Dealtracker… Providing business owners and managers with M&A market insight
Volume I 2007
M&A – 2007 ACTIVITY
(especially high value deals) as a growth
We welcome our readers to the first issue
strategy has started in 2006 and some
of Dealtracker in 2007. We believe that the
of them have materialized in early 2007.
year is going to see high levels of action in
Table 1:Year wise details on M&A value in Commodities ($ Bn) % of Total Commodities Deal Value 25% 2005 3.7 20% 2006 3.5 57% 2007 (Jan-Feb) 20.9
both M&A and private equity. The M&A
The deal value in the commodity sector
activity in the year 2007 has started with a
has increased from $ 3.7 billion in 2005
significant momentum with a total value of
to about $ 21 billion in the first two
about USD 37 billion, which is close to
months of 2007 (Ref: Table 1). The
The rationale for inbound deals such as
twice the deal value for the full year 2006.
increase has been from a handful of high
Holcim’s investment in Gujarat Ambuja
This has been primarily achieved with
value deals rather than a general growth in
and Ambuja Cements (inbound deals)
some high value M&A deals in
the number of deals. Steel has been the
were to expand capacity by acquiring
commodities (especially metals) and
sector garnering the maximum share of
companies in India with higher margins at
telecom.
value at 52% (Ref: Table 2) and most of it
attractive valuations.
is from a single deal – Tata Steel’s In our earlier Dealtracker issues in 2005 &
acquisition of Corus – which is also
The key rationale for outbound deals have
2006, we had covered analyses of several
corporate India’s largest acquisition so far.
been to make significant strides in the
sectors in the new economy as Information
The second position is occupied by “other
international market by making high value
Technology, Business Process
metals” at 21.5%, again, primarily
acquisitions. It is notable that in most of
Outsourcing and Telecom. We are recently
contributed by a single deal – Hindalco’s
these large deals, the acquirer has bought
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. M&A IN COMMODITIES SECTOR The Indian Commodities sector comprises
Table 2 – Sub classification of Commodity sector ($ Million) 2006 2005 Value % Value % Energy and oil & gas Steel Cement Other Metals Others
segments including agro-products, oil &
2,652.78 57.14% 2,296.56 36.75% 969.34 26.11% 49.21 1.40% 4.75 0.13% 958.29 27.30% 0 0.00% 0 0.00% 85.81 2.31% 205.98 5.87% 3,712.68 3,510.04
2007 Value %
Total - 26 months Value %
840.75 0.62% 13,688.19 65.34% 0 0.00% 6,060.52 28.93% 360.89 1.72% 20,950.35
5,790.09 20.55% 14,706.74 52.20% 963.04 3.42% 6,060.52 21.51% 652.68 2.32% 28,173.07
gas, energy, cement, steel, aluminium &
acquisition of Novelis. It is followed by
companies with values larger their own
other metals, coal etc. The growth in this
energy and oil & gas sector accounting for
revenues. Tata Steel’s acquisition of Corus
sector is determined by factors such as
over 20% of the deal value.
was valued at $ 13 billions while Tata
economic growth, international commodity
Steel’s current revenue is about $ 4 billion.
prices, exports, infrastructure growth, low
TOP DEALS - COMMODITIES SECTOR
The acquisition has enabled Tata Steel to
cost of manufacturing, cheap and
The top 5 M&A deals in commodities
move from the 56th position to the 5th
abundant labor, etc. In the recent past, this
sector in 2006 and 2007 are provided in
position in the international steel industry.
sector has started seriously adopting the
Table 3. Though most of these top deals
strategy of establishing a global footprint
are outbound deals there were some large
Similarly, Hindalco’s acquisition of Novelis
through inorganic growth in order to
inbound deals as well. Recently, we are
was valued at $ 6 billion while Hindalco’s
achieve higher capacity over a very short
seeing outbound deals much larger in
revenues are about $ 4 billion. Novelis
period of time. Year on year comparison of
number and value compared to inbound
processes around 3 million tonnes of
M&A deals in commodities sector as given
deals.
