Deal Tracker Vol I 07
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Dealtracker… Providing business owners and managers with M&A market insight Volume I 2007 M&A – 2007 ACTIVITY © Grant Thornton 2007 Table 1:Year wise details on M&A value in Commodities ($ Bn) Commodities % of Total Deal Value 2005 3.7 25% 2006 3.5 20% 2007 (Jan-Feb) 20.9 57% We welcome our readers to the first issue of Dealtracker in 2007. We believe that the year is going to see high levels of action in both M&A and private equity. The M&A activity in the year 2007 has started with a significant momentum with a total value of about USD 37 billion, which is close to twice the deal value for the full year 2006. This has been primarily achieved with some high value M&A deals in commodities (especially metals) and telecom. In our earlier Dealtracker issues in 2005 & 2006, we had covered analyses of several sectors in the new economy as Information Technology, Business Process Outsourcing and Telecom. We are recently seeing significant growth in M&A activity in the commodities space. In this issue, we have analysed M&A deals in commodities sector over the last 26 months since January 2005. Table 2 – Sub classification of Commodity sector ($ Million) 2005 2006 2007 Total - 26 months Value % Value % Value % Value % Energy and oil & gas 2,652.78 57.14% 2,296.56 36.75% 840.75 0.62% 5,790.09 20.55% Steel 969.34 26.11% 49.21 1.40% 13,688.19 65.34% 14,706.74 52.20% Cement 4.75 0.13% 958.29 27.30% 0 0.00% 963.04 3.42% Other Metals 0 0.00% 0 0.00% 6,060.52 28.93% 6,060.52 21.51% Others 85.81 2.31% 205.98 5.87% 360.89 1.72% 652.68 2.32% 3,712.68 3,510.04 20,950.35 28,173.07 M&A IN COMMODITIES SECTOR The Indian Commodities sector comprises segments including agro-products, oil & gas, energy, cement, steel, aluminium & other metals, coal etc. The growth in this sector is determined by factors such as economic growth, international commodity prices, exports, infrastructure growth, low cost of manufacturing, cheap and abundant labor, etc. In the recent past, this sector has started seriously adopting the strategy of establishing a global footprint through inorganic growth in order to achieve higher capacity over a very short period of time. Year on year comparison of M&A deals in commodities sector as given in the Table 1 shows an increase in deals in this sector. The trend to use acquisition (especially high value deals) as a growth strategy has started in 2006 and some of them have materialized in early 2007. The deal value in the commodity sector has increased from $ 3.7 billion in 2005 to about $ 21 billion in the first two months of 2007 (Ref: Table 1). The increase has been from a handful of high value deals rather than a general growth in the number of deals. Steel has been the sector garnering the maximum share of value at 52% (Ref: Table 2) and most of it is from a single deal – Tata Steel’s acquisition of Corus – which is also corporate India’s largest acquisition so far. The second position is occupied by “other metals” at 21.5%, again, primarily contributed by a single deal – Hindalco’s acquisition of Novelis. It is followed by energy and oil & gas sector accounting for over 20% of the deal value. TOP DEALS - COMMODITIES SECTOR The top 5 M&A deals in commodities sector in 2006 and 2007 are provided in Table 3. Though most of these top deals are outbound deals there were some large inbound deals as well. Recently, we are seeing outbound deals much larger in number and value compared to inbound deals. The rationale for inbound deals such as Holcim’s investment in Gujarat Ambuja and Ambuja Cements (inbound deals) were to expand capacity by acquiring companies in India with higher margins at attractive valuations. The key rationale for outbound deals have been to make significant strides in the international market by making high value acquisitions. It is notable that in most of these large deals, the acquirer has bought companies with values larger their own revenues. Tata Steel’s acquisition of Corus was valued at $ 13 billions while Tata Steel’s current revenue is about $ 4 billion. The acquisition has enabled Tata Steel to move from the 56 th position to the 5 th position in the international steel industry. Similarly, Hindalco’s acquisition of Novelis was valued at $ 6 billion while Hindalco’s revenues are about $ 4 billion. Novelis processes around 3 million tonnes of aluminium a year, has a wide international distribution network and is a market leader
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Transcript of Deal Tracker Vol I 07
Dealtracker… Providing business owners and managers with M&A market insight
Volume I 2007
M&A – 2007 ACTIVITY
© Grant Thornton 2007
Table 1:Year wise details on M&A value in Commodities ($ Bn)
Commodities % of Total Deal Value
2005 3.7 25% 2006 3.5 20% 2007 (Jan-Feb) 20.9 57%
We welcome our readers to the first issue of Dealtracker in 2007. We believe that the year is going to see high levels of action in both M&A and private equity. The M&A activity in the year 2007 has started with a significant momentum with a total value of about USD 37 billion, which is close to twice the deal value for the full year 2006. This has been primarily achieved with some high value M&A deals in commodities (especially metals) and telecom. In our earlier Dealtracker issues in 2005 & 2006, we had covered analyses of several sectors in the new economy as Information Technology, Business Process Outsourcing and Telecom. We are recently seeing significant growth in M&A activity in the commodities space. In this issue, we have analysed M&A deals in commodities sector over the last 26 months since January 2005.
