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Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad October, 2015
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  • Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad

    October, 2015

  • 2

    October, 2015

    CONTENTS

    Mergers & Acquisitions 3

    Private Equity 4

    M&A Deals – October 2015 5

    PE Deals – October 2015 6

    Indcap Opportunities 7-8

    Indcap Performance 9

    Markets/ Commodities 9

  • October, 2015

    3

    *An extensive list of M&A and PE deals announced in October 2015 is provided in the subsequent pages

    Swedish contract drug manufacturing firm Recipharm has acquired a 74% equity stake in Nitin Lifesciences, a privately held sterile injectables manufacturing firm for INR 6,700 Mn.

    AntWorks Pte. Ltd., a business process outsourcing and technology company set up by former vice president of Infosys BPO Asheesh Mehra, has acquired US-based Benchmark Systems, a healthcare application service provider, for INR 330 Mn

    Homegrown auto major Mahindra & Mahindra Ltd has sold its entire 71.19% stake in Swaraj Automotives Ltd (SAL) for INR 248 Mn to b4S Solutions.

    Jasper Infotech (P) Ltd., which runs online e-com marketplace Snapdeal, has invested INR 1,310 Mn more in logistics firm QuickDel Logistics (P) Ltd., which runs operations under the gojavas brand

    Travel major Cox & Kings has acquired UK-based hotel booking website LateRooms.com -- owned by Germany-headquartered travel major TUI Group -- for INR 850 Mn

    HCL Technologies, a leading global IT services provider, has acquired Minneapolis-based PowerObjects - a leading North American provider of Microsoft Dynamics CRM, for INR 2,990 Mn

  • October, 2015

    4

    Global private equity firm General Atlantic Singapore Fund acquired 21.61-per cent stake in IIFL Wealth Management, a subsidiary of IIFL Holdings, for an estimated Rs 11,223 Mn

    Green energy producer ReNew Power Ventures (P) Ltd. has raised INR 17,225 Mn in fresh equity from investors, including Abu Dhabi Investment Authority (ADIA).

    *An extensive list of M&A and PE deals announced in October 2015 is provided in the subsequent pages

    Netmeds.com, India Ki Pharmacy, raised INR 3,250 Mn from a group of investors, led by OrbiMed, a healthcare focused investment firm. OrbiMed was joined in the investment by CEO and founder Pradeep Dadha’s family investment fund, and boutique investment bank MAPE Advisory Group.

    Premji Invest, the private equity arm of Wipro Group chairman Azim Premji, has picked up a minority stake in Hygienic Research Institute (HRI), the country's third-largest hair colour maker known for Vasmol and Streax products, for INR 2,145 Mn

    Payment solutions company Citrus Payment Solutions has raised about INR 1,620 Mn in Series C funding from a consortium of new and existing investors, led by Sequoia Capital & Ascent Capital

    Private equity firm Everstone Capital has picked controlling 51 per cent equity stake in Bangalore-based auto ancillary manufacturer SJS Enterprises for about INR 3,500 Mn

