India Weekly Newsletter 22nd August-28th August

8/4/2019 India Weekly Newsletter 22nd August-28th August

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V olum e 9 9, August 2 9 th, 2011

For the period August 22 , 2011 to August 28 , 2011


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Content Pages

Mergers & Acquisitions News 3-5

Mergers & Acquisitions Deals 6-7

Private Equity News 7-9

Private Equity Deals 9-10

Venture Capital News 10-10

Venture Capital Deals 10-11

TOD's Hong Kong Ltd Restructuring IndianJoint Venture(3)

Nilon's To Acquire Regional Food ProcessorsTo Expand Product Portfolio(3)

Wadias To Sell BCL Springs To Japans NHKSpring For Rs 200 cr(4)

GVK Acquires Additional 14% In BIAL(5)

Tata Chemicals Raising Stake in CanadasEPM Mining(5)

Blackstone Buys More Stake In Monnet IspatFor Rs 75 cr(6)

Spicejet To Raise Funds From TPG ForAircraft Acquisition(7)

Carlyle Group To Invest $26 mn In Jerry Raos

Value & Budget Housing(8)Axis PE To Exit Vishwa Infra & CorrtechInternational(8)

Multiples Invests In Oilfield Equipment Maker-Sara Sae(9)

Impresario Raises Rs 48 cr From MirahHospitality, Beacon India (9)

IIT-Bombay Education Start-up InOpen Raises

$0.5 mn(10)

Nexus Venture Partners Leads $12 mn SeriesB Round In Druva(11)

Highlights


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Sanofi May Acquire Majority Stake In Universal Medicare

Sanofi Aventis may acquire a majority stake or key brands of nutraceuticals maker - Universal

Medicare. The deal if goes through will value the Seacod oil maker at Rs 450 cr (4.5 times the

revenue). Mumbai based Universal Medicare makes a number of OTC products to treat

osteoporosis and arthritis. Its product portfolio includes brands like SeaCod, Aminofit, Estovon

and Multivite Gold among others.

TOD's Hong Kong Ltd Restructuring Indian Joint Venture

The Italian luxury shoe and clothing brand has changed its joint venture partner in India with the

exit of Bhukhanvala Holdings as a joint venture partner. TODs in India will now have a new joint

venture partner, Ekta K. Securities & Investment Private Limited. Tod's had entered in India

through a 51:49 joint venture with Bhukhanvala Holding Pvt. Ltd in year 2007. Bhukhanvala

subscribed to 49% stake for Rs. 5.5 cr and exit has been valued at nearly $3.85 million (Rs.

17.3 crore). Ekta K. Securities a Mumbai based Company is the new joint venture partner by

way of transfer of share. Additionally TOD's has paid some consideration to Bhukhanwala for

the exit. Bhukhanvala group has presence in multiple businesses in tech, real estate & financial

sector. TODS S.P.A. creates, produces, and distributes shoes, leather goods and accessories,

and apparel products. It provides shoes and leather goods under the Tod's, Hogan, and Roger

Vivier brand names; shoe collections for women, men, and children under the Hogan brand; and

casual wear, including seasonal men's, women's, and junior's collections under the Fay brand.

Takeda May Acquire Lupin's Domestic Formulations Business

Japan's largest pharma company-Takeda may acquire the pharma businesses of either Lupin or

Cipla. The deal with Lupin seems more likely as the promoters of the company have shown

interest in selling the domestic formulations business in the recent past. Takeda is Japan's

largest company by sales and is searching for overseas acquisitions as it faces pricing

pressures from its core domestic market and specific threats to future sales with the expiry of

patents on leading products including Actos for diabetes and Prevacid for ulcers. It has more

than Y860 Bn in cash and is open to raising debt to fund overseas acquisitions. Takeda isacquiring Swiss drugmaker Nycomed at a valuation of about $14bn.