Table 2 – Sub classification of Commodity sector ($ Million) 2005 2006 2007 Total - 26 months Value % Value % Value % Value % Energy and oil & gas 2,652.78 57.14% 2,296.56 36.75% 840.75 0.62% 5,790.09 20.55%Steel 969.34 26.11% 49.21 1.40% 13,688.19 65.34% 14,706.74 52.20%Cement 4.75 0.13% 958.29 27.30% 0 0.00% 963.04 3.42%Other Metals 0 0.00% 0 0.00% 6,060.52 28.93% 6,060.52 21.51%Others 85.81 2.31% 205.98 5.87% 360.89 1.72% 652.68 2.32% 3,712.68 3,510.04 20,950.35 28,173.07
M&A IN COMMODITIES SECTOR The Indian Commodities sector comprises segments including agro-products, oil & gas, energy, cement, steel, aluminium & other metals, coal etc. The growth in this sector is determined by factors such as economic growth, international commodity prices, exports, infrastructure growth, low cost of manufacturing, cheap and abundant labor, etc. In the recent past, this sector has started seriously adopting the strategy of establishing a global footprint through inorganic growth in order to achieve higher capacity over a very short period of time. Year on year comparison of M&A deals in commodities sector as given in the Table 1 shows an increase in deals in this sector. The trend to use acquisition
(especially high value deals) as a growth strategy has started in 2006 and some of them have materialized in early 2007. The deal value in the commodity sector has increased from $ 3.7 billion in 2005 to about $ 21 billion in the first two months of 2007 (Ref: Table 1). The increase has been from a handful of high value deals rather than a general growth in the number of deals. Steel has been the sector garnering the maximum share of value at 52% (Ref: Table 2) and most of it is from a single deal – Tata Steel’s acquisition of Corus – which is also corporate India’s largest acquisition so far. The second position is occupied by “other metals” at 21.5%, again, primarily contributed by a single deal – Hindalco’s
acquisition of Novelis. It is followed by energy and oil & gas sector accounting for over 20% of the deal value. TOP DEALS - COMMODITIES SECTOR The top 5 M&A deals in commodities sector in 2006 and 2007 are provided in Table 3. Though most of these top deals are outbound deals there were some large inbound deals as well. Recently, we are seeing outbound deals much larger in number and value compared to inbound deals.
The rationale for inbound deals such as Holcim’s investment in Gujarat Ambuja and Ambuja Cements (inbound deals) were to expand capacity by acquiring companies in India with higher margins at attractive valuations. The key rationale for outbound deals have been to make significant strides in the international market by making high value acquisitions. It is notable that in most of these large deals, the acquirer has bought
companies with values larger their own revenues. Tata Steel’s acquisition of Corus was valued at $ 13 billions while Tata Steel’s current revenue is about $ 4 billion. The acquisition has enabled Tata Steel to move from the 56th position to the 5th position in the international steel industry. Similarly, Hindalco’s acquisition of Novelis was valued at $ 6 billion while Hindalco’s revenues are about $ 4 billion. Novelis processes around 3 million tonnes of aluminium a year, has a wide international distribution network and is a market leader
Table 3 – Top 5 deals in Commodities sector in 2006 and 2007
Acquirer Target Sector
Acquisition (Mn US $)
% Stake Bought
2006 Holcim Gujrat Ambuja Cements Ltd. Cement 470.00 14.80%Essar group Essar Oil Limited Oil & gas 760.81 66.88%Aban Lloyd Chiles Offshore Limited Sinvest ASA Oil & gas 446.00 33.76%Chevron Corporation Reliance Petroleum Limited Oil & gas 300.00 5.00%Oil and Natural Gas Corporation (through ONGC Videsh Limited) Omimex de Columbia Oil & Gas 425.00 50.00% 2007 Hindalco Industries Novelis Inc Aluminium 6,000.00 AcquisitionRain Commodities GLC Carbon Canada Inc Commodities 360.89 73.56% Holcim Ambuja Cement India Limited Cement 117.00 11.00%
Mittal Investments Guru Gobind Singh Refineries Ltd (GSSRL - HPCL's Bhatinda Refinery) Oil & Gas 711.11 49.00%
Tata Steel Corus Steel 13,650.00 Acquisition
© Grant Thornton 2007
in the flat rolled product segment with 19% market share. One of the reasons for such high value deals is the tremendous increase in confidence and support shown by banks and financial institutions in these Indian companies. Many of the large outbound acquisitions are leveraged buyouts. We believe that several other Indian companies in the steel, metal, energy and other sectors are exploring large international acquisitions. We expect to see more activity in M&A in the commodity sector in the current year and moving forward.