  • October, 2015

    5

    Target Buyer Industry Deal Value

    Stake (%) INR in Mn

    Nitin Lifesciences Limited Recipharm AB Pharma 6,700 74

    PowerTeam Inc HCL Technologies Limited IT/ITES/Technology 2,990 N.A

    Quickdel Logistics Private Limited Jasper Infotech Private Limited Transport &

    Logistics 1,310 N.A

    Late Rooms Limited Cox and Kings Limited Travel & Leisure 850 N.A

    Benchmark System Inc Antworks IT/ITES/Technology 330 N.A

    Swaraj Automotives Limited b4s Solutions Private Limited Auto 248 71.2

    Optimum Solutions Singapore Pte Ltd

    ABeam Consulting IT Consulting N.A 25

    Indian Energy Exchange Limited DCB Power Ventures Limited, Kiran Vyapar Limited

    BFSI N.A 11

    Georgia Tea And Coffee Business Hindustan Coca Cola Beverages Private Limited

    Food & Beverage N.A N.A

    EatShopLove Trend West IT/ITES/Technology N.A N.A

    African Tower Assets Eaton Towers Limited Telecom N.A N.A

    Zoyo MagicTiger IT/ITES/Technology N.A N.A

    VBHC Value Homes Private Limited Daiwa House Industry Co Ltd Real Estate N.A N.A

    Spid Info Media Fork Media Private Limited IT/ITES/Technology N.A N.A

    M&A Deals- October 2015

    *INR to USD conversion rate considered at USD 1 = INR 65 N.A. – Not Available

  • October, 2015

    6

    Company Industry Investor Amount

    Stake (%) INR in Mn

    ReNew Power Ventures (P) Limited

    Power Abu Dhabi Investment Authority, Global Environment Fund, Goldman Sachs (Principal Investments)

    17,225 N.A

    IIFL Wealth Management Limited

    BFSI General Atlantic LLC 11,223 21.6

    SJS Enterprises (P) Limited Auto Everstone Capital 3,500 51

    Netmeds Marketplace (P) Limited

    IT/ITES/Technology MAPE Advisory Group, Pradeep Dadha, OrbiMed

    3,250 N.A

    Hygienic Research Institute Private Limited

    Consumer Goods PremjiInvest 2,145 N.A

    Citrus Payment Solutions (P) Limited

    IT/ITES/Technology Sequoia Capital India, Ascent Capital, econtext Asia, Beenos Asia

    1,620 N.A

    Voylla Retail Private Limited IT/ITES/Technology Peepul Capital LLC 975 N.A

    Kurlon Limited Consumer Goods Motilal Oswal Private Equity Advisors (P) Limited

    900 N.A

    Carthero Technologies (P) Limited

    IT/ITES/Technology Nexus India Capital Advisors (P) Limited, Sequoia Capital India

    650 N.A

    Attune Technologies (P) Limited

    IT/ITES/Technology Norwest Venture Partners, Qualcomm Ventures

    650 N.A

    Cryptopy Technologies (P) Limited

    IT/ITES/Technology Kalaari Capital Advisors (P) Ltd., Sequoia Capital India

    650 N.A

    Junior Sports And Services (P) Limited

    Services Gaja Capital Partners 650 N.A

    Razorpay Software (P) Limited

    IT/ITES/Technology Matrix Partners India, Tiger Global Management LLC

    585 N.A

    PE Deals- October 2015

    *INR to USD conversion rate considered at USD 1 = INR 65 N.A. – Not Available

  • October, 2015

    7

    Sector Location Opportunity Brief Key Highlights

    Renewable Energy

    Tamilnadu &

    Karnataka

    The company is involved in power generation through wind turbine generators

    Operating wind turbine generators located in Tamilnadu and Karnataka

    Aggregate-rated generating capacity of 51 MW with an average PLF of 18-20%.

    34 Turbines of 1.5 MW each Date of commissioning- 2009-10

    Diversified Gujarat A Conglomerate having diversified business

    Looking to sell their 300 MW coal based power plant in Maharashtra

    Expected Deal Size- INR 21,000 Mn

    IND

    CA

    P -

    OP

    PO

    RTU

    NIT

    IES

    Sector Location Company Brief Acquisition Criteria

    Chemicals Gujarat The group is engaged into manufacturing of dyes, pigments, caustic etc.

    The company is diversifying into API and is interested in acquiring USFDA approved API Unit.

    Looking for running plant with all USFDA approvals for its API Products

    Acquisition Size

  • October, 2015

    8

    Sector Location Company Brief Acquisition Criteria

    FMCG India The company is engaged in the manufacturing of FMCG products and is exploring to diversify into new businesses.

    In FMCG • Sector includes Personal care products (natural and

    Ayurvedic), Baby Care Products, Vitamins, Minerals & Dietary Supplements (VMS)- Natural & Herbal, Consumer Durables, Food Sector

    • Revenue Size – INR 250 Mn to INR 1000 Mn. • EBIDTA – Should be positive • Scalable Business • Should have regional or Pan India presence

    In Healthcare • Clinical Diagnostics centers, Fertility centre etc.

