Annual Deal Tracker - Third Annual Issue 2007

© Grant Thornton India 2008

Dealtracker… Providing business owners with M&A market insight

Third Annual Issue 2007

Deal value

51.11

19.03

70.14

16.32 20.302.03 7.86

18.3528.16

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20.00

40.00

60.00

80.00

2005 2006 2007

$ bi

llion

M&A PE All Deals

1. Introduction It has been 3 years since we took up the Dealtracker initiative as a bi-monthly newsletter to cover the mergers and acquisitions (M&A) and private equity (PE) deals in the Indian market and it is indeed a matter of pride to be a part of the unprecedented M&A growth era of India Inc. We would like to take this opportunity to thank our readers for the excellent response, support and encouragement extended. We are happy to publish the Third Annual Issue of Dealtracker covering the year 2007. Globally M&A deals worth $4.48 trillion were announced during 2007 as against $3.61 trillion during 2006, i.e. a growth of 24%. The year 2007 has seen very significant deals in India in both Private Equity (PE) and Mergers and Acquisitions (M&A). Over this year, India Inc has not only been an important destination for International Private Equity funding and Inbound M&A’s but also has been highly active in acquiring International companies, thus expanding its global foothold. The year 2007 has witnessed a number of multi billion dollar deals for the first time in the history of Corporate India. The total value of deals (M&A and PE) announced in the calendar year 2007

was $70.14 billion as against $28.16 billion in 2006 and $18.35 billion in 2005. The average Indian M&A deal size was $75.61 Mn, while the average Indian PE deal size was $ 47 Mn during 2007. We have summarised the trend of M&A and PE deals during 2007 and presented a synopsis of top deals and sectoral performances over the year. 1.1 Key Highlights – 2007 •There were more than 1,000 deals in 2007 (M&A and PE together), as compared to 782 in 2006 and 467 deals in 2005. •There were 13 M&A deals with deal value of over $500 Mn in 2007 as compared to 8 deals and 7 deals in 2006 and 2005 respectively.

•The value of Cross Border deals (both Inbound and Outbound) announced in 2007 has almost tripled from 2006. The value of inbound deals increased from $5.1 billion in 2005 to $ 5.4 billion in 2006 to $15.5 billion this year and value of outbound deals increased from $4.3 billion in 2005 to $9.9 billion in 2006 to $32.8 billion in 2007. Tata-Corus, Vodafone-Hutch and Hindalco-Novelis deals accounted for 56.80% of total M&A deals during 2007. •The value of domestic deals announced has declined from $ 6.9 billion in 2005 to $ 4.99 billion in 2006 to $ 2.85 billion in 2007, even though the volume of domestic deals has increased from 151 deals in 2005 to 214 deals in 2006 to 321 deals in 2007.

•Though volume of M&A deals has grown by 40.83% during 2007 as compared to 2006, value of M&A deals has grown by an astounding 152%.

Value (in million USD) Volume Table 1 2007 2006 2005 2007 2006 2005 Inbound 15,500.95 5,399.75 5,173.93 112 76 56

Outbound 32,759.04 9,914.15 4,298.52 243 190 136

Cross Border 48,259.99 15,313.90 9,472.45 355 266 192

Domestic 2,852.48 4,990.87 6,848.01 321 214 151

Total M&A 51,112.47 20,304.77 16,320.46 676 480 343

PE 19,031.08 7,859.43 2,033.00 405 302 124

Total Deals 70,143.55 28,164.20 18,353.46 1,081 782 467


6

0

100

200

300

400

500

600

700

2007 2006 2005

Value not disclosed < $49.9 m $50m - $99.9m$100m - $499.9m $500m - $999.9m > 1000m

372

204

86

224

168

204

7

28

39

28

36

17

20

08

3 4

Value wise M&A Deal Break-up

2. Mergers & Acquisitions The total number of M&A Deals announced during the calendar year 2007 stands at 676 with a total announced value of $51.12 billion as against 480 deals with a total announced value of $20.30 billion in 2006. There were 321 domestic deals (both acquirer and target being Indian) with an announced value of $2.85 billion and 355 cross-border deals with an announced value of $48.26 billion. 243 of the cross border deals were outbound deals (Indian companies acquiring businesses outside India) with a value of $32.76 billion and 112 were inbound deals (international companies or their subsidiaries acquiring Indian businesses) with an announced value of close to $15.5 billion. The average M&A deal value was $75.61 Mn during 2007. The average value of cross-border deals (both inbound and outbound) was $136 Mn which was significantly higher when compared to average value of domestic deals which was close to $9 Mn. 2.1 Sectoral Spread of M&A Deals Historically, sectors like Automotive, IT, Pharma, Banking sectors etc. were the leading players in M&A. However 2007 saw significant participation by sectors such as Commodities (which primarily comprised Steel, Aluminium and Metals & Ores), Telecom, Power & Energy, Real Estate & Infrastructure. Steel and Telecom sectors were the clear leaders as far as sectoral values were concerned. These sectors accounted for $14.9 billion and $ 11.3 billion worth of deals respectively. Together, they accounted for as much as 51% of the total M&A deal value during 2007 and more

than the total announced value of M&A deals in 2006. Tata Steel’s acquisition of Corus for $ 12.2 billion and Vodafone’s majority stake in Hutchison Essar for $10.83 billion were the major deals in these sectors.

The other sectors which have significantly contributed to M&A deal value in 2007 are Aluminum and Power & Energy. IT & ITeS leads the M&A volume proportion with 23.5% share of total number of M&A deals. Pharma, Healthcare & Biotech have the second highest share at 9.47%. Other significant contributors to the deal volume were Banking & Financial Services, Media, Entertainment & Publishing and FMCG, Food & Beverages sectors. The key sectors contributing to M&A in 2007 are shown in Table 2 below.

Table 2: Sector wise break up of M&A Transactions

Final Sector Value % deal value Volume %deal

volume Aluminium 6,000.00 11.74% 4.00 0.59% Automotive 815.97 1.60% 31.00 4.59% Breweries & Distilleries 1,123.43 2.20% 6.00 0.89% Cement 632.87 1.24% 8.00 1.18% Electricals & Electronics 739.56 1.45% 11.00 1.63% IT & ITeS 2,885.58 5.65% 159.00 23.52% Metals & Ores 1,260.54 2.47% 10.00 1.48% Oil & Gas 1,297.97 2.54% 16.00 2.37% Pharma, Healthcare & Biotech 1,465.75 2.87% 64.00 9.47% Power & Energy 3,807.35 7.45% 20.00 2.96% Steel 14,897.62 29.15% 20.00 2.96% Telecom 11,333.28 22.17% 11.00 1.63% Others 4,852.54 9.49% 316.00 46.75%

Grand Total 51,112.47 100% 676.00 100%

Sector Wise Value - All deals by value

Metals & Ores2%

Brew eries & Distilleries2%

Cement1%

Pow er & Energy7%

Pharma, Healthcare & Biotech

3%

Oil & Gas3%

IT & ITeS6%

Real Estate & Infrastructure Management

1%

Telecom22%

FMCG, Food & Beverages1%

Automotive2%

Aluminium12%

Media,Entertainment & Publishing

1%

Banking & Financial Services

1% Others5%

Electricals & Electronics1%

Steel29%

Sector wise – M&A Deals by Value - 2007


European Inbound & Outbound deals -Cumulative value and volume

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Inbound Value Outbound Value Inbound Volume Outbound Volume

North American Inbou

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Jan Feb Mar Ap

Valu

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$ bn

nd & Outbound deals -Cumulative value and volume

r May Jun Jul Aug Sep Oct Nov Dec0102030405060708090100

Volume of deals

Inbound Value Outbound Value Inbound Volume Outbound Volume

2.2 Multi Billion dollar M&A deals There were 7 “billion dollar” M&A deals in 2007 compared to none in 2006. India Inc also witnessed a lesser number of low value deals as compared to previous years. The deals for which value was not disclosed were typically small sized deals. The largest deals of 2007 were Tata-Corus and Vodafone-Hutch deals which were completed in early 2007 – making it the perfect start for a year of M&A transactions. Of the 7 “billion dollar” deals, 3 deals were in the metal sector, 2 deals in Power & Energy and 1 deal each in Telecom and Breweries & Distilleries sectors. Together, these 7 “billion dollar” deals accounted for 67.47% of total M&A during 2007. A list of M&A deals with deal value of $ 1 Billion+ are listed in Table 3.

2.3 Quarterly break-up of M&A deals Jan-Mar quarter witnessed the largest proportion of M&A’s in 2007 with $33.85 billion worth of deals – accounting for 66.22% of total M&A deals during 2007. As can be seen in table 4 below, both Domestic and cross border deals declined (value & volume) during Oct-Dec quarter compared to their previous quarters. The graphs below present the quarterly movement of Cross-Border Deals (by value & volume) for European and North-American regions. 2.4 Cross Border Deal Analysis Cross border deals increased significantly from 2006. There were 355 cross border deals worth US $ 48.26 bn this year as against 266 deals worth US $ 15.3 bn in 2006.There has been a phenomenal

growth in outbound and inbound deal value as well as volume. The value of inbound and outbound deals has increased by more than threefold in 2007.

Table 3: Billion Dollar Plus M&A Deals

Acquirer Target Sector

Acquisition price in mn

USD Deal Type Tata Steel Corus Steel 12,201.6 Acquisition

Vodafone Hutchison Essar Telecom

10,830.00 Majority Stake

Hindalco Industries Novelis Inc Aluminum

6,000.00 Acquisition

Suzlon Energy Ltd REpower Power & Energy

1,700.93

Controlling Stake

Essar Steel Holdings Algoma Steel Inc Steel


United Spirits Ltd Whyte & Mackay Breweries & Distilleries


Tata Power PT Kaltim Prima Coal

Power & Energy

1,100.00

Significant Stake

An analysis of cross-border deals reveals: •Outbound deals (Indian business acquiring international companies) are more than double the number of inbound deals both in value and volume terms. •The average values of inbound and outbound deals in 2007 are almost the same at $ 134 and $ 138 Mn compared to $ 71 Mn and $ 52 Mn in 2006. •The largest proportion of outbound acquisitions in terms of value have been in Europe (52% of deal value), followed by North America (38% of deal value). In terms of Volume, Indian companies acquired more firms in North America (95 deals) than in Europe (84 deals). •Interestingly, of the $15.5 billion worth of inbound deals in 2007, European firms M&A’s in India stand at $13.84 billion (accounting for 89.27% of all inbound deals). •In terms of inbound deal volume, Europe and North America formed 75.89% of total inbound deal volume. USA and UK were the most active cross border destinations for India Inc over 2007.

Table 4: Quarterly Performance of M&A Deals Jan – Mar Apr – Jun Jul - Sep Oct – Dec

Volume Value Volume Value Volume Value Volume Value

Domestic 67 829.8 100 779.03 91 939.87 63 303.77 Inbound 26 12,327.93 23 2,060.59 33 706.55 30 405.88 Outbound 55 20,692.87 64 7,283.62 68 3,710.85 56 1,071.71 Total 148 33,850.60 187 10,123.23 192 5,357.28 149 1,781.36

Table 5 below presents comparative analysis of cross border transactions of Indian companies with USA and UK based companies. It can be observed that in

case of Indo-US and Indo-UK deals there were more outbound deals (Indian companies acquiring US/UK companies) than inbound deals (UK/US companies acquiring Indian companies). This is a testimony to the confidence with which India Inc has marched ahead to extend its global foothold.


Sector Wise Value - PE deals by value

Telecom18%

Textiles & Apparels3%

Electricals & Electronics

1%


17%


36%

Engineering1%

Hospitality1%

IT & ITeS4%

Media, Entertainment & Publishing

5%

Oil & Gas1%

Others4%


2%

Power & Energy4%

Shipping & Ports1%

Cement1%

Automotive1%

3. PRIVATE EQUITY Private equity investments in India have witnessed significant growth during 2007. PE deals have increased from $1.1 billion (60 deals) in 2004 to $2 billion (124 deals) in 2005 to $7.9 billion (302 deals in 2006) to$19.03 billion (405 deals) in 2007 The value of PE deals has increased by 152% over 2007. There were around 53 deals of over $ 100 Mn as against 11 deals in 2006. The average PE investment ticket size increased from $26.02 Mn in 2006 to $47 Mn in 2007. Some of the big deals included Temasek Holding’s acquisition of 4.99% stake in Bharti Airtel for $ 1.9 billion in July 2007, and a group of PE investors (including Temasek Holdings, The Investment Corporation of Dubai, Goldman Sachs, Macquarie, AIF Capital, Citigroup and India Equity Partners), acquisition of 10% stake in Bharti Airtel’s subsidiary – Bharti Infratel and a $1 billion

investment in GMR Infrastructure by a group of private equity investors (Eton Park Capital, Deutsche Asset Management, Capital International, Citigroup, T Rowe Price, Credit Agricole,

UBS and Kotak Mahindra and SBI & Canara Bank). Table 6 below presents a list of PE investments with a value of over $500m.

3.1 Sector wise performance: The highest proportion of PE/VC investment (in terms of announced value) was made in the Real Estate & Infrastructure, Telecom and Banking & Financial services sectors with an investment of $6.76 illion, $3.42 billion and $3.23 billion respectively, together accounting for over 70% of Private Equity investment made in India during 2007. The major PE investments influencing the deal values of these sectors were investments in GMR Infrastructure’s,

Bharti Airtel, Bharti Infratel, Jaypee Infratech , HDFC and SKIL infrastructure which accounted for nearly 31% of the total PE investment during 2007.

Table 6: $ 500 Mn Plus PE Deals

Acquirer Target Sector % Stake Value in Mns

US$ Temasek Holdings Bharti Airtel Telecom 4.99% 1,906.74 Eton Park Capital, Deutsche Asset Management, Capital International, Citigroup, T Rowe Price, Credit Agricole, UBS and Kotak Mahindra, Canara Bank & SBI

GMR Infrastructure


9.00% 1,000.00 Temasek Holdings, The Investment Corporation of Dubai, Goldman Sachs, Macquarie, AIF Capital, Citigroup and India Equity Partners

Bharti Infratel (subsidiary of Bharti Airtel Ltd)

Telecom

10.00% 1,000.00 ICICI Venture Funds Management Company

Jaypee Infratech (subsidiary of the Jaypee Group)

Real Estate & Infrastructure Management N.A. 800.00

Carlyle Group HDFC Banking & Financial Services 5.60% 650.00

Avenue Capital Group

SKIL Infrastructure

Real Estate & Infrastructure Management 26.00% 500.00

Table 5: Outbound Vs Inbound – US and UK Volume Value

Inbound Outbound Inbound Outbound UK 10 24 12,577.50 12,592.03 USA 39 84 704.94 10,572.66

IT & ITeS led the charts in terms of volume with 67 deals in its sector. This was followed by Real Estate & Infrastructure Management and Banking & Financial Services sectors with 61 and 60 deals respectively. The sector wise breakup of investment made by private equity funds and venture capitalists in Indian companies during 2007 is presented in Table 7.


Quarterly PE investment in India

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Jan - Mar Apr - Jun Jul - Sep Oct - Dec

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60

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100

120

140

Volume

Value Volume

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50

100

150

200

250

300

350

400

450

2007 2006 2005

Value not disclosed < $49.9 m $50m - $99.9m $100m - $499.9m > 500 m

216

57

130

81

241

6

1018

103

08

1

12

47

Value wise PE Deal Break-up

During 2004-05, foreign private equity primarily foicussed on India’s IT and outsourcing story. However, currently the opportunities are wider and in multiple sectors.

The Real Estate & Infrastructure Management sector has witnessed continuous growth over the past two years. The number of investments in this sector has more than doubled in 2007 as compared to 2006. In terms of proportion of total PE investments, Real Estate and Infrastructure Management sector formed 6.3% in 2006 and 35.54% in 2007. The initiative taken by the Government of India towards liberalizing the regulations relating to foreign direct investment in construction and realty projects, and creation of more Special Economic Zones,

along with factors such as sustained high GDP, an upsurge in industrial activity and rapid urbanization have resulted in increased investment in the real estate sector – especially from international Private equity institutions.