Sectorwise Break up- M&A deals by value Jan-Feb 2007
IT & ITeS2% Oil & Gas
2% Others4%
Aluminium16%
Telecom35%
Steel37%
Construction4%
Sectorwise Break up- PE deals by value Jan-Feb 2007
IT & ITeS24%
Automotive3%
Banking & Financial Services
14%
Hotel5%
Others9%
Telecom3%
Real Estate & Infrastructure Management
20%
Media & Entertainment
22%
FIRST TWO MONTHS IN 2007 M&A DEALS There were 102 M&A deals with a total value of about $ 36.80 billion in January and February 2007 as against 480 deals with a value of $ 20.30 in 2006. Of these, the number of domestic deals has been 41 with a value of $ 0.62 billion. The number of inbound cross border deals has been 21 with a value of $ 15.18 billion and the number of outbound cross border deals was 40 with a value of $ 21 billion. There have been some significant outbound acquisitions by Indian companies in the first 2 months of 2007, the largest being the Tata-Corus deal. Tata Steel has announced acquisition of the Anglo-Dutch steel maker Corus for $ 13.65 billion. The other significant outbound deals during the last two months have been Hindalco’s acquisition of Novelis and Aban Lloyd’s stake in Sinvest. The most
significant inbound deals during the last 2 months have been Vodafone’s acquisition of Hutch’s stake in Hutchinson Essar and Mittal Investments stake in Guru Gobind Singh Refineries. PRIVATE EQUITY There have been 74 private equity deals during the first 2 months of 2007 with an announced value of $ 2.19 billion. A list of M&A and private equity deals for the first two months in 2007 are provided in the following pages.
SECTORAL BREAK UP OF M&A AND PRIVATE EQUITY DEALS IN JANUARY AND FEBRUARY 2007 The graphs below represent the range of sectors in which investments have been made through strategic M&A and private equity respectively in January and February 2007. The sectors garnering the maximum investment for this period in M&A is Steel sector with 37% and Telecom with 35%. The other key sectors getting a significant share in M & A is Aluminium with the single largest deal of Hindalco’s acquisition of Novelis.
