMC International Ltd
Education
N.A.
Merger
N.A.
Edserv Softsystems y Ltd Edserv Softsystems Edserv Softsystems Ltd
Education Education Education
N.A. N.A. 0.27
Acquisition Acquisition q Acquisition
28
I. Domestic Deals Acquisition price (US$ mn) 7 23 7.23 5.32 NA N.A. N.A. 44 34 44.34 N.A.
Acquirer Ed mp Solutions Educomp S l ti Ltd FirstObject Technologies Ltd Infotech Enterprises Ltd Navneet Publications India Ltd SKIL Infrastructure Teamlease Services Pvt. Ltd Agile Electric Drives Technologies and Holdings Pvt Ltd Crompton Greaves Ltd Gaji Mercantile Pvt. Ltd Havells India
Target Vid m dir Classes Vidyamandir Cl Pre School Analytics Pvt. Ltd TTM Institute of Information Technology Pvt. Pvt Ltd eSense Learning Pvt. Ltd. Everonn Education Ltd IIJT Computer Education Ltd. Ed ti Education Education Education Education Education Education
Sector
Deal Type M j rit St Majority Stake k Acquisition Merger Increasing Stake to 90.69% Minority Stake Majority Stake
% Stake 67 00% 67.00%
NA N.A. N.A. 20 90% 20.90% N.A.
g Motors India Ltd Igarashi Brook Crompton Greaves Ltd Bharat Wire Ropes Ltd Standard Electricals
Electrical & Electronics Electrical & Electronics Electrical & Electronics Electrical & Electronics
14.68 N.A. 42.55 25.53
Majority j y Stake Merger Acquisition Acquisition
67.00% % N.A.
29
Acquirer
Target Igarashi group-Agile Electric Drives Technologies and Holdings Havells India Ltd - Faucet business branded Crabtree Jay Railway Signalling Pvt Ltd Alert Fire Protection Systems P Ltd Logicon Building Systems Private Ltd Air Conditioning Corporation Ltd Power Build Batteries Quality Electric Company Avtec - Engineering Design Services Team D.S. Gupta Constructions Pvt. Ltd
Sector
Deal Type
% Stake
HBL Power Systems Hindustan Sanitary ware & Industries Ltd KEC International Nitin Fire Protection Industries Ltd Nitin Fire Protection Industries Ltd Orient Paper & Industries Ltd. Time Technoplast Ltd through its subsidiary Ned Energy Accord Communication Pvt Ltd Birlasoft Blue Star Ltd
Electrical & Electronics Electrical & Electronics Electrical & Electronics Electrical & Electronics Electrical & Electronics Electrical & Electronics Electrical & Electronics Engineering Engineering Engineering
N.A. N.A. 2.98 N.A. N.A. N.A. 2.34 N.A. N.A. N.A.
Majority Stake Acquisition Acquisition Merger Merger Merger Majority Stake Acquisition Acquisition Acquisition
N.A.
N.A. N.A. N.A. 60.00%
30
Acquirer
Target ESAB Engineering Services Ltd (stake held by Exelvia Holdings BV) Super Wind Project Ltd. Rath brand - from Agro Tech Foods CC Health Care Products Professional Oral Care Products Pvt Ltd Swastik Shikakai, Swastik Neem and Genteel Godrej Sara Lee Ltd Bon Ltd JHS Svendgaard Hygiene Products Ltd. and Waves Hygiene Products Candico India Ltd
Sector
Deal Type Increasing Stake to 100% Merger Acquisition Increasing Stake to 100% Increasing Stake to 100% Acquisition Increasing Stake to 100% Merger
% Stake
Esab India Ltd Techno Electric and Engineering Company Ltd Cargill India Colgate Palmolive Colgate Palmolive (India) Ltd Godrej Consumer Products Ltd Godrej Consumer Products Ltd Hindustan Unilever Ltd JHS Svendgaard Laboratories Ltd Keventer Agro Pvt Ltd
Engineering Engineering FMCG, Food & Beverages FMCG, Food & Beverages FMCG, Food & Beverages FMCG, Food & Beverages FMCG, Food & Beverages FMCG, Food & Beverages
N.A. N.A. N.A. 0.15 0.51 10.64 234.00 N.A.
75.10% N.A.
25.00% 25.00%
51.00% N.A.
FMCG, Food & Beverages FMCG, Food & Beverages
N.A. N.A.
Merger Strategic Stake
N.A. 50.00%
31
I. Domestic Deals Acquisition price (US$ mn) NA N.A. N.A. 9.57
Acquirer Midpoint Software & Electro Systems Ltd Nirma Ltd Ruchi Soya Industries
Target NHC Industries Pvt. Pvt Ltd Nirma Consumer Care Ltd Gemini Edible and Fat Solvex, General Foods, Ruchi Credit Corporation, Ruchi Health Foods, Param Industries Henkel India brands 'Aramusk' & 'Moloy' soaps and 'M h b i l' h 'Mahabringol' hair i oil. il Wipro Yardley Consumer Care Pvt. Ltd Morellato India Pvt Ltd C.M.Jewels Pvt. Ltd. Indian Institute of Jewellery Ltd N Kumar Diamond Exports Ltd along g with subsidiary y House Full International Ltd
Sector FMCG Food & Beverages FMCG, FMCG, Food & Beverages FMCG, Food & Beverages
Deal Type Merger Merger Strategic Stake
% Stake NA N.A. N.A. 50%
Ruchi Soya Industries Ltd
FMCG, Food & Beverages
N.A.
Merger
N.A.
VVF Ltd Wipro Ltd Gitanjali j Gems Ltd Minal Engineering Ltd Modem India Ltd
FMCG F FMCG, Food d&B Beverages FMCG, Food & Beverages Gems & J Jewellery y Gems & Jewellery Gems & Jewellery
1 06 1.06 N.A. N.A. N.A. N.A.
A i iti Acquisition Merger Increasing Stake to 100% Merger Merger N.A. 50.00% N.A. N.A.
Renaissance Jewellery Ltd
Gems & Jewellery
N.A.
Acquisition
32
I. Domestic Deals Acquisition price (US$ mn) N.A. N.A. N.A. N.A. N.A.
Acquirer Country Condos Ltd Delta Corp Ltd Delta Corp Ltd. Mirah Group p Mirah Group Reliance Industries Ltd. through its subsidiary Reliance I d t i Investment Industries I t t and d Holding Pvt Ltd Royal Orchid Hotels Ltd Supreme p Holdings g Ltd Varun Industries Ltd Serve All Enterprise Solutions Ltd
Target Country Club Bangalore Ltd. Delta Hospitality Pvt. Ltd Advani Pleasure Cruise Co Pvt Ltd Caf Mangii g Encore Hotels Pvt Ltd owner of Rajdhani Thali Brand Hospitality Hospitality Hospitality Hospitality p y Hospitality
Sector
Deal Type Merger Merger Strategic Stake Strategic g Stake Acquisition
% Stake N.A. N.A. 50.99%
EIH Ltd Amartara Hospitality Pvt Ltd Jatia Hotels & Resorts Pvt. Ltd J Nagina Hotel Pvt. Ltd CES Pvt. Ltd
Hospitality Hospitality Hospitality p y Hospitality IT & ITeS
217.23 7.23 N.A. N.A. N.A.
Minority Stake Majority Stake Merger g Merger Merger
14.12% 74.00% N.A. N.A. N.A.
33
Acquirer
Target Mastiff Tech Pvt. Ltd and Mastiff Internet Media Solutions Pvt. Ltd. Kairoleaf Analytics Pvt. Ltd EZ-COMM WIRELESS INDIA PVT. LTD Greynium Information Technologies Pvt Ltd Radifinity Solutions India Pvt. Ltd Jubilant Software Service Pvt. Ltd Spry Resources India Pvt. Ltd CENTERAC INDIA PVT. LTD 7Strata FinEng Solutions Private Ltd
Sector
Deal Type
% Stake
Tricom India Ltd Aurionpro Solutions Ltd EZ-Comm Trade Technologies Ltd NetCore Solutions Pvt Ltd Aditya Birla Minacs Anant Raj Industries Ltd Comp-U-Learn Tech India Ltd EZ-Comm Trade Technologies Ld Ltd MindTree Ltd 3i Infotech Ltd
IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT S IT & ITeS IT & ITeS
0.53 N.A. N.A. N.A. N.A. 17.23 N.A. NA N.A. 1.53 N.A.
Acquisition Merger Merger g Acquisition Acquisition Acquisition Merger M Merger Acquisition Merger N.A. N.A. NA N.A. N.A. N.A.
34
I. Domestic Deals Acquisition price (US$ mn) N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. NA N.A. N.A. N.A.
Acquirer Accentia Technologies Ltd Aptech Ltd Deccan Chronicle Holdings Ltd DMC International Ltd Glodyne Technoserve Ltd. Kinetic Glue Online Communities Pvt Ltd Makemytrip (India) Pvt Ltd MVL Ltd Odyssey Technologies Ltd Polaris Software Lab Ltd Religare Enterprises Ltd
Target Asscent Infoserve Pvt Ltd Aptech Software Ltd Netlink Technologies Ltd Vsoft Services Pvt Ltd Compulink Systems Ltd Injoos Web Solutions Pvt Ltd Travis Internet Pvt. Pvt Ltd(Ticketvala.com) Global Digital Technologies Ltd Taexpert com Ltd Taexpert.com IndigoTX C2L BIZ SOLUTIONS PVT LTD IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS
Sector
Deal Type Merger Merger Merger Acquisition Merger Acquisition Acquisition Merger Merger Acquisition Minority Stake
% Stake N.A. N.A. N.A.
N.A.
N.A. NA N.A.
30.00%
35
I. Domestic Deals Acquisition price (US$ mn) NA N.A. 17.02
Acquirer S p I Scope Industries d tri (I (India) di ) Ltd State Bank of India
Target International Business and S r i N Services Needs d (I (India) di ) Pvt P t Ltd A Little World Private Ltd Parshwa Purushotam Parind Parekh Networks Pvt. Ltd. and S ft Softeng C Computers t Pvt. P t Ltd. Ltd Packet Shaper Technologies Private Ltd Positive Comsol Pvt. Ltd Carwale.com Lifeblob.com Tagg.in Sealand Terminals Pvt. Ltd Star Distribution Logistics Pvt. Ltd. GVK Transportation Pvt Ltd IT & ITeS IT S IT & ITeS
Sector
Deal Type M r r Merger Minority Stake
% Stake NA N.A. 20.00%
SV El Electricals t i l Ltd ValueFirst Messaging Pvt Ltd Visesh Infotecnics Ltd India Today Group Printo ValueFirst Messaging Allcargo Global Logistics Ltd Aqua Logistics Pvt. Ltd. GVK Power & Infrastructure Ltd
IT & ITeS IT S IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS Logistics Logistics Logistics
NA N.A. N.A. N.A. N.A. 5.00 N.A. N.A. 2.00 N.A.
M Merger Acquisition Merger Acquisition Acquisition Acquisition Merger Majority Stake Increasing Stake
NA N.A.
N.A.
N.A. 60.00% N.A.
36
I. Domestic Deals Acquisition price (US$ mn) N.A. N.A. N.A. 8 51 8.51 N.A. 63.83 N.A. N.A.
Acquirer My Fair Lady Ltd Reliance Industries Ltd Transport Corporation of India APL A Apollo ll T Tubes b Ltd Bharat Heavy Electricals Ltd BILT Paper Holdings Ltd. Birla Precision Technologies Ltd Centum Electronics Ltd.
Target Dynamic Movers Pvt. Ltd Deccan 360 Infinite Logictics Solutions Pvt Ltd Ll d Li Lloyds Line Pi Pipes Ltd. Ltd Bharat Heavy Plate & Vessels Ltd Ballarpur Industries Ltd Zenith Birla (India) Ltd Tooling Business Solectron EMS India Ltd Ne co business Nelco b s ess units s - (T (Traction ac o Electronics, SCADA and Industrial Drives) Facilitec Services (India) Private Ltd Elgi Industrial Products Ltd Logistics Logistics Logistics
Sector
Deal Type Merger Strategic Stake Majority Stake A i iti Acquisition Merger Increasing Stake Merger Merger
% Stake N.A. N.A. 51.00%
M f t i Manufacturing Manufacturing Manufacturing Manufacturing Manufacturing
N.A. N.A. N.A. N.A.
Crompton Greaves Ltd Dusters Total Solutions Services Pvt Ltd Elgi Equipments Ltd
Manufacturing Manufacturing Manufacturing
19.57 N.A. N.A.
Acquisition Acquisition Merger N.A.
37
I. Domestic Deals Acquisition price (US$ mn) N.A. N.A. N.A. 33 3.37 N.A. 6.38 N.A. 0.48 N.A. N.A. 13.33
Acquirer JSW Group LS Industries Ltd Minal Engineering Ltd Orient Ceramics and Industries Ltd d Prism Cement Ltd Rajoo Engineering Ltd Siemens Ltd Sundaram Clayton Ltd Trident Tools Pvt Ltd UCAL Fuel Systems Ltd Vascon Engineers Ltd
Target Descon (from DPSC Ltd) Ezy Infosoft Pvt. Ltd. Minal Exim Pvt. Ltd Bell ll Ceramics C i Ltd. d Milano Bathroom Fitting Pvt. Ltd Wonderpack Industries Flender Ltd. Die Tech India Pvt. Ltd Magicut Tools Ltd UCAL Machine Tools Ltd GMP Technical Solutions Pvt Ltd
Sector Manufacturing Manufacturing Manufacturing Manufacturing f i Manufacturing Manufacturing Manufacturing Manufacturing Manufacturing Manufacturing Manufacturing
Deal Type Minority Stake Acquisition Acquisition Majority j i Stake S k Increasing Stake to 100% Acquisition Merger Minority Stake Merger Merger Majority Stake
% Stake 10.00%
6 9 % 62.92% 50.00%
N.A. 19.50% N.A. N.A. 90.00%
38
I. Domestic Deals Acquisition price (US$ mn) N.A. N.A. 16.17
Acquirer Zenith Birla (India) Ltd Tooling g Business ACK Media Aptech Ltd Bennett Coleman & Company Ltd
Target Tungabhadra g Holdings g Pvt Ltd India Book House Maya Entertainment Ltd Times Innovative Media Ltd (subsidiary of Entertainment Network (India) Ltd) Asianage Holdings Ltd., Deccan Chronicle Bangalore Ltd.and Sieger Solutions Ltd. Fame India Mid-Day Multimedia Ltd Express Publications (Madurai) Ltd. Esha News Monitoring Services Pvt Ltd Tag Media Network Pvt Ltd SnatchKing Online Pvt. Ltd
Sector Manufacturing g Media, Entertainment & Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing Media Entertainment & Media, Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing g Media, Entertainment & Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing
Deal Type Merger g Acquisition Acquisition
% Stake N.A.
9.57
Acquisition
Deccan Chronicle Holdings Ltd INOX Leisure Jagran Prakashan Ltd Jupiter Media & Entertainment Ventures Laser Dot Ltd Live Media Pvt Ltd Midday Infomedia Ltd
N.A. 16.85 N.A. 53.19 N.A. 4.00 N.A.
Merger Increasing Stake to 50% Merger Strategic g Stake Merger Controlling Stake Acquisition
N.A. 7.20% N.A. 26.00% N.A. N.A.
39
I. Domestic Deals Acquisition price (US$ mn) NA N.A. N.A.
Acquirer Mindworks Global Media Services Private Ltd Network18 Media & Investments Ltd.
Target Dancewithshadows com Dancewithshadows.com Various group companies NDTV Studios Ltd (from NDTV Group Employees' Trust) Leisure World Pvt Ltd Vubites India Pvt.Ltd Bloomberg-UTV Digicable Networks (India) Rama Newsprint Instamedia Network Nimbus & Neo Sports Broadcast Pvt. Ltd. INX Media Pvt. Ltd
Sector Media, Entertainment & Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing
Deal Type Acquisition Merger/ Restructuring
% Stake
N.A.
New Delhi Television Ltd PVR Ltd Rediff India Ltd Reliance Capital Ltd Reliance Communications Ltd SK Bangur Group - bought from Ramsinghani Group Times Internet Ltd Times of India Group ZEE Entertainment Enterprises Ltd
NA N.A. N.A. 3.38 N.A. N.A. 8.09 4.00 N.A. N.A.
Majority Stake Merger Acquisition Minority Stake Acquisition Strategic Stake Minority Stake Minority Stake Merger
51 00% 51.00% N.A.
18.00%
16.84% N.A. N.A. N.A.
40
I. Domestic Deals Acquisition price (US$ mn) 13 83 13.83 N.A. N.A. N.A.
Acquirer ZEE Entertainment Enterprises Ltd Anik Industries Ltd Chettinad Cement Corporation Ltd Concurrent India Infrastructure Ltd
Target 9X channel of INX Media Pvt Ltd Ltd. Anik Ferro-Alloys Pvt. Ltd. Allied Minerals and Metals (P) Ltd. Vakratund Ispat Pvt. Ltd Hans Ispat Ltd and its subsidiary Shree Hans Paper Ltd Shree Ram Electro Cast Pvt. Pvt Ltd. Leadage Alloys India Ltd. OCL Iron and Steel Ltd
Sector Media, Entertainment & Publishing Metals & Ores Metals & Ores Metals & Ores
Deal Type Acquisition Majority Stake Merger Acquisition
% Stake
60.00% N.A.
Electrotherm (India) Ltd Electrotherm (India) Ltd Exide Industries Ltd. Garima Buildprop Pvt Ltd ICL Financial Services Ltd (Subsidiary of India Cements Ltd) Jayaswal Neco Industries Ltd JSW Steel Ltd
Metals & Ores Metals & Ores Metals & Ores Metals & Ores
12.77 18.09 N.A. 30.35
Acquisition Acquisition Increasing Stake to 100% Majority Stake Increasing Stake to 61.06% Merger Controlling Stake 49.00% 51.00%
Indo Zinc Ltd Steel Division of Corporate Ispat Alloys Ltd Ispat Industries
Metals & Ores Metals & Ores Metals & Ores
0.18 N.A. 458.94
8.06% N.A. 41.29%
41
I. Domestic Deals Acquisition price (US$ mn) 12.77 N.A. N.A. NA N.A. N.A. N.A. 20.21 N.A. N.A. N.A.
Acquirer KKN Group National General Industries Ltd NMDC Ltd N Numeric i P Power Systems S t Ltd Pondy Oxides & Chemicals Ltd Shirpur Gold Refinery Ltd Southern Ispat and Energy Ltd Steel Authority of India Ltd Suraj Stainless Ltd Titagarh Wagons Ltd
Target Balaji Ispat Pvt Ltd Modi Metal Udyog Pvt. Ltd. SIIL A Amex All Alloys P Pvt. t Ltd Lohia Metals Pvt Ltd Kala Kosh Auctions Pvt Ltd New -Tech Tech Forge & Foundry Pvt. Ltd. Maharashtra Elektrosmelt Ltd Suraj Ltd Titagarh Steels Ltd. Nirma Credit and Capital Private Ltd-Cement & Mining Division
Sector Metals & Ores Metals & Ores Metals & Ores M t l & Ores Metals O Metals & Ores Metals & Ores Metals & Ores Metals & Ores Metals & Ores Metals & Ores
Deal Type Acquisition Merger Merger M j it St Majority Stake k Merger Merger Acquisition Merger Merger Merger
% Stake
N.A. N.A. NA N.A. N.A. N.A.
N.A. N.A. N.A.
Nirma Ltd
Mining
N.A.
Merger
N.A.
42
I. Domestic Deals Acquisition price (US$ mn) 62.56 N.A. N.A. N.A. N.A.
Acquirer ABG Shipyard py Ltd. Confidence Petroleum India Ltd Confidence Petroleum India Ltd Dhunseri Tea & Industries Ltd Essar Oil Ltd Gujarat Narmada Valley Fertilizers Co, Gujarat Mineral Development Corporation , Gujarat Industrial Development Corporation, Gujarat State Investment, Gujarat Alkalies Chemicals, Gujarat Industrial Investment Corporation and Gujarat State Fertilizers and Ch i l with Chemicals i h IDBI and d IFCI Minda Industries Ltd Reliance Power Ltd Ballarpur Industries Ltd I f Infotrek k Syscom S Ltd Ld KDDL Ltd
Target Great Offshore Ltd GasPoint Petroleum India Ltd Sneha Petroleum South Asian Petrochem Ltd, Dhunseri Polycarbonate Ltd Essar Oil Vadinar Ltd Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas
Sector
Deal Type Increasing g Stake Merger Acquisition Merger Merger
% Stake 15.23% N.A.
N.A. N.A.
Gujarat State Petroleum C Company Minda Autogas Ltd Reliance Natural Resources Ltd Premier Tissues India Ltd E R Eco Recycling li L Ltd d Himachal Fine Blank Ltd
Oil & G Gas Oil & Gas Oil & Gas Others Oh Others Others
210.64 210 64 N.A. 11,000.00 16.28 NA N.A. N.A.
Minority Mi i S Stake k Merger Merger Acquisition M Merger Merger
5.00% 5 00% N.A. N.A. N.A. N A N.A.
43
Acquirer Talwalkars Pantaloon Fitness Pvt Ltd KGS Nelsun Paper Mill Ltd Sat Industries Ltd Abbott India Ltd Anu's Laboratories Ltd Biocon Ltd Blue Cross Generic Pvt. Ltd Camlin Fine Chemicals Ltd Cipla Ltd Cipla Ltd Cipla Ltd
Target Star and Sitara Beauty & Hair Salons Chain owned by Pantaloon Retail (India) Ltd Cochin Kagaz Sah Polymers Ltd. Solvay Pharma India Ltd Nitya Laboratories Ltd Biocon Biopharmaceuticals Pvt Ltd (from CIMAB SA) Socrus Bio Science Ltd Sangam Laboratories Ltd Mab Pharm Manufacturing Facilities at Sikkim Meditab Specialties Pvt Ltd
Sector
Deal Type
% Stake
Others Packaging Packaging Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Pharma Biotech
N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.93 28.37
Acquisition Majority Stake Merger Merger Merger Minority Stake Merger Merger Strategic Stake Acquisition Acquisition 60% N.A. N.A. N.A. 49.00% N.A. N.A. 40.00%
44
I. Domestic Deals Acquisition price (US$ mn) 6 52 6.52 N.A. N.A. N.A. N.A. N.A. 1.50 N.A. NA N.A. 21.11
Acquirer Cipla Ltd Dabur Pharma Ltd. Fervent Pharma Synergies Ltd Fortis Healthcare Ltd Fortis Healthcare Ltd Makers Laboratories Ltd Opto Circuits (India) Ltd Ortin Laboratories Ltd Pfizer Ltd Piramal Healthcare Ltd
Target Undertaking in Kurkumbh Fem Care Pharma Ltd. Midas Pharmasec Ltd OP Jindal Hospital Vivekanand Hospital and Research Centre Harleystreet Pharmaceuticals Ltd N.S. Remedies Ltd Vineet Laboratories Private Ltd D chem Laboratories Ltd Duchem I-Pill brand from Cipla Bharat Serums And Vaccines Ltd - Injectible anesthetic products business ( p (including g Propofol, Bupivacaine and Atracurium Besylate)
Sector Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, , Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech
Deal Type Acquisition Merger Merger Acquisition Acquisition Merger Acquisition Merger Merger Acquisition
% Stake
N.A. N.A.
N.A.
N.A. NA N.A.
Piramal Healthcare Ltd
Pharma, Healthcare & Biotech
N.A.
Acquisition
45
Acquirer
Target Biovel Lifesciences Pvt Ltd product rights and manufacturing facility Sobha Renaissance Information Technology Private LtdHealthcare business Rubra Medicaments Ltd Fraxis Life Sciences Ltd E-John Pharmaceuticals Pvt. Ltd Ltd. INBIOPRO Solutions Piramal Diagnostic Services Private Ltd (subsidiary of Piramal Healthcare Ltd) Titagarh Biotec Pvt. Ltd. ARCL Organics Ltd. Stilbene Chemicals Ltd Kadakia Alkalies and Chemicals Ltd
Sector Pharma, Healthcare & Pharma Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Pharma Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Plastic & Chemicals Plastic & Chemicals Plastic & Chemicals
Deal Type
% Stake
Ranbaxy Laboratories
N.A.
Acquisition
Religare Technova Ltd Rubra Pharmaceuticals Ltd Sequent scientific Ltd Sindu Valley Technologies Ltd Strides Arcolab Ltd
N.A. N.A. N.A. NA N.A. 13.83
Acquisition Acquisition Merger Acquisition Controlling Stake 70.00% N.A.
Super Religare Laboratories Ltd Titagarh Wagons Ltd Allied Resins & Chemicals Ltd Anu's Laboratories Ltd Ashok Organic Industries Ltd
127 66 127.66 N.A. N.A. 1.70 N.A.
Acquisition Merger Merger Acquisition Merger N.A. N.A. N.A.
46
I. Domestic Deals Acquisition price (US$ mn) 2.13 N.A.
Acquirer Atul Ltd Bal Pharma Ltd Polygrip
Target
Sector Plastic & Chemicals Plastic & Chemicals
Deal Type Acquisition Merger
% Stake
Basav Chem Ltd. BASF Coatings (India) Pvt. Ltd, BASF Construction Chemicals (India) Pvt. Ltd, BASF P l Polyurethanes h India I di Ltd d Ciba India Ltd, Diamond DyeChem Ltd. and Ciba Research (India) Pvt. Ltd P Pasura Bi t h Pvt. Biotech P t Ltd Metrochem Industries Ltd Salil Industries Ltd IDL Speciality Chemicals Radio Components and Transistors Company Ltd Alkom Specialty Compounds Ltd Anchor Adhesives Pvt Ltd
N.A.
BASF India I di Ltd d
Pl i & Chemicals Plastic Ch i l
NA N.A.
M Merger
NA N.A.
BASF India Ltd C Coromandel d lI International t ti l Ltd Global Boards Ltd Gulshan Polyols Ltd Hinduja Ventures Ltd Indokem Ltd Kalpena Industries Ltd Lalbhai Group
Plastic & Chemicals Pl ti & Chemicals Plastic Ch i l Plastic & Chemicals Plastic & Chemicals Plastic & Chemicals Plastic & Chemicals Plastic & Chemicals Plastic & Chemicals
N.A. NA N.A. N.A. N.A. NA N.A. N.A. N.A. 2.15
Merger A i iti Acquisition Merger Merger Acquisition Merger Merger Majority Stake
N.A.
N.A. N.A.
N.A. N.A. 51.00%
47
I. Domestic Deals Acquisition price (US$ mn) N.A. N.A. N.A.
Acquirer Neo Corp International Ltd Pee Cee Cosma Sope Ltd Xpro India Ltd
Target Sacos Indigo Pvt Ltd Pee Cee Soap and Chemicals Pvt Ltd Biax Speciality Films Pvt. Ltd 20.25 MW hydro power assets from Hemavathy Power & Light Pvt Ltd LVS Power Ltd Vanishekar Green Energy Ltd, Indravati Energies Pvt Ltd & Swarnajyothi Agro & Exports Pvt Ltd. Anik Energy Pvt. Ltd. Avni Energy Solutions Pvt Ltd Malanpur Captive Power Ltd subsidiary of Crompton Greaves Ltd Hira Industries Ltd and R. R. Ispat Ltd GVK Gautami Power Ltd (from Nagarjuna Constructions Company Ltd)
Sector Plastic & Chemicals Plastic & Chemicals Plastic & Chemicals
Deal Type Acquisition Merger Merger
% Stake
N.A. N.A.
Greenko Group Plc Greenko Group Plc
Power & Energy Power & Energy
32.98 N.A.
Acquisition Acquisition
Octant Interactive Technologies Ltd Anik Industries Ltd MIC Electronics Ltd Avantha Power & Infrastructure Ltd Godawari Power and Ispat Ltd GVK Power & Infrastructure Ltd
Power & Energy Power & Energy Power & Energy
N.A. N.A. N.A.
Merger Majority Stake Majority Stake
N.A. 60.00% 51.00%
10.94 N.A.
Majority Stake Merger Increasing Stake to 63.6%
59.00% N.A.
Power & Energy
N.A.
9.50%
48
Acquirer
Target East North Interconnection Company Ltd (From Power Finance Corporation Ltd.) GSPC Pipavav Power Company Ltd Hooghly Met Coke & Power Company Ltd T F SolarPower Pvt. Ltd. Navabharat Power Pvt Ltd
Sector
Deal Type
% Stake
Sterlite Technologies Ltd Swan Energy Ltd. Tata Steel Ltd Goldstone Infratech Ltd Essar Power Ltd-subsidiary of Essar Energy plc Orbis Power Venture Private Ltd SPV of Srei Infrastructure Finance Ltd and India Power Corporation Ltd Suryachakra Power Corporation Ltd TIANA Power Projects Private Ltd Calcutta Electric Supply Company (CESC) Ltd Jyoti Structures Ltd Weizmann Ltd
Power & Energy Power & Energy Power & Energy Power & Energy Power & Energy
N.A. 81.06 NA N.A. N.A. N.A.
Acquisition Majority Stake Merger Acquisition Acquisition 49.00% NA N.A.
DPSC Ltd Suryachakra Energy & Infrastructure Private Ltd AGC Power (India) Private Ltd from AGC Corporation Sdn Bhd Dhariwal Infrastructure Pvt Ltd JSL Structures Ltd Karma Energy Ltd
21.70 N.A.
Increasing stake to 91.14% Merger
33.97% N.A.
Power & Energy Power & Energy Power & Energy Power & Energy
4.89 21.28 N.A. N.A.
Acquisition Strategic Stake Merger Merger 50.00% N.A. N.A.
49
I. Domestic Deals Acquisition price (US$ mn) 47 87 47.87 N.A. 656.31 N.A. N.A. N.A. N.A. N.A. 6.38 10.64
Acquirer Reliance - Anil Dhirubhai Ambani Group Ajmera Realty & Infra India Ltd Caraf Builders and Constructions Pvt. Ltd MVL Ltd Parle Software Ltd RDB Industries Ltd Unitech Ltd Unitech Ltd Vijay Shanthi Builders Ltd DLF Ltd IVR Prime Urban Developers Ltd
Target KGS Developers - KGS Aranmula Airport Airport. Ultra Tech Property Developers Pvt Ltd DLF Assets Ltd Balaji Tirupati Buildcon Ltd Hazoor Township Developers RDB Realty & Infrastructure Ltd Aditya Properties Pvt. Ltd. Unitech Holdings Ltd. High End Homes Pvt Ltd DLF -Laing O'Rourke IVR Strategic Resources & Services Ltd. and IVRCL Water Infrastructures Ltd.
Sector Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management
Deal Type Minority Stake Strategic Stake Increasing stake to 91.90% Merger Strategic Stake Merger Merger Merger Merger Increasing Stake to 100%
% Stake 15 00% 15.00% 36.00% N.A. N.A. 45.83% N.A. N.A. N.A. N.A. 50.00%
N.A.
Merger
N.A.
50
Acquirer McNally Bharat Engineering Co Pacific Energy Pvt Ltd, First Asian Capital Resources Pvt Ltd Srei Infrastructure Finance Welspun Infratech A2Z Infraservices Ltd
Target Buildmet Ltd through its subsidiary McNally Bharat subsidiary. Infrastructure,
Sector Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management
Deal Type
% Stake
7.87
Acquisition
Gammon India Ltd Quippo Infrastructure MSK Projects India Ltd IL&FS Property Management & Services Ltd T Bombay B b Developers D l L&T SPV formed by L&T Urban Infrastructure and Bombay Dyeing and Manufacturing Company p Infrahousing g Pvt Metropolitan Ltd Great Design Properties Pvt Ltd Raj Construction Projects Pvt. Ltd. Gloryshine Property Developers Pvt. Ltd
14.87 N.A. 85.11 5.32
Minority Stake Merger Majority Stake Acquisition
N.A. N.A. 75.00%
D. B. Realty Ltd Gammon India Ltd Garware Polyester Ltd RDB Industries Ltd Sarthak Industries Ltd
Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management
N.A. N.A. N.A. N.A. N.A.
Acquisition Majority Stake Merger Increasing Stake to 100% Merger 84.16% N.A. 35.00% N.A.
51
Acquirer
Target Siemens Building Technologies Pvt. Ltd along with its Pvt subsidiary Vista Security Technics Pvt. Ltd Durha Constructions Pvt Ltd Satnam Developers and Finance Pvt Ltd and Satnam Realtors Pvt Ltd Residency Projects and Infratech Ltd Kakinada SEZ Private Ltd Home Solutions Retail (India) Ltd - Consumer Durable, Home Improvement Business Wavetel Mobiles
Sector
Deal Type
% Stake
Siemens Ltd Sintex Infra Projects (Subsidiary of Sintex Industries)
Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management
N.A. N.A.
Merger Strategic Stake
N.A. 30.00%
Trent Ltd Valuemart Retail (India) Ltd GMR SEZ & Port Holdings Private Ltd
N.A. N.A. NA N.A.
Merger Majority Stake Majority Stake
N.A. 59.86% 51 00% 51.00%
Pantaloon Retail (India) Ltd Sangeetha Mobile Shriram TPG VW Ltd (retail Shriram, business to Shriram Group and the wholesale business and franchise operation to TPG Capital) Spice Retail Ltd. Trent Ltd ABG Shipyard Ltd
Retail Retail
N.A. 2.77
Merger Acquisition
N.A.
Vishal Retail Ltd - Retail & wholesale businesses Global Access Optim Estates Pvt Ltd Western India Shipyard Ltd
Retail Retail Retail Shipping & Ports
21.28 N.A. N.A. N.A.
Acquisition Acquisition Acquisition increasing stake to 60.36%
40.57%
52
Acquirer SKIL Infrastructure Ltd and SKIL Shipyard Holdings Pvt Ltd GTL Infrastructure GTL Infrastructure Ltd India Securities Ltd Reliance Industries Ltd Siva Projects Engineering and Enterprises Ltd Spice Mobiles Ltd Spice Mobiles Ltd. Wireless TT Info Services JV between Quippo Telecom Infrastructure and Tata Teleservice Bang Overseas Ltd Bombay Rayon Fashions Ltd
Target Pipavav Shipyard Ltd (from Punj Lloyd) Aircel Ltd - 17,500 telecom towers Chennai Network Infrastructure Ltd Essar Telecommunication Holdings Pvt. Ltd Infotel Broadband Services Pvt Ltd Sujana Towers Ltd Spice Televentures Pvt Ltd Spice Mobility Ltd Twenty First Century Infra Tele Ltd Subsidiary of Tatatele Services Maharastra Ltd. Thomas Scott (India) Ltd STI India Ltd
Sector
Deal Type
% Stake
Shipping & Ports Telecom Telecom Telecom Telecom Telecom Telecom Telecom
139.67 1,787.23 NA N.A. N.A. 1,021.28 4.09 N.A. N.A.
Strategic Stake Acquisition Merger Merger Majority Stake Minority Stake Merger Merger
19.43%
NA N.A. N.A. 95.00% 1.50% N.A. N.A.
Telecom Textile & Apparels Textile & Apparels
280.43 N.A. 14.89
Acquisition Merger Majority Stake N.A. 70.56%
53
I. Domestic Deals Acquisition price (US$ mn) N.A. N.A. N.A. N.A. N.A. 2.26 N.A. 0.37 27 66 27.66 N.A. 15.00 N.A.
Acquirer Chokhani Business Ltd House of Pearl Fashions Ltd Indus Fila Ltd JCT Ltd Loyal Textile Mills Ltd Marigold Landmark Estates Pantaloon Retail (India) Ltd Spirit Impex Pvt. Ltd Tata International Ltd The Sirdar Carbonic Gas Company Ltd Flight Centre Ltd Yatra Online Pvt Ltd
Target Yahweh Textiles P. Ltd Pearl Global Ltd Tulip Apparels Pvt. Ltd Gupta & Syal Ltd Shri Chintamani Textile Mills Ltd Apparelone garment unit of Priyadarshini Spinning Mills Ltd Winner Sports Ltd - Sports Retail Business Bhartiya International Ltd Bachi Shoes Hindoostan Spg. & Wvg. Mills Ltd FCm Travel Solutions India Travel Services International Pvt.Ltd
Sector Textile & Apparels Textile & Apparels Textile & Apparels Textile & Apparels Textile & Apparels Textile & Apparels Textile & Apparels Textile & Apparels Textile & Apparels Textile & Apparels Travel & Tourism Travel & Tourism
Deal Type Merger Merger Merger Merger Merger Acquisition Acquisition Minority Stake Majority Stake Merger Acquisition Majority Stake
% Stake N.A. N.A. N.A. N.A. N.A.
N.A. 74 00% 74.00% N.A.
N.A.
54
II. Cross Border Deals - Outbound Acquisition price (US$ mn) 9 61 9.61 N.A. N.A. N.A. N.A. 244.89 N.A. N.A. N.A. 2.62
Acquirer Neha International LtdGlobeagro Gl b r Holdings H ldi Zuari Industries Ltd Indian Farmers Fertiliser Cooperative Ltd Indian Farmers Fertiliser Cooperative Ltd Advanta India Ltd (through its subsidiary Advanta US Inc) Shree Renuka Sugars Ltd Ceat Ltd Ceat Ltd Bajaj Auto Ltd Titagarh Wagons Ltd
Target Or mi W Oromia Wonders d r Globex Ltd Americas Petrogas Inc GrowMax Agri Corp Crosbyton Seed Company Equipav SA Acar e lcool Associated CEAT Holdings Co Pvt Ltd Associated CEAT Holdings g Co Pvt Ltd KTM Power Sports AG IGF Industries - Arbel Fauvet Rail SA - assets
Sector A ri lt r & A Agriculture Agro r Pr Products d t Agriculture & Agro Products Agriculture & Agro Products Agriculture & Agro Products Agriculture & Agro Products Agriculture & Agro Products Automotive Automotive Automotive Automotive
Deal Type Increasing Stake t 99.99% to 99 99% Acquisition Strategic Stake Strategic Stake Acquisition Majority Stake Increasing Stake to 100% Increasing g Stake to 54.84% Increasing Stake to 38.09% Acquisition
% Stake 49 99% 49.99%
10.00% 20.00%
50.34% 45.16% 36.84% 12.23%
55
II. Cross Border Deals - Outbound Acquisition price (US$ mn)
Acquirer Ruia R i group through h h Ruia R i Holding Gmbh Tata AutoComp Systems Ashok Leyland Ltd Air Works India Engineering Future Capital Holdings Ltd IL&FS Investment Managers through its Mauritius subsidiary IL&FS Investment Advisors LLC Religare Capital Markets Ltd Religare Capital Markets Ltd Hinduja Group Dewan Housing Finance Corporation Ltd Dhanlaxmi Bank Ltd
Target Gumasol Rubber Tec holding company of f Gumasol-Werke G lW k Dr. Mayer GmbH & Co. KG Gestamp Servicious' Optare plc Air Livery Anchor Investment & Trading Pvt. Ltd. Saffron Capital Securities Ltd and its subsidiary Saffron Capital Advisors Ltd Barnard Jacobs Mellet Holdings- UK operations Central Joint Enterprise (Aviate Global (Asia)) KBL European Private Bankers Deutsche Postbank AG Destimoney Securities
Sector
Deal Type
% Stake
Automotive Automotive Automotive Aviation Banking & Financial Services
N.A. 7.23 7.50 20.00 N.A.
Acquisition Strategic Stake Minority Stake Majority Stake Acquisition 37.50% 26.00% 85.00%
Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services
N.A. 50.00 N.A. 1,863.00 229.57 2.77
Merger Acquisition Acquisition Acquisition Acquisition Minority Stake
N.A.
15.00%
56
Acquirer Religare Technova Ltd through Religare Technova Global Solutions Pty Ltd Patni Computer Systems Religare Enterprises Ltd Religare Enterprises Ltd UltraTech Cement through its subsidiary UltraTech Cement Middle East Investments Ltd. Core Projects and Technologies Ltd Sicagen India Ltd Spice i2i subdidiary of Spice group Nitin Fire Protection Industries Ltd through its subsidiary Nitin Venture FZE, UAE Crompton Greaves Ltd
Target
Sector
Deal Type
% Stake
Chase Cooper Ltd CHCS Services (subsidiary of Universal American Corp) Northgate Capital LLC Landmark Partners LLC
N.A. N.A. 200.00 171.50
Acquisition Acquisition Majority Stake Majority Stake 65.00% 55.00%