3.2 Quarterly performance: PE investment in India witnessed an upward trend based on quarterly analysis. Oct – Dec quarter witnessed the largest share of PE investment in 2007 with 120 deals and an announced value of $7.29 billion. The value of investment in Jan – Mar quarter was comparatively lower at $2.98 billion and, even though the number of deals were as high as 112. 3.3 PE Investment trend 2005 – 2007: The year 2007 saw bigger investments than previous years. There were 6 deals

over $500Mn (3 of which were billion dollar deals) in 2007 compared to 1 in 2006 and none in 2005. The proportion of PE investments below $50 Mn was as high as 83% during 2005. This reduced to 71.5% in 2006 and further declined to 59.5% in 2007. Deals valued between $100Mn - $499.9Mn accounted for 11.6% of total PE investments in 2007 compared to 3.31% and 0.81% in 2006 and 2005.

Table 7: Sector-Wise break up of PE Investment

Sector Volume % of Total

Volume Value % of Total

Value Automotive 8 1.98% 150.04 0.79% Banking & Financial Services

60 14.81% 3,230.71 16.98%

Cement 1 0.25% 137.67 0.72% Electricals & Electronics 3 0.74% 133.26 0.70% Engineering 8 1.98% 262.14 1.38% Hospitality 6 1.48% 259.31 1.36% IT & ITeS 67 16.54% 744.17 3.91% Media, Entertainment & Publishing

31 7.65% 999.22 5.25%

Oil & Gas 6 1.48% 221.34 1.16% Pharma, Healthcare & Biotech

35 8.64% 448.67 2.36%

Power & Energy 15 3.70% 681.51 3.58% Real Estate & Infrastructure Management

61 15.06% 6,764.26 35.54%

Shipping & Ports 4 0.99% 258.11 1.36% Telecom 10 2.47% 3,421.30 17.98% Textiles & Apparels 20 4.94% 595.25 3.13% Others 70 17.28% 724.13 3.80%

Grand Total 405 100% 19,031.08 100.00%

In 2005 and 2006 majority of the PE investments was concentrated in IT & ITeS. In 2007 Technology companies were joined by Realty, Telecom, Banking & Financial services and Power & Energy sectors as favourite destination for PE investments. 4. Outlook for 2008 We had predicted 2007 to be a year of M&A juggernaut (and it proved to be one!) and we cannot say anything less about 2008 as we expect it to be a year of continuum. The trend in 2007 of increasing M&A activity will be sustained with a continued focus on cross border deals. We are seeing India Inc plunge in with continued vigour into cross border M&A with a series of acquisitions ranging from less than $1 Mn to $13 billion, across a wide range of sectors as diverse as

hotels, racing teams, steel mills, textiles, metals, entertainment etc The new and heightened deal activity is a sign of M&A becoming a key element of strategy for India Inc. There is strong growth in cross border deals, as India Inc is going with gusto across the world buying up companies. This is different from the state led acquisitions that China Inc is doing where the deals are big, strategic for China and comes with a significant element of push and support from the Government. India Inc is going about international acquisitions on its own steam. Increasing corporate capex,

investment in public infrastructure and fiscal stimuli will provide the impetus to further drive the M&A engine for India Inc. The attractive profit margins of Indian Corporates will only attract more private equity and the “India Shining” story is expected to continue. We expect PE houses to focus more on sectors such as Real Estate and Infrastructure Management, Retail, Aviation, Telecom and NBFCs. The juggernaut is expected to roll on in 2008… ABOUT GRANT THORNTON Grant Thornton India is the Indian member firm of Grant Thornton International, the fifth largest accountancy firm network in the world, with over 600 offices in over 110 countries and employing more than 22,000 people. The Indian member firm has four full service offices in New Delhi, Mumbai (Bombay), Bangalore, Chennai, Hyderabad, Pune and Gurgaon and specialises in helping Indian business owners and entrepreneurial companies with international ambitions. Grant Thornton member firms are global leaders in mid- market M&A deal advisory and have over 1,000 corporate finance professionals dedicated to deal advisory globally. In each of the last three years, the firm was amongst the top 5 M&A advisors internationally for deals upto $100 million in value. Grant Thornton India’s services include: Accounting and Assurance - International Accounting and Assurance

(US GAAP/ IFRS Focus Group) - Management Assurance & Risk

Services

Tax and Regulatory Services - Indian Tax Compliance & Advisory - International Taxation and Transfer

Pricing - Inbound and Outbound Investment Corporate Advisory Services - Due diligence - Mergers and Acquisition lead advisory - Valuations - Project Finance - Distressed Assets Advisory

PRIMA Consultancy For feedback / query please email on: [email protected]

List of deals announced in the calendar year 2007

I. Domestic Deals



Acquisition price in US

$ Mn Deal Type % Stake

Coromandel Fertilisers Limited

Godavari Fertilisers and Chemicals Limited (GFCL)

Agriculture & Agro Products N.A.

Increasing stake to 74.92% (of which 4.85% shares have been bought through an open offer) 29.85%

Avesthagen and its partner Groupe Limagrain Swaghat Seeds

Agriculture & Agro Products N.A. Majority stake N.A.

Avesthagen and its partner Groupe Limagrain

Cee Kay Seeds and Seedlings

Agriculture & Agro Products N.A. Majority stake N.A.

Shiva Fertilizers Limited

Parvati Fertilizers Limited

Agriculture & Agro Products N.A. Merger N.A.

Advanta India Ltd Golden Seeds Pvt Ltd

Agriculture & Agro Products

13.95 Acquisition

Coromandel Fertilisers Limited

Godavari Fertilisers and Chemicals Limited


Khaitan Chemicals & Fertlizers Limited

Shobhan Enterprises Private Limited


Hindalco

Alcan's stake in Utkal Alumina International Limited Aluminium N.A.

Increasing stake to 100% 45.00%

Hindalco Industries Limited

Indian Aluminium Company Limited (Indal) Aluminium N.A. Merger N.A.

Bombay Burmah Trading Corporation Ltd

Electromags Automotive Products Private Limited (EAPL) Automotive

12.22 Acquisition

Asian Paints Ltd ICI India's auto refinish business Automotive

11.56 Acquisition

Mahindra & Mahindra (M&M) Punjab Tractors Automotive

222.22

Controlling stake 43.50%

ANG Auto Limited

ANG Auto Tech Private Limited (AATPL) Automotive N.A. Merger N.A.




$ Mn Deal Type % Stake Jamna Auto Industries

Jai Parabolic Springs Automotive N.A. Merger N.A.


Mahindra and Mahindra Limited Punjab Tractors Automotive

101.73

Increasing stake to 64.6% 20.00%

GE Equipment Services (GEES) and Commercial Finance

Titagarh Wagons Limited (TWL) Automotive N.A. Minority stake 15.00%

Shriram Transport Finance Company

Ashley Transport Services Limited (a WOS of Ashok Leyland Limited) Automotive N.A. Strategic Stake 40.00%

Autoline Industries Ltd

Nirmiti Autocomponents Pvt. Ltd Automotive N.A. Acquisition

Sona Koyo Steering Systems Limited

Arjan Stampings Private Limited Automotive N.A. Acquisition

Air India Indian Airlines Aviation N.A. Merger N.A.

Jet Airways Air Sahara Aviation

337.21 Acquisition

UB Group (Kingfisher Airline) Deccan Aviation Aviation

127.91

Controlling Stake (open offer to be made) 26.00%

Punj Lloyd Airworks India Aviation

11.63 Minority stake 33.00%

Sundaram Finance Limited

Sundaram Home Finance Ltd.

Banking & Financial Services N.A.

Increasing stake 25.00%

Shamrao Vithal Co-operative Bank Ltd (SVCB)

Bangalore Cooperative Bank Ltd

Banking & Financial Services N.A. Acquisition

AIG Capital India Private Limited

Weizmann Homes Limited


Hathway Investments

ING Vysya Mutual Fund


Significant Stake 39.00%

Emami J B Marketing & Finance (JB)

Banking & Financial Services N.A. Merger N.A.

Geojit Financial Services Limited

Geojit Credits Private Limited


Increasing stake to 51% N.A.

IDFC SSKI Banking & Financial Services N.A.

Increasing Stake to 66% 33.00%

Cosmos Co-operative Bank

Manasa Co-operative Bank






Housing Development Finance Corporation (HDFC)

HDFC Chubb General Insurance Company's stake (HCGICL) from Chubb Global Financial Services Corporation



Pioneer Investcorp Limited

Infinity.Com Financial Securities Limited

Banking & Financial Services N.A. Majority Stake 51.00%

Centrum group Ratnakar Bank Banking & Financial Services N.A.

Increasing stake to 6.5% N.A.

Genpact

Axis Risk Consulting Services Private Limited


Infrastructure Development Finance Company (IDFC) SSKI


34.88


Systematix Corporate Services

Golia Finance & Investment


Saraswat Co-operative Bank

Kolhapur Maratha Co-operative Bank


Almondz Global Securities Ltd

Almondz Capital Markets Pvt Ltd (ACMPL)


State Bank of India (SBI)

State Bank of Saurashtra (Wholly owned associate bank of SBI)


The Financial Technologies (India) Ltd (FTIL) ( from icici bank )

National Stock Exchange (NSE) of India Ltd.



Consolidated Finvest and Holdings

Rishi Trading Company


HDFC Ltd.

National Stock Exchange (stake purchased from Corporation Bank)


4.97 Strategic Stake 0.16%

Panoramic Universal Limited

Inter-connected Stock Exchange of India Limited (ICSE)

Banking & Financial Services N.A. Minority Stake 4.46%




Canara Bank Can Fin Homes Limited


21% (increasing stake to 51%) 51.00%

Kesoram Industries Minority stake 1.70%

Texmaco Limited Minority stake 1.00%

Bombay Stock Exchange Minority stake 4.99%Patton India, Hindustan National Glass, West Bengal Infrastructure Finance & Development Corporation, Emami, Ravi Auto, Jai Balaji and 16 others

Calcutta Stock Exchange


14.97

Minority stake by each buyer 44.30%

Fortis Financial Services

Inter-connected Stock Exchange of India Limited (ICSE)

Banking & Financial Services N.A. Minority Stake 4.44%

HDFC Bank HDB Financial Services

Banking & Financial Services N.A. Strategic Stake N.A.

Saraswat Co-operative Bank

Nashik People's Co-operative Bank (NPCB)


McDowell Holdings Limited

United Breweries Holdings

Breweries & Distilleries N.A. Minority Stake 8.85%

Tilaknagar Industries

Unlisted company located in the state of Karnataka

Breweries & Distilleries N.A. Majority stake N.A.

Rain Commodities Rain Calcining Ltd Cement N.A. Merger N.A.The Sekhsaria group-Holcim ACC Limited Cement N.A.

Increasing stake 1.92%

ACC Limited Shiva Cement Limited Cement

3.70 Minority Stake 13.00%

ACC Limited Shiva Cement Limited Cement N.A.


Bajaj Electricals Limited

Starlite Lighting Limited

Electricals & Electronics N.A.






$ Mn Deal Type % Stake L&T Capital Company Limited

Salzer Electronics Limited

Electricals & Electronics N.A. Minority Stake 14.95%

Sonata Investments India (Reliance Capital)

Nicco Corporation Ltd

Electricals & Electronics N.A. Strategic Stake 15.00%

Bharat Heavy Electricals Limited (BHEL)

Bharat Heavy Plates and Vessels Limited (BHPV)

Electricals & Electronics N.A. Acquisition

Diamond Cables Limited

four companies of the Apex Group - Apex Electricals, Amod Industries, Sarjak Electricals, Sheetal Cables and Conductors Private Limited

Electricals & Electronics N.A. Strategic Stake N.A.

Revathi Equipment Limited

Potential Service Consultants Private Limited Engineering


Tata Steel Incab Industries Engineering N.A. Acquisition

Esab India

ESAB Welding and Cutting systems Engineering N.A. Minority Stake 14.29%

Sundram Fasteners Ltd

Upasana Engineering Ltd (from Sundram Fasteners Investments Ltd) Engineering N.A. Acquisition

VVF Limited Colgate plant in Kansas

FMCG, Food & Beverages N.A. Acquisition

Wadhawan Food Retail Pvt Ltd (WFRL)

Sangam Direct (Unilever India Exports (UIEL))


Dollex Industries Limited

Godavari Manar SSK


Ruchi Soya Industries Limited

MAC Oil Palm Limited (WOS of MAC Oil Palm Limited)


Temptation Foods Karen’s Gourmet Kitchen (KGK)

FMCG, Food & Beverages N.A.


Tata Tea Mount Everest Mineral Water

FMCG, Food & Beverages

25.58 Majority Stake

24% (open offer

made for further

20%)




VIP Industries Limited

Blow Plast Limited

FMCG, Food & Beverages N.A. Merger N.A.

Champagne Indage Limited

Seabuckthorn Indage Limited (SIL)

FMCG, Food & Beverages N.A. Majority Stake 52.63%

SPS Group of Companies Bharat Biscuits


Indian Hotels' subsidiary Residency Foods and Beverages Limited

Innovative Foods Limited


Dabur India Limited (DIL)

Dabur Foods Limited (DFL)


Dhunseri Tea & Industries Limited

Tezpore Tea Company Limited


Wadhawan Food Retail Pvt Ltd (WFRL) S mart


Heritage Foods Vikram Dairy FMCG, Food & Beverages N.A. Acquisition

Dollex Industries Kalamber SSK FMCG, Food & Beverages

3.26 Acquisition

McLeod Russel India Limited

Moran Tea Company (India) Limited



Temptation Foods Ltd

Everfresh ( From Chambal Fertilisers and Chemicals )


Colgate Palmolive India Ltd

Advanced Oral Care Products Pvt. Ltd



Professional Oral Care Products Pvt. Ltd.



SS Oral Hygiene Products Pvt. Ltd.


GL Hotels Limited Kwality Resorts and Hospitality Hospitality N.A. Acquisition

GL Hotels

Mayfair Banquets Private Limited (MBPL) Hospitality N.A. Merger N.A.

Kamat Hotels Concept Hospitality Hospitality N.A. Majority Stake 60.00%

BT Telecom India i2i enterprises IT & ITeS N.A. Acquisition





MindTree Consulting Limited

An IC (integrated circuit) design company IT & ITeS N.A. Acquisition

Nexxoft Infotel Ltd eZeesoft Private Ltd IT & ITeS N.A. Acquisition

RPG group Zensar Technologies Ltd IT & ITeS

37.33


PVP Enterprises Private Limited

Software Solution Integrated (SSI) Limited IT & ITeS

136.44 Majority Stake 51.00%

ORG Informatics Six Dee Telecom Solutions IT & ITeS


WNS Holdings Marketics Technologies IT & ITeS

65.00 Acquisition

Logix Microsystems Limited

CarSite (automotive portal of PowerOne Media) IT & ITeS N.A. Acquisition

ADC (through its subsidiary ADC GmbH)

Krone Communications (Krone India) IT & ITeS


Core Projects & Technologies Limited

Aarman Software Private Limited IT & ITeS

0.50 Acquisition

United Credit Limited

United Nanotechnologies Private Limited IT & ITeS N.A. Acquisition

Monet Limited

Spanco Telesystems & Solutions Limited IT & ITeS


NetWeb Solutions Limited WebPercept IT & ITeS N.A. Majority Stake 51.00%TVS Interconnect Systems Limited (TVSICS - WOS of T.V. Sundaram Iyengar and Sons Limited)

Ramco Infotech Solutions Limited (WOS of Ramco Systems) IT & ITeS N.A. Acquisition

Sobha Renaissance Information Technology

Objective Systems Integrators IT & ITeS N.A. Acquisition

Quatrro BPO Solutions

Scope eKnowledge IT & ITeS N.A. Majority Stake N.A.

Siemens Limited

iMetrex Technologies (ITL) IT & ITeS N.A. Majority Stake 77.00%






Infotech Enterprises

Geospatial Integrated Solution Private Limited (Geospace Integra) IT & ITeS N.A. Majority Stake N.A.

Karuturi Networks Limited

Estel Communications Private Limited IT & ITeS N.A. Acquisition

Datamatics Technologies Ltd Datamatics Ltd IT & ITeS N.A. Merger N.A.