ABOUT GRANT THORNTON
© Grant Thornton 2007
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 and Chennai 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 (Family Business
Consulting)
We would be delighted to receive your feedback! Harish H V Partner – Corporate Finance E [email protected] M +91-9900112127 Pankaj Karna Partner – Corporate Finance & Head of M&A E [email protected] M +91-9810034213 C.G.Srividya Vice President – Corporate Finance E [email protected] M 91-9845249399
© Grant Thornton 2007
I. Domestic Deals
Acquirer Target Sector Acquisition
price in million US $
Deal Type %
Stake Bought
JANUARY Pioneer Investcorp Limited
Infinity.Com Financial Securities Limited
Banking & Financial Services N.A Majority Stake 51.00%
Cosmos Co-operative Bank
Manasa Co-operative Bank
Banking & Financial Services N.A Merger N.A
Shiva Fertilizers Limited
Parvati Fertilizers Limited Chemicals N.A Merger N.A
Pidilite Industries Limited
Pagel Concrete Technologies Pvt. Ltd. Chemicals N.A Majority Stake 75.00%
VIP Industries Ltd. Blow Plast Limited FMCG N.A Merger N.A Champagne Indage Limited
Seabuckthorn Indage Limited (SIL) Food & Beverages N.A Majority Stake 52.63%
GL Hotels Limited Kwality Resorts and Hospitality Hospitality 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
JK Cement Limited Nihon Nirmaan Limited Manufacturing
9.33 Acquisition Nicholas Piramal India Limited’s diagnostic lab chain Wellspring Jhankaria Imaging
Pharma & Healthcare N.A Majority Stake 70.00%
Ranbaxy Laboratories Limited
Krebs Biochemicals & Industries Ltd
Pharma & Healthcare
88.04 Minority Stake 14.90%
DMC International Limited Jaaydaad.com
Real Estate & Infrastructure Management
0.89 Minority Stake 10.00%
The Aditya Birla group
Trinethra Super Retail Limited Retail N.A Acquisition
Tata Steel Rawmet Ferrous Industries Steel
9.18 Acquisition
Bharti Airtel Network i2i Telecom
110.00 Increasing stake to 100% 50.00%
S.Kumars Nationwide Limited
Brandhouse Retails Limited (BHRL)
Textile & Apparels
2.88 Acquisition
Goa Carbon Limited Paradeep Carbons Ltd Oil & Gas N.A Merger N.A A K Capital Services Limited
A K Capital Retail Limited Retail N.A
Increasing stake to 100% 60.00%
Alembic India Limited
domestic non-oncology formulation business of Dabur Pharma
Pharma & Healthcare 35.33 Acquisition
© Grant Thornton 2007
Acquirer Target Sector Acquisition
price in million US $
Deal Type %
Stake Bought
FEBRUARY
Behr India Limited Anand Automotive Systems Automotive
17.00 Strategic Stake 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
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
Rain Commodities Rain Calcining Ltd Cement N.A. Merger N.A.Revathi Equipment Limited
Potential Service Consultants Pvt. Ltd. Engineering
6.67 Minority Stake 40.00%
VVF Limited Colgate plant in Kansas FMCG N.A. Acquisition 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
Increasing stake to 60% 29.50%
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
0.59 Minority Stake 17.94%
GMR Hyderabad International Airport Ltd (a unit of GMR Infrastructure Limited)
Cadence Cargo Private Limited Logistics N.A. Majority Stake 51.00%
SAAG RR Infra Techni Bharathi Ltd
Real Estate & Infrastructure Management N.A. Majority Stake 60.00%
Chiripal Group Arunodaya Mill Textiles & Apparels
7.78 Acquisition
Krishna Glass Pvt. Ltd
Soma Textiles & Industries Ltd
Textiles & Apparels N.A.
Increasing stake to 14.53% 11.20%
Indian Tourism Infrastructure Ltd (ITIL)
Gem Tours & Travels Pvt Ltd Tours & Travels
88.89 Acquisition
II. Cross Border Deals - Outbound
Acquirer Target Sector Acquisition
price in million US $
Deal Type %
Stake
JANUARY Setco Automotive (through Setco’s UK subsidiary Setco Automotive N.A. Inc)
Haldex Brake Products Corporation Automotive
4.90 Acquisition
© Grant Thornton 2007
Acquirer Target Sector Acquisition
price in million US $
Deal Type %
Stake
Aban Offshore (through its Singapore-based subsidiary Aban Singapore Pte Limited) Sinvest ASA Energy
128.89
Increasing stake to 50.01% 10.01%
