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Deal Communique June Vol- 2

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Weekly Insight of Private Equity, Venture Capital, Merger & Acquisition in India

Weekly Insight of Private Equity, Venture Capital, Merger & Acquisition in India

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    Deal Communique June Vol- 2 Deal Communique June Vol- 2 Presentation Transcript

    • PE l VC l M&AJune Volume – 02[June 03 - 09 June, 2013]Weekly Insight of Private Equity,Venture Capital, Merger & Acquisition
    • Weekly Insight of Private Equity,Venture Capital, Merger & AcquisitionThe Deal Communiqué is the INDEL Advisors’ initiative to present a weeklyinsight of deals related to private equity, venture capital and merger &acquisition announced during the week in India.This report captures the details of deals announced based on theinformation available in the public domain and public announcements and istherefore intended for general guidance only. It is not intended to be asubstitute for detailed research or the exercise of professional judgment. Wehave taken utmost care while bringing the deal details through this report,however, neither INDEL Advisors LLP nor any other member of INDEL Globalcan accept any responsibility for loss occasioned to any person acting orrefraining from action as a result of any material in this Deal Communiqué.On any specific matter reference should be made to the appropriateadvisors.In case you require any further information on the matter covered in thisreport or wants to provide your feedback - please mail us atinfo@indelglobal.com . Your feedback is important to us.
    • Private Equity Private Equity redBus plans to raise funds IL&FS PE exits Bhartiya City with bounty of 150 crore Aditya Birla increases stake in NCC Snapdeal raises funds from VC Firms and angel Investors IDBI invests in Ananya Finance Blackstone may invest in business Parks In Mumbai ReNew Power raises funds from Goldman Sachs
    • Private Equity Private Equity Capvent AG buys stake in Morf India Papa Johns plans another round of funding ChrysCapital infuses capital in CavinKare Getit plans to raise funds from Foreign Investors Cartica Capital invests in TTK Prestige Myntra raises funds from existing Investors
    • ©2013 INDEL Advisors LLP. All right reservedDeal ConciseredBus.in plans to raise fundsIndia’s largest bus ticketing company redBus.in,which is in the business of selling bus tickets inIndia – both online and through some selectoutlets is planning to raise funds and has beenapproached by private equity firms for a possiblestake sale, in part or in full, for a valuation ofaround Rs 800-900 crore.Founded in 2005, by BITS Pilani students, Samaalong with Sudhakar Pasupunuri and CharanPadmaraju started redBus.in, seeing a hugepotential in selling bus tickets akin to IRCTC, whichwas selling train tickets.It has tie ups with all major bus operators such asSRS, VRL Travels and others. Additionally, busoperators like VRL or SRS have been wanting to setup their own platforms which has resulted ina slowdown in tickets sold through redBus.The company had raised $6.5 Mn in Series-Cfunding in May 2011 from Helion VenturePartners, SeedFund and Inventus CapitalPartners.
In February, redBus planned to raise$20 Mn through PE. It wants to scale up itsbusiness to tap the untapped potential thatthe bus-booking service offers in India.

 

Announcement Date | 7 June 2013Industry | Retail / Leisure / Travel
    • Deal ConciseIL&FS PE exits Bhartiya City with bounty of 150 crorePE fund IL&FS has exited its investment in BhartiyaCity, an integrated township project in Bangalore.In 2007, IL&FS had invested R150 Cr for a 26%stake in Bhartiya Urban Infrastructure and LandDevelopment. It has made over R300 Cr on theinvestment.IL&FS had invested through a structured deal underconversion of compulsorily convertible preferenceshares. Currently, majority stake is held by thepromoter, while listed firm Bhartiya Internationalholds 30% in the project. The stake will be boughtby the promoter through internal cash flow.Bhartiya International is building a R7000 Cr projectunder the SPV Bhartiya Urban Infrastructure inNorth Bangalore.The comapnay has also tied up with theconstruction finance and are willing to completethe 125-acre project by 2015 with the aim ofgenerating revenue of R1700 Cr.