3i Infotech aok in-house BPO Services IT & ITeS N.A. Majority Stake 50.50%

3i Infotech aok in-house Factoring Services IT & ITeS N.A. Majority Stake 50.50%

Sobha Renaissance Information Technology Infotrack IT & ITeS N.A. Acquisition

Sobha Renaissance Information Technology Zipdrive IT & ITeS N.A. Acquisition Khemkas of Sun Group

Firstsource Solutions IT & ITeS


Citigroup-owned Internet service provider, YOU Telecom IceNet IT & ITeS N.A. Acquisition Fabmall.com Indiaplaza.com IT & ITeS N.A. Acquisition

Tech Mahindra iPolicy Networks India IT & ITeS N.A. Acquisition

Satyam Computer Services Limited Nipuna IT & ITeS

40.00 Merger N.A.

Accel Frontline Limited

Banking solutions division of Telesis Global Solutions IT & ITeS N.A. Acquisition

Cranes Software International Limited

Tilak Autotech Private. Limited IT & ITeS

2.22 Acquisition

Synopsys

ArchPro Design Automation Technologies IT & ITeS N.A. Acquisition

Cranes Software International Limited

Proland Systems Private Limited IT & ITeS

4.65 Acquisition




$ Mn Deal Type % Stake Cranes Software International Limited

Caravel Info Systems Private Limited IT & ITeS

2.33 Acquisition

Javelin Technologies Ltd

Manasa Organics Ltd IT & ITeS N.A. Majority Stake 51.00%

KTwo Technology Solutions

Adamya Computing Technologies IT & ITeS N.A. Acquisition

Aftek Limited

C2Silicon Software Solutions Private Limited and Elven Micro Circuits Private Limited IT & ITeS N.A. Merger N.A.

SPI Comat Technologies IT & ITeS N.A. Acquisition

Sundaram Business Services (SBS - the BPO arm of Sundram Finance)

Professional Management Consultants (PMC) IT & ITeS N.A. Majority Stake 74.00%

MIH India ACL Wireless Limited IT & ITeS


Bhilwara Scribe, the IT arm of LNJ Bhilwara Group Global Meditrans IT & ITeS N.A. Acquisition

Mistral Solutions

Mistral Software and Mistral Solutions IT & ITeS N.A. Merger N.A.

Educomp Solutions Limited

AuthorGen Technologies Pvt Limited IT & ITeS N.A. Majority Stake 51.00%

KLG Systel Limited Atlantis Lab Private Limited IT & ITeS N.A. Majority Stake 51.00%

IT People India Marketplace Technologies. IT & ITeS N.A. Acquisition

TV18 MobileNXT Teleservices IT & ITeS N.A. Strategic Stake 35.00%

Axon Infotech Ltd. Quasar Innovations IT & ITeS N.A. Merger 51.00%

Locuz Enterprise Solutions Limited

Choice Solutions Limited IT & ITeS N.A. Merger N.A.

Goldstone Technologies 4G Informatics IT & ITeS N.A. Majority Stake 51.00%

Mega Resources Limited

Accel Frontline Limited IT & ITeS N.A.





Aegis business process outsourcing, an Essar Group company

TeleTech Services ( A joint venture between TeleTech Europe and Bharti Ventures ) IT & ITeS

13.00 Acquisition

Provogue India Ltd Pronet Interactive Pvt. Ltd IT & ITeS N.A. Majority Stake 51.00%

TutorVista.com Edurite Technologies IT & ITeS N.A. Acquisition

3i Infotech Ltd

SDG Software Technologies Ltd (SDG - WOS of 3i Infotech) IT & ITeS N.A. Merger N.A.

Valuemart Info Technologies Limited

Datatalk Services (India) Private Limited IT & ITeS N.A. Majority Stake 74.00%

3i Infotech Ltd

Linear Financial & Management Systems Pvt Ltd., IT & ITeS N.A. Majority Stake N.A.

Pahwa KBS Antya.com IT & ITeS N.A. Strategic Stake N.A.

3i Infotech Ltd HCCA Business Services Pvt Ltd IT & ITeS N.A. Majority Stake 51.00%

3i Infotech Ltd Taxsmile.com India Pvt. Ltd. IT & ITeS N.A. Strategic Stake 26.00%

Diamond Cables Limited

Western Transformer Manufacturing N.A. Acquisition

Eveready Industries India

Powercell Battery India Manufacturing N.A. Merger N.A.

Century Plyboards India Limited (Centuryply) Sharon Veneers Manufacturing N.A. Acquisition Century Plyboards India Limited (Centuryply)

Sharon Wood Industries Manufacturing N.A. Acquisition

Century Plyboards India Limited (Centuryply) Century Panels Manufacturing N.A. Acquisition

H&R Johnson (India) Limited

Sri Venkateswara Udyog Limited Manufacturing N.A. Majority Stake 50.00%

JK Cement Limited Nihon Nirmaan Limited Manufacturing

9.33 Acquisition

SPS Group of Companies

Indo American Electric Company Limited Manufacturing

1.51 Acquisition






Nilkamal Limited

Material Handling Business of Prince Containers Private Limited (PCPL) and Prince Multiplast Private Limited (PMPL) Manufacturing

17.92 Acquisition

VIP Industries Aristocrat Luggage Limited Manufacturing N.A. Merger N.A.

Bihar Tubes Limited Apollo Metalex Private Limited Manufacturing

0.28 Acquisition

Shree Renuka Sugars Limited

Dhanuka PetroChem Manufacturing

1.40 Acquisition

Mehala group

Finlane group’s Sanmarco Texmac Private Limited Manufacturing N.A. Majority Stake 99.11%

Reliable Papers Manufacturing

61.63 Acquisition

Opel Paper Mill Manufacturing

12.33 Acquisition

Speciality Papers Prime Industries Manufacturing

2.33 Acquisition PG Foils Prem Cables Manufacturing N.A. Merger N.A.

Jai Corp Limited Pet Fibres Manufacturing N.A. Acquisition

Adhunik Metaliks V Cube Forge (India) Limited Manufacturing N.A. Majority Stake N.A.

Bright Autoplastic Pvt Ltd (subsidiary of Sintex Industries) Bright Brothers Manufacturing

34.65 Acquisition

Simpson & Co. Limited (a member of the Amalgamations Group)

India Pistons Limited (IPL) Manufacturing N.A.


Kirloskar Brothers Ltd (KBL)

Gondwana Engineers Pvt Ltd(GEPL) Manufacturing

1.78 Acquisition

Geodesic Information Systems Limited

Chandamama India Limited



TV18 Group's Internet arm, Web18

Bigtree Entertainment Limited



Adlabs Films Katch 22 Entertainment

Media, Entertainment & Publishing N.A. Merger N.A.





The Star group & India Value Fund

Music Broadcast Pvt Ltd

Media, Entertainment & Publishing N.A. Minority Stake 20.00%

Madison World and Selvel Outdoor Advertising

Professional Management Group (PMG)

Media, Entertainment & Publishing N.A. Majority Stake N.A.

Seventymm Madhouse

Media, Entertainment & Publishing N.A. Acquisition

Eros International

Ayngaran International Limited



South Asia FM Ltd (a unit of Sun TV Network) Red FM

Media, Entertainment & Publishing N.A. Strategic Stake 48.90%

OOH Media AdImpact.


Prime Focus Limited

Post Production business of UTV


PVP Enterprises Pvt. Ltd

Telephoto Entertainment Ltd

Media, Entertainment & Publishing N.A. Minority Stake 11.16%

TV Today Network Ltd

Radio Today Broadcasting Ltd


HT Media’s internet subsidiary Firefly eVentures Limited Desimartini.com


10.00 Acquisition

TV18 Infomedia India Ltd



Pyramid Saimira Theatre Limited

Dimples Cine Advertising Pvt Ltd and Dimples Cine

Media, Entertainment & Publishing N.A. Majority Stake 51.00%

Reliance Entertainment (part of Anil Ambani’s Reliance ADA Group)

Anirights Infomedia


ACK Media

Amar Chitra Katha & Tinkle Magazine business of India Book House (IBH)






ACK Media Quiet Men Studios Private Limited


9.9 Mediaworx Private Limited

Jasubhai Digital Media (JDM)


Global Broadcast News (GBN)

Jagran TV Private Limited (from New Vernon Private Equity Ltd.)



Adhunik Metaliks Limited

Orissa Manganese & Minerals Private Limited (OMM) Metals & Ores N.A. Acquisition

SPS Steel & Power Pawan Sut Sponge Iron Metals & Ores

6.98 Acquisition

SPS Steel & Power Suraj Fabrics Ltd Metals & Ores

9.30 Acquisition Exide Industries Limited

Tandon Metals Private Limited Metals & Ores N.A. Acquisition

Jai Balaji Industries Nilachal Iron & Power Ltd (NIPL) Metals & Ores

16.74 Acquisition

Gujarat NRE Coke Limited

India NRE Minerals Limited (an Australian subsidiary of Gujarat NRE Coke Limited) Metals & Ores N.A. Merger N.A.

Reliance Industries Limited IPCL Oil & Gas N.A. Merger N.A.

Andhra Sugars Limited (ASL)

Andhra Petrochemicals Limited (APL) Oil & Gas N.A.


Goa Carbon Limited (GCL)

Paradeep Carbons Limited Oil & Gas N.A. Merger N.A.

Indian Oil Corporation

IBP’s petroleum retail business Oil & Gas N.A. Merger N.A.

Tata Sons Ltd. Nagarjuna oils Oil & Gas


Tata Sons Praj Industries Oil & Gas

79.07 Strategic Stake 7.30%IVRCL Infrastructure and Projects Limited

Alkor Petro Limited Oil & Gas

1.40 Acquisition

Indian Oil Corporation (IOC)

Oil India Limited (OIL) Oil & Gas N.A. Minority Stake 5.00%




$ Mn Deal Type % Stake Bharat Petroleum Corporation

Oil India Limited (OIL) Oil & Gas N.A. Minority Stake 2.50%

Regency Ceramics Ltd

Regma Ceramics Ltd Others N.A. Merger N.A.

Carborundum Universal Limited

Industrial Ceramics Division of IVP Limited Others N.A. Acquisition

Educomp Solutions

ThreeBrix E-Services Private Limited Others


Manipal Education and Medical Group TutorVista Others

2.50 Strategic Stake N.A.

Arch Infra Projects Nirman Private Limited Trinity Forge Others

3.95 Acquisition

Mahindra Stokes Holding Company Limited N.A. Mahindra Forgings Overseas Limited N.A.

Mahindra Forgings Limited

Mahindra Forgings Mauritius Limited Others N.A. Merger N.A.

SB&T International Mimansa Jewellery Others N.A. Merger N.A.

Gitanjali Gems Limited

D'Damas Jewellery (India) Private Limited Others N.A. Majority Stake 51.00%

Manipal Education Group MeritTrac Others N.A. Majority Stake 70.00%GMR Hyderabad International Airport Ltd (a unit of GMR Infrastructure Limited)

Cadence Cargo Private Limited Others N.A. Majority Stake 51.00%

Aegis Logistics Limited

Konkan Storage Systems (Kochi) Private Limited (KCPL) Others N.A. Acquisition

IID Forgings Global Logistics Solutions Others N.A. Majority stake 60.00%

Prism International Private Limited

Gateway Distriparks Limited Others N.A.

0.3% (Increasing stake to 11.22%) N.A.




Vision Corporation Limited

Pol India Agencies Limited. (PIAL) Others N.A. Majority Stake 51.00%

Gati Limited Kausar India Limited Others


Apollo Tyres group, through its logistics arm Apollo International

Seaport Container Terminal Others N.A. Acquisition

Solar Explosives Ltd

Navbharat Coalfields Ltd Others N.A. Majority Stake 74.00%

Epic Energy Limited SRS Engineers Others N.A. Acquisition Jay Engineering Works Usha International Others N.A. Merger N.A.

Shree Renuka Sugars Limited

KBK Chem-Engineering Private Limited Others

8.14 Acquisition

Zydus Cadila Healthcare Liva Healthcare

Pharma, Healthcare & Biotech N.A. Majority Stake 97.50%

Kovai Medical Center & Hospital Limited

Idhayam Hospitals Erode Limited


2.06 Acquisition

Global Hospitals Sankara Hospital Pharma, Healthcare & Biotech

59.76 Acquisition

Synchron Research Services Pvt Ltd Innovance

Pharma, Healthcare & Biotech N.A. Acquisition

Fortis Healthcare Hiranandani Hospital


5.81 Acquisition

Cadila Healthcare Limited

Sarabhai Zydus Animal Health Limited

Pharma, Healthcare & Biotech N.A.


Twilight Litaka Pharma

17 brands of Sami Labs



Ranbaxy Laboratories Jupiter Bioscience



Strides Arcolab Limited

Grandix Pharmaceuticals Limited


23.26 Acquisition

Lupin Laboratories Symbiotec Pharmalab

Pharma, Healthcare & Biotech N.A. Majority stake N.A.

Nicholas Piramal India Limited’s diagnostic lab chain Wellspring Jhankaria Imaging





$ Mn Deal Type % Stake Ranbaxy Laboratories Limited

Krebs Biochemicals & Industries Ltd



Alembic India Limited

domestic non-oncology formulation business of Dabur Pharma


35.33 Acquisition

RPG Pharmaceuticals Limited

RPG Life Sciences Limited's pharmaceuticals business


10.70 Acquisition

Indoco Remedies

La Nova Chem India Private Limited

Pharma, Healthcare & Biotech N.A. Merger N.A.

Bodal Chemicals Limited

Milestone Organic Limited (MOL)


Aurobindo Pharma Limited

APL Life Sciences Limited (APL Life) and Senor Organics (Senor)


MSN group of companies

Armour Pharmaceuticals Limited


1.05 Acquisition

Arch PharmaLabs Limited

Watsol Organics Limited


6.98 Acquisition

Monsanto Holdings Private Limited

Monsanto India Limited



Alchemist Limited Kaiser Hospital Pharma, Healthcare & Biotech N.A. Majority Stake N.A.

Lupin Limited

Rubamin Laboratories Limited (RLL)


Fortis Healthcare Limited - (through its subsidiary International Hospitals Limited (IHL)) and Oscar Investments

Malar Hospitals Limited



Ranbaxy Laboratories

Zenotech Laboratories


49.77


Arch Pharmalabs Avon Organics Pharma, Healthcare & Biotech






Ipca Laboratories Ltd

Tonira Pharma Ltd



Indiaco Ventures Ltd

Laser Cosmetics Pvt Ltd



QRG Enterprises (through Havells India)

Central Hospital & Research



The Hindustan Times Limited

Chambal Fertilisers and Chemicals Limited Plastic & Chemicals N.A.


Pidilite Industries Limited

Manufacturing unit of Vinyl Chemicals India Limited Plastic & Chemicals N.A. Acquisition

Excel Crop Care Limited

Business units of Excel Industries Limited's (EIL) Environment and Biotech Division Plastic & Chemicals N.A. Merger N.A.

Expert Chemicals (I) Private Limited Wanbury Limited Plastic & Chemicals N.A.


Pidilite Industries Limited

Pagel Concrete Technologies Private Limited Plastic & Chemicals N.A. Majority Stake 75.00%

Time Technoplast Limited (TTL)

NED Energy Limited Plastic & Chemicals


India Glycols Limited (IGL)

Shakumbari Sugar & Allied Industries Limited Plastic & Chemicals

10.93


Tata Power Company

Coastal Gujarat Power Power & Energy N.A. Acquisition

Texmaco Limited Shree Export House Limited Power & Energy N.A. Merger N.A.

Jai Balaji Sponge Limited

Nilachal Iron & Power Limited Power & Energy N.A. Acquisition

Texmaco Limited Neora Hydro Limited Power & Energy N.A. Merger N.A.

KEC International Limited

RPG Transmission Limited and National Information Technologies Ltd Power & Energy N.A. Merger N.A.




$ Mn Deal Type % Stake PTC India (formally known as Power Trading Corporation of India)

Indian Energy Exchange (IEX) Power & Energy N.A. Minority Stake 26.00%

Suryachakra Power Corporation

Sri Panchajanya Power Pvt Ltd Power & Energy


Gail Ratnagiri Gas and Power Pvt Ltd Power & Energy

110.47

Increasing stake to 32.88 4.55%

NTPC Ratnagiri Gas and Power Pvt Ltd Power & Energy

110.47

Increasing stake to 32.89 4.55%

Maharasthra State Electricity Board (MSEB)

Ratnagiri Gas and Power Pvt Ltd Power & Energy

58.14


SAAG RR Infra Techni Bharathi Ltd

Real Estate & Infrastructure Management N.A. Majority Stake 60.00%

Parsvnath Developers Limited

Parsvnath Landmark Developers Private Limited (PLDPL)

Real Estate & Infrastructure Management N.A.