VVF Limited Teo Corp FMCG N.A Acquisition ORG Informatics Ltd DGIT Solutions IT & ITeS N.A Acquisition
i-flex solutions Limited Capco Capital Markets Company Pte Ltd IT & ITeS N.A Acquisition
Firstsource Solutions Ltd. BPM Inc IT & ITeS N.A Acquisition Teledata Informatics Ltd. Soltius Pte. Limited IT & ITeS
45.00 Acquisition
SubexAzure Limited Syndesis Limited IT & ITeS 164.50 Acquisition Action Construction Equipment Limited Romanian company Manufacturing
2.15 Majority Stake 74.00%
Dabur Pharma Limted Biosciences Co Ltd. Pharma & Healthcare N.A Acquisition
NatSteel Asia NatSteel (Xiamen) Steel 19.36 Majority Stake 50.00%
NatSteel Asia NatSteel Trade International Steel
6.54 Stake 40.00%
NatSteel Asia NatSteel Vina Steel
3.11 Increasing
stake to 56.5% 22.60%Kavveri Telecom Products Limited Til-Tek Antenna Inc Telecom
2.50 Acquisition
Himatsingka Seide Giuseppe Bellora SpA Textiles & Apparels N.A Majority Stake 70.00%
Tata Steel Corus Steel 13,650.00 Acquisition
Exim Bank of India Gulf Jyoti International LLC Power
0.75 Minority Stake 10.00%
TopsGrup UK based security company Security
130.00 Acquisition
Acquirer Target Sector Acquisition
price in million US $
Deal Type % Stake
FEBRUARY Joint venture of Strides Arcolab and Iceland based Invent Farma Farma Plus
Pharma & Healthcare N.A. Acquisition
Varroc group Imes SpA Automotive N.A. Acquisition Suzlon Energy
Limited REpower Systems AG Power & Energy N.A. Acquisition
GHCL Limited Best Manufacturing Group
Textiles & Apparels 35.00 Acquisition
Hindalco Industries Novelis Inc Aluminum N.A. Acquisition Jain Irrigation Systems Limited Aquarius Brands Inc Manufacturing 21.50 Acquisition
Greaves Cotton Limited
Bukh-Farymann Diesel GmbH (Bukh-Farymann) Automotive 5.59 Acquisition
© Grant Thornton 2007
Acquirer Target Sector Acquisition
price in million US $
Deal Type % Stake
Nuova Renopress Metals Acquisition Endurance Technologies Private Limited Amann Druckguss Metals
60.52 Acquisition
Ybrant Technologies AdDynamix IT & ITeS 10.00 Acquisition 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
Aban Offshore Sinvest Oil & Gas N.A. Increasing stake to 97% 57.00%
Moser Baer India Limited
Optical Media and Technology (OM&T) B.V. Electronics N.A. Majority Stake 80.00%
Rain Commodities GLC Carbon Canada Inc Commodities
360.89 Majority Stake 73.56%
Valecha Engineering Limited
Koon Holdings Limited
Real Estate & Infrastructure Management N.A. Majority Stake 60.00%
Reliance Life Sciences GeneMedix Plc Pharma & Healthcare
28.80 Majority Stake 74.00%
Gitanjali Gems Limited (through its subsidiary Gitanjali USA Inc)
Tri-Star Worldwide LLC Gems & Jewelry N.A. Majority Stake 70.00%
Teledata Informatics Ltd eSys Technologies IT & ITeS 105.00 Majority Stake N.A. Bombay Rayon Fashions Ltd DPJ Clothing Ltd
Textiles & Apparels
2.90 Majority Stake 70.00%
Autoline Stokota Automotive
14.84 Majority Stake 51.00%
III. Cross Border Deals – Inbound
Acquirer Target Sector Acquisition
price in million US $
Deal Type % Stake
JANUARY The European Bank for Reconstruction & Development Zao Srei Leasing
Banking & Financial Services
8.89
Minority Stake 15.00%
UBS Global Asset Management
Standard Chartered Asset Management Company
Banking & Financial Services
117.78 Acquisition
Annabelle Ambur-based sick leather footwear unit FMCG
1.02 Acquisition
GCI Solutions Private Ltd IVL India IT & ITeS N.A Acquisition The Star group & India Value Fund
Music Broadcast Pvt Ltd
Media & Entertainment N.A
Minority Stake 20.00%
Acquirer Target Sector Acquisition
price in million US $
Deal Type % Stake
FEBRUARY
EMC Corporation Valyd Software Private Limited IT & ITeS N.A. Acquisition
Vodafone Hutchison Essar Telecom
12,596.00 Majority Stake 67.00%
Orkla MTR Foods Food & Beverages
100.00 Acquisition Daewoo Motor's India Factory Crosslinks Finelease Automotive
170.00
Acquisition (asset sale)
Actavis Group
Active Pharmaceutical Ingredient(API) - [division of Sanmar Specialty Chemicals, subsidiary of the Chennai based Sanmar Group]
Pharma & Healthcare N.A. Acquisition
Oracle Corporation i-Flex IT & ITeS N.A.