Nilon's To Acquire Regional Food Processors To Expand Product Portfolio

Pune based processed food maker - Nilon's Enterprises is planning to expand it's product

portfolio through acquisitions. The company is in talks with banks like SBI, HDFC and Axis for a

fund of about Rs 400 cr to fund the acquisitions. Nilon's is also merging its group firm Deepak

Mergers & Acquisitions News


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Foods with another group firm - Sanghavi Foods Pvt Ltd. The product portfolio of company

includes pickles, papads, tooty-fruity, sauces, vermicelli, macaroni, tomato ketchup and jams.

Wadias To Sell BCL Springs To Japans NHK Spring For Rs 200 cr

Wadia Group firm Bombay Burmah Trading Corporation Ltd (BBTCL) is in the final stage of

talks to sell its precision springs business (housed under a division called BCL Springs) to its

overseas technology partner NHK Spring Co. Ltd of Japan for approximately Rs 200 crore. The

auto component unit was set up as a separate company in 1985, in technical collaboration with

NHK Spring Co. Ltd of Japan, to manufacture cold coiled precision springs. It commenced

commercial production in 1987 and over time, expanded its installed capacity from 1,000 mt to

10,000 mt and from one manufacturing facility to two manufacturing units in order to cater to

the growing demands of the Indian automotive components market. In 1992, it was merged intoBBTCL. The company currently deals in 1,400 types of spring and its clientele includes Maruti

Udyog (Zen, Wagon R, Swift, Esteem and Alto), Suzuki Powertrain (new model diesel engines),

TATA Motors (Indigo, Indica, Marina) and Hindustan Motors (Isuzu), among others. As part of

its restructuring exercise to liquidate non-core operations, BBTCL sold its Sunmica unit to

Japans AICA Kogyo Ltd for Rs 100.30 crore. BBTCL is part of the Nusli Wadia Group, which

has diversified business interests across airlines, plantations, foods, textiles, chemicals,

laminates, electronics and light engineering, health care and real estate.

Warren Buffett To Invest $5B In Bank Of America

Warren Buffett will invest $5 billion in Bank of America Corp, stepping in to shore up the largest

US bank in the same way he helped prop up Goldman Sachs and General Electric during the

financial crisis. Trade was so heavy that Bank of America shares made up nearly 13% of the

composite volume for the entire stock market. The stock's rise makes the warrants for Bank of

America shares that Buffett gets in the deal instantly profitable. Even though the bank has said it

did not need to raise capital, investors widely believed it needed more money and to show it

could raise funds easily. Bank of America has been plagued by fears that bad mortgage loans

and legal liabilities from loans packaged into bonds by its Countrywide unit could drag it into

tens of billions of dollars in fresh losses that would stretch its capital. The deal proved again that

Buffett has become something of a lender of last resort to the financial system, as he did with

Goldman and GE. Buffett's role in aiding the economy and the financial system has become

symbolically important, given the lack of policy options left for the U.S. government and theFederal Reserve to stimulate demand.

DE Shaw-backed SIS Forms JV With Terminix

Delhi-based security services firm Security and Intelligence Services (SIS) has formed a joint

venture with US-based pest control services provider Terminix to serve residential and

commercial customers, according to a company statement. Under this deal, Terminix will


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provide its technical expertise and industry knowledge while SIS will leverage its deep

understanding of the Indian marketplace, along with its extensive infrastructure and customerbase. Terminix, a leading pest control services provider and a division of The ServiceMaster

Company (headquartered in Memphis, Tennessee), caters to more than three million customers

across 14 countries. Incorporated in 1974, New Delhi-based SIS Group is one of Indias top

security and business support services group, with more than 100 offices, 3000 corporate

customers and an associate base of 52,000 people. Three years ago, US-based hedge fund DE

Shaw had bought 14% stake in SIS for around Rs 300 crore ($75 million), valuing the company

at about Rs 2,150 crore ($525 million). In 2008, SIS also made one of the biggest overseas

acquisitions in security services field when it snapped the Australian guarding and patrol

business units of US conglomerate United Technologies Corp in a multi-million dollar

transaction.