ETA Star Cement Co Technical Systems Integrators LLC and Keenan and Keenan Group Wilson Cables Pvt Ltd NewTel Corporation
Cement
N.A.
Acquisition
Education Electrical & Electronics Electrical & Electronics
20.00 N.A. 21 28 21.28
Acquisition Acquisition Acquisition Increasing Stake to 49% Acquisition
New Age Company LLC Power Technology Solutions MMG Magdev Ltd and MMG India Pvt Ltd - units of TT Electronics Plc
Electrical & Electronics Electrical & Electronics
N.A. 46.15
9.00%
Delta Magnets Ltd
Electrical & Electronics
2.54
Acquisition
57
II. Cross Border Deals - Outbound Acquisition price (US$ mn) 100.00 2.55
Acquirer Welspun Infra Projects Tata Motors Ltd Elecon Engineering Co. Ltd. Through Elecon Transmission International Ltd (Mauritius), (Mauritius) Elecon UK Transmission Ltd, Elecon USA Transmission Ltd IVRCL Infrastructures and Projects Ltd (through subsidiary y Hindustan DorrOliver Ltd) Power Build Ltd through Power Build Transmission International Ltd, Mauritius TRF Ltd Tata g group p company p y Infotech Enterprises Ltd through its subsidiary Infotech Enterprises America Inc Emami Ltd. Godrej Consumer Products Ltd Jay Shree Tea & Industries Ltd
Target Leighton Contractors India Trilix SRL David Brown Systems Sweden AB, Applied products division ie RADICON of David Brown Gear Systems UK and gear motor business of Cone Drive Inc, USA
Sector Engineering Engineering
Deal Type Strategic Stake Majority Stake
% Stake 35.00% 80.00%
Engineering
25.45
Acquisition
DavyMarkham Ltd David Brown Systems (Thailand) Ltd Hewitt Robins International
Engineering
14.62
Acquisition
Engineering Engineering g g
4.15 4.50
Acquisition Strategic g Stake N.A.
Daxcon Engineering Inc Personal care product manufacturing g unit in Egypt gyp Tura brand from Tura Group Gisakura Tea Company Ltd
Engineering FMCG, , Food & Beverages g FMCG, Food & Beverages FMCG, Food & Beverages
N.A. 6.41 N.A. N.A.
Acquisition Acquisition q Acquisition Majority Stake 60.00%
58
II. Cross Border Deals - Outbound Acquisition price (US$ mn) N.A. 2.45 N.A. 255.32 N.A. N.A. 3.19 22.00
Acquirer Jay Shree Tea & Industries Ltd Jay Shree Tea & Industries Ltd Godrej Consumer Products Ltd Godrej Consumer Products Ltd Marico Ltd through Marico Malaysia Sdn Bhd The Mirah Group Amalgamated Bean Coffee Trading Company Siva Group through its subsidiary Lotus Venture
Target Mata Tea Company Ltd Kijura Tea Co Ltd PT Intrasari Raya PT Megasari Mamsur Colgate-Palmolive Company Code 10 brand Mad Over Donuts-Pragati Ventures Cafe Emporio Isklar Hobi Kozmetik Group - Hobi Kozmetik, Zeki Plastik and Ra Pazarlama. Sleaford Quality Foods Ltd British Salt Ltd
Sector FMCG, Food & Beverages FMCG, Food & Beverages FMCG, Food & Beverages FMCG, Food & Beverages FMCG, Food & Beverages FMCG, Food & Beverages FMCG, Food & Beverages FMCG, Food & Beverages
Deal Type Majority Stake Acquisition Acquisition Acquisition Acquisition Strategic Stake Acquisition Majority Stake
% Stake 60.00%
33.30%
50.00%
Dabur India Ltd Jain Irrigation Systems Tata Chemicals Ltd
FMCG, Food & Beverages FMCG, Food & Beverages FMCG, Food & Beverages
69.00 N.A. 143.19
Acquisition Majority Stake Acquisition 80.00%
59
II. Cross Border Deals - Outbound Acquisition price (US$ mn) N.A. 100.00 6.00 NA N.A. N.A.
Acquirer Adf Foods Ltd Dabur India Ltd Tata Global Beverages Ltd T t Global Tata Gl b l Beverages B Ltd Godrej Consumer Products Ltd
Target Elena's Food Specialties Inc. Namaste Laboratories LLC and its three subsidiary companies Activate Th Rising The Ri i Beverage B Company C Argencos SA Laboratoria Cuenca, Consell SA, Issue Uruguay and Issue Brazil (collectively referred to as 'Issue Group')," Gold Leaf Design Ltd Giantti Italia S.R.L Grosvenor House hotel Pacific First Sixth Ltd NTS Group
Sector FMCG, Food & Beverages FMCG, Food & Beverages FMCG, Food & Beverages FMCG F FMCG, Food d&B Beverages FMCG, Food & Beverages
Deal Type Acquisition Acquisition Minority Stake Mi it Stake Minority St k Acquisition
% Stake N.A
N.A. NA N.A.
Godrej Consumer Products Ltd Mini Diamonds India Ltd Gitanjali Gems Ltd Sahara India Pariwar Info-Drive Software Ltd HCL Infosystems Ltd
FMCG, Food & Beverages Gems & Jewellery Gems & Jewellery Hospitality IT & ITeS IT & ITeS
48.94 N.A. N.A. 648.60 N.A. 6.50
Acquisition Acquisition Majority Stake Acquisition Acquisition Majority Stake 60.00% 90.00%
60
II. Cross Border Deals - Outbound Acquisition price (US$ mn) N.A. N.A.
Acquirer Zylog Systems Ltd Spice Digital Ltd
Target Nova Berhad Beoworld Sdn. Bhd Information Management Technologies Ltd., IT business of Al Suwaidi Holding C Company Ltd d Wipro Networks Pte Ltd TenCube PostClick WMNETSERV Ltd Tanla Oy, (formerly Openbit Oy) Idhasoft Europe AG Arena Bilgisavar Sanayi Ve Ticaret Anonim Irketi Compass BPO Ltd IT & ITeS IT & ITeS
Sector
Deal Type Strategic Stake Acquisition
% Stake 23.00%
P i Informatics Prism I f i Ltd d Wipro Ltd One97 Communications Komli Media India Pvt Ltd Wipro Ltd Tanla Solutions Ltd Prism Informatics Ltd Redington India Ltd through Redington International Holdings Ltd. Aditya Birla Minacs
IT & ITeS IT S IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS
NA N.A. N.A. 21.28 NA N.A. N.A. 7.66 N.A.
M j i S Majority Stake k Merger Strategic Stake Acquisition Merger Increasing Stake to 100% Acquisition
51 00% 51.00% N.A. 25.00%
N.A. 10.00%
IT & ITeS IT & ITeS
42.46 N.A.
Strategic Stake Acquisition
49.40%
61
Acquirer Tata Consultancy Services through thr h its it subsidiary b idi r Diligenta Ltd. Hinduja Global Solutions Accentia Technologies Ltd Intelenet Global Services Pvt. Ltd. Mastek Ltd Reliance Big Entertainment Ltd Tata Communications Ltd IMImobile Pvt Ltd through IMImobile Europe Ltd IMImobile Pvt Ltd through IMImobile Europe Ltd Zylog Systems Ltd Aditya Birla Minacs Worldwide Ltd
Target Unisys U i I Insurance r S Services r i Ltd from Unisys Corporation Careline Services IQ Group First Info unit of First Group Plc Kognitio's data migration business Codemasters BT Group plc's Mosaic business WIN Plc WIN Plc from AXA Framlington Investment Management Ltd. Brainhunter Inc Bureau of Collection Recovery
Sector
Deal Type
% Stake
IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS
N.A. N.A. N.A. 67.00 N.A. N.A. N.A. 26.00
Acquisition Acquisition Strategic Stake Acquisition Acquisition Strategic Stake Acquisition Increasing stake to 100% 81.44% 50.00% N.A.
IT & ITeS IT & ITeS IT & ITeS
4.10 31.91 N.A.
Strategic Stake Acquisition Acquisition
18.56%
62
II. Cross Border Deals - Outbound Acquisition price (US$ mn) NA N.A. 12.75 N.A. 44.03 20.00 104 00 104.00
Acquirer A i Ltd Aegis CRISIL Ltd Tata Consultancy Services Aegis Ltd through Essar Services Holdings Avantha Group Glodyne Technoserve Ltd. Ltd KPIT Cummins Infosystems Ltd through KPIT Infosystems Inc., USA Prism Informatics Ltd Prithvi Information Solutions Ltd Rolta India Ltd
Target Sallie Mae - Customer service centre tr Pipal Research Corporation Super-Valu Services India, India arm of SuperValu Inc. AGC Networks Ltd (from Avaya Inc) Pyramid Healthcare Solutions DecisionOne Corporation IT & ITeS IT S IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS
Sector
Deal Type A i iti Acquisition Acquisition Acquisition Majority Stake Acquisition Acquisition
% Stake
59.13%
CPG Solutions, LLC TLC Technologies g Inc Percentix Inc OneGIS Inc. Infospace India Software Development Pvt Ltd (subsidiary of Infospace, Inc)
IT & ITeS IT & ITeS IT & ITeS IT & ITeS
13.20 N.A. N 6.25 N.A.
Acquisition Majority j y Stake Acquisition Acquisition 51.00% %
Aditi Technologies
IT & ITeS
N.A.
Acquisition
63
II. Cross Border Deals - Outbound Acquisition price (US$ mn) N.A. N.A. N.A.
Acquirer Comp-U-Learn Tech India Ltd Corpus Media Labs, Flipkart Genpact (through its subsidiary G Genpact Mortgage Services S i Inc.) Genpact Ltd M kL Mastek Ltd d MphasiS Ltd Polaris Software Lab Ltd through its Ireland Subsidiary Spectacle Industries Ltd Spectacle Industries Ltd Tessolve Services Pvt Ltd
Target Astus Technologies Inc PQ Engineering Inc WeRead IT & ITeS IT & ITeS IT & ITeS
Sector
Deal Type Acquisition Acquisition Acquisition
% Stake
High Performance Partners, Llc Symphony Marketing Solutions Inc SEG S Software, f LLC Fortify Infrastructure Services Tyfone Inc United Consultancy Services Inc Amsol Inc. Dynamic Test Solutions Inc
IT & ITeS IT & ITeS IT & ITeS IT S IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS
N.A. N.A. 3 75 3.75 15.50 0.50 N.A. N.A. N.A.
Strategic Stake Acquisition A iii Acquisition Acquisition Minority Stake Majority Stake Majority Stake Merger
N.A.
2.50% 55.00% 55.00% N.A.
64
Acquirer Tricom India Ltd through its subsidiary Tricom Infotech Solutions, Inc. Zensar Technologies Ltd Educomp Solutions Ltd Ybrant Digital Revathi Equipment Ltd Essar Group through Aegis Aqua Logistics Ltd through its subsidiary Aqua Logistics HK Pvt. Ltd.
Target
Sector
Deal Type
% Stake
GTESS Corporation Akibia Group (PSI Holding Inc) Zaptive Internet Services Pvt Ltd Lycos Inc Satellier Holdings Inc Actionline CIT Logistics Ltd., TAG Logistics Ltd., AGI Logistics Ltd. 2 unnamed Non Vessel Owning Common Carrier businesses
IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS
N.A. 66.00 1 28 1.28 36.00 1.00 N.A.
Acquisition Acquisition Acquisition Acquisition Minority Stake Acquisition 20.00%
Logistics
7.09
Majority Stake
60.00%
Allcargo Global Logistics Ltd Kirloskar Brothers Ltd (through Kirloskar Brothers International BV, Netherlands.) Welspun Corp Ltd Polyplex Corporation Ltd
Logistics
N.A.
Acquisition
Braybar Pumps Ltd Aziz European Pipe Factory Llc Polyplex (Thailand) Public Company Ltd
Manufacturing Manufacturing Manufacturing
2.34 N.A. N.A.
Majority Stake Majority Stake Minority Stake
90.00% N.A. 10.00%
65
II. Cross Border Deals - Outbound Acquisition price (US$ mn) NA N.A. 40.71 9.40 N.A. 24.48
Acquirer RSB Transmissions through RSB Europe BV Thermax Ltd Tube Investments of India, part of Murugappa Group Kemrock Industries and Exports Ltd Banco Products India Ltd HSIL (through its Netherlands subsidiary Haas International B V) B.V) ZEE Entertainment Enterprises Ltd ZEE Entertainment Enterprises Ltd ZEE Entertainment Enterprises Ltd Integra Software Services Pvt Ltd Komli Media India Pvt Ltd
Target MSI (Mechanical Supplies International) Danstoker and its subsidiary, Omnical Kessel Financiere C10 holding company of Sedis Group Top Glass SpA Nederlandse Radiateuren Fabriek BV Barwood Products (S ff d hi ) Ltd (Staffordshire) d Taj TV Ltd , owners of Ten Sports Taj Television (India) Pvt Ltd Indian arm of Taj Television Ltd Taj Television (India) Pvt Ltd Indian arm of Taj Television Ltd Silver Editions Indoor Media
Sector Manufacturing Manufacturing Manufacturing Manufacturing Manufacturing
Deal Type Majority Stake Acquisition Controlling Stake Majority Stake Acquisition
% Stake 70 00% 70.00%
77.00% 80.00%
Manufacturing M f i Media, Entertainment & Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing
N.A. A N.A.
Acquisition A iii Increasing Stake to 95% Increasing Stake to 82%
45.00%
NA N.A.
32 00% 32.00%
N.A. 4.00 N.A.
Strategic Stake Acquisition Acquisition
50.00%
66
II. Cross Border Deals - Outbound Acquisition price (US$ mn) NA N.A. N.A. N.A. 500.00 464.00 100.00 1,340.00 13.00 N.A.
Acquirer Reliance MediaWorks Viacom18 Media Pvt LtdNetwork 18 Group Reliance Big Entertainment Ltd Essar Africa Holdings Jindal Steel & Power Ltd Essar Steel Holdings Ltd Hindustan Zinc Ltd (Vedanta Resources ) IFGL Refractories Ltd through its subsidiary IFGL Inc, JSW Energy Ltd JSW Energy Ltd through acqn of Royal Bafokeng Capital (Proprietary) Ltd Integrated Coal Mining Ltd RPG Group
Target ilab UK Ltd-Assets Ltd Assets The Indian Film Company Ltd IM Global Zimbabwe Iron and Steel Company Shadeed Iron and Steel Co LLC Servosteel (Oakside Solutions Ltd) Anglo American Plc - Zinc business EI Ceramics LLC and CUSC International Ltd Indian Ocean Mining (Pty) Ltd Royal Bafokeng Capital (Proprietary) (also acquiring a part of South African Coal Mining Holding Ltd) Resource Generation Ltd
Sector Media, Entertainment & Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing Metals & Ores Metals & Ores Metals & Ores Metals & Ores Metals & Ores Mining
Deal Type Acquisition Increasing stake to 93.96% Majority Stake Acquisition Acquisition Acquisition Acquisition Acquisition Majority Stake
% Stake
13.58% N.A.
70.00%
Mining Mining
85.00 10.50
Strategic Stake Minority Stake
49.80% 10.00%
67
Acquirer
Target Griffin Coal ( Griffin Coal Mining Company Pty Ltd and Carpenter Mine Management Pty Ltd) CIC Energy Corp N Millennium New Mill i C Capital i l Corporation Trinity Coal Corporation LLC
Sector
Deal Type
% Stake
Lanco Infratech Ltd JSW Energy Ltd Tata Steel through its subsidiary T Steel Tata S l Global Gl b l Minerals Mi l Holdings Essar Minerals Resources Ltd Greaves Cotton Ltd (through its subsidiary Greaves Cotton Netherlands B.V) B V) Arrow Coated Products through its subsidiary Arrow Coated Products (UK) Venkateshwara Hatcheries
Mining Mining
845.00 415.00
Acquisition Acquisition Increasing I i S Stake k to 27.40% Acquisition
Mining Mining
18.99 600.00
8.40%
Ascot International FZE
Others
0 04 0.04
Acquisition
Strides Arcolab Ltd Parenteral Drugs India Ltd Twilight Litaka Pharma Ltd
Advance IP Technologies Blackburn Rovers, English Premier League Aspen's Oncology JVs - Onco Therapies Ltd & Onco Laboratories Ltd Mascareignes Pharmaceutical Manufacturing Co. Ltd Interpro Healthcare Ltd
Others Others Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Ph Pharma, Healthcare H lh & Biotech
N.A. 68.09
Majority Stake Acquisition Increasing Stake to 100% Majority Stake Strategic Stake
51.00%
117.00 N.A. N.A.
50.00% N.A. 26.00%
68
II. Cross Border Deals - Outbound Acquisition price (US$ mn) NA N.A. 195.00 685.30 N.A. 95.74
Acquirer Cipla Ltd Fortis Healthcare Ltd Fortis Healthcare Ltd Kaya Ltd (wholly owned subsidiary Marico Ltd) Fortis Global Healthcare Holdings Pte Ltd Lupin Ltd through its Netherlands subsidiary Lupin Holdings B.V. Elder Pharmaceuticals Ltd Lambda Therapeutic Research Ltd Piramal Healthcare Ltd CBay Holdings through its subsidiaries, MedQuist Inc and CBay Inc Dr Reddy's Laboratories Bio Mabs
Target
Sector Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech
Deal Type Minority Stake Acquisition Strategic Stake Acquisition Minority Stake Controlling Stake Increasing Stake to 61% Acquisition Acquisition
% Stake 25 00% 25.00%
Quality HealthCare Asia Ltd Parkway Holdings Ltd Derma Rx Asia Pacific Pte Ltd Dental Corporation Holdings Ltd
23.90%
30.00%
Generic Health Pty. Ltd Elder Biomeda AD Biovail Corporation's Contract Research Division BioSyntechs assets Spheris Inc.- Select operating assets and liabilities GlaxoSmithKline plc -oralpenicillin-facility
N.A. 12.00 N.A. 3.82
7.00% 10.00%
116.30 N.A.
69
II. Cross Border Deals - Outbound Acquisition price (US$ mn) 9 70 9.70 54.77 N.A. N.A. 22.00 N.A. 75.00 10 00 10.00 N.A. 129.15
Acquirer Opt Circuits Opto Cir it (India) (I di ) Ltd Opto Circuits (India) Ltd Orchid Chemicals & Pharmaceuticals Ltd Siemens Ltd Surya Pharmaceutical Ltd Transgene Biotek Ltd Strides Arcolab Ltd Kiri D Dyes es and Chemicals Chemi als Ltd Camlin Fine Chemicals Ltd Bilcare Ltd through Bilcare AG Dorf D f Ketal K l Chemicals Ch i l (India) (I di ) Pvt. Ltd through Dorf Ketal Chemicals AG
Target U ti V Unetixs Vascular, l r I Inc Cardiac Science Corporation Karalex Pharma LLC Siemens Healthcare Diagnostics Ltd ActivOn Marillion Pharmaceuticals Inc Aspen Pharmacare, Brazilian manufacturing facility D Star Group DyStar Gro p - Dystar D star US Borregaard Industries INEOS Group - global film business Johnson J h M Matthey h VERTECTM Specialty Catalysts Business
Sector Pharma, Healthcare & Bi t h Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Plasti & Chemi Plastic Chemicals als Plastic & Chemicals Plastic & Chemicals
Deal Type A i iti Acquisition Acquisition Acquisition q Merger Acquisition Acquisition Acquisition A q isition Acquisition Acquisition Acquisition