Bhartiya hasraised 700 Cr debt for the first phase of projectfrom a consortium of seven banks includingCorporation Bank, Allahabad Bank and Bank ofBaroda.IL&FS Investment Managers has over $1.7 Bn ofAnnouncement Date | 7 June 2013Industry | Real Estate©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseAditya Birla increases stake in NCCAditya Birla Finance has increased its shareholdingin infrastructure and construction company, NCCLtd from 4.52% to 5.10%, BL states.It recently acquired 15 Lac shares equivalent to0.58% of the voting capital in NCC. It earlier had1.15 Cr shares.NCC is currently on course to slashing its corporatedebt of R3,900 Cr by about 50% during the currentfinancial year.This will be through a phase of consolidation,divestment of stake in two road assets, for whichnegotiations are under way. It will also rope instrategic partner for its joint venture power projectcoming up at Krishnapatnam in Andhra Pradesh.The company closed with a net profit of R62.67Cr (up 74%) on a turnover of R5,725 crore (up9%) for the financial year ended against R35.98Cr and a turnover of R5,250 Cr for the previousfinancial year.Announcement Date | 7 June 2013Industry | Infrastructure©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseJain Group of Institutions in talks with PE FundsJain Group of Institutions plans to raise aroundR150 Cr through the PE route, BS states.The funds raised would be utilized in expandingschooling stream which the group likes to term P-12 (pre-kg to 12th standard).The group presently has around 36 schools mostlythrough the franchisee route, while it isunderstood to own around six of them.The group is in talks with at least two India-focused PE funds and there is a distinct possibilityof the deal getting to closure stages within thenext quarter.Bangalore based JGI represents a cluster of 75educational establishments. In 23 years, thegroup has grown to serve over 45,000 studentsand 4,500 staff members engaged at the P-12,undergraduate and post-graduate levels across53 campuses and centers of excellence.Announcement Date | 6 June 2013Industry |Learning©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseSnapdeal raises funds from VC Firms and Angel InvestorsSnapdeal has raised money from three venturecapital firms – Intel Capital, ruNet and SaamaCapital along with angel investors to close a $50Mn (R280 Cr) round of funding that began in Aprilwith investment by eBay, Et States.Early investors Bessemer Venture, Nexus VenturePartners and Indo-US Venture also participated inthe investment along with a few angel investors.The company has split the investment in two parts.First part was led by eBay and Japans Recruit Coand this time three new venture funds haveinvested.Snapdeal has raised a total of $90 Mn (R500 Cr) inequity from the two strategic investors - eBay andRecruit Co - and six venture funds and otherindividual investors.Snapdeal, founded in 2010 by Kunal Bahl andRohit Bansal, started as a group buying sitefeaturing heavily discounted deals on localservices.Snapdeal has 18 Mn registered users, transacts25,000 units a day and employs more than 1500employees. Recently, it acquired the assets ofShopo.in, an online marketplace for Indiandesigner and handcrafted products forundisclosed amount.Announcement Date | 6 June 2013Industry | Technology©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseIDBI invests in Ananya FinanceIDBI Bank has invested in Ananya Finance ForInclusive Growth Pvt. Ltd through OCCPS,myiris.com states.With the investment from IDBI Bank, Ananya willbe able to expand its work in the sector of financialinclusion, especially of low income households bysupporting strong and socially responsibleinstitutions working across the country.Ananya Finance For Inclusive Growth, aprofessionally driven company, is promoted byIndian Foundation For Inclusive Growth, whichis a special purpose vehicle floated by Friendsof Womens World Banking, considered an apexinstitution supporting budding MFIs in India.It provides wholesale funding support to smallerMFIs at competitive rates. It is currently intolending to Micro Finance Institutions with 78partner organizations, spread across 16 states ason March 31, 2013.Announcement Date | 6 June 2013Industry | Banking/Financial Services©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseBlackstone may invest in Business Parks in MumbaiThe Blackstone group is planning to buy aBusiness Park in Mumbai for about R10 Bn, asstated in ET.Recently, it was also planning to invest in twoproperties - the Express Towers in Mumbai andthe Mantri Mall in Bangalore - valued at underR1,000 Cr each.This march, it bought 50% stake in a SEZ at Punefor R450 Cr, which was developed by PanchshilRealty and Ireo Management duo.