aluminium a year, has a wide international
in the Table 1 shows an increase in deals in this sector. The trend to use acquisition © Grant Thornton 2007
distribution network and is a market leader
Table 3 – Top 5 deals in Commodities sector in 2006 and 2007
Acquirer 2006 Holcim Essar group Aban Lloyd Chiles Offshore Limited Chevron Corporation Oil and Natural Gas Corporation (through ONGC Videsh Limited) 2007 Hindalco Industries Rain Commodities Holcim Mittal Investments Tata Steel
Acquisition (Mn US $)
% Stake Bought
Target
Sector
Gujrat Ambuja Cements Ltd. Essar Oil Limited
Cement Oil & gas
470.00 760.81
14.80% 66.88%
Sinvest ASA Reliance Petroleum Limited
Oil & gas Oil & gas
446.00 300.00
33.76% 5.00%
Omimex de Columbia
Oil & Gas
425.00
50.00%
Novelis Inc GLC Carbon Canada Inc Ambuja Cement India Limited Guru Gobind Singh Refineries Ltd (GSSRL - HPCL's Bhatinda Refinery) Corus
Aluminium Commodities Cement
6,000.00 360.89 117.00
Acquisition 73.56% 11.00%
711.11 13,650.00
49.00% Acquisition
Oil & Gas Steel
in the flat rolled product segment with 19%
significant inbound deals during the last 2
SECTORAL BREAK UP OF M&A AND
market share.
months have been Vodafone’s acquisition
PRIVATE EQUITY DEALS IN JANUARY
of Hutch’s stake in Hutchinson Essar and
AND FEBRUARY 2007
One of the reasons for such high value
Mittal Investments stake in Guru Gobind
The graphs below represent the range of
deals is the tremendous increase in
Singh Refineries.
sectors in which investments have been
confidence and support shown by banks
made through strategic M&A and private
and financial institutions in these Indian
PRIVATE EQUITY
equity respectively in January and
companies. Many of the large outbound
There have been 74 private equity deals
February 2007. The sectors garnering the
acquisitions are leveraged buyouts.
during the first 2 months of 2007 with an
maximum investment for this period in
announced value of $ 2.19 billion.
M&A is Steel sector with 37% and
We believe that several other Indian
Telecom with 35%. The other key sectors
companies in the steel, metal, energy and
A list of M&A and private equity deals for
getting a significant share in M & A is
other sectors are exploring large
the first two months in 2007 are provided
Aluminium with the single largest deal of
international acquisitions. We expect to
in the following pages.
Hindalco’s acquisition of Novelis.
see more activity in M&A in the commodity sector in the current year and moving
Sectorwise Break up- PE deals by value Jan-Feb 2007
forward. FIRST TWO MONTHS IN 2007 M&A DEALS
Telecom 3%
There were 102 M&A deals with a total
Others 9%
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
Real Estate & Infrastructure Managem ent 20% Sectorwise
Autom otive 3%
Banking & Financial Services 14% Hotel 5%
Break up- M&A deals by value Jan-Feb 2007
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.
IT & ITeS Media & Oil & Gas 2% Entertainm ent 2% Construction 22% 4%
Others IT & ITeS 24% 4%
There have been some significant outbound acquisitions by Indian companies in the first 2 months of 2007,
Alum inium 16% Steel 37%
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 © Grant Thornton 2007
Telecom 35%
ABOUT GRANT THORNTON Grant Thornton India is the Indian member
We would be delighted to receive your
firm of Grant Thornton International, the
feedback!
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)
© Grant Thornton 2007
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
I.