% Stake
N.A.
Plastic & Chemicals
42.55
Acquisition
70
Acquirer Dorf D rf Ketal K t l Chemicals Ch mi l (I (India) di ) Pvt. Ltd. Time Technoplast Ltd United Phosphorus Ltd Tata Chemicals Ltd Premier Energy and Infrastructure Ltd KEC International Ltd. Tatia Global Venture Hindustan Construction Compan Company HCL Infosystems Essar Shipping Ports & Logistics Ltd Essar Shipping Ports & Logistics Ltd
Target DuPont Chemicals and Fl r pr d t - specialty Fluoroproducts p i lt catalysts business Solutia Inc - Plastic product business DuPont-non-mixture mancozeb fungicide business Grown Energy (PTY) Ltd Valagam Power Projects Ltd SAE Towers Holdings LLC Navami Trading FZE Karl Steiner AG Techmart Telecom Distribution FZCO Essar Ports & Terminals Ltd Essar International Ltd
Sector
Deal Type
% Stake
Plastic & Chemicals Plastic & Chemicals Plastic & Chemicals Power & Energy Power & Energy Power & Energy Real Estate & Infrastructure Management Real Estate & Infrastructure Management Retail Shipping & Ports Shipping & Ports
40.00 N.A. N.A. 1.10 N.A. 95.00 N.A. 31 91 31.91 N.A. N.A. N.A.
Acquisition Acquisition Acquisition Acquisition Merger Acquisition Acquisition Majorit Stake Majority Minority Stake Merger Merger 66 00% 66.00% 20.00% N.A. N.A. N.A.
71
II. Cross Border Deals - Outbound Acquisition price (US$ mn) 10 700 00 10,700.00 61.28 N.A. 300.00 N.A. NA N.A. 12.00 102.00 60.00
Acquirer Bh rti Airtel Bharti Airt l Ltd Bharti Airtel Ltd Gemini Communication Ltd Bharti Airtel Ltd People Infocom Private Ltd Mauj Mobile OnMobile Global Ltd Infotech Enterprises Ltd JBF Industries Ltd JBF Industries J d s es Ltd d Nakoda Ltd through its subsidiary Indo Korean Petrochem Ltd p India Ltd Naru Exports
Target Z i Afri Zain Africa BV Telecom Seychelles Rosy Blue Wireless Warid W id T Telecom l International I t ti l Ltd Mobango Ltd Dilithium Networks Inc Wellsco Inc JBF Global Pte Ltd JBF G J Global oba Pte e Ltd d Kyunghan Industry Company Ltd CIAO World SRL T l m Telecom Telecom Telecom Telecom Telecom Telecom Telecom
Sector
Deal Type A i iti Acquisition Acquisition Acquisition Majority Stake Acquisition Acquisition Acquisition Strategic Stake Increasing c eas g Stake Sa e
% Stake
70.00%
Textile & Apparels Textile Te e & Apparels ppa e s
33.00% N.A. N. .
Textile & Apparels Textile & Apparels pp
40.00 7.45
Acquisition Majority j y Stake 90.00%
72
II. Cross Border Deals - Outbound Acquisition price (US$ mn) NA N.A. 45.00 NA N.A.
Acquirer Pr m Durai Prem D r i Exports E p rt P Pvt t Ltd East India Hotels Ltd Havells India Ltd
Target S it h r H Switcher Holdings ldi EIH Holdings British Virgin Islands (from Amex Invt Ltd) Seven Wonders Holidays Private Ltd
Sector T til & Apparels Textile App r l Travel & Tourism Travel & Tourism
Deal Type Controlling St k Stake Increasing Stake to 100% Acquisition
73
III. Cross Border Deals - Inbound Acquisition price (US$ mn) 2 27 2.27 N.A. N.A. N.A. N.A. 295.00 N.A. N.A. 63.83 N.A. N.A.
Acquirer E d Corporation Exedy C rp r ti Volvo Bus Corporation Superior Industries International, Inc Air France-KLM group Daiwa Securities Group Inc and Daiwa AMC Sumitomo Mitsui Banking Corporation Rabobank RSA Insurance Group Plc. Standard Chartered Bank Houlihan Lokey MasterCard Inc
Target C k D Ceekay Daikin iki Ltd Azad Group g Castings g Ltd Synergies Max AeroSpace and Aviation Ltd Shinsei Asset Management Company (India) Kotak Mahindra Bank Ltd Universal Commodity Exchange Royal Ro al Sundaram S ndaram Allian Alliance e Insurance Co. Ltd STCI Capital Markets (formerly UTI Securities) Avista Advisory Associates Private Ltd ElectraCard Services
Sector A t m ti Automotive Automotive Automotive Aviation Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services
Deal Type Increasing Stake t 50.19% to 50 19% Increasing Stake to 100% Minority Stake Strategic Stake Majority Stake Minority Stake Minority Stake Majority Stake Increasing stake to 100% Minority Stake Minority Stake
% Stake 28 63% 28.63% 30.00% 8.70% 26.00% 74.00% 4.50% 5.00% 74.00% 25.10% N.A. 12.50%
74
III. Cross Border Deals - Inbound Acquisition price (US$ mn) NA N.A. N.A. 53.19 N.A. N.A.
Acquirer Prudential Financial Inc Inc. Thomson Reuters QInvest SA des Ciments Vicat Baumer group ISS (49%) together with employee welfare trusts of ISS & SDB Cisco (51%) Legrand Schneider Electric (through its Indian arm Schneider Electric India Pvt Ltd)
Target DLF Pramerica Mutual Fund Pangea3 Ambit Holdings Pvt. Ltd Bharathi Cement Waaree Instruments Ltd
Sector Banking & Financial Services Banking & Financial Services Banking & Financial Services Cement Electrical & Electronics
Deal Type Increasing Stake to 100% Acquisition Strategic Stake Majority stake Majority Stake
% Stake 39 00% 39.00%
N.A. 51.00% N.A.
SDB Cisco (India) Ltd Indo Asian Fusegear Ltd switchgear business Zicom Electronic Security Systems Ltd - Building Solutions Group and Special Project Group Valeo Minda Electrical Systems India Pvt Ltd (from NK Minda Group) Telco Construction Equipment Co. Ltd BDK Engineering Industries Ltd - Valve Business
Electrical & Electronics Electrical & Electronics
N.A. 127.66
Electrical & Electronics
47.82
Acquisition Increasing Stake to 100% Increasing Stake to 60% Acquisition
Valeo Hitachi Construction Machinery Ltd. Weir Group PLC
Electrical & Electronics Engineering g g Engineering
N.A. 246.60 N.A.
33.30% 20.00%
75
III. Cross Border Deals - Inbound Acquisition price (US$ mn) 35 00 35.00 N.A. 85 11 85.11 N.A. NA N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Acquirer M C rmi k & C McCormick Company, mp I Inc Compass Group plc Gategroup Holding AG Choice Hotels International Inc Barclays Bank Plc Jobstreet.com Pte Qasem Al Suwaidi Cap Gemini SA Atos Origin Capgemini SA OneAccess Networks
Target Eastern Condiments Private Ltd Tirumala Hospitality Services Pvt Ltd Skygourmet Catering Private Ltd from India Hospitality Choice Hospitality India Ltd Intelenet Global Services-SKR BPO Services Jobstreet.com India Pvt Ltd from TV18 Prism Informatics Ltd Capgemini Business Services (India) Ltd Venture Infotek Global Pvt Ltd Thesys Technologies BA Systems
Sector FMCG F FMCG, Food d&B Beverages r Hospitality Hospitality Hospitality IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS
Deal Type Str t i Stake Strategic St k Acquisition Majority Stake Increasing Stake to 100% Minority Stake Strategic Stake Minority Stake Increasing Stake to 100% Acquisition Acquisition Acquisition
% Stake 26 00% 26.00%
74 00% 74.00% 60.00% 12 75% 12.75% 50.00% 6.70% 49.00%
76
III. Cross Border Deals - Inbound Acquisition price (US$ mn) N.A. N.A. N.A. N.A. N.A. 11.70 55.00 5.25 N.A. N.A.
Acquirer Publicis Groupe - MS&Lgroup Telefonaktiebolaget L M Ericsson Connecta through its subsidiary Tarento AB Axel Springer AG Invensys Operations Management Rustic Canyon Sutherland Global Services Blue Coat Systems Trimble Navigation Ltd AppLabs AT&T Inc through exercise of options from Mahindra BT Investment Company
Target 20:20 MEDIA and 2020 Social Novatium Solutions Pvt. Ltd. Adylan Technologies Pvt Ltd Carwale.com Skelta Software HOV Services - Accounts receivables business Adventity Global Services S7 Software Solutions Pvt Ltd Tata AutoComp Mobility Telematics Ltd ValueMinds IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS
Sector
Deal Type Acquisition Minority Stake Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition
% Stake
N.A.
Tech Mahindra Ltd
IT & ITeS
34.02
Minority Stake
8.07%
77
III. Cross Border Deals - Inbound Acquisition price (US$ mn) N.A. N.A. 53.19 4.26 N.A. N.A. N.A. 35.96
Acquirer Emtec Inc SinglePoint Hitachi Transport System Ltd Kuehne+Nagel M+R Spedag Group FedEx Corp Emtelle Holdings BV Konecranes Circor International Inc. (through its subsidiary Circor Flow Technologies India Pvt Ltd) Worthington Industries Inc Astro All Asia Networks
Target SARK Infotech Pvt Ltd M2Junction Flyjac Logistics Pvt Ltd RR Enterprises PL Shipping & Logistics Pvt Ltd AFL Pvt. Ltd and affiliate Unifreight India Pvt Ltd Parixit Industries WMI Cranes Ltd IT & ITeS IT & ITeS Logistics Logistics Logistics Logistics
Sector
Deal Type Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Majority Stake Majority Stake
% Stake
Manufacturing Manufacturing
N.A. 51.00%
Mazda Ltd - Valves division Nitin Cylinders Ltd GETIT Infoservices
Manufacturing Manufacturing Media, Entertainment & Publishing
N.A. 21.00 20.43
Acquisition Majority Stake Strategic Stake 60.00% 50.00%
78
III. Cross Border Deals - Inbound Acquisition price (US$ mn)
Acquirer
Target TexTech International Pvt Ltd and d its it U.S. U S subsidiary, b idi r TexTech T T h Inc Glyph International from Infomedia 18 Ltd India Steel Works formerly Isibars Steel Strips Wheels Ltd JSW Steel Tata Steel subsidiary TM International Ltd. Bhushan Steels SPV in West Bengal Steel Strips Wheels Ltd Uttam Galva Steels Ltd Ispat Industries BDA Connect Private Ltd
Sector M di E Media, Entertainment t rt i m t & Publishing Media, Entertainment & Publishing Metals & Ores Metals & Ores Metals & Ores Metals & Ores Metals & Ores Metals & Ores Metals & Ores Metals & Ores Others
Deal Type
% Stake
Jouve group Cenveo Inc ANC Holdings GS Global Corp JFE Steel Corporation Nippon Yusen Kaisha Sumitomo Metal Industries Ltd Sumitomo Metal Industries Ltd ArcelorMittal (through its unit ArcelorMittal Netherlands BV) Stemcor Holdings Ltd Datatec Ltd (through its subsidiary Analysys Mason)
5.32 N.A. 4.04 4.77 1,021.28 N.A. N.A. 9.40 89.94 N.A. N.A.
Acquisition Acquisition Minority Stake Minority Stake Minority Stake Strategic Stake Strategic Stake Minority Stake Increasing Stake to 34.42% Minority Stake Acquisition 10.00% 2.50% 14.99% 26.00% 40.00% 5.88% 28.81% 10.00%
79
III. Cross Border Deals - Inbound Acquisition price (US$ mn)
Acquirer
Target Loyalty Solutions and Research Ltd (operating under i-mint i mint brand) Arch Pharmalabs Ltd Aventis Pharma (from United Breweries (UB) Group) MNE Technologies Pvt Ltd (from Manipal Education and Medical Group) Paras Pharmaceuticals Solvay Pharma India Ltd.(stake held by Solvay Healthcare Ltd and British Colloids Ltd ) Piramal Healthcare Solutions Domestic Formulations Business Raks Pharma Pvt Ltd Zenara Pharma Pvt Ltd Labindia Instruments Pvt Ltd
Sector
Deal Type
% Stake
Payback Gmbh Mitsui & Co Ltd Hoechst GmbH ITAL TBS Telematic and Biomedical Services S.p.A Reckitt Benckiser Group plc
Others Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Pharma Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech
N.A. 13.55 88 11 88.11
Majority Stake Minority Stake Increasing Stake to 60.37% 60 37%
57.00% 5.00% 10 27% 10.27%
8.71 726 00 726.00
Acquisition Acquisition Increasing Stake to 88.85%
Abbott Laboratories Inc
65.64
20.0%
Abbott Laboratories Inc Amneal Pharmaceutcials Cambrex Corporation Life Technologies
3,720.00 6.00 20 00 20.00 N.A.
Acquisition Increasing Stake to 100% Majority Stake Acquisition N.A. 51 00% 51.00%
80
III. Cross Border Deals - Inbound Acquisition price (US$ mn) 0.11
Acquirer Fumakilla Ltd Jordan Phospates Mines Company Willowood Chemicals
Target Fumakilla India Private Ltd Indo-Jordan Chemicals Company (a subsidiary of SPIC) Shreeji Pesticides Pvt Ltd Cindu Chemicals (held by Corus, the British-Dutch subsidiary of Tata Steel) PI Industries Ltd
Sector Plastic & Chemicals
Deal Type Acquisition Increasing Stake to 100% Acquisition
% Stake
Plastic & Chemicals Plastic & Chemicals
50.60 N.A.
52.17%
Koppers International Rhodia SA Avantor Performance Materials Holdings, earlier known as Mallinckrodt Baker Huntsman Corporation Huaneng Group The Valspar (Singapore) Corporation (P). PLUS Expressways Bhd Saudi BinLaden Group
Plastic & Chemicals Plastic & Chemicals
N.A. N.A.
Strategic Stake Acquisition
50.00%
RFCL Ltd Laffans Petrochemicals Ltd chemicals business InterGen NV (from GMR) DIC Coatings India subsidiary of DIC India Ltd Indu Navayuga Infra Project Pvt Ltd Maytas Infrastructure
Plastic & Chemicals Plastic & Chemicals Power & Energy Printing & Stationary Real Estate & Infrastructure Management Real Estate & Infrastructure Management
100.00 N.A. 1,232.00 N.A. 21.26 63.83
Majority Stake Acquisition Majority Stake Acquisition Majority Stake Minority Stake
85.00%
50.00%
74.00% 20.00%
81
III. Cross Border Deals - Inbound Acquisition price (US$ mn) 0 43 0.43 34.04
Acquirer MBCV H Holdings ldi Ltd SNC Lavalin Mauritius Ltdaffiliate of SNC-Lavalin American Tower Corp (through its affiliate Transcend Infrastructure Ltd) E-Land UT Ltd
Target
Sector Real Estate & Infrastructure M Management m t Real Estate & Infrastructure Management
Deal Type Str t i Stake Strategic St k Minority Stake
Rayalaseema Expressway Ltd SPV byKMC Group Essar Telecom Infrastructure Pvt Ltd Mudra Lifestyle Ltd
Telecom Textile & Apparels
450.00 29.79
Acquisition Majority Stake N.A.
82
IV. Private Equity Investment Value in US$ mn N.A.
Investor Subhkam Ventures Moore Capital Management ; The Blackstone Group ; Wellington Management Company LLP Summit Partners Carlyle Group through Carlyle Asia Growth Capital Partners IV Fund. IL&FS Investment Managers Ltd Tara India Fund III LLC, Tara India Fund, Tara India Domestic Fund Rabo Equity Advisors Advisors-India India Agri Business Fund 2020 Equity Investors Ltd, a subsidiary of India 2020 Ltd managed by Lighthouse funds Nine Rivers Capital Ltd Motilal Oswal Private Equity Advisors Motilal Oswal PE Advisors Pvt Ltd Clearwater Capital Partners Singapore F d III Pvt. Fund P Ltd Ld New Enterprise Associates and GTI Capital Group
Investee Nagarjuna Agri Tech
Sector Agriculture & Agro Products
% Stake 4.00%
REI Agro Ltd Krishidhan Seeds Ltd Tirumala Milk Products Private Ltd
Agriculture & Agro Products Agriculture & Agro Products Agriculture & Agro Products
15% N.A. N.A.
63.83 30.00 23.40
Karuturi Global Ltd The Global Green Company Ltd
Agriculture & Agro Products Agriculture & Agro Products
N.A. 22.00%
15.96 10.00
Dhanuka Agritech Ltd Global AgriSystem Pvt Ltd Godrej Properties Ltd-Godrej Buildwell Bangalore project Minda Industries J Jamna A Auto I Industries d i L Ltd d Airworks India Engineering Pvt. Ltd
Agriculture & Agro Products Agriculture & Agro Products Automotive Automotive A Automotive i Aviation
8.25% N.A. 49.90% N.A. 4 03% 4.03% 30.00%
7.21 7.00 10.64 8.54 2 86 2.86 27.00
83
IV. Private Equity Investment Value in US$ mn 12.61 N.A.
Investor Goldman Sachs Taj Capital Partners Pvt Ltd Oikocredit International through its subsidiary Manaveeya Holdings and Investments Intel Capital International Finance Corporation ICICI Venture, Carlyle and Sequoia Capital Actis Hawk Ltd Khazanah Nasional Bhd through its subsidiary Sipandan Investments (Mauritius)Ltd CX Partners Temasek Holdings Pte Ltd Baring Private Equity Partners India and Matrix Partners India Amansa Capital, Capital Aquarius Investments, Reliance Capital Trustee, India Capital Fund Ltd, India Capital Opportunities and IFC
Investee Spicejet Capital Trust Ltd ESAF Microfinance and Investments Pvt. Ltd. MCX Satin Creditcare Network Ltd Star Health and Allied Insurance Company Infrastructure Development Finance Co Infrastructure Development Finance Co Convexity Solutions Spandana Spoorthy Innovative Financial Services Muthoot Finance Ltd Aviation
Sector
% Stake 6.00% 15.00%
Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services
10.00% NA N.A. N.A. 40.00% 1.73%
N.A. NA N.A. N.A. 100.00 97.87
0.2% N.A. 10.00% 4.00%
80.85 44.68 37.23 33.40
Cholamandalam Investment and Finance Company Ltd
N.A.
31.91
84
IV. Private Equity Investment Value in US$ mn
Investor CLSA Capital Partners through ARIA Investment Partners III L.P. LP ( (ARIA ARIA III) Matrix Pvt. Equity Partners LLC International Finance Corporation Developing World Markets Microfinance Equity Fund Treeline Asia Master Fund (Singapore) and Bellwether Microfinance Fund, Canaan Partners Kotak India Private Equity Fund Helion Venture Partners Bessemer Venture Partners Li h Lightspeed d Venture V P Partners Catamaran Management Services Pvt Ltd MicroVest, ACCION International, Unitus Equity Fund and Michael & S Susan Dell D ll F Foundation d i