Blackstone’sbig bet on the commercial real estate segment inindia is evident as in the recent past, it hasdivulged intentions to invest in many a stipulatedand rent-yielding commercial properties and
It inked a supposedly India’s biggestcommercial real estate deal by acquiring 50%of Bangalore builder-owned portfolio of threebusiness parks for $200 M.Blackstone Group, along with two othercompanies also has agreed to buy for Rs1,950 Cr in Vrindavan Tech Village, Bangalore.Announcement Date | 5 June 2013Industry | Real Estate©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseReNew Power raises funds from Goldman SachsReNew Wind Power has raised additional $135Mn from Goldman Sachs, Et states. In 2011,Goldman Sachs invested around $200 Mn in thecompany.Renew Power plans to develop 1000 MW ofRenewable Energy projects by 2015.Founded by Suman.T.Sinha – ex CEO of SuzlonEnergy, ReNew Wind Power has developed 25MW power project in Jasdan, Rajkot in Gujaratthat got commissioned on March 29th, 2012.Currently, it has an installed wind powerportfolio of 200 MW as on 30th of April 2013.Since 2006, Goldman Sachs has invested morethan $2 Bn in Capital in the country.Last month, it invested around $487 Mn in JRE,a solar power generation company in Japan.
InJapan and India, energy production shortagesand new feed-in tariffs that guarantee the pricepaid for renewable electricity are expected toboost investment, as state by Financial Times.Announcement Date | 5 June 2013Industry | Energy/Utilities©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseCapvent AG Buys stake in Morf IndiaCapvent AG, a Switzerland based PE fund haspicked up 51% stake in MORF India Limited, aChennai-based water engineering company forundisclosed amount. The funds raised will beused to develop new products, brandcampaigns and also in the national expansionplans by this year end.

Last year, Videocon group firm Electroluxentered into a marketing licence fro five yearswith Morf India under which Morf will sell theKelvinator range of water purifiers and airpurifiers in India and Sri Lanka. Morf will payroyalty to Electrolux for the Kelvinator brand.
Founded in 1998 by M.V. Praveen and R.Keannan, Chennai-based Morf India is engagedin manufacturing and service provider of watertreatment plants, water purification filters andwater treatment services.The company offers water treatment andpurification services to governmentorganizations, public sector companies, Indianarmed forces, central research institutes, hotels,restaurants, hospitals, universities, colleges,schools, IT parks, leather tanneries, marineprocessing companies and fertilizermanufacturer among others. The company hasbranches in Chennai, Bangalore and Hyderabad.Announcement Date | 4 June 2013Industry | Cleantech©2013 INDEL Advisors LLP. All right reserved
    • Deal ConcisePapa Johns plans another round of fundingTVS backed, Om Pizzas and Eats, the Indianfranchisee of international pizza chain PapaJohns has approached various investors to raisearound $25 Mn in equity funding, ET states.The company is in advanced talks with fourpotential investors, including PE funds andstrategic investors and expects to clinch the dealwithin a month.Om Pizzas plans to raise funds at a valuationthat is 2.5 times its current revenue. TVS Capital,which owns about 80% of the company, willcontinue to remain invested and will not beparticipating in this round. In 2010 TVS