Domestic Deals Acquirer
JANUARY Pioneer Investcorp Limited Cosmos Co-operative Bank Shiva Fertilizers Limited Pidilite Industries Limited VIP Industries Ltd. Champagne Indage Limited GL Hotels Limited Fabmall.com Tech Mahindra Satyam Computer Services Limited Accel Frontline Limited JK Cement Limited Nicholas Piramal India Limited’s diagnostic lab chain Wellspring Ranbaxy Laboratories Limited DMC International Limited The Aditya Birla group Tata Steel Bharti Airtel S.Kumars Nationwide Limited Goa Carbon Limited A K Capital Services Limited Alembic India Limited
© Grant Thornton 2007
Target
Infinity.Com Financial Securities Limited Manasa Co-operative Bank Parvati Fertilizers Limited Pagel Concrete Technologies Pvt. Ltd. Blow Plast Limited Seabuckthorn Indage Limited (SIL) Kwality Resorts and Hospitality Indiaplaza.com iPolicy Networks India
Sector
Banking & Financial Services Banking & Financial Services
Acquisition price in million US $
Deal Type
% Stake Bought
N.A Majority Stake
51.00%
N.A Merger
N.A
Chemicals
N.A Merger
N.A
Chemicals FMCG
N.A Majority Stake N.A Merger
75.00% N.A
Food & Beverages
N.A Majority Stake
52.63%
Hospitality IT & ITeS IT & ITeS
N.A Acquisition N.A Acquisition N.A Acquisition 40.00 Merger
Nipuna Banking solutions division of Telesis Global Solutions
IT & ITeS IT & ITeS
N.A Acquisition
Nihon Nirmaan Limited
Manufacturing
9.33 Acquisition
Jhankaria Imaging Krebs Biochemicals & Industries Ltd Jaaydaad.com Trinethra Super Retail Limited Rawmet Ferrous Industries Network i2i Brandhouse Retails Limited (BHRL) Paradeep Carbons Ltd A K Capital Retail Limited domestic non-oncology formulation business of Dabur Pharma
Pharma & Healthcare Pharma & Healthcare Real Estate & Infrastructure Management Retail Steel Telecom Textile & Apparels Oil & Gas Retail Pharma & Healthcare
N.A
N.A Majority Stake
70.00%
88.04 Minority Stake
14.90%
0.89 Minority Stake
10.00%
N.A Acquisition 9.18 Acquisition Increasing stake 110.00 to 100% 2.88 Acquisition N.A Merger Increasing stake N.A to 100% 35.33 Acquisition
50.00%
N.A 60.00%
Acquirer
Target
Deal Type
% Stake Bought
Automotive
17.00 Strategic Stake
N.A.
Automotive
12.22 Acquisition
Automotive Banking & Financial Services
11.56 Acquisition
Sector
Acquisition price in million US $
FEBRUARY Behr India Limited Bombay Burmah Trading Corporation Ltd Asian Paints Ltd Sundaram Finance Limited Shamrao Vithal Cooperative Bank Ltd (SVCB) Rain Commodities Revathi Equipment Limited VVF Limited BT Telecom India MindTree Consulting Limited Nexxoft Infotel Ltd RPG group PVP Enterprises Private Limited ORG Informatics GMR Hyderabad International Airport Ltd (a unit of GMR Infrastructure Limited)
Anand Automotive Systems Electromags Automotive Products Private Limited (EAPL) ICI India's auto refinish business Sundaram Home Finance Ltd. Bangalore Cooperative Bank Ltd Rain Calcining Ltd Potential Service Consultants Pvt. Ltd. Colgate plant in Kansas i2i enterprises An IC (integrated circuit) design company eZeesoft Private Ltd Zensar Technologies Ltd Software Solution Integrated (SSI) Limited Six Dee Telecom Solutions
Cadence Cargo Private Limited
N.A. Increasing stake
Banking & Financial Services Cement