Tata Chemicals Raising Stake in Canadas EPM Mining

Tata Chemicals is raising its holding in EPM Mining Ventures Inc. (Canadas TSX Venture

Exchange-listed exploration-stage potash development company) from 15.9% to 30.6%, for an

estimated $41 million. According to the latest deal, a subsidiary of Tata Chemicals will subscribe

to eight million fresh shares and eight million share warrants, convertible into as many shares of

EPM, for a little over $16 million. The warrants are convertible into shares within 12 months of

the share issue at a price of C$2 per share, which should entail a further $16 million in

investment. Simultaneously, Tata Chemicals has also struck a deal with the founding

shareholders of EPM, Lance DAmbrosio and Jeff Gentry, to acquire around 4.37 million shares

at the same price of C$2 per unit. Post-acquisition of shares, subscription to fresh shares andconversion of warrants into equity, Tata Chemicals will own around 30.6%. EPM holds the lease

to mine potash across 95,172 acres of land, as granted by the US government in April this year.

It holds 40% stake in Emerald Peak Mineral that controls 6,409 acres of land, leased from the

State of Utah in the USA. EPMs primary focus is its project on the Sevier Dry Lake in Utah, for

producing sulphate of potash and other beneficial minerals. EPM intends to use the proceeds of

the offering for further evaluation of its properties and for general working capital purposes.

EPM shares were last traded at C$1.7 per unit at the TSX. This means Tata Chemicals is

acquiring shares at 17% premium to the current market price. In May this year, the chemicals

firm of the Tata Group had acquired 15.9% stake in EPM, pursuant to the amalgamation of

Yukon Inc. with EPM. Tata Chemicals, through a subsidiary, had held 16.7 million shares of

Yukon which were acquired for around $11.2 million and post-amalgamation, received as many

shares of EPM.


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GVK Acquires Additional 14% In BIAL

GVK Infrastructure has acquired an additional 14% stake in Bangalore International Airport Ltd

for Rs 614 Cr from Siemens Project Ventures. GVK is now the single largest shareholder in

BIAL with more than 43%. The company is also planning to acquire 26% from Siemens in the

next two years. Though GVK excercized it's first right of refusal to acquire the stake, it had to

pay a premium of 8.6% over the price of Rs 105 per share paid for L&T's stake as the Tata

Group and Singapore's Changi International Airport offered Rs.144 per share, almost double

than GVK's initial offer of Rs 60 per share. GVK offered Rs.60 per share stating that the 2009

valuations were no longer valid due to change in business conditions.

Sequoia Ups Stake In Ess Dee Aluminium

Sequoia Capital India has picked up an additional 1.46% stake in packaging firm Ess Dee

Aluminium Ltd from the open market. The venture and growth capital investor has now

increased its stake to over 6.3% in the Mumbai-based Ess Dee, which makes packaging

materials used by pharmaceutical companies. The latest round of share purchase was done for

Rs 11.27 crore. Sequoia had initially picked up 1.87% stake in Ess Dee in January this year, at

a share price of Rs 448 per unit. Since then, it has increased its stake to 4.88% as of June,

2011, and is currently the largest institutional shareholder. With the recent dip in the share price

of Ess Dee, Sequoia now seems to be averaging its investment. Ess Dee is headed by first-

generation entrepreneur Sudip Dutta who holds 59-60% stake in the firm. Current investors in

the company include ICICI Prudential Life Insurance, Orange Mauritius Investments and

Blackstones India Fund, among others.

Blackstone Buys More Stake In Monnet Ispat For Rs 75 cr

Private equity giant Blackstone Group has picked up another 2.43% stake in Monnet Ispat Ltd,

one of Indias largest manufacturers of integrated coal-based sponge iron. The latest round of

stake buy came recently when the PE major picked up the shares both on the BSE and the NSE

for an aggregate sum of Rs 75 crore. With the recent deals, Blackstones stake in the company

will go up to more than 6.2% for a total investment of over Rs 200 crore. Blackstone had alsoinvested Rs 275 crore (approximately $60 million) in a subsidiary of Monnet Ispat in the power

generation space last year. Blackstone started buying into Monnet Ispat, which was evolving

from sponge iron player to an integrated steel firm during last month. CX Partners, a PE firm

started by Citigroup Venture Capital International (CVCI) veteran Ajay Relan, had also bought

into the Jajodias-run firm from open market last year. In March, 2011, Monnet had acquired the

Indonesian coal company PT Sarwa Sembada Karya Bumi for Rs 108 crore. The deal gives

Mergers & Acquisitions Deals


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Monnet access to the thermal coal mine, spread over 25,000 hectare, of which only 1,500

hectare have been explored. The company has also stated recently that it is conducting duediligence on two African coal assets, where it expects to spend $50-$60 million and close a deal

in the next six months.