Investee
Sector
% Stake
Equitas Micro Finance India Bhartiya Samruddhi Finance Ltd Cholamandalam DBS Finance S.M.I.L.E Microfinance Ltd (Semam Microfinance Investment Literacy & Empowerment Ltd ) Janalakshmi Financial Services Equitas Micro Finance Muthoot Finance Ltd NetAmbit InfoSource & e-Services Pvt. Ltd Indian Energy Exchange Ltd I di E Indian Energy E Exchange h L Ltd d SKS Microfinance
Banking & Financial Services Banking & Financial Services Banking & Financial Services
N.A. N.A. 9.92%
24.00 21.28 21.28
Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services B ki & Financial Banking Fi i l Services S i Banking & Financial Services
N.A. N.A. N.A. N.A. N.A. 5.56% 5 56% 5.56% 1.30%
10.64 10.00 9.57 9.15 8.51 7.45 7 45 7.45 5.98
S dh FinServe Swadhaar Fi S P Ltd Pvt Ld
B ki & Financial Banking Fi i l Services S i
NA N.A.
5 85 5.85
85
IV. Private Equity Investment Value in US$ mn 5 32 5.32 4.47
Investor Bajaj Holdings and Investment Ltd Lok Capital, Aavishkaar Goodwell
Investee The National Multi Commodity Exchange of India Suryoday Microfinance Pvt Ltd Aadhar Housing Finance Pvt Ltd subsidiary of Dewan Housing Finance Corporation Bhartiya Samruddhi Finance Ltd Vistaar Livelihood Finance NetAmbit InfoSource & e-Services Pvt. Ltd Svasti Microfinance Pvt. Ltd Annapurna Micro Finance Pvt. Ltd. Belstar Investment and Finance Pvt Ltd Wealth India Financial Services Pvt. Ltd - FundsIndia.com Nashik Vintners Pvt. Pvt Ltd Dalmia Cement (Bharat) Ltd
Sector Banking & Financial Services Banking & Financial Services
% Stake 12 82% 12.82% N.A.
International Finance Corporation Triodos Bank NV and Lok Capital Elevar Equity Advisors Pvt Ltd and SVB India Capital Partners Bessemer Venture Partners The Michael and Susan Dell Foundation & HNWI Dia Vikas Capital NMI Frontier Fund Inventus Capital Partners Verlinvest SA Kohlberg Kravis Roberts & Co
Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Breweries & Distilleries Cement
20.00% N.A. N.A. N.A. N.A. N.A. N.A. N.A 15 00% 15.00% N.A.
4.26 3.83 3.19 2.13 1.16 1.10 0.90 0.64 15 00 15.00 159.57
86
IV. Private Equity Investment Value in US$ mn N.A. N.A. 42.55 36 60 36.60 21.28 15.00 12.77 10.00 8.51 6.60 5.96 5.00
Investor Nadathur Group Ventureast Funds PremjiInvest India Equity Partners Reliance Capital Ltd Sequoia Capital India & Song Investment Advisors Milestone Religare Investment Advisors Pvt Ltd Lighthouse fund -India 2020 Fund y India Fund Mayfield Foundation Capital India Alternatives Investment Advisors Private Ltd, JAFCO Asia-Intel Capital
Investee Career Point Infosystems Ltd. Orion Edutech Pvt Ltd Manipal Universal Learning IL&FS Education and Technology Services Pathways World School K-12 Techno Services Pvt LtdGowtham Educational Institutions Resonance Eduventures Pvt Ltd iDiscoveri Education Centum Learning g part p of Bharti Group p Tree House Education Frameboxx Animations and Indian Institute of Financial Management Vriti Infocom Pvt Ltd Education Education Education Education Education Education Education Education Education Education Education Education
Sector
% Stake N.A. N.A N.A. 26 00% 26.00% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
87
IV. Private Equity Investment Value in US$ mn 4 50 4.50 1.91 1.00 0.96 0.53 0.53 0.48 0.43 47.87 11.00 N.A. 53.19
Investor F Foundation d ti Capital C pit l Matrix Partners Aavishkaar India Micro Venture Capital Fund Mumbai Angels Catamaran Ventures Accel Partners IDFC Mumbai Angels TA Associates Helix Investments Fidelity Growth Partners India Barings, B i Sequoia S i Capital, C i l Fidelity Fid li and d Deutsche Bank
Investee Aspire Human Capital Management P t Ltd Pvt Tree House Education Butterfly Edufields Ltd DEXL Education Services India Pvt Ltd Ace Creative Learning Pvt Ltd Ace Creative Learning g Pvt Ltd Pipal Tree Venture Pvt. Ltd Speakwell English Academy Micromax Informatics Ltd Hi-Rel Electronics Pvt. Ltd PL Engineering, subsidiary of Punj Lloyd Ltd. Coastal Projects Pvt Ltd. Ed ti Education Education Education Education Education Education Education Education
Sector
% Stake NA N.A. N.A. 26.00% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 16.00%
Electrical & Electronics Electrical & Electronics Engineering Engineering
88
IV. Private Equity Investment Value in US$ mn 10.64 32.34 14.89 10 64 10.64 N.A.
Investor India Venture Advisors NYLIM Jacob Ballas India Fund III, LLC Tata Capital Aditya Birla Private Equity Fund Helion Venture Partners-Footprint Ventures-Salarpuria Group
Investee C & C Constructions Ltd. SEW Infrastructure Ltd Commercial Engineers & Body Builders Co Ltd Anupam Industries Ltd Spring Leaf Retail Pvt. Ltd (Mast Kalandar) Coffee Day Holding Co ( Amalgamated Bean Coffee Trading Company Ltd) Coffee Day Holding Co ( Amalgamated Bean Coffee Trading Company Ltd) Coffee Day Holding Co ( Amalgamated Bean Coffee Trading Company Ltd) Stovekraft Pvt Ltd Om Pizzas & Eats Private Ltd Aria Hotels and Consultancy Services Pvt Ltd subsidiary of Asian Hotels (West) Ltd Engineering Engineering Engineering Engineering
Sector
% Stake N.A. N.A. N.A. 20 00% 20.00% N.A.
Kohlberg Kravis Roberts & Co
FMCG Food & Beverages FMCG,
NA N.A.
75 00 75.00
New Silk Route
N.A.
75.00
Standard Chartered Private Equity Sequoia Capital India TVS Shriram Growth Fund
FMCG, Food & Beverages FMCG, Food & Beverages FMCG, Food & Beverages
N.A. 25.00% N.A.
50.00 10.64 10.64
IL&FS India Realty Fund II
Hospitality
33.00%
17.02
89
IV. Private Equity Investment Value in US$ mn 14 89 14.89 6.81 5.00 12 77 12.77 8.72 N.A. 8.00 5.00 4.46 N.A. 8.75 N.A. N.A.
Investor JP Morgan India Property Mauritius Company. C mp VC Hunt India Private Ltd IndoUS Venture Partners Sequoia Capital India HDFC Lok Capital LLC Walden International Olympus Capital TLG Capital Matrix Partners Battery Ventures and Greylock Partners Indian Angel Network Mumbai Angels
Investee Vi r B Viceroy Bangalore l r H Hotels t l Pvt P t Ltd Global Resort And Spa Ltd VenSat Tech Services Pvt Ltd Quick Heal Technologies (P) Ltd Intelenet Global Services through holding Co. SKR BPO Services RuralShore Business Services Pvt Ltd Quatrro BPO Solutions Pvt Ltd, Quatrro BPO Solutions Pvt Ltd, Re-feel Cartridge Engineering Pvt Ltd Head Infotech India-Ace2three.com Taggle Internet Ventures Pvt. Ltd TaxSpanner.com At Your Price H pit lit Hospitality Hospitality IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS
Sector
% Stake 49 00% 49.00% 27.00% N.A. NA N.A. 5.00% N.A. N.A. N.A. 36.00% N.A. N.A. N.A. N.A.
90
IV. Private Equity Investment Value in US$ mn N.A.
Investor Subhkam Ventures Goldman Sachs Investment Partners, Indivision India Partners and Oak India Investments Sequoia Capital Norwest Venture Partners, Omidyar Network, Matrix Partners India and eBay Inc Accel Partners India and Helion Venture Partners Nexus Venture Partners Granite Hill India Opportunities Fund Intel Capital N r t Venture Norwest V nt r P Partners rtn r ValueFirst Messaging International Finance Corporation, Norwest Venture Partners and g Reliance Venture Asset Management QS India Hosting
Investee IRIS Business Services Pvt Ltd IT & ITeS
Sector
% Stake 15.00%
Tikona Digital Networks Via (formerly FlightRaja).
IT & ITeS IT & ITeS
70.00% N.A.
106.38 10.00
Quikr Exclusively. In Magic Rooms Solutions India (P)Ltd. Net4 India Ltd Allied Digital Services Ltd. Appn mi Systems Appnomic S t m Pvt P t Ltd Indyarocks.com
IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT S IT & ITeS
N.A. N.A. N.A. 4.70% N.A. NA N.A. N.A.
6.00 2.80 1.49 1.71 N.A. 2 50 2.50 N.A.
Suvidhaa Infoserve Pvt Ltd Net4 India Ltd
IT & ITeS IT & ITeS
N.A. N.A.
7.00 1.71
91
IV. Private Equity Investment Value in US$ mn N.A. N.A. 30.00 15 00 15.00 5.00 5.32 3.19 10.00
Investor SIDBI SAS Intel Capital Sequoia Capital DFJ, Canaan Partners, SAP Ventures & SVB India Capital Partners Sequoia Capital India IndoUS Venture Partners IDG Ventures India Zephyr Peacock India Fund Globespan Capital Partners , Charles River Ventures and Helion Venture Partners Intel Capital, Sequoia Capital and Footprint Ventures Mumbai Angels Kleiner Perkins Caufield & Byers and Sherpalo Ventures
Investee CircuitSutra Technologies Pvt Ltd KLG Systel Ltd iYogi iYogi Druvaa Software Private Ltd Monarch Innovative Technologies Pvt Ltd iCreate Software Trimax IT Infrastructure and Services p p subsidiary y of Webaroo SMS GupShup Technology India July Systems Onward Mobility Solution Pvt Ltd InMobi IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS IT & ITeS
Sector
% Stake N.A. N.A. N.A. NA N.A. N.A. N.A. N.A. N.A.
IT & ITeS IT & ITeS IT & ITeS IT & ITeS
N.A. N.A. N.A. N.A.
12.00 7.00 0.43 8.00
92
IV. Private Equity Investment Value in US$ mn NA N.A. 19.79 75.00 N.A. 0.21
Investor Shapoorjee Chandabhoy Finvest Private Pri t Limted Limt d Canaan Partners Warburg Pincus Aavishkaar Micro Capital Fund SIDBI SAS Nokia Growth Partners,Cisco Systems, Nexus Venture Partners and Fidelity International Mumbai b iA Angels l Reliance Venture Asset Management, Kleiner Perkins Caufield & Byers and Sherpalo Ventures Mayfield y India Fund and SIDBIVenture Ashmore Alchemy India Nexus Venture Partners DEG (Deutsche Investitions Investitions-und und Entwicklungsgesllschaft mbH)
Investee Gamexx Infotainment Ltd a subsidiary of f Nexxoft N ft Infotel I f t l Ltd Naaptol Online Shopping Pvt Ltd QuEST Global Services Pte Ltd B2R Technologies Pvt Ltd SM Wireless Solutions Pvt Ltd IT & ITeS IT S IT & ITeS IT & ITeS IT & ITeS IT & ITeS
Sector
% Stake 11 00% 11.00% N.A. N.A. N.A. N.A.
Netmagic Solutions Al h h Tech Algorhythm T h Pvt Ltd d
IT & ITeS Logistics i i
N.A. N.A. A
14.89 N.A. A
Reverse Logistics Co Fourcee Infrastructure Equipment q p Pvt. Ltd. Siesta Logistics Sohan Lal Commodity Management Deepak Fasteners Ltd
Logistics Logistics Logistics Logistics Manufacturing
N.A. N.A. N.A. N.A. N.A.
N.A. 10.64 10.00 2.13 N.A.
93
IV. Private Equity Investment Value in US$ mn 90.00 42.55 15.00 11 00 11.00
Investor Baring Private Equity Partners Sandstone Capital, Sequoia Capital, Madison Capital Management BanyanTree Growth Capital LLC Rabo Equity Advisors through Indian Agri Business Fund and Real Trust IFCI Venture Capital -India Automotive Component Manufacturers Private Equity Fund I
Investee Cethar Vessels Ltd Micromax Informatics Ltd Deepak Fasteners Ltd Vacmet India Ltd
Sector Manufacturing Manufacturing Manufacturing Manufacturing
% Stake N.A. 10.00% N.A. 20 00% 20.00%
Electronica Machine Tools Ltd Jagran Media Network Pvt. Ltd.,majority Ltd majority stakeholder of Jagran Prakashan Ltd Associated Broadcasting Company DQ Entertainment Amar Chitra Katha (ACK) Thriveni Earthmovers Private Ltd AMR Constructions Haldia Coke & Chemicals Private Ltd
Manufacturing Media, Entertainment & Media Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing Mining Mining Mining
N.A.
5.32
Blackstone Group Saif III Mauritius Company Group of investors led by IDFC Investment Advisors Elephant Capital Samara Capital Avigo Capital Partners Gaja Capital Partners
N.A. 15.00% 5 97% 5.97% 30% N.A. N.A. N.A
47.87 10.85 5 47 5.47 4.68 31.91 30.00 26.60
94
IV. Private Equity Investment Value in US$ mn 25.00
Investor International Finance Corporation Franklin Templeton Asset Management - Templeton Strategic Emerging Markets Fund III, LDC Samara Capital Partners Fund QInvest Peepul Capital Peepul Capital Fund II LLC JM Financial India Fund TVS Capital Int rn ti n l Fin International Finance n C Corporation rp r ti n Granite Hill, IndoUS Venture Partners and Draper Fisher Juvertson Orbimed Advisors India through Caduceus Asia Mauritius Ltd SONG Investment Advisors
Investee Bhagyanagar Gas Ltd Shiv-Vani Oil & Gas Exploration Services Ltd Asian Oilfield Services Ltd Asian Business Exhibition & Conferences Ltd Loyalty Solutions and Research Ltd (operating under i-mint brand) Aqua Designs India Private Ltd Enrich Salon Dusters Total Solutions Services Pvt Ltd Att r Recycling Attero R lin P Pvt t Ltd. Ltd Attero Recycling Pvt Ltd. Bharat Serums and Vaccines Ltd Eye Q Oil & Gas
Sector
% Stake N.A.
Oil & Gas Oil & Gas Others Others Others Others Others Oth r Others Others Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech
5.60% 22.60% 28.00% 29.00% NA N.A. N.A. N.A. NA N.A N.A N.A. N.A.
19.95 5.27 N.A. N.A. 11 70 11.70 10.00 7.45 5 00 5.00 3.30 N.A. N.A.
95
IV. Private Equity Investment Value in US$ mn NA N.A. N.A. 85.00 40 00 40.00 40.00 25.53 25.00 20.00 14.89 10.64 10.64 10.00
Investor Aavishkaar India Micro Venture Capital C pit l F Fund d New Silk Route Warburg Pincus LLC AIF Capital CX Partners Temasek Holdings p International Finance Corporation Asian Healthcare Fund Sequoia Capital Matrix Partners India Investment Holdings,LLC TVS Shriram Growth Fund Aureos Capital India
Investee G V Meditech M dit h Pvt P t Ltd Nectar Lifesciences Ltd Metropolis Healthcare Services Famy Care Thyrocare Technologies Max India Max Healthcare Institute Ltd Diwan Chand Medical Services Pvt Ltd Celon Laboratories Ltd. Centre for Sight Medfort Hospitals BSR Super Speciality Hospitals Ltd
Sector Ph rm H Pharma, Healthcare lth r & Bi Biotech t h Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma Healthcare & Biotech Pharma, Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech
% Stake NA N.A. 14.60% N.A. NA N.A. 30.00% 3.00% N.A. N.A. N.A. N.A. N.A. N.A.
96
IV. Private Equity Investment Value in US$ mn 8.51 8.51 7.20 6.64 3.19 2.13 1.09 1.00 0.43 53.70 34.11 21.28
Investor Prosecure Evolvence India Life Sciences Fund Norwest Venture Partners, Accel Partners (India) and IDG Ventures Milestone Religare Investment Advisors IndoUS Venture Partners EPlanet Ventures Kalpathi Investments Navam Capital g Mumbai Angels Bain Capital Bain Capital IL&FS Investment Managers Ltd Fusion Pharma
Investee
Sector Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Plastic & Chemicals Plastic & Chemicals Plastic & Chemicals
% Stake N.A. 21.05% N.A. N.A. N.A N.A. 45.00% N.A. N.A. 15.40% 9.78% N.A.
Fermenta Biotech Ltd Perfint Healthcare HealthCare Global Enterprises Ltd Visionary RCM Medfort Hospitals Primex Healthcare Vyome Biosciences Pvt Ltd AIOCD Pharmasofttech AWACS Pvt Ltd Himadri Chemicals & Industries Ltd Himadri Chemicals & Industries Ltd Jyothy Laboratories Ltd
97
IV. Private Equity Investment Value in US$ mn 116.00 10.00 50.00 82 00 82.00 21.00
Investor TPG Growth & Others International Finance Corporation FE Clean Energy , International Finance Corporation International Finance Corporation Aureos South Asia Fund, IFC and ePlanet Ventures Omidyar Network , Acumen Fund, Nexus Venture Partners, Gray Matters Capital Draper Fisher Jurvetson and Capital, Garage Technology Ventures Blackstone Group SBI-Macquarie Infra Fund 3i India Infrastructure Fund IDFC Group, Argonaut Ventures and Ascent Capital Advisors Actis Government of Singapore Investment Corporation (GIC)
Investee Greenko Group plc. Auro Mira Energy Company Private Ltd Bhilwara Energy Ltd Bhilwara Energy Ltd Auro Mira Energy Co Pvt Ltd
Sector Power & Energy Power & Energy Power & Energy Power & Energy Power & Energy
% Stake N.A. N.A. 10.80% NA N.A. N.A.
D.light Design Monnet Power Company Ltd Adhunik Power & Natural Resources Ltd GVK Energy Ltd GMR Energy Ltd GVK Energy Ltd subsidiary of GVK Power & Infrastructure Ltd GVK Energy Ltd subsidiary of GVK Power & Infrastructure Ltd
Power & Energy Power & Energy Power & Energy Power & Energy Power & Energy Power & Energy Power & Energy
N.A. 12.50% N.A. 21.10% N.A. N.A. N.A.
5.50 58.51 26.60 255.32 98.94 74.26 74.26
98
IV. Private Equity Investment Value in US$ mn 20.00 6.38 21.28 200.00 N.A. 300 00 300.00 10.00 56.00 N.A. 3.64 1.25 46.17
Investor Sage Capital IFCI Venture Capital-Green India Venture Fund L&T Infrastructure Finance Company Ltd Temasek Holdings Helion Advisors and Foundation Capital Blackstone International Financial Corporation IFCI Ltd Fidelity Growth Partners India Kotak India Private Equity Fund & Kotak Investment Advisors Ltd International Finance Corporation Kohlberg Kravis Roberts & Co