GrowthFund had invested R50 Cr in OM Pizzas.TVS had invested in Om Pizzas and Eats fromits first fund, which is now fully exhausted.There are 22 Papa John pizza outlets in India,with each store earning an average revenue ofR1.25 Cr annually. Other than Papa John, Omalso has Chilli’s Grill & Bar and Great KababFactory ..Announcement Date | 4 June 2013Industry | Retail/leisure/Travel©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseChrysCapital Infuses Capital In CavinKareChennai based FMCG player, CavinKare hasraised R250 Cr in a structured deal fromChrysCapital for an undisclosed stake.The raised funds will be used in strengtheningand expanding its existing brand portfolioranging from shampoos, fairness cream, haircolors, deodorants, dairy, snacks, foods andbeverages. CavinKare had appointed JM Financialto manage the deal.The companys objective is to rapidly grow itsbrand portfolio few notches upwards acrossdifferent markets. In February, FMCG firm was intalks with PE firms, Everstone Capital andChrysCapital to dilute part stake for raisingaround R350 Cr. The company was then aimingat a valuation of R3,000 Cr and looking to diluteabout 10-12% which could fetch it R350 Cr.With a turnover of R1,200 Cr, the brand portfolioconsists of shampoos (Chik, Meera and Nyle),fairness creams (Fairever), deodorant and talc(Spinz), hair colours (Indica), dairy (Cavin’s), foodand snacks (Ruchi, Chinni’s & Garden), andbeverages (Maa). Other than its FMCG businessit also plans to expand its beauty salon business.Announcement Date | 4 June 2013Industry | Consumer Goods©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseGetit plans to raise funds from Foreign InvestorsLocal search company, Getit is planning to raiseR216 Cr from a foreign investors.In February, Getit had appointed Jaspreet Bindra,a former Microsoft India executive as its ChiefExecutive Officer. Getit also partnered withYahoo recently to revive its local search portal.Founded in 1986, Getit has a strong network ofover 30 offices around the country withemployee strength of over 1000.In February, it acquired local search businesses -Infomedia Yellow Pages and AskMe fromNetwork18 Group.In 2010, Malaysian-based Astro All AsiaNetworks had bought 50% stake in New Delhi-based GETIT Infoservices for around R100 Cr.While in 2009, it raised R20 Cr from VC fundHelion Venture Partners by diluting 10% .Announcement Date | 3 June 2013Industry | Technology©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseCartica Capital invests in TTK PrestigeCartica Capital is investing R106.5 Cr in TTKPrestige, through preferential allotment, asstated on BSE.TTK Prestige will issue 3,00,000shares of R10 each at a premium of R3540 pershare aggregating to R106.5 Cr.

Last year, Fidelity Investment trust investedaround R24.31 Cr in TTK Prestige through bulkdeal on NSE.

Set up in 1955, TTK prestige - a flagship companyof TT Krishnamachari group, is among theleading brands in the kitchen equipment space,especially in the pressure cooker segment. TTKhas a diversified product profile, with 37% of itsrevenues coming from pressure cookers, about20% from cookware, and the remainder from gasstoves and appliances. 
Recently, the company announced its plan toenter in R3,200 Cr water purifier market. Forthe January-March quarter, TTK’s sales rose22.3% on-year to R289.46 Cr. Operatingincome went up 32.5% to R43.91 Cr and netprofit soared 42% to R28.03 Cr.