GMR Infrastructure Limted

GMR Aviation Private Limited

Real Estate & Infrastructure Management N.A. Acquisition

DMC International Limited Jaaydaad.com



Modern India Limited

Modern India Realty & Infrastructures Limited


Satra Properties India Limited

Satra Property Developers Private Limited (SPDPL)


Godrej Properties (realty arm of the Godrej Group) Happy Highrises


23.26 Acquisition

Texmaco Limited

Evershine Merchants Private Limited

Real Estate & Infrastructure Management N.A. Merger N.A.

Phoenix Mills Limited

Ashok Ruia Enterprises Private Limited


Nitco Tiles Shark Properties (SPPL)






Nitco Realties (NRPL)

Motivation Properties(MPPL)


Kapashi Commercial

Nashima Developers Limited



Kapashi Commercial

Runisha Commercial Limited



Sterlite Optical Technologies Limited (SOTL)

Sterlite Infrastructure Private Limited (SIPL)


Phoenix Mills Limited

Big Apple Real Estate Pvt Limited


Larsen and Toubro Ltd (L&T)

Feedback Ventures Pvt. Ltd



Indiabulls Real Estate Ltd. Piramyd Retail



Radhe Developers India Limited

Radhe Infrastructure & Projects (India) Limited


The Aditya Birla group

Trinethra Super Retail Limited Retail N.A. Acquisition

A K Capital Services Limited

A K Capital Retail Limited Retail N.A.


Videocon Industries (through its subsidiary NEXT) Planet M Retail

46.51 Acquisition

ABG Shipyard Vipul Shipyard Shipping & Ports N.A. Acquisition Punj Lloyd Limited (PLL)

Pipavav Shipyard Limited Shipping & Ports


Shree Precoated Steels

Anik Development Corporation Steel N.A. Merger N.A.

Kirloskar Bros Limited (KBL)

Kolhapur Steel Limited Steel

4.19 Acquisition

Tata Steel Rawmet Ferrous Industries Steel

9.18 Acquisition

Jaiprakash Group Malvika Steel Steel

48.14 Acquisition Kirloskar Brothers Ltd (KBL

The Kolhapur Steel Ltd (TKSL). Steel N.A. Acquisition





JSW Steel Limited

Southern Iron & Steel Company Limited Steel N.A. Merger N.A.

Bharti Airtel Limited

Bharti Aquanet Limited ("Aquanet") Telecom

3.59


Bharti Airtel Network i2i Telecom

110.00 Increasing stake to 100% 50.00%

Suri Group Fibcom India Telecom N.A. Acquisition S. P. Apparels Limited (SPAL)

Sri Balaji Bakiam Spinning Mill Textiles & Apparels

6.05 Acquisition

Chiripal Group Arunodaya Mill Textiles & Apparels

7.78 Acquisition

Krishna Glass Pvt. Ltd

Soma Textiles & Industries Ltd Textiles & Apparels N.A.


Rajasthan Spinning and Weaving Mills (RSWM) Limited, part of the LNJ Bhilwara Group Cheslind Textiles Textiles & Apparels


Kamadgiri Synthetics Stripes Apparels Textiles & Apparels N.A. Merger N.A.

Maxwell Industries Microtex India Textiles & Apparels N.A. Merger N.A.House of Pearl Fashions Limited Texport Fashions Textiles & Apparels N.A. Acquisition

S.P. Apparels Limited

Natalia Brand from SM Apparels Textiles & Apparels N.A. Acquisition

S.Kumars Nationwide Limited

Brandhouse Retails Limited (BHRL) Textiles & Apparels

2.88 Acquisition

Suryajyoti Infotech Ltd

Suryajyoti Spinning Mills Ltd (SSML Textiles & Apparels

0.03 Strategic Stake N.A.

Indus Fila Limited

Indus Garments (India) Private Limited Textiles & Apparels


Primus Retail Weekender Textiles & Apparels

22.09 Acquisition Texport Syndicate group

Vanasthali Textile Industries Textiles & Apparels N.A. Majority stake 75.00%

Pioneer Embroideries

Manufacturing facilities of Arcot Textile Mill Textiles & Apparels N.A. Acquisition




Bombay Rayon Fashions Ltd

LNJ Apparels (unit of Rajasthan Spinning & Weaving Mills Ltd) Textiles & Apparels

5.93 Acquisition

SEL Manufacturing Co Ltd Kudu Industries Textiles & Apparels N.A.

Increasing stake to 99.00% N.A.

Indian Tourism Infrastructure Ltd (ITIL)

Gem Tours & Travels Pvt Ltd Travel & Tourism

88.89 Acquisition

Travelguru Desiya.com Travel & Tourism N.A. Acquisition Panoramic Universal

Hi-Flyers Travel Services Pvt Ltd Travel & Tourism N.A. Majority Stake 51.00%


II. Cross Border Deals – Outbound



Acquisition price in US $

Mn Deal Type % Stake Advanta India Limited (Through its subsidiary Pacific Seeds Australia)

LongReach Plant Breeders

Agriculture & Agro Products 14.01

Controlling Stake

ITC Limited (through its wholly owned subsidary, Russell Credit Limited)

Technico Pty Limited

Agriculture & Agro Products N.A. Acquisition

Karuturi Networks Sher Agencies Agriculture & Agro Products 69.09 Acquisition

Neha International Limited

Globeagro Holdings

Agriculture & Agro Products 9.61 Acquisition

Hindalco Industries Novelis Inc Aluminium 6,000.00 Acquisition

Varroc group Imes SpA Automotive N.A. Acquisition Greaves Cotton Limited (through its subsidiary Greaves Cotton Netherlands B.V)

Bukh-Farymann Diesel GmbH (Bukh-Farymann) Automotive 5.59 Acquisition

Endurance Technologies Private Limited Paioli Meccanica Automotive N.A.

Strategic Stake N.A.

Autoline Stokota Automotive 14.84 Majority Stake 51.00%

Ashok Leyland Limited

Defence Testing and Engineering Services Inc. Automotive 17.00 Acquisition

Tata Africa (a subsidiary of Tata International)

Nissan Motor facility Automotive N.A. Acquisition

Sakthi Sugars (through its WOS - Sakthi Auto Component Limited (SACL)) Intermet Europe Automotive N.A. Acquisition

Autoline Industries

Detroit Engineered Products Automotive 7.65 Majority Stake 51.00%

Setco Automotive (through Setco’s UK subsidiary Setco Automotive N.A. Inc)

Haldex Brake Products Corporation Automotive 4.90 Acquisition




Mn Deal Type % Stake The Ashok Piramal group Bakonyi Automotive 14.53 Acquisition

Amtek Auto Limited

JL French's (Witham) Limited Automotive 35.00 Acquisition

TRF Limited, a Tata Group enterprise

York Transport Equipment (Asia) Pte Automotive 16.50 Majority stake 51.00%

Sundram Fasteners Limited

PUT Grundstucks GmbH Automotive 0.04 Acquisition

Orange India Holdings ( Vijay Mallya and the Michiel Mol Family from Netherland 50-50 joint venture )

Spyker Ferrari Formula One team Automotive 60.79 Acquisition

Bajaj Auto Limited KTM Power Sports AG Automotive 81.40

Minority Stake 14.50%

Amtek Auto Tiplex - Ketlon Group Automotive N.A. Acquisition

ABG Engineering & Constructions Limited (an ABG Group Company) Cemp SpA Automotive 40.00 Acquisition

Bank of India PT Bank Swadesi Banking & Financial Services N.A. Majority Stake 76.00%

Shriram group (through its Singapore-based subsidiary)

Monarch Insurance Company

Banking & Financial Services 1.63

Strategic Stake 40.00%

Geojit Financial Services Limited

Aloula Geojit Brokerage Company

Banking & Financial Services 7.47 Majority Stake 28.00%

General Insurance Corporation

East African Reinsurance Company



United Spirits (promoted by liquor tycoon Vijay Mallya) Whyte & Mackay

Breweries & Distilleries 1,112.99 Acquisition

United Spirits (through its Cyprus-based wholly owned subsidiary Zelinka) Liquidity Inc

Breweries & Distilleries 3.00 Acquisition

Moser Baer India Limited

Optical Media and Technology (OM&T) B.V.

Electricals & Electronics N.A. Majority Stake 80.00%




Mn Deal Type % Stake Havell's India Limited

SLI Sylvania lighting business

Electricals & Electronics 300.00 Acquisition

Moser Baer Photo Voltaic ( a wholly owned subsidiary of Moser Baer India)

Solarvalue Proizvodnja

Electricals & Electronics 10.00


RSWM Limited SISA S.A. (SISA) Electricals & Electronics N.A. Majority Stake 50.00%

Shree Ganesh Forgings Limited Hertecant N V Engineering N.A. Acquisition Shree Ganesh Forgings Limited ELFE Engineering N.A. Acquisition VA Tech Wabag (India),

VA Tech Wabag GmbH Engineering 100.00 Acquisition

Larsen and Toubro (L&T)

Tamco Switchgear ( a switchgear unit of Tamco Corporate Holdings ) Engineering 108.00 Acquisition

VVF Limited Teo Corp FMCG, Food & Beverages N.A. Acquisition

Godrej Sara Lee Limited (GSLL)

Sara Lee Corporation's subsidiary businesses in India and Sri Lanka

FMCG, Food & Beverages 13.00 Acquisition

Wipro Consumer Care Unza


Godrej Consumer Products (GCPL)

Godrej Global Mideast FZE (GGME)


LT Overseas (through LTO NA, subsidiary of LT Overseas) Kusha Inc


DLF Ltd Amanresorts Hospitality 250.00 Acquisition

Indian Hotels Company Limited (collectively known as Taj Hotels, Resorts and Palaces)

Hotel Campton Place Hospitality 62.79 Acquisition

Jain Irrigation Systems Limited

Aquarius Brands Inc Irrigation 21.50 Acquisition




Mn Deal Type % Stake

Jain Irrigation Systems Limited

Naandan Irrigation Systems (CS) Ltd Irrigation 50.00

Strategic Stake

Jain Irrigation Systems

Na'an Dan Irrigation Irrigation 17.50 Majority Stake 50.00%

Ybrant Technologies AdDynamix IT & ITeS 10.00 Acquisition Teledata Informatics Ltd

eSys Technologies IT & ITeS 105.00 Majority Stake N.A.

Aegis BPO (Essar Global company) Global Vantedge IT & ITeS 22.22 Acquisition Zensar Technologies (through Zensar Technologies Inc, USA)

ThoughtDigital LLC IT & ITeS 24.90 Acquisition

HOV Services BPO Lason IT & ITeS 148.00 Acquisition

Genpact ICE Enterprise Solutions IT & ITeS N.A. Acquisition

Quintegra Solutions Limited ValleyUS IT & ITeS 9.50 Acquisition Quintegra Solutions Limited

JadeLite Technologies IT & ITeS 1.00 Acquisition

Paradyne Infotech Limited (through its WOS - Dyne Techservices Inc)

Links Group International Inc IT & ITeS 4.75 Acquisition

Core Projects and Technologies

Emacs Technologies Inc IT & ITeS 3.00 Acquisition

Nihar Info Global Massif Technologies IT & ITeS 0.03 Majority Stake 51.00%

Ybrant Technologies Limited Seenetix IT & ITeS N.A. Acquisition ISGN Dynatek IT & ITeS N.A. Acquisition

Triton Corp

West Talk Corporate Limited IT & ITeS N.A. Acquisition

Triton Corp New Beginnings Finance Limited IT & ITeS N.A. Majority Stake 80.00%

EMR Technology Ventures

Rubicon Group's three companies Rubicon Health, Rubicon Claims and Rubicon Inspections IT & ITeS 20.00 Acquisition

Tata Consultancy Services TCS do Brasil IT & ITeS 33.40






Cambridge Technology Enterprises Ltd (CTEL) ComCreation Inc IT & ITeS 3.50 Acquisition

Moldtek Technologies Limited

Cross Roads Detailing Inc (CRD) IT & ITeS 1.30 Acquisition

Kaveri Telecom Products

DCI Digital Communications IT & ITeS 2.20 Acquisition

ORG Informatics Limited

DGIT Solutions Pte. Limited IT & ITeS N.A. Acquisition

i-flex solutions Limited

Capco Capital Markets Company Pte Ltd (Singapore subsidiary of Capco) IT & ITeS N.A. Acquisition

Firstsource Solutions Limited

BPM Inc along with its subsidiaries - MedPlans 2000 Inc. and MedPlans Partners, Inc IT & ITeS N.A. Acquisition

Teledata Informatics Limited

Soltius Pte. Limited IT & ITeS 45.00 Acquisition

SubexAzure Limited Syndesis Limited IT & ITeS 164.50 Acquisition Cranes Software International Limited

Dunn Solutions Group IT & ITeS 13.95 Acquisition

Patni Computer Systems

Logan-Orviss International (LOI) IT & ITeS N.A. Acquisition

Educomp Solutions Ask n Learn IT & ITeS 3.88 Acquisition WNS Holdings through its subsidiary WNS Assistance

FLOvateTechnologies IT & ITeS N.A. Acquisition

Rolta Orion Technology IT & ITeS N.A. Acquisition

Maples ESM Technologies

US-based company in the applications services segment IT & ITeS N.A. Acquisition

Bhilwara Scribe, the IT arm of LNJ Bhilwara Group

Benson Transcription Technologies IT & ITeS N.A. Acquisition





Persistent Systems Private. Limited

Metrikus (India) Private Ltd(a subsidiary of MetrikusInc, USA) IT & ITeS N.A. Acquisition

Megasoft Limited

Boston Communications Group, Inc (BCGI) IT & ITeS 65.00 Majority Stake 83.00%

Infosys Technologies

Philips Global’s finance and accounts BPO IT & ITeS 28.00 Acquisition

Patni Computer Systems Limited

Taratec Development Corp IT & ITeS 27.20 Acquisition

Take Solutions Clearorbit IT & ITeS 20.60 Acquisition Kaashyap Technologies Limited (formerly Kaashyap Radiant Systems)

consultancy division of Logistics Solutions Inc IT & ITeS 8.50 Acquisition

Mastek Vector Insurance Services LLC IT & ITeS 4.50 Majority Stake 90.00%

Logix Microsystems Limited

ReckonUp (A CRM product from Prize Corporation) IT & ITeS 4.00 Acquisition

Quatrro BPO Solutions

Preferred Financial Group, Inc (PFG) IT & ITeS N.A. Acquisition

Wipro Technologies

Infocrossing Inc and its subsidiaries IT & ITeS 600.00 Acquisition

Geometric Software Solutions Company Limited TekSoft Inc IT & ITeS N.A.


Firstsource Solutions Limited

MedAssist Holding, Inc IT & ITeS 330.00 Acquisition

Murugappa group company Laserwords

Four Lakes Colorgraphics IT & ITeS 11.00 Acquisition

Apollo Hospitals Enterprise Ltd's associate firm, Apollo Health Street Ltd Zavata Inc IT & ITeS 180.00 Acquisition Kale Consultants Ltd Zero Octa IT & ITeS N.A. Acquisition

Hero Group Telecom Service Centers (TSC) IT & ITeS 80.00 Acquisition





Usha Martin Group Converso Contact Centres IT & ITeS N.A. Acquisition

Tricom India Apex Document Solutions IT & ITeS 2.00 Acquisition

Educomp Savicca IT & ITeS N.A. Majority stake 70.05%

Nettlinx LTD Host Department LLC IT & ITeS N.A. Acquisition

Wipro Technologies

OkI Techno Centre Singapore Pte Limited (OTCS), a wholly-owned outfit of OKI Electric Industry Co Limited IT & ITeS N.A. Acquisition

Infinite Computer Solutions

Comnet International Company IT & ITeS N.A. Acquisition

Core Projects & Technologies Ltd

Azzurri Education and Hamlet Computer Group IT & ITeS 30.00 Acquisition


KC Management Group IT & ITeS 12.00 Acquisition


Hamlet Computer Group IT & ITeS 3.00 Acquisition

Mahindra & Mahindra and Reliance Ports & Terminals LocaModa Inc IT & ITeS 6.18

Strategic Stake

Allsec Technologies Ltd

Kingdom Builders Inc IT & ITeS 1.50 Acquisition

Quintegra Solutions Ltd PA Corporation IT & ITeS 49.00 Acquisition

Ruia Group Industronics Berhad IT & ITeS N.A.


i-flex Solutions Castek Software IT & ITeS N.A. Increasing stake to 100% 49.00%

3i Infotech J&B Software Inc IT & ITeS 25.25 Acquisition Gateway TechnoLabs Private Limited NINtec B.V. IT & ITeS N.A. Merger N.A.