N.A. Acquisition N.A. Merger
Engineering FMCG IT & ITeS
6.67 Minority Stake N.A. Acquisition N.A. Acquisition
IT & ITeS IT & ITeS
N.A. Acquisition N.A. Acquisition Increasing stake 37.33 to 60%
IT & ITeS
25.00%
N.A. 40.00%
29.50%
IT & ITeS
136.44 Majority Stake
51.00%
IT & ITeS
0.59 Minority Stake
17.94%
N.A. Majority Stake
51.00%
N.A. Majority Stake
60.00%
7.78 Acquisition Increasing stake N.A. to 14.53%
11.20%
SAAG RR Infra
Techni Bharathi Ltd
Chiripal Group Krishna Glass Pvt. Ltd Indian Tourism Infrastructure Ltd (ITIL)
Arunodaya Mill Soma Textiles & Industries Ltd
Logistics Real Estate & Infrastructure Management Textiles & Apparels Textiles & Apparels
Gem Tours & Travels Pvt Ltd
Tours & Travels
88.89 Acquisition
II. Cross Border Deals - Outbound Acquirer JANUARY Setco Automotive (through Setco’s UK subsidiary Setco Automotive N.A. Inc) © Grant Thornton 2007
Target
Haldex Brake Products Corporation
Sector
Automotive
Acquisition price in million US $
4.90
Deal Type
Acquisition
% Stake
Acquirer Aban Offshore (through its Singapore-based subsidiary Aban Singapore Pte Limited) VVF Limited ORG Informatics Ltd i-flex solutions Limited Firstsource Solutions Ltd. Teledata Informatics Ltd.
Target
Sector
Acquisition price in million US $
Deal Type
Sinvest ASA Teo Corp DGIT Solutions Capco Capital Markets Company Pte Ltd
Energy FMCG IT & ITeS
128.89 N.A N.A
Increasing stake to 50.01% Acquisition Acquisition
IT & ITeS
N.A
Acquisition
BPM Inc
IT & ITeS
N.A
Acquisition
Soltius Pte. Limited
IT & ITeS
45.00
Acquisition
164.50
Acquisition
2.15
Majority Stake
N.A
Acquisition
% Stake
10.01%
SubexAzure Limited Action Construction Equipment Limited
Syndesis Limited
IT & ITeS
Romanian company
Dabur Pharma Limted
Biosciences Co Ltd.
Manufacturing Pharma & Healthcare
NatSteel Asia
NatSteel (Xiamen) NatSteel Trade International
Steel
19.36
Majority Stake
50.00%
Steel
6.54
40.00%
NatSteel Asia NatSteel Asia Kavveri Telecom Products Limited
NatSteel Vina
Steel
3.11
Stake Increasing stake to 56.5%
Til-Tek Antenna Inc
2.50
Acquisition
Himatsingka Seide
Giuseppe Bellora SpA
Telecom Textiles & Apparels
N.A
Majority Stake
Tata Steel
Corus Gulf Jyoti International LLC UK based security company
13,650.00
Acquisition
0.75
Minority Stake
130.00
Acquisition
Exim Bank of India TopsGrup
Acquirer FEBRUARY Joint venture of Strides Arcolab and Iceland based Invent Farma Varroc group Suzlon Energy Limited GHCL Limited Hindalco Industries Jain Irrigation Systems Limited Greaves Cotton Limited © Grant Thornton 2007
Target
Farma Plus Imes SpA REpower Systems AG Best Manufacturing Group
Steel Power Security
Sector
Pharma & Healthcare Automotive
Acquisition price in million US $
Deal Type
N.A. Acquisition N.A. Acquisition
Power & Energy Textiles & Apparels
35.00 Acquisition
Novelis Inc
Aluminum
N.A. Acquisition
Aquarius Brands Inc Bukh-Farymann Diesel GmbH (BukhFarymann)
Manufacturing
21.50 Acquisition
Automotive
N.A. Acquisition
5.59 Acquisition
74.00%
22.60%
70.00%
10.00%
% Stake
Acquirer
Target
Sector
Acquisition price in million US $
Deal Type
Endurance Technologies Private Limited
Nuova Renopress
Metals
Acquisition
Amann Druckguss
Metals