Announcement Date | 3 June 2013Industry | Consumer Goods©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseMyntra raises funds from existing InvestorsBangalore based e-commerce venture Myntrahad raised around $25 Mn investment fromexisting investors like Tiger Global and AccelPartners among others.The company plans to use the investment raisedto improve its back end infrastructure and toexpand its operations across the country.But the exact investment raised last year isunknown.Last year in February, Myntra had raised $20Mnin its third round of funding led by Tiger Globaland in its previous rounds of funding in March2011 and November 2008 it had raised $14 Mnand $5 Mn respectively. Including its latest andprevious funds raise it has raised around $65 Mnuntil now. Myntra had also raised undisclosedamount of funding from Accel Partners (whichhad previously backed Myntra as ErasmicVenture Fund) and Mumbai Angels in 2007.Myntra currently claims to have tie-ups withover 500 leading fashion and lifestyle brands inthe country such as Nike, Adidas, Puma, Lee,Levis, Arrow, Biba, FabIndia, and Timberlandamong others.In April, Myntra had acquired Fitiquette, acompany in San Francisco developing virtualfitting rooms for undisclosed amount. InNovember 2012, Myntra acquired SherSingh, aglobal private label online brand specializing insports-inspired lifestyle apparel for men andwomen and its New York based parentcompany Exclusively.in.Announcement Date | 3 June 2013Industry | Retail/Leisure/Travel/Textile©2013 INDEL Advisors LLP. All right reserved
    • Venture Capital Housing.co.in Raises Funds From NVP SIDBI Invests In DICCI SME Fund Whistle Talk Technologies To Raise Funds
    • Deal ConciseHousing.co.in raises Funds from NVPReal Estate portal Housing.co.in has raised $2.5Mn from Nexus Venture Partners. The fundsraised will be used to open a Data Science Lab(DSL), build new technologies to the portal andstrengthen its technology and data sciencesteams.This is third round of funding in this calendar year.In March, the company raised funds from formerNetwork 18 CEO - Haresh Chawla, while inFebruary it raised angel funds led by ZishaanHayath of Future Bazaar and several otherinvestors.

Started by 12 IIT B alumnus, Housing.co.in is alocation based listing of property available forrent that has a mobile website, an Android app,an iPhone app and a desktop website.One can sort these listings based on price orfilter these listings based on property type,pricing, furnishing, number of rooms,bathrooms, beds and availability of features likeLift, Gym, Security and Parking among others. ItsData Science Lab will develop features like areabased pricing, society ratings etc. The companyis also building large headquarters for thetechnology team which will be a majorinvestment.

Announcement Date | 4 June 2013Industry | Services©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseSIDBI invests in DICCI SME FundThe DICCI SME Fund, a venture capital fundinitiated by the Dalit Indian Chambers ofCommerce and Industry has received SEBI’sapproval to raise R500 Cr for 10 years throughclose ended fund.The Varhad Group is the fund manager of DSF.Prasad Dahapute is the founder of the VarhadGroup and MD of Varhad Capital. Fund plans toraise money from banks and HNIs.This fund for Dalit entrepreneurs follows the newpublic procurement policy of the governmentwhich mandates that 4% of all procurement bypublic sector undertakings and governmentdepartments must be from SMEs owned byscheduled caste and scheduled tribeentrepreneurs.This is Category-I SME Fund and aims to raiseR160 Cr in the first closure.It aims to finance around 25 Dalit entrepreneursinitially. Along with financing their projects, itwould also support them to grow and exit whenthey become of running the business smoothly.Business houses like Tata Group, Thermax,Godrej, and Forbes Marshall were keen to helpDICCI in setting up the fund. A number ofcompanies including a pipe manufacturing unithave approached DICCI for funds.Announcement Date | 4 June 2013Industry | Banking/Financial Services©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseWhistle Talk Technologies to raise FundsBangalore based social hiring applicationdeveloper - Whistle Talk Technologies is planningto raise $5 Mn in its Series A round of funding.The company is currently piloting the enterpriseversion of its application and has plans ofexpanding its operations to overseas Englishspeaking markets