Increasing stake to 82.92% 28.03%
Encora Group Meritos Technologies IT & ITeS N.A. Merger Pioneer Global Asset Management (part of Italian banking group Unicredito)
BOB Asset Management Limited
Banking & Financial Services N.A. Majority Stake 51.00%
Gestamp Servicios SL
Automotive Stampings & Assemblies Ltd (subsidiary of Tata AutoComp Systems Ltd - TACO) Automotive N.A. Stake 37.50%
Collins Stewart Inga Advisors Private Ltd
Banking & Financial Services N.A. Majority Stake 50.00%
Mittal Investments
Guru Gobind Singh Refineries Ltd (GSSRL - HPCL's Bhatinda Refinery) Oil & Gas
711.11 Stake 49.00%
Sony Pictures Imageworks (SPI)
FrameFlow - Imageworks India IT & ITeS
5.00 Majority Stake 51.00%
Volvo Construction Equipment (CE)
Ingersoll Rand's Road development division Construction
1,300.00 Acquisition
Holcim Ambuja Cement India Limited (ACIL) Manufacturing
117.00
Increasing Stake to 78% 11.00%
Incap Corporation TVS Electronics's Tumkur unit Manufacturing N.A. Acquisition
Hershey Godrej Beverages & Foods Food & Beverages
54.00 Majority Stake 51.00%
© Grant Thornton 2007
Private Equity Deals
Investors Investee Sector % stake Investment
Value in millions US$
JANUARY
Morgan Stanley Core Projects and Technologies Limited IT & ITeS 4.03%
3.53
Deutsche Bank Core Projects and Technologies Limited IT & ITeS 2.59%
2.27
Grants Investments Core Projects and Technologies Limited IT & ITeS 3.46%
3.03
Band of Angels (Delhi), Mumbai Angels and others Madhouse Media
Media & Entertainment N.A
0.23
Bennett, Coleman & Company Limited LifeCell Scientific Research N.A N.A
Indivision Capital BE Billimoria
Real Estate & Infrastructure Management 26.00%
16.67
Government of Singapore Investment Corporation (GIC), Galleon Partners & other financial investors Edelweiss Capital
Banking & Financial Services 20.00%
90.00
Metavante Firstsource Solutions Limited
Banking & Financial Services 14.00% N.A
Galleon Partners Firstsource Solutions Limited
Banking & Financial Services 5.84% N.A
ICICI Venture Funds Centurion Bank Of Punjab
Banking & Financial Services 5.32%
40.89
Temasek Holdings Tata Sky Media & Entertainment 10.00%
55.56
Helion Venture Partners Gridstone Research Research N.A N.A Merrill Lynch Pioneer Embroideries Textiles & Apparels 0.73% N.A
NYSE Group National Stock Exchange Banking & Financial Services 5.00%
115.00
Goldman Sachs National Stock Exchange Banking & Financial Services 5.00% N.A
Softbank Asian Infrastructure Fund National Stock Exchange
Banking & Financial Services 5.00% N.A
General Atlantic National Stock Exchange Banking & Financial Services 5.00% N.A
3i Group UFO Moviez Media & Entertainment N.A
22.00
IDBI Limited BAG Infotainment Pvt Ltd
Media & Entertainment 10.00%
0.45
Bank of Baroda BAG Infotainment Pvt Ltd
Media & Entertainment 10.00%
0.45
SAIF Partners Asian Dhall Industries Limited Food & Beverages N.A
8.00
Metdist Group and Trinity Capital
Fortis Healthcare Limited (FHL)
Pharma & Healthcare N.A
12.44
Oak Hill Capital Partners,GenNx360, Knox Lawrence International
Vertex Data Science Limited IT & ITeS N.A
426.20
© Grant Thornton 2007
Investors Investee Sector % stake Investment
Value in millions US$
Xilinx Inc CG CoreEL IT & ITeS N.A N.A
Sameer Gehlaut B.A.G Infotainment Private Limited
Media & Entertainment 25.00%
5.70
Citigroup Venture International Growth Partnership Mauritius ICSA India Limited IT & ITeS 14.00%
30.00
Goldman Sachs ICSA India Limited IT & ITeS N.A
22.00 Mayfield Tejas Networks IT & ITeS N.A N.A
Mayfield Seedfund Banking & Financial Services N.A N.A
Sierra Ventures Seedfund Banking & Financial Services N.A N.A
Norwest Venture Partners, CIBC Capital & DA Capital Adventity
Banking & Financial Services N.A
20.00
New York Life Investment Management India Fund Trianz IT & ITeS N.A
14.00