60.52 Acquisition
Ybrant Technologies Aegis BPO (Essar Global company) Zensar Technologies (through Zensar Technologies Inc, USA)
AdDynamix
IT & ITeS
10.00 Acquisition
Global Vantedge
IT & ITeS
22.22 Acquisition
ThoughtDigital LLC
IT & ITeS
24.90 Acquisition
HOV Services
BPO Lason
IT & ITeS
Aban Offshore
Oil & Gas
Rain Commodities
Sinvest Optical Media and Technology (OM&T) B.V. GLC Carbon Canada Inc
148.00 Acquisition Increasing N.A. stake to 97%
Valecha Engineering Limited
Koon Holdings Limited
Reliance Life Sciences Gitanjali Gems Limited (through its subsidiary Gitanjali USA Inc) Teledata Informatics Ltd Bombay Rayon Fashions Ltd
GeneMedix Plc
Commodities Real Estate & Infrastructure Management Pharma & Healthcare
Tri-Star Worldwide LLC
Gems & Jewelry
Moser Baer India Limited
Autoline
57.00%
N.A. Majority Stake
80.00%
360.89 Majority Stake
73.56%
N.A. Majority Stake
60.00%
28.80 Majority Stake
74.00%
N.A. Majority Stake
70.00%
105.00 Majority Stake
N.A.
DPJ Clothing Ltd
IT & ITeS Textiles & Apparels
2.90 Majority Stake
70.00%
Stokota
Automotive
14.84 Majority Stake
51.00%
eSys Technologies
Electronics
% Stake
III. Cross Border Deals – Inbound Acquirer JANUARY The European Bank for Reconstruction & Development UBS Global Asset Management Annabelle GCI Solutions Private Ltd The Star group & India Value Fund
© Grant Thornton 2007
Target
Zao Srei Leasing Standard Chartered Asset Management Company Ambur-based sick leather footwear unit IVL India Music Broadcast Pvt Ltd
Sector
Acquisition price in million US $
Deal Type
Banking & Financial Services
Minority 8.89 Stake
Banking & Financial Services
117.78 Acquisition
FMCG
1.02 Acquisition
IT & ITeS Media & Entertainment
N.A Acquisition Minority N.A Stake
% Stake
15.00%
20.00%
Acquirer
Target
Sector
Acquisition price in million US $
Deal Type
% Stake
FEBRUARY EMC Corporation
Valyd Software Private Limited
IT & ITeS
Vodafone
Hutchison Essar
Telecom
Orkla Daewoo Motor's India Factory
MTR Foods
Food & Beverages Automotive
Actavis Group
Crosslinks Finelease Active Pharmaceutical Ingredient(API) [division of Sanmar Specialty Chemicals, subsidiary of the Chennai based Sanmar Group]
Oracle Corporation
i-Flex
IT & ITeS
N.A. Acquisition Increasing stake to N.A. 82.92%
Encora Group Pioneer Global Asset Management (part of Italian banking group Unicredito)
Meritos Technologies
IT & ITeS
N.A. Merger
BOB Asset Management Limited Automotive Stampings & Assemblies Ltd (subsidiary of Tata AutoComp Systems Ltd - TACO) Inga Advisors Private Ltd Guru Gobind Singh Refineries Ltd (GSSRL - HPCL's Bhatinda Refinery) FrameFlow Imageworks India Ingersoll Rand's Road development division Ambuja Cement India Limited (ACIL) TVS Electronics's Tumkur unit Godrej Beverages & Foods
Banking & Financial Services
N.A. Majority Stake
51.00%
N.A. Stake
37.50%
N.A. Majority Stake
50.00%
Gestamp Servicios SL Collins Stewart
Mittal Investments Sony Pictures Imageworks (SPI) Volvo Construction Equipment (CE) Holcim Incap Corporation Hershey
© Grant Thornton 2007
Pharma & Healthcare
Automotive Banking & Financial Services
Oil & Gas IT & ITeS Construction Manufacturing
N.A. Acquisition 12,596.00 Majority Stake
67.00%