such as the US, Australia, partsof Southeast Asia and the Middle East. It plans toset up a front-end office in US by next year.The company had raised $400,000 in angelfunding from Hyderabad Angels last December.WhistleTalk is a social hiring application thatenables employees and hiring managers to quicklyfind the best talent. It uses social networking sites,such as Facebook, LinkedIn and Google Plus, tofacilitate referrals for job openings. According tothe company’s estimates, referrals account for 40-50% of overall recruitment in smallerorganizations and about 7% in larger ones.Since the launch of its application in Octoberlast year, it has registered more than 8 Lacsocial profiles. The employee or consumerversion of the application is free.Recently it launched Enterprise Solution, asoftware as a service (Saas)-based applicationthat can boost any referral hiring program.By December, it aims to sign up 25 enterprisecustomers and take the number to 100 by nextJune. It is also working on a mobile version ofthe application. The company plans to addmore employees to its eight people team onceit concludes next round of funding.Announcement Date | 3 June 2013Industry | Technology©2013 INDEL Advisors LLP. All right reserved
    • Merger & Acquisition Ushdev plan to acquire Wind Power Assets Clearstone backed Games2Win acquires BackyardGame FactorRy ONGC plan to reduce stake in CBM Blocks Fortis may sell Hong Kong and Vietnam Assets Lyxel Digital merges with AdFedral; plans Fund Raise Axis IT&T acquires Studec Technologies
    • Merger & Acquisition Idea may sell its towers to Axiata OnMobile Global acquires Livewire Mobile Wipro invests in Axeda Corp Tilaknagar Industries exits from Shivprabha Sugars Philips to sell its Lifestyle Entertainment Biz to WooxInnovations Aditya Birla Chem acquires Chlor - Alkali Biz from SolarisChemtech
    • Deal ConciseUshdev plan to acquire Wind Power AssetsUshdev International plans to purchase windpower assets, BL states. Ushdev had recently de-merged its wind business to gain fromdepreciation benefits. The newly formedsubsidiary aims to expand its power generatingcapacity from 90 Mw to 350 Mw throughacquisition as it has ruled out Greenfieldexpansion this year.The company is in talks with VRL logistics and twolisted companies to acquire wind power assets,one having 90 Mw wind farm and another with 87Mw wind farm. The company believes thatpurchasing existing wind farms would cost themR3.5 Cr per MW while putting up new capacitieswould cost upwards of R6 Cr per MW.In March this year, Ushdev International alsoacquired private companies, Hobli PropertyManagement Private Limited &Maa Jai JyotawaliSteel Private Limited. In February 2012, Ushdevraised R160Cr by selling 14.5% stake toSingapore based Oxley Group.Announcement Date | 6 June 2013Industry | Energy / Utilities©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseClearstone backed Games2Win acquires Backyard Game FactorRyClearstone Venture Partners backed Games2Win,an online game firm has acquired Backyard GameFactorRy, a casual games studio based in Delhi.Founded in 2010 by Rahul Jaiswal, Backyard GameFactorRy is a full service studio specialized inproduction of Hardcore Games. It builds web andmobile casual games.Games2Win, which found its name in the top 20online gaming businesses in the world as perComscore, was co-founded by serial entrepreneurAlokKejriwal and Mahesh Khambadkone, a gamingtechnocrat. It owns and operates its own gamedevelopment studio and serves over 20 Mn userseach month through its 600+ flash games availableacross the web and mobile devices, its own in-game ads network and its newly launched socialplatform for mobile applications and web games.This March, Games2Win raised $2 Mn fromClearstone Venture Partners. Clearstone alongwith SVB India had put in $5.5 Mn in Series Around in 2007 which was followed by Series Bround worth $6 Mn by both in 2011. LastMarch, Nirvana Venture Advisors acquired 10%stake in Games2Win by buying from NexusVenture Partners, ICICI Ventures and a fewsenior employees of the company, that sawNirvana’s co-founder AmitPatni joining theboard of firm. ICICI Venture and Nexus, whichhad invested in 2006, continue to hold shares inthe gaming firm.Announcement Date | 6 june 2013Industry | Technology©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseONGC plan to reduce stake in CBM BlocksONGC will sell 10-25% stake in its four coal-bedmethane blocks to Brisbane-based Dart EnergyLtd. as