Satyam Computer Nitor Global Solutions Ltd IT & ITeS 5.50 Acquisition




Mn Deal Type % Stake Prithvi Information Solutions Limited

Agadia Systems Inc IT & ITeS 4.50 Acquisition

Mold Tek Technologies

Unnamed Ohio based structural Engineering KPO Company IT & ITeS 2.00 Acquisition

MindTree Consulting

TES-PV Electronic Solutions (Purple Vision -the India-based subsidiary of French company TES Electronic Solutions SA) IT & ITeS 6.55 Acquisition

California Software Company Limited (Calsoft)

International Innovations Inc IT & ITeS 1.32 Acquisition

Fortis Financial Services (through its SPV's Regius Infotech Pvt Ltd and Regius Overseas Holding Company)

Capital Market Solutions IT & ITeS N.A. Majority Stake 76.00%

Aurionpro Solutions

Integro Technologies Pte Ltd IT & ITeS N.A. Acquisition

Jyoti CNC Automation

Huron Graffenstaden IT & ITeS 55.81 Acquisition

Ybrant Technologies Limited Oridian IT & ITeS 13.00 Acquisition

Intelenet Global Services

Firm owning two global entities -- Upstream and Travelport ISO IT & ITeS 75.00 Acquisition

Hero Group Dalglen IT & ITeS 74.42 Acquisition California Software Company Limited (Calsoft)

Inatech Infosolutions IT & ITeS 6.17


CS Software Enterprise Limited

Reps Resources Inc IT & ITeS N.A. Majority Stake 51.00%

Batliboi Quickmill Inc Manufacturing 4.88 Acquisition

ITC Ltd King Maker Marketing Inc Manufacturing N.A.





Mn Deal Type % Stake Zicom Electronic Security Systems Limited

Unisafe Fire Protection Specialists LLC Manufacturing 4.50


Kamla Dials & Devices Limited through its WOS in Switzerland, Pylania AG J Boegli Manufacturing 0.75 Acquisition Motherson Sumi Systems Limited through its subsidiaries, Motherson Elastomers Pty Limited and Motherson Investments Pty Limited

Empire Rubber (from Huon Corporation Pty Limited) Manufacturing N.A. Acquisition

Crompton Greaves Limited

Microsol Holdings Limited Manufacturing 13.65 Acquisition

Action Construction Equipment Limited (though its Cyprus-based subsidiary, Frested Ltd)

Romanian company Manufacturing 2.15 Majority Stake 74.00%

Dynamatic Technologies Limited through the Company's wholly owned subsidiary Dynamatic Limited, UK

The Hydraulic Business Division (Swindon Unit) of Sauer Danfoss Limited, UK Manufacturing 10.00 Acquisition

Easun Reyrolle Limited (through its wholly owned subsidiary, ERLPHASE Power Technologies Limited)

`relay and recorder business' of Nxtphase T&D Corporation Manufacturing N.A. Acquisition

ISMT Limited Structo Hydraulics AB Manufacturing N.A. Acquisition

Binani Cement Limited

Shandong Rongan Group Co Limited Manufacturing 11.00

Significant stake 49.00%

Maini Precision Products (MPP)

Mec.com and its subsidaries Manufacturing N.A. Acquisition

Shetron Ltd Shetron Sobemi Europe N.V Manufacturing N.A. Acquisition





Voltas Limited

Universal Comfort Products Limited (UCPL) Manufacturing 1.74


Time Technoplast Limited (through its subsidiary, NED Energy Ltd)

Gulf Powerbeat WLL (from Al- Tajir Group of UAE) Manufacturing N.A. Acquisition

ORG Informatics Belgacom's satellite business

Media, Entertainment & Publishing 25.00 Acquisition

Television Eighteen Group (TV18)

MTV Networks India (MTVI)

Media, Entertainment & Publishing 46.51


Pyramid Saimira Theatre Ltd (through its subsidiary Pyramid Saimira Entertainment America) FunAsiA


Infinity Film Completion Services Lumiere

Media, Entertainment & Publishing N.A.


S4 Ind Software Pvt Ltd

Carlisle Publishing Services


FX Labs Studios

Knibble.com (owned by Interactive Media Technology Inc)


Nuova Renopress Endurance

Technologies Private Limited

Amann Druckguss Metals & Ores 60.52 Acquisition

Gujarat NRE Coke Limited

Elouera Colliery (A subsidary of BHP Bilton) Metals & Ores 50.00 Acquisition

Aban Offshore Sinvest Oil & Gas N.A. Increasing stake to 97% 57.00%

Indian Oil Company (IOC)

Trans Antolian Pipeline Co Oil & Gas N.A.


Aban Offshore (Aban Singapore PTE Ltd) Sinvest ASA Oil & Gas N.A.

Increasing stake

compulsory buy of remaining 1.99% stake




Mn Deal Type % Stake Reliance Industries limited (through its wholly owned susidiary Reliance Industries Middle East )

Gulf Africa Petroleum Corporation (GAPCO) Oil & Gas N.A. Majority stake N.A.

Videocon Industries Limited and Bharat PetroResources Limited

Encana Brasil Petroleo Limitada (EBPL) Oil & Gas 425.00


Rain / CII Holdings Inc (WOS of Rain Calcining Limited) CII Carbon LLC Others N.A. Merger N.A.Manipal Universal Learning International U21 Global Others N.A.


Gitanjali Gems Limited (through its subsidiary Gitanjali USA Inc)

Tri-Star Worldwide LLC Others N.A. Majority Stake 70.00%

Shrenuj & Company Limited (through its subsidiary Astral Holdings Inc)

Simon Golub & Sons Inc Others 22.70 Majority Stake 84.60%

Gitanjali Gems Ltd Rogers Jewelers Ltd Inc Others 18.50 Acquisition

House of Pearl Fashions Limited (HOPFL through its subsidiary Poeticgem Limited) FX Imports Ltd Others N.A.


SQL Star International Limited TalentFuse Inc. Others N.A. Acquisition Usha Martin Limited (through its UK subsidiary)

De Ruiter Staalkabel B.V. Others 4.15 Acquisition

Shreyas Shipping & Logistics Ltd

Haytrans India Ltd ( subsidary of Haytrans Ltd.) Others N.A. Majority stake 51.00%

Gremach Infrastructure Equipments & Projects Limited

Osho Mozambique Coal Mining Others 100.00 Majority Stake 75.00%

TopsGrup UK based security company Others 130.00 Acquisition

Batliboi Limited AESA Air Engeneering, SA Others 2.09 Majority Stake 70.00%




Mn Deal Type % Stake Joint venture of Strides Arcolab and Iceland based Invent Farma Farma Plus


Reliance Life Sciences GeneMedix Plc

Pharma, Healthcare & Biotech 28.80 Majority Stake 74.00%

Glenmark Pharmaceuticals (through its wholly-owned Swiss subsidiary, Glenmark Holdings SA (GHSA) Medicamenta


Jubilant Organosys Hollister-Stier Laboratories

Pharma, Healthcare & Biotech 122.50 Acquisition

Cadila Healthcare Limited (Zydus Cadila)

Nippon Universal Pharmaceuticals Limited


Sun Pharmaceuticals Taro Pharma Pharma, Healthcare & Biotech 454.00 Acquisition

Ranbaxy Laboratories (through its WOS) Ranbaxy Laboratories Inc.

Acquisition of US rights for 13 dermatology products of Bristol-Myers Squibb Company (BMS)


Strides Arcolab

Diaspa SpA's fermentation assets


Wockhardt Negma Lerads Pharma, Healthcare & Biotech 253.49 Acquisition

Lambda Therapeutics Research Limited

CBK-MPR Pharma


Dabur Pharma Limted

Biosciences Co Limited


Avesthagen

Undisclosed ingredients supplier in US


Cadila Healthcare Limited Nikkho Pharma


Accentia Technologies Limited

G.S.R.Physicians Billing Service Inc (GSR PBS) and GSR Systems Inc.





Mn Deal Type % Stake Elder Pharmaceuticals Ltd

Neutra Health Plc

Pharma, Healthcare & Biotech 10.93


Dishman Pharmaceuticals & Chemicals Limited

Solvay Pharmaceuticals BV's fine chemicals and vitamin businesses


Glenmark Pharmaceuticals Limited

Two New biological Entities (NBE) from Canada-based Chromos Molecular Systems Inc


Natco Pharma Limited

SaveMart Pharmacy


Elder Pharmaceutical Limited Biomeda Group


Ipca Laboratories

Unnamed formulation manufacturer


Wockhardt

The Morton Grove Pharmaceuticals


Lupin Ltd

Kyowa Pharmaceutical Industry Co Ltd


Avesta Biotherapeutics and Research Pvt. Ltd

Siegfried Biologics GmbH


ACG Worldwide Lukaps Pharma, Healthcare & Biotech N.A. Acquisition

Ocimum Biosolutions Gene Logic


Kerala Ayurveda Ltd (through its subsidiary CMS-Katra Holdings LLC)

CMS-Katra Nursing LLC


Manipal AcuNova Ltd ECRON GmbH


Plethico Pharmaceuticals Natrol


Marico Ltd

Consumer division of Enaleni Pharmaceuticals






Marksans Pharma Limited (through its WOS Marksans Pharma UK Limited)

Hale Group Limited along with its subsidiary company Bell, Sons & Co. (Druggists) Limited.


Dorf Ketal Chemicals India Private Limited

ExxonMobil Chemical's component additive business Plastic & Chemicals N.A. Acquisition

Sintex Industries through its WOS Sintex Holding US, Inc.

Wausaukee Composites Inc (WCI) Plastic & Chemicals 20.50 Majority Stake 81.00%

United Phosphorus

DuPont's global triphenyltin hydroxide contact fungicide (TPTH) business -Super Tin and fenbutatin-oxide miticide (TNTO) business - Vendex Plastic & Chemicals N.A. Acquisition

Carborundum Universal Limited (CUMI) of India

Volzhsky Abrasives Works (VAW) Plastic & Chemicals N.A. Majority Stake 84.14%

Punjab Chemicals and Crop Protection (PCCPL) Source Dynamic Plastic & Chemicals N.A.


Pidilite Do Brazil Desenvolvimento De Negocios Limiteda (Subsidiary of Pidilite Industries Limited)

Pulvitec do Brasil Industria e comercio de colas e adesivos Limitada Plastic & Chemicals N.A. Acquisition

Punjab Chemicals & Crop Protection Limited

Pegevo Beheer BV Plastic & Chemicals 54.58 Acquisition

Sintex Industries Ltd (through its subsidiary Sintex France SAS) Nief Plastics SA Plastic & Chemicals 42.42 Acquisition

Suzlon Energy Ltd REpower Power & Energy 1,700.93 Controlling Stake 33.85%





Tata Power PT Kaltim Prima Coal Power & Energy


Tata Power PT Arutmin Indonesia Power & Energy 1,100.00


Exim Bank of India

Gulf Jyoti International LLC Power & Energy 0.75


Aban Offshore (through its Singapore-based subsidiary Aban Singapore Pte Limited) Sinvest ASA Power & Energy 128.89


Rain Calcining CII Carbon Power & Energy 595.00 Acquisition Exide Industries Limited

Ceil Motive Power Power & Energy 0.85


Kalyani Group RSBconsult GmbH (RSB) Power & Energy N.A. Acquisition

Environ Energy Global Pvt Ltd

Shell Overseas Investments B.V ( business units in India & Sri Lanka ) Power & Energy N.A. Acquisition

Valecha Engineering Limited

Koon Holdings Limited


D S Constructions Limited through a joint venture with Israel Corporation.

Globeleq Limited's America assets

Real Estate & Infrastructure Management 542.00 Acquisition

MGF group (along with Dubai-based Emaar Properties through their joint venture company, Golden Ace Pte. Limited) RSH Limited Retail 146.51 Majority Stake 61.30%

Ritesh Industries Catalina Bay Retail N.A. Acquisition Bharati Shipyard Limited

Swan Hunter Shipyard Shipping & Ports N.A. Acquisition

Tata Steel (through its wholly owned Singapore subsidiary, NatSteel Asia Pte Limited)

SSE Steel Limited Steel N.A. Acquisition



Mn Deal Type % Stake Tata Steel (through its wholly owned Singapore subsidiary, NatSteel Asia Pte Limited)

Vinausteel Limited Steel N.A. Majority Stake 70.00%

Essar Steel Holdings Limited Algoma Steel Inc Steel 1,580.00 Acquisition

Bhushan Steel Bowen Energy Ltd (BWN) Steel 2.63


Tata Steel Corus Steel 12,201.60 Acquisition

JCW Steel

Argent Independent Steel Limited Steel 7.21 Acquisition

NatSteel Asia (Wholly owned subsidiary of Tata Steel)

NatSteel (Xiamen) Steel 19.36 Majority Stake 50.00%

NatSteel Asia (Wholly owned subsidiary of Tata Steel)

NatSteel Trade International Steel 6.54


NatSteel Asia (Wholly owned subsidiary of Tata Steel) NatSteel Vina Steel 3.11


Tata Steel Limited Riversdale Mining Limited Steel 85.66


Jindal United Steel Corporation Steel Majority StakeSaw Pipes Steel Majority Stake

JSW Steel Limited Jindal Enterprises LLC Steel 900.00 Majority Stake 90.00%

Essar Steel Holdings Ltd

Minnesota Steel LLC Steel N.A. Acquisition

Kavveri Telecom Products Limited (KTPL)

Til-Tek Antenna Inc Telecom 2.50 Acquisition

Reliance Communication

Yipes Holding Inc Telecom 300.00 Acquisition

OnMobile Voxmobili SA Telecom 35.69 Acquisition Paramount Communications Ltd AEI Cables Telecom 26.50 Acquisition GTL International Ltd ADA Cellworks


Telecom 25.00 Acquisition




Kavveri Telecom Products Ltd

Technology, Intellectual Property Rights (IPR) and Patents of Sigma Wireless Telecom N.A. Acquisition

GHCL Limited (through its international subsidiary GHCL Inc)

Best Manufacturing Group Textiles & Apparels 35.00 Acquisition

Bombay Rayon Fashions Ltd DPJ Clothing Ltd Textiles & Apparels 2.90 Majority Stake 70.00%

Himatsingka Seide Giuseppe Bellora SpA Textiles & Apparels 21.17 Majority Stake 70.00%

Reliance Industries Limited

Hualon Corporation (M) Sdn Bhd Textiles & Apparels N.A. Acquisition

Himatsingka Seide (through its wholly owned subsidiary, Himatsingka America Inc.)

Divatex Home Fashions Inc. Textiles & Apparels 60.00 Majority Stake 80.00%

Spentex Industries Schoeller Litvinov K.S. Textiles & Apparels 33.75 Acquisition

The Ashok Piramal Group-owned Morarjee Textiles Limited Men’s Club Textiles & Apparels N.A.


Alps Industries Limited (through its US subsidiary - Alps USA INC)

Columbine Cody Corp Textiles & Apparels N.A. Majority stake 50.00%

Himatsingka Seide (through its wholly owned subsidiary, Himatsingka America Inc.) DWI Holdings Textiles & Apparels 30.00 Acquisition

Faze Three Ltd Pana Textil GmbH Textiles & Apparels 8.01 Majority Stake 76.00%

Panoramic Universal Limited Future Travels Travel & Tourism N.A. Acquisition


III. Cross Border Deals – Inbound





Alcan Inc

Alukbond India Private Limited (now called Alcan Composites India Private Limited) Aluminium N.A. Majority Stake 76.00%

Daewoo Motor's India Factory

Crosslinks Finelease Automotive 170.00

Acquisition (asset sale)

Gestamp Servicios SL

Automotive Stampings & Assemblies Ltd (subsidiary of Tata AutoComp Systems Ltd - TACO) Automotive N.A.