Investee John Energy Ltd Titan Energy Systems Ltd KSK Energy Ventures Ltd GMR Energy Ltd Azure Power India Pvt Ltd Moser Baer Projects Pvt Ltd Azure Power India Pvt Ltd KSK Energy Ventures Ltd - KSK Mahanadi Power Project, Chattisgarh Shreem Electric Ltd formerly known asn Shreem Capacitors Pvt Ltd Diamond Power Infrastructure Ltd Husk Power Systems Avantha Power & Infrastructure Ltd
Sector Power & Energy Power & Energy Power & Energy Power & Energy Power & Energy Power & Energy Power & Energy Power & Energy Power & Energy Power & Energy Power & Energy Power & Energy
% Stake N.A. N.A. N.A. N.A. N.A. NA N.A. N.A. 7.72% N.A. 10.00% N.A. 9.00%
99
IV. Private Equity Investment Value in US$ mn NA N.A. 21.28 6.00 6.00 2.70 111.70 N.A. 10.64 31.91 53.19 14.26
Investor Red Fort Capital Kotak Realty Fund Foundation Capital Helion Nalanda India Fund ASK Property Investment Advisors Siva Projects Engineering and Enterprises, Saravna Enterprises ASK Real Estate fund Special Opportunities Portfolio1 Kotak Realty Fund Kotak Realty Fund IL&FS Investment Managers
Investee 3C Company (Lotus Panache, Panache Noida) Ackruti City Ltd - slum rehabilitation project Agni Property Agni Property Ahluwalia Contracts (India) Ltd Amit Enterprises Housing Ltd Darode Jog Realties Arihant Foundations and Housing ATS Group Ltd, "One Hamlet" project at Noida Dheeraj Realty - Project Dheeraj Insignia Emaar MGF - Projects at Gurgaon Emerald Estates and Palm Terraces Emerald Lands Pvt Ltd
Sector Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management
% Stake 50 00% 50.00% 50.00% N.A. N.A. 1.40% N.A. 13.00% N.A. N.A. N.A. 28.00%
100
IV. Private Equity Investment Value in US$ mn 14 89 14.89 11.70 5.85 53.19 43.00 14.89 53.19 21.28 106.38
Investor IL&FS Investments Ltd HDFC PMS Nine Rivers Capital Ltd IFCI Ltd Ascent India Fund III Kotak Realty Fund ICICI Bank Jammu & Kashmir Bank Ltd HDFC Venture Funds IL&FS Trust Company Ltd, IIRF India Realty X Ltd (PE fund managed by IL&FS Investment Managers) and Moltana Holdings Ltd Urban Infrastructure Real Estate Fund
Investee GK Industrial Park Pvt Godrej Sea View Properties Pvt Ltd GPT Infraprojects Ltd IVRCL Assets & Holdings Ltd IVRCL Assets and Holdings Ltd Lalith Gangadhar Constructions Pvt. Ltd Lavasa Corporation Ltd subsidiary of Hindustan Construction Company Lavasa Corporation subsidiary of Hindustan Construction Company Ltd Lodha Developers World One project at Lower Parel
Sector Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management
% Stake 82 00% 82.00% 49.00% N.A. N.A. 5.90% 60.00% N.A. N.A. 10.00%
Orbit Highcity Pvt Ltd SPV of Orbit Corporation Ltd Ozone Urbana Infra Developers Pvt.Ltd
Real Estate & Infrastructure Management Real Estate & Infrastructure Management
21.60% N.A.
35.11 42.55
101
IV. Private Equity Investment Value in US$ mn 110 00 110.00 25.53 4.26 10.64 N.A. 85.11
Investor The Xander Group Red Fort Capital Milestone Capital Advisors Ltd ChrysCapital V LLC-Van Dyck IVRCL Norwest Venture Partners and The Xander Group ICICI Prudential Asset Management Company Ltd and India Opportunities Real Estate Fund (Mauritius)
Investee Panchshil Realty Parsvnath Developers Ltd - Red Fort Parsvnath Towers Connaught Place Pelican Realty Ventures Pvt Ltd Pratibha Industries Ltd Rayalaseema Expressway Ltd - SPV byKMC Group Sadbhav Infrastructure Project Ltd Shriram Properties Ltd ( Shriram Sahaana -Yelahanka Project) Star Light Developers Pvt. Ltd subsidiary of Sunteck Realty - Bandra Kurla Complex Project Value and Budget Housing Corporation Value Designbuild Pvt Ltd - SPV Nusa Dua Phase 2
Sector Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management
% Stake NA N.A. 24.50% N.A. N.A. 10.00% 22.22%
49.00%
8.51
Kotak Realty Fund Financial Inclusion Fund Monsoon Capital
60.00% N.A. N.A.
21.28 3.68 10.00
102
IV. Private Equity Investment Value in US$ mn
Investor
Investee Windshield Developers Private Ltd ( (owned d by b M Marvel r l Pr Promoters m t r and d Developers (Pune) Pvt Ltd) 3 Project SPVs of Prozone Enterprises Pvt Ltd Catmoss Retail Pvt Ltd The MobileStore-Essar group firm JSW Infrastructure Karaikal Port Pvt. Ltd. Nicheken Technologies Pvt. Ltd Tower Vision India Pvt Ltd Tikona Digital g Networks Quippo-Wireless TT Info Services Microqual Techno Ltd Metro Wireless Engineering India Pvt Ltd
Sector Real R lE Estate t t & Infrastructure I fr tr t r Management Retail Retail Retail Shipping & Ports Shipping & Ports Telecom Telecom Telecom Telecom Telecom Telecom
% Stake
JM Financial Property Fund Triangle Real Estate India Fund SAIF Partners IL&FS Investment Managers Eton Park Capital IDFC Project Equity Subhkam S bhk Ventures - Subhkam S bhk Growth Fund I Quadrangle Capital Partners LLC and a consortium of international investors Unnamed Investors IDFC Project Finance Headland Asian Ventures Fund 3 Ltd Zephyr Peacock Fund II
100.00% 35.00% N.A 10.00% 10.00% N.A. N.A. N.A. N.A N.A. 15.00% 20.00%
5.96 65.11 21.28 21.28 125.00 32.60 N.A. 300.00 148.94 53.19 8.51 4.79
103
IV. Private Equity Investment Value in US$ mn 57.45 25.53 9.57 8 00 8.00 7.80
Investor Bain Capital TPG Growth Asia Bridge Sequoia Capital India Argonaut Private Equity, Ventureeast Proactive
Investee Lilliput Kidswear Pvt Ltd Lilliput Kidswear Pvt Ltd Alok H&A subsidiary of Alok Industries Fashionandyou com Fashionandyou.com eYantra Apparels Ltd
Sector Textile & Apparels Textile & Apparels Textile & Apparels Textile & Apparels Textile & Apparels
% Stake N.A. N.A. N.A. NA N.A. N.A.
104
V. QIP Investment Value in US$ mn 21.28 712.98 79.79
Investor Unnamed Investor Unnamed Investor Unnamed Investors HSBC, JPMorgan, Deutsche Securities Maurities, i i BNP Paribas, ib S SBI Mutual l Fund and others Unnamed Investors Unnamed Investor Unnamed Investors Unnamed Investors Unnamed Investors Capital World, Nomura, SBI Mutual Fund, Wellington Management Company, India Capital, Morgan Stanley, IDFC Mutual Fund, Geosphere and India Horizon Fund Unnamed Investors
Investee Usher Agro Ltd Tata Motors Ltd Dewan Housing Finance Corporation
Sector Agriculture & Agro Products Automotive Banking & Financial Services
% Stake 12% N.A. N.A.
Dhanlaxmi Bank Indiabulls Financial Services Ltd IndusInd Bank Ltd Infrastructure Development Finance Co Karnataka Bank Magma Fincorp Ltd
Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services
N.A. N.A. N.A. N.A. N.A. N.A.
81.06 272.34 253.00 575.00 34.22 26.05
Manappuram General Finance and Leasing Ltd Shriram Transport Finance Company
Banking & Financial Services Banking & Financial Services
N.A. 5.20%
52.13 124.23
105
V. QIP Investment Value in US$ mn 225.00 75.00 62.90 12.98 9 183.05 113.04 38.30 9.71 396.28 6.38 22.27 4.79
Investor Unnamed Investors Unnamed Investors Royal Bank of Scotland, Deutsche Bank AG and others Unnamed d Investor Unnamed Investors Unnamed Investors Unnamed Investors Unnamed Investors Unnamed Investor Unnamed Investor Unnamed Investors Unnamed Investor Yes Bank
Investee
Sector Banking & Financial Services Breweries & Distillaries Cement Education d i FMCG, Food & Beverages FMCG, Food & Beverages IT & ITeS IT & ITeS IT & ITeS IT & ITeS Logistics Manufacturing
% Stake N.A. N.A. N.A. N.A. A N.A N.A N.A. N.A. N.A. N.A. N.A. N.A.
Radico Khaitan Ltd India Cements Edserv d S Softsystems f Ltd d Ess Dee Aluminium Ltd Godrej Consumer Products Ltd 3i Infotech Ltd GSS America Infotech Ltd Info-Drive Software Ltd Northgate Technologies Ltd Allcargo Global Logistics Ltd Aksh Optifibre Ltd
106
V. QIP Investment Value in US$ mn 114.79 17.69 53.19 37.23 28.72 99.61 16.00 118.00 53.19 851.06 31.91 21.13
Investor Unnamed Investors Unnamed Investor Unnamed Investors Unnamed Investors Unnamed Investor Unnamed Investors Unnamed Investor Unnamed Investors Unnamed Investors Unnamed Investors Unnamed Investor Unnamed Investors
Investee Exide Industries Ltd JBF Industries Ltd JSL Ltd Mahindra Forgings Ltd Tilaknagar Industries Ltd Usha Martin Ltd Prime Focus Ltd Bharat Forge Gujarat NRE Coke Ltd Adani Enterprises Ltd HSIL Ltd Phillips Carbon Black Ltd
Sector Manufacturing Manufacturing Manufacturing Manufacturing Manufacturing Manufacturing Media, Entertainment & Publishing Metals & Ores Mining Others Others Others
% Stake N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A N.A. N.A.
107
V. QIP Investment Value in US$ mn 14.83
Investor Unnamed Investor Kotak Investment Opportunities fund, Kotak Global funds ,Deutsche Securities Mauritius, Kotak Mahindra old mutual life insurance ltd,Kotak mahindra 30 unit scheme, kotak opportunities, ii k kotak k midcap, id kotak k k select focus fund, kotak tax savers scheme , credit suisse singapore , fullerton india fund , temasek fullerton alpha pte Unnamed Investor Unnamed Investors Unnamed Investors Unnamed Investor Unnamed Investors Unnamed Investors IL&FS Milestone Realty Advisors Pvt Ltd
Investee Elder Pharmaceuticals Ltd
Sector Pharma, Healthcare & Biotech
% Stake N.A.
Jubilant Organosys Ltd Strides Arcolab Ltd Jyothy Laboratories Ltd Nilkamal Ltd Kiri Dyes and Chemicals Ltd Diamond Power Infrastructure Ltd Kalpataru Power Transmission Ltd 247 HCC Park developed by a subsidiary of Hindustan Construction Co Ltd
Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Plastic & Chemicals Plastic & Chemicals Plastic & Chemicals Power & Energy Power & Energy Real Estate & Infrastructure Management
N.A. N.A. N.A. N.A N.A. N.A N.A.
82.37 9.68 48.49 12.77 50.86 24.26 95.81
74.00%
122.34
108
V. QIP Investment Value in US$ mn 49 24 49.24 16.36 297.87 246.28 57.35 21.28 4.41 27.62
Investor Unnamed Investor Unnamed Investors Unnamed Investors Unnamed Investor Unnamed Investor Unnamed Investor Unnamed Investor Unnamed Investor
Investee Ansal Properties & Infrastructure Ltd C & C Constructions Ltd. GMR Infrastructure Ltd Housing Development and Infrastructure Ltd Parsvnath Developers Ltd Pratibha Industries Ltd Veer Energy & Infrastructure Ltd Shopper's Stop Ltd
Sector Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Retail
% Stake NA N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Axis Bank Ltd, ICICI Bank Ltd, IDBI Bank Ltd,IFCI Ltd,State Bank of India,The Jammu & Kashmir Bank Ltd Alok Industries Ltd Unnamed Investor Unnamed Investor Unnamed Investors
Textile & Apparels Textile & Apparels Textile & Apparels Textile & Apparels
N.A. N.A. N.A. N.A.
90.35 50.00 42.55 33.20
S Kumars Nationwide Ltd Vardhman Textiles Ltd Welspun India Ltd.
109
VI. IPO Issue Price (INR) 118.00 120 00 120.00 985.00 66.00 64.00 310.00 127.00 240.00 1310.00 165.00 660.00 145.00 135.00 Capital Raised (INR mn) 1,475.00 4560 00 4560.00 16,539.71 3,300.00 736.00 1,150.00 1,530.00 717.60 1,250.00 1,782.00 , 2,970.00 3,287.21 1 350.00 1,350.00 Capital Raised (USD mn) 31.38 97 02 97.02 351.91 70.21 15.66 24.47 32.55 15.27 26.60 37.91 63.19 69.94 28.72
Company Microsec Financial Services Ltd P j b & Sind Punjab Si d Bank B k SKS Microfinance Ltd United Bank of India Ravi Kumar Distilleries Ltd Career Point Infosystems Ltd Commercial Engineers & Body builders Co Ltd Technofab Engineering Ltd VA Tech Wabagh Ltd Vascon Engineers g Ltd Bajaj Corp Ltd Jubilant Foodworks Ltd Goenka Diamond & Jewels Ltd
Equity Offered 12,500,000 38000000 16,791,579 50,000,000 11500000 3,709,677 12,047,244 2,990,000 954,198 10,800,000 , , 4,500,000 22,670,447 10 000 000 10,000,000
Sector Banking & Financial Services B ki & Financial Banking Fi i l Services S i Banking & Financial Services Banking & Financial Services Breweries & Distilleries Education Engineering Engineering Engineering Engineering g g FMCG, Food & Beverages FMCG, Food & Beverages Gems & Jewellery
110
VI. IPO Issue Price (INR) 260.00 75 00 75.00 165.00 145.00 310.00 258.00 118.00 102.00 257.00 29.00 133.00 355.00 212.00 Capital Raised (INR mn) 3,710.16 287 52 287.52 1,898.00 536.50 1,680.11 7,000.00 531.00 1,020.00 1,973.61 3,235.31 598.50 2,680.25 3 853.10 3,853.10 Capital Raised (USD mn) 78.94 6 12 6.12 40.38 11.41 35.75 148.94 11.30 21.70 41.99 68.84 12.73 57.03 81.98
Company Shree Ganesh Jewellery House Ltd Th Thangamayil il Jewellery J ll L Ltd d Infinite Computer Solutions India Ltd Intrasoft Technologies Ltd Persistent Systems Ltd IL&FS Transportation Networks Ltd Aster Silicates Ltd Bedmutha Industries Ltd BS Transcomm Ltd Indosolar Ltd Midfield Industries Ltd Tecpro Systems Ltd DB Corp Ltd
Equity Offered 14,269,831 3 833 666 3,833,666 11,503,000 3,700,000 5,419,706 27,131,783 4,500,000 10,000,000 7,679,410 111,562,500 4,500,000 7,550,000 18 175 000 18,175,000
Sector Gems & Jewellery G Gems & Jewellery J ll IT & ITeS IT & ITeS IT & ITeS Logistics Manufacturing Manufacturing Manufacturing Manufacturing Manufacturing Manufacturing Media, Entertainment & Publishing
111
VI. IPO Issue Price (INR) 175.00 166.00 100.00 125.00 110.00 245.00 71.00 375.00 75 00 75.00 75.00 128 00 128.00 43.00 Capital Raised (INR mn) 3,500.00 2,561.14 502.00 450.00 687.50 154,750.93 546.70 12,600 2 000 00 2,000.00 562.50 774 40 774.40 399.90 Capital Raised (USD mn) 74.47 54.49 10.68 9.57 14.63 3,292.57 11.63 268.09 42 55 42.55 11.97 16 48 16.48 8.51
Company Eros International Media Ltd Hindustan Media Ventures Ltd Sea TV Network Ltd Gravita India Ltd Prakash Steelage Ltd Coal India Ltd Gyscoal Alloys Ltd Moil Ltd P b li Drugs Parabolic D Ltd Ld Syncom Healthcare Ltd Talwalkars Better Value Fitness Ltd Tirupati Inks Ltd
Equity Offered 20,000,000 15,428,571 5,020,000 3,600,000 6,250,000 631,636,440 7,700,000 33,600,000 26 666 667 26,666,667 7,500,000 6 050 000 6,050,000 9,300,000
Sector Media, Entertainment & Publishing Media, Entertainment & Publishing Media, Entertainment & Publishing Metals & Ores Metals & Ores Mining Mining Mining Pharma, Healthcare & Bi Biotech h Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Plastic & Chemicals
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VI. IPO Issue Price (INR) 90.00 100.00 47.00 26.00 75.00 450.00 324 00 324.00 468.00 490.00 102.00 252.00 180.00 Capital Raised (INR mn) 450.00 23,478.26 7,690.91 10,790.00 637.50 1,030.00 2 250 00 2,250.00 14,444.44 4,620.58 14,384.62 1,417.54 1,026.00 Capital Raised (USD mn) 9.57 499.54 163.64 229.57 13.56 21.91 47 87 47.87 307.33 98.31 306.06 30.16 21.83
Company Texmo Pipes & Products Ltd JSW Energy ltd Orient Green Power Company Ltd SJVN Ltd Tarapur Transformers Ltd ARSS Infrastrucutre Projects Ltd Ah k B Ashoka Buildcon ild Ltd DB Realty Ltd Godrej j Properties p Ltd Jaypee Infratech Ltd Man Infraconstruction Ltd MBL Infrastructures Ltd
Equity Offered 5,000,000 234,782,609 163,636,362 415,000,000 8,500,000 2,288,888 6 944 443 6,944,443 30,864,197 9,429,750 141,025,640 5,625,150 5,700,000
Sector Plastic & Chemicals Power & Energy Power & Energy Power & Energy Power & Energy Real Estate & Infrastructure Management Real Estate & Infrastructure M Management m t Real Estate & Infrastructure Management Real Estate & Infrastructure Management g Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management
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VI. IPO Issue Price (INR) 54.00 260.00 183.00 75.00 450.00 135.00 46.00 11.00 50.00 45.00 130.00 110.00 Capital Raised (INR mn) 3,905.36 10,286.12 12,000.00 487.50 5,096.15 1,050.00 4,791.67 2,480.68 405.00 430.83 1,079.00 1,166.00 Capital Raised (USD mn) 83.09 218.85 255.32 10.37 108.43 22.34 101.95 52.78 8.62 9.17 22.96 24.81
Company Nitesh Estates Ltd Oberoi Realty Ltd Prestige Estates Projects Ltd R.P.P. Infra Projects Ltd Ramky Infrastruture ltd Cantabil Retail India Ltd Gujarat Pipavav Port Ltd Electrosteel Steels Ltd Gallant Ispat Ltd Emmbi Polyarns Ltd Mandhana Industries Ltd Pradip Overseas Ltd
Equity Offered 72,321,428 39,562,000 65,573,770 6,500,000 11,324,786 7,777,776 104,166,666 225,516,188 8,100,000 9,574,000 8,300,000 10,600,000
Sector Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Retail Shipping & Ports Steel Steel Textile & Apparels Textile & Apparels Textile & Apparels
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About Grant Thornton