it looks to expedite production.ONGC has finalised partners for producing gasfrom below coal seams, called CBM, in the Jharia,Bokaro, NorthKaranpura and Raniganj blocks.It is farming out 35% stake in the four blocks toexpedite gas production with the help of privatesector firms. It plans to allot Dart 25% in theJharia, North Karanpura and Bokaro block while inRaniganj it will get 10%. CCLE, Prabha Energy andMMS would take 10% in Jharia, North Karanpuraand Bokaro blocks.CBM is natural gas trapped within coal formations,which is extracted by drilling holes into the seams.ONGC has so far spent about R510 Cr on the fourblocks, was looking to sell 35% stake through atender last year.In November, it invited fresh international bidsand has now finalized the farm-out arrangement.A week back, ONGC announced it is looking forpotential partners to form a JV for generating 6.5GW of renewable energy such as wind and solarpower.It also plans to sign an agreement with state-owned Nuclear Power Corp. of India Ltd forsetting up six nuclear plants, each with a capacityof 1,740 MW. ONGC is also in talks with RoyalDutch Shell plc for joint participation across thehydrocarbon value chain in upstream, midstream and down activities..Announcement Date | 6 June 2013Industry | Energy / Utilities©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseFortis may sell Hong Kong and Vietnam AssetsFortis Healthcare is planning to sell its Vietnamand Hong Kong assets for $380-400 Mn, ETstates.Fortis holds 65% stake in its Vietnames Unit -Fortis Hoan My Corporation for which it hasreceived bids from Richard Chandler Corporation,a Singapore based company. JPMorgan is the leadadvisor to the deal.Fortis will retain its presence in Singapore,Mauritius, Sri Lanka and Duba.The company plans to raise about $800 Mn fromasset sales as well as issue of equity by the end ofSeptember 2013, which will be utilized to cut itsdebt burden of Rs 7,000 Cr.Fortis Healthcare aims to open six novel hospitalsin southern and western parts of the country,which could involve an investment of aroundR1050 Cr.Last month, Standard Chartered Bank(Mauritius) has offloaded 16.30 lakh shares ofFortis Healthcare through block dealtransactions for around R16 Cr through blockdeal transaction. This April, it entered into adeal with IFC Washington to raise $100 Mn tocut its debt.Last year, Fortis through its subsidiary FortisHealthcare International Pte Ltd sold 64% stakein Dental Corporation Holdings Limited (DC) tohealthcare firm Bupa of UK for total value of$270 Mn.Announcement Date | 6 June 2013Industry | Healthcare©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseLyxel Digital merges with AdFedral; Plans Fund RaiseTechnology driven advertising company,AdFederal, has decided merge its operations withLyxel Digital for an undisclosed amount.The combined entity will also be looking forraising series A funding for its data managementplatform and expanding its sales team acrossSouth East Asia. DevBatra will lead the entity asChief Evangelist while Nishith Srivastava, Founderand CEO, AdFederal Media will continue to workwith Lyxel as Chief Technology Officer.AdFederal Media is a digital advertising companywith a focus on behavioral analytics. It hasdelivered digital advertising solutions to morethan 100 clients and 10 major agencies in the lastthree years of its existence. The current teamstrength is 30 based out of offices at Delhi,Mumbai and Bangalore. With this merger,AdFederal will now operate under Lyxel brandname and the merged entity will focus ondeveloping proprietary algorithms to providetargeted digital solutions for its clients in India,Middle East, Asia Pacific and Africa.Gurgaon based, Lyxel Digital is a digitaladvertising company targeting premiumaudience on internet. It was founded byDevBatra, Mohit Vats and Dynamis Mentors anew-age mentoring firm run by Nitin Guptaand AnshulSinghal.This deal would help Lyxel in gainingcapabilities in behavioral data analytics andrunning targeted display ads for its clients infuture.Announcement Date | 5 June 2013Industry | Technology©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseAxis IT&T acquires Studec TechnologiesAxis-IT&T Limited is acquiring Studec Technologiesthrough its subsidiary – Cades Digitech PrivateLimited. The deal enable Cades and Studec to offerto customers, the dual advantages of EuropeanStandards Quality & Delivery at Indian costs as wellas compliance with the Indian Defence Offsetrequirements.In