100.00 Acquisition Acquisition 170.00 (asset sale)
711.11 Stake 5.00 Majority Stake 1,300.00 Acquisition Increasing 117.00 Stake to 78%
Manufacturing
N.A. Acquisition
Food & Beverages
54.00 Majority Stake
28.03%
49.00% 51.00%
11.00%
51.00%
Private Equity Deals
Investors
Investee
Sector
% stake
Investment Value in millions US$
JANUARY Morgan Stanley Deutsche Bank Grants Investments Band of Angels (Delhi), Mumbai Angels and others Bennett, Coleman & Company Limited Indivision Capital Government of Singapore Investment Corporation (GIC), Galleon Partners & other financial investors
Core Projects and Technologies Limited Core Projects and Technologies Limited Core Projects and Technologies Limited Madhouse Media LifeCell BE Billimoria
IT & ITeS
4.03%
3.53
IT & ITeS
2.59%
2.27
IT & ITeS Media & Entertainment
3.46%
3.03
N.A
0.23
N.A
N.A
26.00%
16.67
20.00%
90.00
14.00%
N.A
5.84%
N.A
5.32%
40.89
10.00%
55.56
N.A
N.A
0.73%
N.A
5.00%
115.00
5.00%
N.A
5.00%
N.A
5.00%
N.A
N.A
22.00
10.00%
0.45
10.00%
0.45
Scientific Research Real Estate & Infrastructure Management
ICICI Venture Funds
Edelweiss Capital Firstsource Solutions Limited Firstsource Solutions Limited Centurion Bank Of Punjab
Temasek Holdings
Tata Sky
Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Media & Entertainment
Helion Venture Partners
Gridstone Research
Research
Merrill Lynch
Pioneer Embroideries
NYSE Group
National Stock Exchange
Goldman Sachs Softbank Asian Infrastructure Fund
National Stock Exchange
General Atlantic
National Stock Exchange
3i Group
UFO Moviez BAG Infotainment Pvt Ltd BAG Infotainment Pvt Ltd Asian Dhall Industries Limited Fortis Healthcare Limited (FHL)
Textiles & Apparels Banking & Financial Services Banking & Financial Services Banking & Financial Services Banking & Financial Services Media & Entertainment Media & Entertainment Media & Entertainment
Metavante Galleon Partners
IDBI Limited Bank of Baroda SAIF Partners Metdist Group and Trinity Capital Oak Hill Capital Partners,GenNx360, Knox Lawrence International
© Grant Thornton 2007
National Stock Exchange
Vertex Data Science Limited
Food & Beverages Pharma & Healthcare
N.A
8.00
N.A
12.44
IT & ITeS
N.A
426.20
Investors Xilinx Inc
Investee
Sector
% stake
Investment Value in millions US$
CG CoreEL B.A.G Infotainment Private Limited
IT & ITeS Media & Entertainment
N.A
N.A
25.00%
5.70
ICSA India Limited
IT & ITeS
14.00%
30.00
Goldman Sachs
ICSA India Limited
IT & ITeS
N.A
22.00
Mayfield
Tejas Networks
N.A
N.A
Mayfield
Seedfund
N.A
N.A
Sierra Ventures Norwest Venture Partners, CIBC Capital & DA Capital New York Life Investment Management India Fund
Seedfund
N.A
N.A
Adventity
IT & ITeS Banking & Financial Services Banking & Financial Services Banking & Financial Services
N.A
20.00
Trianz
IT & ITeS
N.A
14.00
International Print-o-Pac
N.A
12.22
N.A
125.00
10.70%
150.00
8.10%
16.67
5.40%
11.11
Indu Projects Limited (IPL)
Packaging Media & Entertainment Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management
9.00%
33.33
CLSA Capital Partners
Sanghvi Movers
Automotive
10.92%
16.13
Reliance Capital New Vernon, Blackstone, Fidelity, Genesis Capital, Artis Capital and Liberty International Citigroup Global Markets (Mauritius) Private Limited SIDBI Venture Capital & SBI