Grant Th G Thornton I India di i is a member b fi firm within i hi G Grant Th Thornton I International i lL Ltd. d Th The fi firm i is one of f the h oldest ld and d most prestigious i i accountancy firms in the country. Today, it has grown to be one of the largest accountancy and advisory firms in India with nearly 1,000 professional staff in New Delhi, Bangalore, Chandigarh, Chennai, Gurgaon, Hyderabad, Mumbai and Pune, and affiliate arrangements in most of the major towns and cities across the country.
MARKET SPECIALISATIONS Grant Thornton India specialises in providing both Compliance and Advisory services to businesses with the following key characteristics Businesses that need to apply international standards- Cross C B d Transactions Border T i Global reach with one stop shop for deals from $1m to 100m - Global Capital Markets Specialists with global presence who are respected by International Regulators - India Inbound Investment Assisting Global Companies make the most of the India opportunity Privately Held Businesses Accessing External Capital- International Business Expansion Helping Indian Owner Managers achieve their global ambitions y Held Business Services - Privately A cohesive team that can work part of your business - Indian Capital Markets Helping Indian companies access Public or Private Capital INDUSTRY SPECIALISATIONS Grant Thornton India has extensive experience across several industries and businesses of varying sizes.
However the firm runs focussed practice groups with specialisations in the following industry groups- Technology - Healthcare - Real estate & Infrastructure - Auto & Auto Components - Manufacturing - Financial Services Service Areas The firm firms s core service areas are as follows Assurance - Assurance - Accountancy Corporate Governance, Governance Risk Management, IT & Controls Taxation - Compliance - Advisory I b d\ Outbound O tb d - Inbound\ - Restructuring & Transactions tax - Transfer Pricing
Specialist Advisory - Mergers & Acquisitions - Valuation - Due Diligence - Strategic Services Advisory + PRIMA - Government & Infrastructure Advisory - Forensic & Investigation Services - Corporate Social Responsibility and Sustainability
We would be delighted to receive your feedback!