    In Cement • Cement Grinding unit of about 1.0 mn tonne

    capacity • Sufficient land preferably with railway siding • Location: W.B, Jharkhand, Odisha & Bihar • Captive Limestone mine would be preferred

    Renewable Energy • Solar Power plant with crystalline technology • PPA scheme should be under central Govt. Scheme

    like JNNSM-Batch

    Any new disruptive technology oriented business

    Real Estate

    Gujarat They are a group of ultra HNIs running large chain of multiplexes and hospitality services in Gujarat

    Interested in acquiring 5 Stars Property in Goa, Kerala or any of the metro cities

    Looking for any sizable commercial real estate property fetching good lease rentals

    Looking for IRR of around 12-15%

    FMCG Gujarat The company is a leading player in the Chemicals and Cement business

    The company is looking to acquire large size cement unit having capacity of more than 3.0 mn tonnes

    Preferred Location- Western Part of India Lime reserve and captive power plant associated

    with cement plant would be most preferred

    Diversified

    Gujarat They are a group of ultra HNIs

    Looking to acquire export oriented API or other semi-regulated commodity business

    Location – Western India Expected Deal Size- 1,250 – 1,500 Mn

    IND

    CA

    P-

    OP

    PO

    RTU

    NIT

    IES

  • October, 2015

    9

    Indcap has successfully assisted a leading Tea Company, based out of Kolkata, in Debt Syndication worth INR 149.40 Mn through a Leading Public Sector Bank at highly competitive rates

    INDCAP PERFORMANCE

    Stock Indices Opening

    (1st Oct’15) Closing

    (30th Oct’15) Change %

    Sensex 26,344.19 26,656.83 1.19%

    Nifty 7,992.05 8,065.80 0.92%

    FTSE 6,061.60 6,361.10 4.94%

    Nikkei 17,479.97 19,083.10 9.17%

    Dow Jones 16,278.62 17,663.54 8.51%

    Gold ( INR/10 Grams) 25,744.00 26,461.00 2.79%

    Silver (INR /1 Kg) 34,196.00 36,285.00 6.11%

    USD ($) 65.59 65.42 -0.26%

    Euro (€) 73.46 72.29 -1.59%

    GBP (£) 99.45 100.99 1.55%

    Sources – Global Indices, BSE, NSE, RBI, MCX INDIA

    MA

    RK

    ETS/

    CO

    MM

    OD

    ITIE

    S

  • 10

    Indcap Advisors Pvt. Ltd. Offices

    Kolkata New Delhi Mumbai

    Chitrakoot, Suite # 68, 6thFloor, 230A, A.J.C Bose Road,

    Kolkata – 700 020 Ph. No.:- +91 33 3052 4446 Fax No.:- +91 33 3052 4446

    823, DLF Tower A Jasola District Centre New Delhi – 110 025

    Ph. No.:- +91 11 2694 2340/ 41/ 42

    Suite # 603, 6th

    Floor, Balarama Bandra Kurla Complex, Bandra (E)

    Mumbai – 400 051 Ph No.:- +91 22 3058 4445 Fax No.:- +91 22 3058 4450

    Bangalore Ahmedabad

    223, Embassy Habitat 59, Palace Road

    Bangalore – 560 052 Ph. No.:- +91 96423 21155

    A-707, Infinity Tower Corporate Road, Prahladnagar,

    Ahmedabad – 380 015 Ph. No.:- +91 79 4002 6336

    www.indcapadvisors.com

    Disclaimer

    This document is issued by INDCAP ADVISORS PVT. LTD. The information contained herein is derived from various public documents we believe to be reliable, but which we have not independently verified. INDCAP makes no guarantee as to the accuracy or completeness of this information and is not responsible for errors of transmission of factual or analytical data, nor shall it be liable for damages arising out of any person’s reliance upon this information. The opinions in this document constitute our present judgment, which is subject to change without notice. The document is intended to be distributed in its entirety. No consideration has been given to the particular investment objectives, financial situation or particular needs of any recipient. Unless governing law permits otherwise, you must contact a INDCAP member in your home jurisdiction if you wish to use INDCAP services in effecting a transaction in any investment mentioned in this document. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of INDCAP.