Key Safety System (KSS)

Abhishek Auto Industries Automotive N.A.


ZKW Zizala Lichtsysteme GmbH

Neolite Industries Automotive N.A.


Pioneer Global Asset Management (part of Italian banking group Unicredito)

BOB Asset Management Limited


Collins Stewart Inga Advisors Private Ltd


Singapore Exchange Limited (SGX)

Bombay stock exchange



Deutsche Boerse Bombay stock exchange



Robeco Groep NV

Canbank Investment Management Services Limited (CIMS) - Canara bank's asset management arm



BankMuscat

Holding company of The Mangal Keshav Group



UCB (a subsidiary of international bank BNP Paribas SA)

Sundaram Home Finance Limited, a subsidiary of Sundaram Finance Limited


Significant stake 49.90%





Standard Chartered Bank

UTI Securities (fully-owned by Securities Trading Corporation of India (STCI)



Doha Bank Select Securities Group



Orix Corp IL&FS Securities Services



Icelandic bank Kaupthing

FiNoble Advisors Private Ltd.



State Bank of Mauritius Ratnakar Bank



Bear Stearns Ford Credit India

Banking & Financial Services 20.93 Acquisition

Caledonia Investments Plc

Dewan Housing Finance Corp Limited



HSBC Financial Services

Centurion Bank of Punjab



Fidelity Trustee Corporation

National Stock Exchange (stake purchased from Corporation Bank)

Banking & Financial Services 3.17 Strategic stake 0.11%

Al Bateen Investment Co. LLC (ABI) (a unit Al Ain International Group)

Development Credit Bank (DCB)



Balyasny Asset Management

Prabhudas Lilladher Advisory Services (PLAD).



Merrill Lynch (through its subsidiary Indopark Holdings)

Religare Enterprises



Peterborough Holdings Future Capital

Banking & Financial services 12.42


Legatum Global Development Intellecap



Rand Merchant Bank (RMB)

AK Capital Services



International Finance Corporation (IFC) Karnataka Bank






Mn Deal Type % Stake Orient Global Tamarind Fund Pte Ltd YES Bank



Macquarie Bank Limited

Religare Wealth Management Services Limited (a subsidiary of Religare Enterprises Limited)


Standard Life

HDFC Standard Life Insurance Company



Carlsberg

Brewery unit in Himachal Pradesh

Breweries & Distilleries N.A. Acquisition

Carlsberg Parag Breweries Breweries & Distilleries 7.44 Majority Stake 60.00%

Holcim

Ambuja Cement India Limited (ACIL) Cement 117.00


Holcim ACC Limited Cement 123.26 Increasing stake to 41% 3.00%

Holcim Ambuja Cements Limited (ACL) Cement 220.00


Holcim Ambuja Cements Limited (ACL) Cement 168.91


Matsushita Electric Works Limited

Anchor Electricals

Electricals & Electronics 420.00 Majority Stake 80.00%

Incap Contract Manufacturing Services Private Limited, a subsidiary of Incap Corporation

TVS Electronics Ltd's contract manufacturing unit at Tumkur

Electricals & Electronics 9.56 Acquisition

Caterpillar Polyhose India Engineering N.A. Minority Stake 30.00%

Orkla MTR Foods FMCG, Food & Beverages 100.00 Acquisition

Hershey

Godrej Beverages & Foods

FMCG, Food & Beverages 54.00 Majority Stake 51.00%

Hershey

Godrej Hershey Beverages & Foods







Annabelle

Ambur-based sick leather footwear unit


Lavazza

Barista Coffee Company Limited (BCCL) and Fresh and Honest Café Limited (FHCL)


Del Monte Pacific Limited

FieldFresh Foods Private Limited (Bharti Enterprises and EL Rothschild Limited joint venture)

FMCG, Food & Beverages 20.85 Minority stake 40.10%

Duncan MacNeil Group

Balmer Lawrie Limited's UK tea blending, packaging and warehousing business (a WOS of Balmer Lawrie & Co Limited)


Hyatt Group

Balaji Hotels and Enterprises Limited Hospitality 44.44 Acquisition

ISS Facility Services India (a subsidiary of ISS Denmark)

Shivas Hoteliers and Caterers Private Limited Hospitality N.A. Acquisition

Gate Gourmet

Flight catering business of Advani Hotels Hospitality 4.72 Acquisition

EMC Corporation Valyd Software Private Limited IT & ITeS N.A. Acquisition

Oracle Corporation i-Flex IT & ITeS N.A.


Encora Group Meritos Technologies IT & ITeS N.A. Merger N.A.

Sony Pictures Imageworks (SPI)

FrameFlow - Imageworks India IT & ITeS 5.00 Majority Stake 51.00%

Electronic Data Systems (EDS)

RelQ Software Private Limited IT & ITeS 40.00 Acquisition

California Software Co Ltd

Aspire Communications IT & ITeS N.A. Majority Stake 51.00%




Mn Deal Type % Stake GCI Solutions Private Ltd IVL India IT & ITeS N.A. Acquisition

Sitel Corporation SITEL india IT & ITeS 17.73 Significant Stake 40.00%

Mocana

Mimas Technologies and Mimas Technologies Private Limited IT & ITeS N.A. Acquisition

France Telecom ITeS business of GTL IT & ITeS 58.14 Acquisition

Vsoft Corporation

Coopman Consultancy Services IT & ITeS N.A. Acquisition

Yahoo India Tyroo Media Pvt Ltd IT & ITeS N.A.


Digital Chocolate Inc

Small Device Mobile Technologies IT & ITeS N.A. Acquisition

CAMO ASA

Proteans Software Solutions IT & ITeS 6.00 Acquisition

Mulitex Holdings Effort BPO Limited IT & ITeS 2.00 Minority stake 10.00%

TietoEnator

Fortuna Technologies Pvt. Ltd IT & ITeS 29.02 Acquisition

Infokall Inc (through its Indian arm Infokall Enterprises Limited) Pointsoft IT & ITeS N.A. Acquisition

Triple Point Technology

Coral Grid Software Private Limited IT & ITeS N.A. Acquisition

International Press Softcom (IPS) Scantrans IT & ITeS 5.00 Majority Stake 55.00%EDB Business Partner Span Infotech IT & ITeS 3.80 Majority Stake 50.10%

SAP AG Yasu Technologies IT & ITeS N.A. Acquisition

NTT Data Corporation - a listed subsidiary of Nippon Telegraph and Telephone Corporation

Vertex Software Private Limited IT & ITeS N.A. Majority Stake 68.70%




Mn Deal Type % Stake Cambridge Technology Enterprises Limited (CTEL)

Q-Soft Systems & Solutions IT & ITeS N.A. Acquisition

Harakosan Co Jyoti Limited Manufacturing 2.48 Minority Stake 9.68%

Haier Group (through its Indian subsidary Haier Appliances India Pvt Ltd)

Application business of Anchor Daewoo Industries Ltd Manufacturing N.A. Acquisition

Astro All Asia Networks

Sun TV's DTH operator - Sun Direct TV



Interpublic Group Lintas India



ESPN Inc Cricinfo


The Interpublic Group (IPG) FCB Ulka



Emap plc (EMA.L)

Next Gen Publishing Limited (Next Gen)



Publicis Groupe Capital Advertising


Zodiak Television

Indian production house Sol



Wieden+Kennedy (W+K)

‘A’ (A New Delhi-based creative agency)


WPP Digital Quasar Media

Media, Entertainment & Publishing N.A. Majority Stake 75.00%

Publicis Groupe Hanmer & Partners


Rapaport Group The Art of Jewellery



Vendanta Resources Sesa Goa Metals & Ores 981.00 Majority Stake 51.00%





Imerys (through its wholly owned subsidary, Calderys)

Ace Refractories Limited (from ICICI ventures) Metals & Ores 136.00 Majority Stake 99.00%

Mittal Investments

Guru Gobind Singh Refineries Ltd (GSSRL - HPCL's Bhatinda Refinery) Oil & Gas 711.11


Norsk Hydro

ONGC’s deepwater block in Krishna-Godavari Basin Oil & Gas N.A.


Hat Pin Executive Access India Others 13.80 Acquisition

Kerry Logistics (South East Asia) Pte Ltd

Reliable Freight Forwarders Pvt Ltd Others N.A. Majority Stake 51.00%

Carlson Wagonlit Travel

AFL Private Limited-Carlson Wagonlit Travel Joint Venture Others N.A.


SNC-Lavalin Group Inc.

Pipecon Consultants Private Limited Others N.A. Acquisition

Kansai Nerolac Others N.A.


Ipsos Global Network Indica Research Others N.A. Majority Stake 75.00%

Securitas AB Walsons Services Others 17.00 Strategic Stake 49.00%

Actavis Group

Active Pharmaceutical Ingredient(API) - [division of Sanmar Specialty Chemicals, subsidiary of the Chennai based Sanmar Group]


Albany Molecular Research, Inc. (NASDAQ: AMRI)

Ariane Orgachem Private Limited and Ferico Laboratories Limited





PerkinElmer Inc

PerkinElmer India Private Limited



Albany Molecular Research, Inc.

Manuacturing facilities of Runwal Group's Ariane Orgachem Private Limited & Ferico Laboratories Limited


Thermo Electron LLS India Private Limited (a subsidiary of Thermo Fisher Scientific Inc.)

Qualigens Fine Chemicals (a division of GlaxoSmithKline Pharmaceuticals Limited)


Novozymes

Enzymes business of Biocon Ltd


Sherwin Williams Nitco Paints Plastic & Chemicals 46.51 Acquisition Eliokem International

Apar Industries (polymer unit) Plastic & Chemicals 25.81 Acquisition

SolarCAP Emmvee Solar Systems Power & Energy N.A.


Origo Sino-India PLC

Roshini International Bio Energy Corp Ltd (RIBEC) Power & Energy N.A. Strategic stake 20.00%

SNC-Lavalin Span Consultants


Theis Precision (an indirect wholly-owned subsidiary of Friedr Gustav Theis Kaltwalzweke of Germany)

Tata Steel's cold rolling mill at Sisodra in Gujarat Steel 14.89 Acquisition

Mitsui and Co

Indian Steel Corporation (A Ruchi group company) Steel 15.12


Vodafone Hutchison Essar Telecom 10,830.00 Majority Stake 67.00%

Sistema Shyam Telelink Telecom N.A. Minority Stake 10.00%


IV. Private Equity Deals


Investors Investee Sector % stake

Investment Value in

millions US$ Fursa Mauritius (arm of Fursa Alternative Strategies) Gayatri Starchkem Limited

Agriculture & Agro Products 42.63% 4.30

Morgan Stanley Ess Dee Aluminium Aluminum 5.00% 18.86 New York Life Investment Management India Fund Bajaj Motors Automotive 20.00% 13.3

JM Financial India Fund International Tractors Limited (ITL) Automotive N.A. 27.78

JM Financial India Fund Sona Group Automotive N.A. 26.67 CLSA Capital Partners Sanghvi Movers Automotive 10.92% 16.13

BTS India Private Equity Fund Reliable Autotech Private Limited Automotive 20.00% 4.65

Ares Investments Rane Holdings Automotive 10.22% N.A.

Tano Capital

ABG Motors (an arm of ABG Engineering & Construction) Automotive N.A. 15.00

D E Shaw, South Africa’s Rand-owned fund Satwa and IL&FS Argentum Motors Automotive 10.00% 46.51BNP Paribas Arbitrage Fund Spicejet Aviation 5.43% 15.11 Global Technology Investment Airworks India Aviation 33.00% 11.63

FMO Bellwether Microfinance Fund

Banking & Financial Services 18.60% 2.40

Deutsche Borse AG Bombay Stock Exchange Limited


Government of Singapore Investment Corporation (GIC), Galleon Partners & other financial investors Edelweiss Capital


Metavante Firstsource Solutions Limited

Banking & Financial Services 14.00% N.A.

Galleon Partners Firstsource Solutions Limited


ICICI Venture Funds Centurion Bank Of Punjab


NYSE Group National Stock Exchange




Investment Value in

millions US$

Goldman Sachs National Stock Exchange


Softbank Asian Infrastructure Fund National Stock Exchange


General Atlantic National Stock Exchange


Mayfield Seedfund

Banking & Financial Services N.A. N.A.

Sierra Ventures Seedfund


Norwest Venture Partners (NVP), CIBC Capital & DA Capital Adventity

Banking & Financial Services N.A. 20.00

Nederlandse FinancieringsMaateschappijvoor Ontwikkelingsladen NV Bellwether Microfinance


Sequoia Capital India Apnaloan.com


International Finance Corporation

Financial Information Network & Operations Private Limited (FINO)


Morgan Stanley National Stock Exchange

Banking & Financial Services 3.00%

Citigroup National Stock Exchange


Actis National Stock Exchange


Khazanah Nasional Berhad (Investment holding arm of Malaysian government)

Infrastructure Development Finance Company (IDFC)


BNP Paribas Geojit Financial Services Limited


27.18% (Increasing

stake to 34.35%) 47.00

Citigroup Venture Capital International

Anand Rathi Securities Limited




Investment Value in

millions US$

UK-based investors (headed by Lytton Group Corporation)

Fortune Financial Services India Limited (FFSIL)


Khazanah Nasional Berhad (Investment holding arm of Malaysian government) Yes Bank


Investor Group (Sequoia Capital, Unitus Equity Fund, Vinod Khosla, Ravi Reddy, Odyssey Capital) SKS Microfinance


The Netherlands Development Finance Company (FMO)

Magma Leasing Limited (Magma)


Millennium India Acquistion Company Inc (MIAC) The SMC Group


Dubai-based private firm Legatum

SHARE Microfin Limited (SHARE)


Aavishkaar Goodwell SHARE Microfin Limited (SHARE)


Carlyle Group HDFC


Citigroup HDFC


Halcyon Group Anagram Securities


Goldman Sachs

IL&FS Transportation Networks Limited (ITNL), a subsidiary of Infrastructure Leasing & Financial Services Limited


5.13% (increasing

stake to 88%) 20.50

BNP Paribas SREI Infrastructure Finance


Lehman Brothers, Holcim Group chairman - Thomas Schmidheiny and other investors Edelweiss Capital


JM Financial India Fund

Spandana Sphoorty Innovative Financial Services




Investment Value in

millions US$

Lok Capital

Spandana Sphoorty Innovative Financial Services


International Finance Corp, the Netherlands Development Finance Company (FMO), and Deutsche Bank Aavishkar Goodwell


AIF Capital, Gartmore and Siguler Guff Catholic Syrian Bank


Lehman Brothers Brics Securities


Wilmette Holdings Limited, Mauritius Delhi Stock Exchange


Lehman Brothers

ECL Finance (non-banking finance company of Edelweiss Capital)


Duckworth Limited (an arm of Baring Private Equity) JRG Securities


SREI Infrastructure Finance Ltd

Hyderabad Information Technology Venture Enterprises Ltd (HITVEL)


New Vernon Private Equity Delhi Stock Exchange

Banking & Financial services 5.00% 2.47

International Finance Corporation, Fidelity Group , UTI Ventures, Birla MF, Merill Lynch, Indian Capital opportunities Fund, DE Shaw, Moon Capital and others South Indian Bank

Banking & Financial services N.A. 75.81

Merrill Lynch

Multi Commodity Exchange of India Limited (MCX)


Citigroup



Passport Capital



GLG Partners LP





Investment Value in

millions US$

International Finance Corporation (IFC) Angel Broking


Goldman Sachs

PTC Financial Services (the investment arm of power trading and advisory services company PTC India)

Banking & Financial services 20.00%

Macquarie Bank

PTC Financial Services (the investment arm of power trading and advisory services company PTC India)

Banking & Financial services 20.00%

27.91

ICICI Ventures and Baring Private Equity Asia

Karvy Stock Broking Limited (KSBL), part of the Hyderabad-based, Karvy Group


Blue Ridge Limited Partnership and / or its affiliates

Shriram Transport Finance Company Limited (STFC)


Tiger Global Management LLC and/or its affiliates



Kampani Finance Limited, a JM Finance group company



JC Flowers & Co

State Industrial Corporation of Maharashtra (Sicom)


Orient Global India Infoline Investment Services


Eton Park Capital Management LP

Reliance Capital Asset Management Ltd


Al Anwar Holdings SAOG Almondz Global Securities (AGSL).


