Deal Tracker Vol I 07

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