contact@in.gt.com
Dealtracker Editorial team: Karthik Balisagar , Kapil Bellubi, Ankita Arora, Sowmya Ravikumar & Karthik Vishwanathan
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Providing business owners with M&A market insight

ANNUAL EDITION 2010

PE 253 deals, $ 6.2 bn

VII. IPO 62 deals, $ 8 bn

VIII. Special Feature. IX. List of Deals in 2010

CG Srividya Partner-Grant Thornton

2008 86 196 282 172 454 312 766

Volume 2009 74 82 156 174 330 206 54 590

2010 91 198 289 373 662 253 56 971

2010 8 96 8.96 22.50 31.46 18.32 49.78 6.23 6.22 62.24

Year 2007 - 2010

40 30 20 10 0 2007 2008 2009 2010

600 400 200 0

50 40 30 20 10 0 2007 2008 2009 2010

600 400 200 0

M&A Round up : 662 deals, $ 49.8 bn

M&A Deal value break up - % share Top M&A Sectors in 2010

18% 37% 56%

Domestic : 373 deals, $ 18.3 bn

Average Deal Sizes US$ mn

214 deals, US$4.99 bn

321 deals, US$2.85 bn

172 deals, US$5.21 bn

174 deals, US$6.7 bn

373 deals, US$18.3 bn

80 8.0 6.0 4.0 2.0 Q1 1.0 42

65 52 35 39 27 0.8 Q4 25 3.3 Q1 1.0 Q2 1.3 Q3 1.1 Q4 3.1 Q1 2.5 Q2 45

Cross border M&A: 289 deals, US$ 31.46 bn

2009 $Mn 1408.7 319.0 # 28 23

2010 $Mn 1282.7 5130.6 # 36 64

Asia Inbound Outbound

2009 $Mn 8.0 266.5 # 1 9

2009 $Mn 0.0 82.0 # 0 3 $Mn 0.0 368.8

Japan 18% China 14% 50% UK 9%

Australia 4% Others 19% 8% 18% 12%

Inbound M&A: 91 deals, US$ 8.96 bn

Country-wise Inbound Investment 2010

Top 10 Inbound Deals in 2010

JFE Steel Corporation

Metals & Ores Pharma, Healthcare & Biotech

1,021.28 Minority Stake

Telecom Banking & Financial Services Engineering Electrical & Electronics

295.00 Strategic Stake Increasing Stake 246.60 to 60% 127.66 Acquisition q

Plastic & Chemicals

100.00 Majority Stake

Metals & Ores

Increasing Stake 89.94 to 34.42%

Outbound M&A: 198 deals, US$ 22.50 bn

Top 10 Outbound Deals in 2010

Lanco Infratech Ltd

Metals & Ores

500.00 Acquisition Oman 464.00 Acquisition 415.00 Acquisition Canada

PE: 253 deals, US$ 6.2 bn

500 400 300 200 100 634 0 Jan

Average Deal Sizes US $mn

Value % 25% 15% 10% 8% 6% 5% 4% 3% 3% 3% 3%

Top Ten PE Deals 2010

Sector Analysis Power

1.54 0.90 2008 0.40 2009 2010

Power genera tion 37%

Energ y 36% Real Estate 9%

GVK Energy Limited