Blue River Capital International Print-o-Pac Packaging N.A 12.22 3i, Cisco and Oman International Fund (OIF) Nimbus Communications
Media & Entertainment N.A
125.00
Morgan Stanley Real Estate Oberoi Constructions
Real Estate & Infrastructure Management 10.70%
150.00
Sabre-Abraaj Private Equity Fund I
Ramky Infrastructure Limited
Real Estate & Infrastructure Management 8.10%
16.67
IL&FS Investment Ramky Infrastructure Limited
Real Estate & Infrastructure Management 5.40%
11.11
Citigroup Venture Capital International Mauritius Limited (CVCIML)
Indu Projects Limited (IPL)
Real Estate & Infrastructure Management 9.00%
33.33
CLSA Capital Partners Sanghvi Movers Automotive 10.92%
16.13
Reliance Capital BLR India Logistics 31.00%
11.11 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
Blackstone group
Eenadu group owned byUshodaya Enterprises Limited (UEL)
Media & Entertainment 26.00%
275.00
Blackstone group Vandana Luthra Curls and Curves (VLCC) Healthcare 22.00%
22.00
Daninvest Avestha Gengraine Technologies Pvt Ltd Biotech 4.00%
5.81
© Grant Thornton 2007
Investors Investee Sector % stake Investment
Value in millions US$
Fidelity International Avestha Gengraine Technologies Pvt Ltd Biotech 10.00%
12.90
Groupe Limagrain Avestha Gengraine Technologies Pvt Ltd Biotech N.A
6.45
Bennett, Coleman & Company Limited
Avestha Gengraine Technologies Pvt Ltd Biotech N.A N.A
Trinity Capital, UK Manjeera Construction Company Limited
Real Estate & Infrastructure Management 49.00% N.A
Clearstone Venture Partners DGB Microsystems Manufacture N.A
5.00 SIDBI Venture Capital DGB Microsystems Manufacture N.A 3.50
Trinity Capital Pipavav Shipyard Limited Shipping 10.43%
23.11
California & Hong Kong based venture groups Q-Tech IT & ITES N.A
2.50
Bennett, Coleman & Company Limited SatNav Technologies IT & ITES N.A N.A Nederlandse FinancieringsMaateschappijvoor Ontwikkelingsladen NV Bellwether Microfinance
Banking & Financial Services N.A
2.40
Investors Investee Sector % stake Investment
Value in millions US$
FEBRUARY
JM Financial India Fund International Tractors Limited (ITL) Automotive N.A.
27.78
JM Financial India Fund Sona Group Automotive N.A.
26.67 BNP Paribas Arbitrage Fund Spicejet Aviation 5.43% 15.11
FMO Bellwether Microfinance Fund
Banking & Financial Services 18.60%
2.40
Deutsche Borse AG Bombay Stock Exchange Limited
Banking & Financial Services 5.00%
42.00
Halbis Capital Management (part of HSBC Global Investment Funds - Mauritius) Ruchi Soya Industries FMCG 2.89% N.A.Citigroup Property Investors (CPI)
Nitesh Estates' luxury hotels Hotel N.A.
120.00
Citigroup Global Jain Irrigation Irrigation 2.30%(increasing
stake to 6.00%) N.A.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 IT & ITeS 5.00% N.A.
Evolvence India Life Sciences Fund (EILSF)
Bangalore-based contract research organisation
Pharma & Healthcare N.A.
10.00
© Grant Thornton 2007
Investors Investee Sector % stake Investment
Value in millions US$
IL&FS Investment Managers (IIML)
Ansal Properties and Infrastructure (APIL) SPVs
Real Estate & Infrastructure Management 49.00%
28.89
Samsara Capital LLC
IDEB Projects Private Limited
Real Estate & Infrastructure Management N.A.
32.00
TPG-Axon Capital DivyaSree Developers Private Limited
Real Estate & Infrastructure Management Minority stake
100.00
Och-Ziff Capital Management Group Nitesh Estates
Real Estate & Infrastructure Management 25.00%
51.00
Providence Asianet Satellite Communications Telecom Minority Stake
66.67
Peterson Partners KPR Mills Textiles & Apparels N.A.
3.00
© Gra
Disclaimer: This summary has been prepared from various public sources for the exclusive use of clients and staff of Grant Thornton and of other Grant Thornton member firms. 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.
nt Thornton 2007