BLR India
Logistics
31.00%
11.11
Provogue Bombay Rayon Fashions Limited
Textiles & Apparels
N.A
32.50
Textiles & Apparels
5.12%
N.A
Textiles & Apparels
N.A
3.20
Media & Entertainment
26.00%
275.00
Healthcare
22.00%
22.00
4.00%
5.81
Sameer Gehlaut Citigroup Venture International Growth Partnership Mauritius
Blue River Capital 3i, Cisco and Oman International Fund (OIF)
Nimbus Communications
Morgan Stanley Real Estate
Oberoi Constructions
Sabre-Abraaj Private Equity Fund I
Ramky Infrastructure Limited
IL&FS Investment Citigroup Venture Capital International Mauritius Limited (CVCIML)
Blackstone group Blackstone group Daninvest © Grant Thornton 2007
Ramky Infrastructure Limited
Mudra Lifestyle Limited Eenadu group owned byUshodaya Enterprises Limited (UEL) Vandana Luthra Curls and Curves (VLCC) Avestha Gengraine Technologies Pvt Ltd
Biotech
Investors
Investee
Sector
% stake
Investment Value in millions US$
Groupe Limagrain Bennett, Coleman & Company Limited
Avestha Gengraine Technologies Pvt Ltd Avestha Gengraine Technologies Pvt Ltd Avestha Gengraine Technologies Pvt Ltd
Trinity Capital, UK
Manjeera Construction Company Limited
Biotech Real Estate & Infrastructure Management
Clearstone Venture Partners
DGB Microsystems
Manufacture
N.A
5.00
SIDBI Venture Capital
DGB Microsystems Pipavav Shipyard Limited
Manufacture
N.A
3.50
10.43%
23.11
IT & ITES
N.A
2.50
IT & ITES
N.A
N.A
Banking & Financial Services
N.A
2.40
Fidelity International
Trinity Capital California & Hong Kong based venture groups Q-Tech Bennett, Coleman & Company Limited SatNav Technologies Nederlandse FinancieringsMaateschappijvoor Ontwikkelingsladen NV Bellwether Microfinance
Investors
Biotech
10.00%
12.90
Biotech
N.A
6.45
N.A
N.A
49.00%
N.A
Shipping
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 Bellwether Microfinance Fund Bombay Stock Exchange Limited
Aviation Banking & Financial Services Banking & Financial Services
5.43%
15.11
18.60%
2.40
5.00%
42.00
Ruchi Soya Industries Nitesh Estates' luxury hotels
FMCG
2.89%
N.A.
Hotel
120.00
Jain Irrigation
Irrigation
N.A. 2.30%(increasing stake to 6.00%)
SatNav Technologies RapidRadio Solutions Private Limited
IT & ITeS
N.A.
N.A.
IT & ITeS
N.A.
0.18
IT & ITeS
5.00%
N.A.
Pharma & Healthcare
N.A.
10.00
FMO Deutsche Borse AG Halbis Capital Management (part of HSBC Global Investment Funds - Mauritius) Citigroup Property Investors (CPI) Citigroup Global Bennett, Coleman & Company Limited (BCCL) GVFL Ltd Bennet & Coleman Evolvence India Life Sciences Fund (EILSF)
© Grant Thornton 2007
YOU Telecom India Bangalore-based contract research organisation
N.A.
Investors
Investee
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 Providence
Nitesh Estates Asianet Satellite Communications
Peterson Partners
KPR Mills
Sector Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Real Estate & Infrastructure Management Telecom Textiles & Apparels
% stake
Investment Value in millions US$
49.00%
28.89
N.A.
32.00
Minority stake
100.00
25.00%
51.00
Minority Stake
66.67
N.A.
3.00
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.
© Grant Thornton 2007