Sequoia Capital Manappuram General Finance and Leasing


India Equity Partners (IEP) Manappuram General Finance and Leasing


Orient Global India Infoline




Investment Value in

millions US$

EFG International (Zurirch based private banker)

Stratcap Securities India (SSI)


Indivision Capital Sula Wines Breweries & Distillaries 20.00% 11.63

Fidelity, ABN Amro, HSBC, Nomura Asset Management Fund and Emerging Market Fund

India Cements Limited (ICL) Cement 7.50% 137.67

Warburg Pincus Havells India Limited Electricals & Electronics 11.20% 110.00

L&T Capital Company Limited (a group company of Larsen & Toubro)

Rangsons Electronics Private Limited

Electricals & Electronics 40.00% 23.26

LB India Holdings Mauritius II Ltd

Genus Overseas Electronics Ltd

Electricals & Electronics 7.83% N.A.

Darby Overseas Investments Limited (through an affiliate of Darby Asia Mezzanine Fund II - part of the Franklin Templeton group)

Escorts Construction Equipment Limited (ECEL) Engineering N.A. 16.67

IFC, the private sector arm of the World Bank Group

Electrotherm India Limited Engineering N.A. 10.00

IL&FS Investment and Evolvence Capital RSB Group Engineering N.A. 35.90

Tano Capital Promac Engineering Industries Limited Engineering N.A. 8.00

Beacon India Private Equity Fund

A2Z Maintenance & Engineering Services Engineering N.A. 17.44

Blackstone Group

Machine Tool Aids & Reconditioning Technologies Pvt Ltd (MTAR) Engineering 26.00% 65.00

IDFC Private Equity Co. Ltd Doshion Ltd Engineering N.A. 8.14

3i India Infrastructure Fund Soma Enterprise Limited Engineering N.A. 101Halbis Capital Management (part of HSBC Global Investment Funds - Mauritius) Ruchi Soya Industries

FMCG, Food & Beverages 2.89% N.A.

Argonaut Private Equity Vallabhdas Kanji Limited FMCG, Food & Beverages N.A. 6.98

HT Media Limited

Trac Services Pvt Ltd (Company that runs the chinese food outlet -- Crazy Noodles)

FMCG, Food & Beverages N.A. N.A.



Investment Value in

millions US$

SAIF Partners Asian Dhall Industries Limited

FMCG, Food & Beverages N.A. 8.00

Citigroup Property Investors (CPI)

Nitesh Estates' luxury hotels Hospitality N.A. 120.00

Dubai Ventures (Dubai Investment Group’s private equity arm) Bharat Hotels Hospitality 5.00% 38.14 Singapore's Temasek Holdings GL Hotels Hospitality 21.74% 29.07

Credit Suisse Apeejay Surrendra Park Hotels Ltd Hospitality 15.00% 55.00

Kotak Realty Fund The Pride Hotels Hospitality 11.11% 10.47

Yatra Capital Alliance Hospitality Services Hospitality 20.00% 6.63

Bennett, Coleman & Company Limited (BCCL) SatNav Technologies IT & ITeS N.A. N.A.

GVFL Ltd RapidRadio Solutions Private Limited IT & ITeS N.A. 0.18

Bennet & Coleman YOU Telecom India Private Limited IT & ITeS 5.00% N.A.

Morgan Stanley

Core Projects and Technologies Limited (CPTL) IT & ITeS 4.03% 3.53

Deutsche Bank


Grants Investments


Xilinx Inc CG CoreEL IT & ITeS N.A. N.A. Goldman Sachs ICSA India Limited IT & ITeS N.A. 22.00 Mayfield Tejas Networks IT & ITeS N.A. N.A. California & Hong Kong based venture groups Q-Tech IT & ITES N.A. 2.50

Canaan Partners Delhi start-up (Undisclosed) IT & ITeS N.A. 5.00

SAIF Partners. Silicon Valley Bank One97 Communications IT & ITeS N.A. N.A. Draper Fisher Jurvetson and Helion Ventures Komli IT & ITeS N.A. N.A. Bennet Coleman & Co Limited (BCCL) HolidayIQ.com IT & ITeS 17.00% N.A. Canaan Partners and SVB Financial Group iYogi IT & ITeS N.A. 3.10 Sherpalo Ventures and Kleiner Perkins Caufield and Byers CE Infosystems IT & ITeS N.A. N.A. UTI Venture Fund and US-based Argonaut Private Equity Zylog Systems (ZSL) IT & ITeS N.A. 9.73



Investment Value in

millions US$ Intel Capital Comat Technologies IT & ITeS N.A. 4.00

Global Assets Holding Corporation Private Limited GTL Limited IT & ITeS

1.66% (Increasing

stake to 22.08%) N.A.

Nadathur Holdings & Investment Limited Ziva Software IT & ITeS N.A. 1.70 SoftBank Corporation Instacoll IT & ITeS N.A. 3.00

GVFL Limited CEON Solutions Private Limited IT & ITeS N.A. 0.67

Cargill Ventures KPIT Cummins IT & ITeS N.A. 9.00

ChrysCapital Spanco Telesystems & Solutions IT & ITeS 15.00% 15.00

UTI Venture Fund Spanco Telesystems & Solutions IT & ITeS 5.30% 5.20

ICICI Bank, ICICI Lombard and IFMR Trust, Life Insurance Corporation of India, Union Bank of India, Corporation Bank and Indian Bank, International Finance Corporation, Dubai's Legatum Finance and Intel Capital.

Financial Information Network & Operations Private Limited (FINO) IT & ITeS N.A. 20.00

Sequoia Capital Minglebox.com IT & ITeS N.A. 7.00

India Value Fund (IVF) SFO Technologies (part of NeST Group) IT & ITeS N.A. 11.63

NEA IndoUS Ventures FlightRaja IT & ITeS N.A. 5.00 iLabs Private equity fund VSoft Corp IT & ITeS N.A. 9.77 New Enterprise Associates (NEA) and its Indian affiliate NEA-IndoUS Ventures ISGN Technologies Ltd IT & ITeS 25.00% 25.00 The Carlyle Group through its arm Carlyle Asia Growth Capital Partners

Elitecore Technologies Limited IT & ITeS N.A. 10.30

DFJ ePlanet Ventures Manthan Systems IT & ITeS N.A. 2.00 Canbank Venture Capital Fund, a subsidiary of the public sector Canara Bank Iteamic IT & ITeS N.A. N.A. General Atlantic (through its investment arm GA Global Investment) and Carrier International Infotech Enterprises IT & ITeS 15.00% 75.00

IDG Ventures India ConnectM Technology Solutions IT & ITeS N.A. N.A.

Blackstone Group Intelenet Global Services Private Limited IT & ITeS 80.00% 200.00



Investment Value in

millions US$

Citigroup Global Markets Mauritius Private Limited NIIT Limited IT & ITeS

7.23% (increasing

stake to 8.55%) 36.98

Orient Global NIIT Limited IT & ITeS 9.40% 48.00

Baring Private Equity Partners Infrasoft Technologies Limited IT & ITeS N.A. 23.26

General Atlantic LLC (GA) IBS Software Services IT & ITeS N.A. 60.00 Canaan Partners, The Entrepreneur's Fund III and Miven Venture Partners TechTribe IT & ITeS N.A. 10.00

Sequoia Capital India

George Zacharias's remote infrastructure management start-up IT & ITeS N.A. 20.00

Greylock Partners and other unnamed investors TechProcess IT & ITeS N.A. N.A. Dubai Investment Group (Through its subsidiary Dubai Ventures)

Time Broadband Services Limited IT & ITeS 40.00% N.A.

Goldman Sachs Investments Mauritius Aftek Infosys IT & ITeS

2.29% (Increasing


New Enterprise Associates Novatium Solutions IT & ITeS N.A. N.A. Lightspeed Venture Partners, Silicon Valley Bank and Matrix Partners India Four Interactive IT & ITeS N.A. 10.00

Morgan Stanley & Company Vakrangee Softwares Ltd. (VSL) IT & ITeS 5.36% N.A.

Goldman Sachs Investments (Mauritius) I. Ltd

Vakrangee Softwares Ltd. (VSL) IT & ITeS 9.52% N.A.

Merrill Lynch Capital Markets Vakrangee Softwares Ltd. (VSL) IT & ITeS 7.33% N.A.

UBS Securities Asia Ltd ICSA (India) IT & ITeS 3.47% N.A. Morgan Stanley ICSA (India) IT & ITeS 1.83% N.A. Merrill Lynch ICSA (India) IT & ITeS 3.32% N.A. Matrix Partners India and Intel Capital

ItzCash (an Essel group company) IT & ITeS N.A. 10.00

Trident Capital Neilsoft IT & ITeS N.A. 4.00 Footprint Ventures Ticketvala.com IT & ITeS N.A. 2.00Sandstone Capital Guruji.com IT & ITeS N.A. 10.00

Sequoia Capital India Digital Signage Networks (DSN) IT & ITeS N.A. 2.00

Capital18 Webchutney IT & ITeS N.A. N.A.



Investment Value in

millions US$

Kubera Cross-Border Fund Limited (KUBC) Venture Infotek Limited IT & ITeS N.A. 20.00Avigo Capital Partners Comat Technologies IT & ITeS 15.00% 10.00Sansar Capital Ybrant Technologies IT & ITeS 16.00% 20.00

IDG Ventures India 3D Solid compression Private Limited IT & ITeS N.A. N.A.

Techfarm Ventures IChip Technologies IT & ITeS 100.00% N.A.

ICICI Bank Limited Mascon Global Limited IT & ITeS 5.01% N.A.

Nexus India Capital CE Info Systems Pvt Ltd IT & ITeS N.A. 2.33 Guggenheim Global Infrastructure Company Limited (GGI) - an affiliate of Guggenheim Partners

Vikram Logistic and Maritime Services Pvt Ltd (VLMS) Logistics 33.00% N.A.

Clearstone Venture Partners DGB Microsystems Manufacturing N.A. 5.00 SIDBI Venture Capital DGB Microsystems Manufacturing N.A. 3.50 ICICI Venture Funds Management Limited

Electrotherm (India) Limited Manufacturing N.A. 18.22

AIG Global Investments Avasarala Technologies Manufacturing N.A. 20.00 Reliance Capital Precision Wires Manufacturing 4.12 Lehman Brothers Opto Circuits Manufacturing N.A. 5.02 Alliance Bernstein Opto Circuits Manufacturing 4.73

Bennett, Coleman & Co Ltd

Liberty Whiteware (venture by the Liberty Group) Manufacturing 16.00% 4.65

Blue River Capital Rane Holdings Manufacturing 10.22% 4.70 TVG Capital Partners and CLSA Private Equity Management

Everest Kanto Cylinder Limited. (EKC Limited) Manufacturing N.A. 20.63

GVFL Limited (Gujarat Venture Finance Limited)

Sahajanand Laser Technology Limited (SLTL) Manufacturing N.A. 0.93

Band of Angels (Delhi), Mumbai Angels and other investors Madhouse Media

Media, Entertainment & Publishing N.A. 0.23

Temasek Holdings Tata Sky

Media, Entertainment & Publishing 10.00% 55.56

3i Group UFO Moviez


IDBI Limited B.A.G Infotainment Pvt Ltd




Investment Value in

millions US$

Bank of Baroda B.A.G Infotainment Pvt Ltd


Sameer Gehlaut B.A.G Infotainment Private Limited


3i, Cisco and Oman International Fund (OIF) Nimbus Communications

Media, Entertainment & Publishing N.A. 125

Blackstone group

Eenadu group owned byUshodaya Enterprises Limited (UEL)


Lehman Brothers, Goldman Sachs, CSFB and eight others NDTV Networks


Com Ventures

NDTV Networks Plc (the UK subsidiary of NDTV Limited)


Temasek Holdings, through Dunearn Investments INX Media

Media, Entertainment & Publishing 19.00% N.A.

New Silk Route INX Media


New Vernon Private Equity Fund INX Media


Clearstone Venture Partners and SVB Financial Group Games2Win


Fuse+Media (affiliate of Comventures) India TV


Chrys Capital Hathway Cable


Sherpalo Ventures Prana Studios

Media, Entertainment & Publishing N.A. N.A.

ChrysCapital Hathway Cable


IDG Ventures and SoftBank China & India Holdings Kreeda Games




Investment Value in

millions US$

Helion Venture Partners Mindworks Global Media Services


Ashmore Investment Management Digicable Network


Amwal Al Khaleej

Right Angle Media (the Dubai-based subsidiary of Laqshya Media)


Mahesh Mathai, Srila Chaterjee, Simran Mulchandani, Arun Banerjee and Vishal Aggarwal (Individual Private equity investors) Palador Pictures


Fidelity (FID Funds Ltd) B.A.G Films and Media.


Future Group Percept Holdings


Helion Ventures Pvt Ltd Hurix Systems Pvt


Draper Fisher Jurvetson LiveMedia


DE Shaw Gemini Industries and Imaging


Draper Fisher Jurvetson (DFJ) mGinger


NEA Indo-US ventures mGinger


Indivision Capital (the private equity arm of Biyani’s Future Group) Dish TV


Goldman Sachs Man Industries Metals & Ores 4.00% 3.49

Merrill Lynch International Resurgere Mines & Minerals India Limited Metals & Ores 12.74% N.A.

Indiabulls Capital Services

Indian Petrochemicals Corporation Limited (IPCL) Oil & Gas 1.18% 9.95

Baring Private Equity KS Oil Oil & Gas 7.50% 20.93 CVC KS Oil Oil & Gas 7.50% 20.93



Investment Value in

millions US$ International Finance Corporation (IFC)

Gujarat State Petronet Limited Oil & Gas N.A. 30.00

Global Infrastructure Partners and Zeus Inframanagement

East India Petroleum Limited Oil & Gas 74.00% 116.28

Citigroup Venture Capital International

Shiv-Vani Oil and Gas Exploration Services Oil & Gas 7.00% 23.26

Infrastructure Development and Finance Corporation (IDFC) Andhra Cements Others 6.55% 5.81 Promethean India Fund (the Indian investment arm of Promethean Investments) Nitco Tiles Others 8.50% 6.40Wasserstein Fund Euro Ceramics Others 12.00% 13.95

Helix Investments, Mauritius Mahesh Tutorials Educare Private Limited Others 30.00% 12.00

SAIF Partners Amoha Education Pvt Others N.A. 10.00 Capital18 24×7 Learning Others N.A. 4.00Promethean India Fund (the Indian investment arm of Promethean Investments)

Mahindra Forgings Mauritius Limited Others 10.00% 12.30

B III Capital Partners and B III A Capital Partners Gitanjali Gems Others 2.63% 10.47

Goldman Sachs Investments Shrenuj & Company Ltd Others 3.19% N.A.

UBS Securities Shrenuj & Company Ltd Others 3.09% N.A.

Morgan Stanley & Co International Gitanjali Gems Others

1.65%(Increasing stake to 5.97%) N.A.

Nalanda Capital Pte Ltd. Vaibhav Gems Ltd Others 19.90% 35.00

Citigroup Global Jain Irrigation Others

2.30% (increasing


Reliance Capital BLR India Others 31.00% 11.11 IDFC Private Equity Sical Logistics Limited Others N.A. 25.00 Kotak Mahindra Bank's private equity arm

DRS Logistics Private Limited Others N.A. 22.22

IDFC Private Limited

Delhi Assam Roadways Corporation Limited (DARCL) Others N.A. 10.00

Global Infrastructure Partners (GIP), through its parent International Port Holdings

Chennai Container Terminal Private Limited (CCT) Others 25.00% N.A.