NMDC Buys 50% in Legacy Iron Ore

NMDC is acquiring a 50% stake in Australia based Legacy Iron Ore for about $100 mn. NMDC

is floating a subsidiary in Australia to handle the deal and also look at other investment options.

According to Legacy, the stake sale would enable the Australian miner unlock and monetize the

value inherent at Mt Bevan and gain from a large cash infusion. Mt Bevan offers low-strip ratios,

coarse grind size, low silica and an average concentrate grade of 69.8% iron content.

Spicejet To Raise Funds From TPG For Aircraft Acquisition

TPG Capital may acquire a minority stake in Spicejet Ltd as the budget carrier plans to raise

upto $270 mn to expand it's fleet size. The company had ordered 15 Bombardier's at a list price

of $450 mn in December'2010. The company had initially tied up a loan of around $250 mn from

Export Development Canada for the purchase, but there has been a delay as Spicejet was

unable to get the clearance from RBI for the funding. Each of the 15 Bombardiers will have

individual loans payable over 12 years.

Listed Equipment Maker ACE To Raise Up To $10 mn From PE Investors

BSE-listed material handling and construction equipment manufacturer Action Construction

Equipment (ACE) is in talks to raise up to $10 million in a private placement from investors. A

few mid-market private equity firms, such as Banyan Tree Capital which is a structured PE firm,

have expressed interest in ACE. The company is initially looking to raise up to $5 million but

may opt for a total of $10 million, depending upon the success it meets with its proposed

acquisitions. The stake sale is likely to happen at a price of Rs 65-Rs 70 per share, a premium

of nearly 40% to its current market price, effectively valuing the company at around Rs 700

crore. ACE shares closed at Rs 44.25 per unit. Although the firm had earlier announced itsplans to float a QIP by October end, those are now shelved as it is raising capital via the PE

route. The Haryana-based equipment maker has recently said that it is close to acquiring two

companies one in India and another in China for a total of Rs 120 crore, in order to expand

its product portfolio. ACE also plans to double its capacities during the next three years and

develop the tractor market for industrial and construction haulage, according to the firms annual

financial statement. ACE equipment is used across various industrial sectors, such as

infrastructure, construction, roads, engineering industry, coal mines, chemical and fertilizer


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plants, power stations, ports, heavy project engineering industry, railways, cement industry, oil

industry and defense. The companys product profile includes hydraulic mobile pick-and-movecranes, forklift trucks, loaders, tower cranes, aerial work platforms, etc.

SREI Infra Finance To Raise $1bn Fund

SREI Infrastructure Finance plans to raise $1 billion through an infrastructure equity fund that

would invest in areas such as roads, power and ports. Losses from poor infrastructure -- from

clogged roads to power shortages shave off an estimated 1 to 2% points from India's gross

domestic product. The government has often missed its own targets for funding and

construction as anything from land acquisition hassles to stifling bureaucracy crimp growth.

SREI has already deployed $200 million in domestic infrastructure projects through two similar

equity funds raised from Indian investors. The company may consider exiting some investmentsmade in certain road projects.