Investment Value in

millions US$

Temasek Holdings First Flight Couriers Limited Others 27.70% 26.50

Credit Suisse Singapore Limited and Macquarie Bank Limited Sical Logistics Limited Others 10.00% 22.88 Global Investment House’s private equity arm

Reach (Cargo Movers) Private. Limited Others N.A. 5.00

Sage Capital Advisors (SCA) Innovative B2B Logistics Solutions Others 8.00% 5.81

Citigroup Venture Capital International SVIL Mines Limited Others 20.00% 34.88 IDG Ventures iViZ Others N.A. 2.50

Blue River Capital International Print-o-Pac (IPP) Others N.A. 12.22

Fidelity International Ess Dee Aluminium Others 5.00% 8.89 Merrill Lynch's principal investment arm


Copal Partners Others N.A. 11.00 Helion Venture Partners Amba Research Others N.A. 10.00 Bennett, Coleman & Company Limited (BCCL) LifeCell Others N.A. N.A. Kuwait-based Noor Financial Investment Company Tops Security Limited Others 5.00% Ikarus Petroleum of Kuwait Tops Security Limited Others 5.00% Kuwait Privatisation Projects Limited Tops Security Limited Others 5.00% ICICI Venture Tops Security Limited Others 13.69% 26.74

Indivision Capital (the private equity arm of Future Capital Holdings) Tops Security Limited Others

2.14% (increasing

stake to 7.08%) 5.81

Daninvest

Avestha Gengraine Technologies Private Limited

Pharma, Healthcare & Biotech 4.00% 5.81

Fidelity International



Groupe Limagrain


Pharma, Healthcare & Biotech N.A. 6.45

Bennett, Coleman & Company Limited (BCCL)


Pharma, Healthcare & Biotech N.A. N.A.

Jacob Ballas Capital

Avestha Gengraine Technologies (Avesthagen)




Investment Value in

millions US$

Jarir India Investments, Kotak India Venture, BL Associates and Mordril Properties

Intas Biopharmaceuticals Limited (IBPL - the biotech company of Intas Pharma)


Blackstone group Vandana Luthra Curls and Curves (VLCC)


Bennett, Coleman and Co (BCCL)

ICRI Research Private (IRL),

Pharma, Healthcare & Biotech 6.25% N.A.

Evolvence India Life Sciences Fund (EILSF)

Bangalore-based contract research organisation


Metdist Group and Trinity Capital

Fortis Healthcare Limited (FHL)


ISP Investco Granules India Limited


Ridgeback Capital Investments Granules India Limited


Citigroup Global Markets Private Limited

SMS Pharmaceuticals Limited


0.95% (Increasing


Trinity Capital Plc Fortis Healthcare Limited


iLabs MedPlus Health Services


McKinsey and Company's investment arm VASCO Fortis Healthcare Limited


ChrysCapital Mankind Pharma


NYLIM (New York Life Investment Management India Fund) India Fund

Avestha Gengraine Technologies (Avesthagen)


International Finance Corporation (IFC), the World Bank's private sector arm Granules India Limited


International Finance Corporation (IFC)

Max Healthcare Institute Ltd (subsidiary of Max India)




Investment Value in

millions US$

ICICI Venture Radiant Research


Acumen Fund Dial 1298 for ambulance


Future Capital Holdings’ private equity arm, Indivision India Partners Global Hospitals


RFCL Limited (an ICICI Venture company) Wipro BioMed


Apax Partners Apollo Hospitals Enterprise Ltd


Indiastar Fund

IOL Chemicals and Pharmaceuticals Ltd (formerly known as Industrial Organics Ltd),


Sequoia Capital India Sai Advantium


Avenue Capital Group Morepen Laboratories


HSBC Asian Ventures Fund 2 Limited (an HSBC PE entity)

Trivitron Medical Systems Private Limited

Pharma, healthcare & Biotech N.A.

ePlanet Ventures Trivitron Medical Systems Private Limited

Pharma, healthcare & Biotech N.A. 10.47

ICICI Venture RG Stone Urological Research Institute


Kubera Cross-Border Fund Limited Ocimum Biosolutions


IDG Ventures India Perfint


Erasmic Venture Fund Perfint


Sequoia Capital GVK Biosciences Private Ltd




Investment Value in

millions US$

Citigroup Venture Capital International (CVCI) Unimark Remedies


International Finance Corporation (IFC), the World Bank's private sector arm

Kanoria Chemicals and Industries

Plastic & Chemicals N.A. 20.00

IDFC Private Equity, GIC Special Investments, CDC Group plc and Infrastructure Development Finance Company (IDFC)

Moser Baer Photo Voltaic (wholly owned subsidiary of Moser Baer ltd)

Power & Energy N.A. 100.00

CLSA Capital Partners Luminous Power Technologies


International Finance Corporation (IFC), the private sector arm of World Bank

Lanco Amarkantak Power (a subsidiary of Lanco Infratech Limited)

Power & Energy 5.84% 8.00

Reliance Capital Victory Transformer Power & Energy 26.00% 17.44

Motilal Oswal Venture Capital IMP Powers Ltd, Power & Energy N.A. 4.42

Goldman Sachs (and GE Power) Sudhir Gensets

Power & Energy 10.00% 100.00

Standard Chartered Private Equity Powerica


3i India Infrastructure Fund Ltd Adani Power Ltd

Power & Energy N.A. 227

Merrill Lynch Vestas RRB Power & Energy N.A. 50.70

Indivision( Future Capital’s private equity arm) Regen Powertech


Old Lane India Opportunities Funds

KVK Energy & Infrastructure Private


GE Energy Financial Services Sayi Power Energy Limited

Power & Energy 26.00% N.A.

UTI Ventures

PESCO BEAM Environmental Solutions Private Limited.


Citigroup Venture Capital International BGR Energy Systems


Reliance Mutual Fund BGR Energy Systems Power & Energy 2.00% 15.07

Notz Stuki Camlin Ltd Printing & Stationary 10.00%

Comgest Growth Plc Camlin Ltd Printing & Stationary 10.00% 4.88



Investment Value in

millions US$

Sequoia Capital Partners Printo Document Services Pvt. Ltd (Printo)

Printing & Stationary N.A. 5.81

Old Lane Mauritius IV Ltd Sical Infra Assets Ltd


HSBC Global Investment Funds

IVRCL Infrastructure & Projects


2.82%(Increasing stake to 5.27%) N.A.

Deutsche Bank and a group of private equity firms

Lodha Group (25 per cent stake in a special purpose vehicle)


IL&FS Investment Managers (IIML)

Ansal Properties and Infrastructure (APIL) SPVs


Samsara Capital LLC IDEB Projects Private Limited


TPG-Axon Capital DivyaSree Developers Private Limited


Och-Ziff Capital Management Group Nitesh Estates


Indivision Capital BE Billimoria


Morgan Stanley Real Estate Oberoi Constructions


Sabre-Abraaj Private Equity Fund I

Ramky Infrastructure Limited


IL&FS Investment Ramky Infrastructure Limited


Citigroup Venture Capital International Mauritius Limited (CVCIML)

Indu Projects Limited (IPL)


Trinity Capital, UK

Manjeera Construction Company Limited (MCCL)

Real Estate & Infrastructure Management 49.00% N.A.

IL&FS Investment Managers (IIML - the private equity arm of IL&FS) QVC Realty


Trinity Capital Plc and IL&FS Investment Managers Limited (IIML) DB Realty Limited. (DBR)




Investment Value in

millions US$

Wachovia Corporation Vipul Limited


IDFC Private Equity Fund II (a fund by IDFC Private Equity & GIC Special Investments)

Quipo Infrastructure Equipment Limited (Quipo)


Nava Bharat Ventures Brahmani Infratech Private Limited


Morgan Stanley & Co International Plc

Ganesh Housing Corp. Ltd


2.89% (Increasing


HDFC India Real Estate Fund Paranjape Schemes


GE Capital Paranjape Schemes


D.E. Shaw DLF Limited


India Equity Partners (IEP) Ocean Sparkle


Citigroup Venture Capital International Growth Funds

Ind Barath Infra Private Limited


Trinity Capital Phoenix Mills


Blue River Capital and Sequoia Capital

KMC Constructions Limited (KMC)


Citigroup Global Markets Mauritius Private Limited Gayatri Projects Limited


1.32% (increasing


Goldmansachs Century Group


GIC Anant Raj Industries




Investment Value in

millions US$

Morgan Stanley Dean Witter Anant Raj Industries


George Soros Fund Anant Raj Industries


Avenue Capital Group SKIL Infrastructure


UTI Ventures Ind Barath Infra Private Limited


Citigroup Venture Capital International (CVCI)

Subhash Projects & Marketing Limited (SPML)


New Opportunities I PCC DLF Assets Private Ltd (DAPL)


New Silk Route Private Equity (NSR-PE) Mauritius Aster Infrastructure


Landmark Land Holdings Safari Retreats Private Limited


Blackstone Group Nagarjuna Construction Company Limited (NCCL)


3unnamed US based private equity funds Indu Projects Ltd


Infinite India Investment Management

Shrachi Developers Private Limited


Infinite India Investment Management

Shrachi Realty Private Limited


Citigroup Property Investors Nitesh Estates


Subhkam Ventures (through its investment entity Subhkam Holding Private Limited)

MSK Projects (India) Limited


15.46% (Increasing

stake to 24.26%) 7.81

IDFC SMS Shivnath Infrastructure Limited




Investment Value in

millions US$

Ishaan Real Estate 8 projects of K Raheja Corp


Bennett, Coleman & Co Ltd (BCCL)

Ritesh Properties & Industries Ltd


Kotak Realty Fund Sunteck Realty


Brahma Investments

Panchkula and Haryana residential project SPV's of DLF Limited


Clearwater Capital Partners

Special Purpose Vehicle by BSEL Infrastructure in an equal joint venture JV with Unity Realty and Kamat Hotels


ICICI Venture Funds Management Company

Jaypee Infratech (subsidiary of the Jaypee Group)


Wachovia Bank Vatika group


Baer Capital Vatika group


Goldman Sach Vatika group


Merrill Lynch & Co 7 Residential Housing Projects of DLF Ltd


Indivision Investment Advisors Ltd (the private equity arm of Future Capital Holdings Ltd - FCH)

Interarch Building Products Pvt Ltd


State Bank of India (SBI), GMR Infrastructure


Canara Bank GMR Infrastructure


George Soros,hedge fund Eton Park Capital,Deutsche Asset Management,Capital International, Citigroup, T Rowe Price, Credit Agricole, UBS and Kotak Mahindra GMR Infrastructure




Investment Value in

millions US$

Yatra Capital Gangetic Developers


Red Fort Capital

Special Purpose Vehicle floated by Indu Projects for a housing project in Hyderabad


Indiareit Fund Advisors

Amsri Group's SPV to develop a mixed-use realty project at Bachpally


Government Investment Corporation of Singapore and Citigroup Venture Capital International

Shapoorji Pallonji's real estate business SPV


Larsen & Toubro (L&T through L&T Infrastructure Finance and L&T Capital), Infrastructure Development and Finance Company (IDFC), Lehman Brothers and Amansa Capital

B Seenaiah & Company Projects (BSCPL)


Bennett, Coleman & Company Limited Archies Retail 3.70% 4.65 Kotak Mahindra Bank Private Equity Group - India Growth Fund

Pantaloon Group's Home Solutions Retail India Limited Retail N.A. 12.00

ADM Capital Brandhouse Retail Retail 10.00% 25.00 Citigroup Venture Capital (CVCI) Primus Retail Retail N.A. 8.00 UTI Ventures Primus Retail Retail N.A. 4.00 Bennett, Coleman and Co. Ltd (BCCL), Nik-Nish Retail Ltd Retail 6.83% N.A. Future Capital (the financial arm of Future Group)

Sankalp Retail Value Stores Retail 28.00% N.A.

Citicorp Venture Capital International

Flemingo Duty Free Shops Private Limited (FDSPL) Retail 15.00% 22.22

Trinity Capital Pipavav Shipyard Limited Shipping & Ports 10.43% 23.11

Government of Singapore Investment Corporation (GIC), T Rowe Price Asia, ICICI Bank and IDFC

Mundra Port & SEZ (MPSEZ)

Shipping & Ports N.A. 120.00

Blackstone Pipavav Shipyard Ltd (PSL)

Shipping & Ports N.A. 50.00

IDFC Private Equity Goodearth Maritime (GML)

Shipping & Ports

15.00 - 20.00% 65.00



Investment Value in

millions US$ LB India Holdings Mauritius and Infrastructure Development Finance Company (IDFC)

Raipur Alloys & Steel Limited Steel 5.41% 19.77

Citigroup Venture Capital International Jai Balaji Industries Steel 11.00% 46.53 India Equity Partners Jai Balaji Industries Steel 4.00% 17.03

Providence Asianet Satellite Communications Telecom N.A. 66.67

Aureos Capital

Ordyn Technologies Private Limited (formerly known as Orion Tele Equipment Private Limited) Telecom N.A. 9.30

India Infoline

Ordyn Technologies Private Limited (formerly known as Orion Tele Equipment Private Limited) Telecom 4.00

Lehman Brothers and Spinnaker Investments Spice Telecom Telecom 20.00% 30.00 NEA-IndoUS Ventures, JAFCO Asia and BTS India Fund

Microqual Techno Private Limited Telecom N.A. 10.00

Temasek Holdings Bharti Airtel Telecom 4.99% 1,906.74 Fortress Capital, HSBC Principal Investments, Galleon Group, New Silk Route, GLG Partners, Quantum Fund (George Soros) and DA Capital

Infrastructure unit of Reliance Communication Ltd Telecom 5.00% 337.50

New York Life Investment and Jacob Ballas Capital Aster Tower Telecom N.A. 35.00 Goldman Sachs Tejas Networks Ltd Telecom N.A. 22.09 Temasek Holdings, The Investment Corporation of Dubai, Goldman Sachs, Macquarie, AIF Capital, Citigroup and India Equity Partners (IEP)

Bharti Infratel (subsidiary of Bharti Airtel Ltd) Telecom 10.00% 1,000.00

Peterson Partners KPR Mills Textiles & Apparels N.A. 3.00

Merrill Lynch Pioneer Embroideries Textiles & Apparels

0.73% (increasing




Investment Value in

millions US$ New Vernon, Blackstone, Fidelity, Genesis Capital, Artis Capital and Liberty International Provogue

Textiles & Apparels N.A. 32.50

Citigroup Global Markets (Mauritius) Private Limited

Bombay Rayon Fashions Limited

Textiles & Apparels 5.12% N.A.

SIDBI Venture Capital & SBI Mudra Lifestyle Limited Textiles & Apparels N.A. 3.20

Passport India Investments (Mauritius) Koutons Retail


Elara Capital Grabal Alok Textiles & Apparels 11.93% N.A.

Bennet, Coleman & Company eYantra Industries Textiles & Apparels N.A. N.A.

FMR Corporation, Fidelity International and their subsidiaries

House of Pearl Fashions India Limited

Textiles & Apparels

1.84% (Increasing


ADM Capital S Kumars Nationwide Limited

Textiles & Apparels 10.00% 82.00

Lotus Global Investment Soma Textiles & Industries Limited

Textiles & Apparels

1.51% (increasing


Avigo Capital Partners Spykar Lifestyle Textiles & Apparels N.A. 5.00

James Wolfensohn's private investment fund FabIndia


CVCIGP II Client Rosehill Limited and their afflitiates

JBF Global Pte Limited (Singapore based subsidiary of JBF Industries Limited)


Baring Private Equity Asia Pratibha Syntex Textiles & Apparels N.A. 20.20

Blackstone Group Gokaldas Exports LimitedTextiles & Apparels 50.10% 110.47

Sonata Investments Limited Grabal Alok Impex Limited

Textiles & Apparels

1.65% (increasing


3i Welspun Gujarat Stahl Rohren Ltd


Bennett, Coleman & Co Ltd. (BCCL) Sleep-ins Apparels

Textiles & Apparels N.A. N.A.


Investment Value in

millions US$ Citigroup Venture Capital International CVCIGP II client Rosehill Limited, Mauritius and their affiliates

JBF Global Pte Limited (Singapore based subsidiary of JBF Industries Limited)


Fidelity Investments International

Transport Corporation of India (TCI) Transportation

7.00% (increasing

stake to 10%) 12.24

Bennett, Coleman & Co Ltd (BCCL)

Travel Masti Holidays Private Ltd

Travel & Tourism N.A. N.A.

Disclaimer: This summary has been prepared from various public sources. The above information is believed to be correct but the firm is not responsible for any error or any decision by the reader based on this information. It should not be relied upon as a substitute for detailed advice and the firm does not accept responsibility for any loss as a result of relying on material contained herein.


Annual Deal Tracker - Third Annual Issue 2007

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