Carlyle Group To Invest $26 mn In Jerry Raos Value & Budget Housing

After roping in Indias largest mortgage lender and a social venture fund as investors,

entrepreneur Jaithirth (Jerry) Raos Value & Budget Housing Corporation has raised $26 million

or Rs 119.3 crore from global private equity giant Carlyle Group. Existing investors in VBHC,

which include HDFC and India Financial Inclusion Fund, have also committed additional capital

alongside Carlyle, according to a statement. The funding will be used by VBHC to finance the

building of new homes for its flagship project Vaibhava in Bangalore. The investment will come

from FCG IX, a part of Carlyle Asia Growth Partners IV which is a $1.04 billion sector-agnostic

growth capital fund. In June, Carlyle invested in Visen Industries Ltd, a manufacturer of water-

based polymer emulsions in India. VHBC will plan projects in the urban periphery, well-

connected to the citys central transportation system. The company is targeting to build one

million homes in the next 10 years, across urban India. Its maiden project Vaibhava, coming up

in Bangalores Electronic City suburb, has already sold more than 1,000 units in the last 12

months and the sale of another 900 units will start next month. The project offers studio

apartments, as well as one-bedroom and two-bedroom flats within a price range of Rs 5.3-Rs

11.5 lakh. It has already started handing over the units to the buyers. VBHC also plans to target

markets like Chennai and Mumbai.

Axis PE To Exit Vishwa Infra & Corrtech International

Axis PE may exit 3 portfolio companies - Vishwa Infrastructure, Corrtech International and

Neesa Leisure to pay back it's investors. Axis had invested Rs 60 cr in Vishwa Infrastructure in

2008. It is in talks with Morgan Stanley Private Equity and Olympus Capital Holdings to sell it's

35.6% stake for about Rs.350 cr. It had invested Rs.67 cr in Corrtech International Private

Limited. Axis had invested Rs.75 cr in Neesa Leisure in 2008. Axis is planning to part-exit

Neesa's IPO.


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IFC Invests $11.5 mn In Sparkle Port Services

IFC may invest $11.5 mn in Sparkle Port Services Ltd - a subsidiary of Ocean Sparkle Ltd. The

funds will be used to part finance the purchase of tugboats and marine craft. Sparkle has won a

17 year contract from Petronet LNG Ltd to purchase and deploy 4 tugboats and 1 marine craft

at Petronet's upcoming LNG terminal at Kochi.

Multiples Invests In Oilfield Equipment Maker-Sara Sae

Sara Sae Pvt Ltd has raised funding from Multiples Private Equity Fund to finance the buyout of76% stake held by National Oilwell Varco. Multiples has taken a significant minority stake in the

company. The investment size is expected to be about Rs 108 cr. Sara is managed by V K

Dhawan, co-promoter, and his two sons Samir and Sumit. In August 2007, National Oilwell

Varco, a global drilling equipment company, has acquired a 76% stake in the company.

ChrysCapital Raises Stake To 7.1% In Blackstone-backed NCC

Private equity firm ChrysCapital has bought an additional 2% stake in Blackstone-backed

construction firm NCC Ltd (formerly Nagarjuna Construction Company) for around Rs 27.7 crore

or $6.1 million. ChrysCapital held 5.14% in NCC as of June 30, and with the latest open market

purchase, its holding has moved up to 7.1%, just short of the holding of Norwegian sovereignwealth fund that held 7.63% as of June 30. ChrysCapitals total investment in buying the stake is

pegged around Rs 170 crore ($37.3 million). The private equity firm had started buying into the

company when the price was around Rs 98 a share. The latest stake buy is at a price of Rs

53.42, which means ChrysCapital is averaging out its high cost of initial investment. Bulk of the

shares was purchased from HSBC Global Investment Funds.

Impresario Raises Rs 48 cr From Mirah Hospitality, Beacon India

Impresario Entertainment and Hospitality Pvt Ltd, the Mumbai-headquartered company which

runs a chain of fine-dining restaurants, has raised Rs 48 crore or $10.5 million from strategic

investor Mirah Hospitality and Food Solutions Pvt Ltd and the existing financial investor BeaconIndia Private Equity. Mirah Hospitality has made an investment of Rs 40 crore ($8.75million)

while Beacon India has hiked its stake by investing Rs 8 crore. Founded in 2001, by Riyaz

Amlani, Impresario operates 27 restaurants across eight cities under various brands such as

Smokehouse Grill, Cafe Mocha and Salt Water Cafe. The company also provides dessert and

coffee solutions to the corporate segment. The Rs 300 crore Mirah Group, which is a diversified

business house with interests in real estate development, hospitality, travel, wind energy,


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computer education, textiles, corporate gifts and international trading, has been acquiring stakes

in the restaurant space.

JiGrahak To Raise $10 mn For Expansion

Helion Venture Capital's portfolio company-JiGrahak Mobility Solutions is talking to Nexus

Venture Partners and a couple of other PE funds to raise upto $10 mn to finance its expansion

plans. JiGrahak runs a mobile commerce service - ngpay which allows consumers to shop, buy

tickets, recharge, pay bills or bank from any basic mobile handset. Users can transact with 200-

plus partners across 10 sectors.

Ventureast Invests In Education Startup-InOpen Technologies

Ventureast TeNet Fund II has invested $500,000 in IIT Bombay based Education Startup -

InOpen Technologies. The funds will be used for hiring, research and enhancing logistical

capabilities. The company started in October'09 by Sridhar Iyer and Rupesh Shah designs and

develops educational content and solutions for academic institutions.

IIT-Bombay Education Start-up InOpen Raises $0.5 mn

InOpen Technologies, an IIT Bombay-based start-up which develops educational content and

teacher training solutions, has raised $500,000 in seed funding from Ventureast Tenet Fund II,

an early-stage investor. The funds will be used for research, hiring and growing its network of

camps and centres for training students and teachers. Ventureast Tenet Fund II executes early

or seed-stage investments and is a part of Ventureast, a venture capital and private equity firm

with over $300 million under management and offices in Chennai and Hyderabad. Ventureast

has invested in 50 businesses in India and abroad, primarily in technology, healthcare and life

sciences, cleantech and other emerging sectors. It has now acquired a minority stake inInOpen. InOpen designs and develops educational content and solutions for academic

institutions. A total of 52 schools, such as SSRV and Indus World group of schools, have tied up

with the company. It currently serves a total of 40,000 students and expects to reach the target

of one million students in the next two years. InOpens flagship product is Computer Masti an

e-book and a bundle of software games. It is the result of a collaboration with IIT Bombay and

has witnessed over 75,000 downloads in the past two years, from 120 countries. An average of

200-300 downloads per day have been recorded by the company. InOpen was founded in


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October, 2009, by Dr Sridhar Iyer, a professor at IIT Bombay, and Rupesh Shah, who was

previously involved with training college individuals in open source and adult literacy. Afterinvesting an initial start-up capital of Rs 15 lakh, the promoters raised Rs 50 lakh via loans.

Incubated at IIT Bombay as a content generation and resource training firm, InOpen tied up with

20 schools in the first year of operations to teach students how to leverage computer science

effectively. It has now diversified into developing content for ICT implementation for government

projects and setting up of camps and centres in Maharashtra where students and teachers are

given training.

Nexus Venture Partners Leads $12 mn Series B Round In Druva

Druva, an enterprise backup solutions provider, has raised $12 million in series B round of

funding, led by venture capital firm Nexus Venture Partners, with participation from existinginvestor Sequoia Capital. The monies will be used to expand its product portfolio and enhance

sales and marketing operations across North America, EMEA and the Asia-Pacific. Druva had

raised angel funding from Indian Angel Network (IAN) and $5 million (around Rs 22.3 crore) in

the series A from Sequoia in April last year. Founded in 2007 by former Veritas employees

Jaspreet Singh (now Druvas CEO), Ramani Kothandaraman (COO) and Milind Borate (CTO),

Druva started as a disaster recovery management firm and focused on enterprise data backup

software products, as well as security products. According to Singh, this round of funding will be

utilized to pursue clients aggressively in the US and European markets. The company,

reportedly growing at 35% quarter-on-quarter, also expects to make a VP-level hire for the US

sales. Druva has sold its products to 800 customers till date and has grown from around 18 to

80 employees in the last one year. Around 40% of Druvas revenues come from the USA while35% comes from Europe and the rest from the Asia-Pacific. Its biggest clients are the worlds

largest oilfield services player Schlumberger and Emerson Network Power.


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India Weekly Newsletter 22nd August-28th August

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