terms of the strategic partnership agreement,Cades proposes to acquire a 76% stake in STUDECFrances wholly owned Indian subsidiary namelyStudec Technologies India. Post deal, Studec willbe renamed as CADES STUDEC India Pvt Limited.STUDEC is a French engineering company which isspecialized in customer services, technicaldocumentation and all services related to theimprovement of the lifecycle of complex systems.In the past years, STUDEC has grown its activitiesboth in Europe and in India where its subsidiary,located in Bangalore which commenced operationsin 2008, now employs more than 250 engineersworking on various aerospace projects. StudecTechnologies India provides technicaldocumentation and documentary engineeringsolutions for aerospace domain. Cades is a designand engineering services company catering toaerospace, defense, automotive & industrialproduct sectors. Axis IT&T Limited is a IntegratedEngineering Service company with strongdomain, process and delivery capabilities inproviding Mechanical, Electrical, Electronics andManufacturing Engineering services.Announcement Date | 5 June 2013Industry | Technology©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseIdea may sell its towers to AxiataIdea Cellular plans to sell its towers to Malysiabased telecom company, Axiata which holdssecond largest stake in the company.It is looking to divest its 9400 towers to raise fundsfor capital expenditure, license renewals andpurchase of airwaves. Merill Lynch is one of thebanks involved in the possible transaction.Axiata plans to create a tower company that willspan countries across South Asia, includingBangladesh, Sri Lanka, Indonesia and India.It aims to have around 100,000 towers across theregion and then publicly list the entity. It isinterested in running the towers with third-partytower management companies, including TataGroup-owned Viom Networks, for outsourcing themanagement of these installations.Recently it was reported that Axiata is evaluatinga bid for PT Axis Telekom Indonesia through itsIndonesian unit, XL Axiata. Purchasing theIndonesian carrier could give XL Axiata therequired mobile-phone frequencies to spreadwings in South-East Asia’s most crowded wirelessmarket.Axiata has controlling interests in mobileoperators in Malaysia, Indonesia, Sri Lanka,Bangladesh and Cambodia with significantstrategic stakes in India, Singapore and Iran.Announcement Date | 4 June 2013Industry | Telecom©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseOnMobile Global acquires Livewire MobileOnMobile Global is acquiring US based LivewireMobile, a provider of end to end managed mobileentertainment solutions for network operationsand consumer device manufacturers. Postacquisition, Livewire Mobile will be calledOnMobile Live Inc, a 100% subsidiary of OnMobileLLC, US. OnMobile LLC, US will pay $17.8 Mn asthe consideration for purchase of LiveWire’sbusiness assets and certain liabilities, subject tocertain contingent payments.The purchase will also include purchase of stock ofFonestarz Media Limited, UK – the managedservices arm of Livewire based in UK.The acquisition will enable OnMobile toconsolidate its global leadership position in RBTand Music by firmly establishing its presence inNorth America for these services.Established in 1983, Livewire Mobile provides anintegrated suite of solutions and currently powersringback tone and mobile music solutions forSprint, MetroPCS, and Public Mobile amongstothers. OnMobile is one of the largest white-labelled data and VAS companies for mobile,landline and media service providers. It has areach spanning over 1 Bn mobile users across 59countries every month. In February, OnMobileannounced that it exited its investments inincubatee firm, Ver Se Innovation and JV - KabuzaMarketing.Announcement Date | 4 June 2013Industry | Technology©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseWipro invests in Axeda CorpWipro has invested $5 Mn in Axeda, a US-basedsoftware solutions provider, for an undisclosedminority stake. With this investment, Wipro andAxeda will accelerate services and end-to-endsolutions designed to help organizations connectwith any asset, leverage real-time machine data toenhance business processes, and develop newinnovative enterprise applications.The deal is part of Wipro’s strategy of investing incompanies that specialize in technologies such ascloud computing and big data analytics, ratherthan making acquisitions.Last month, Wipro signed a deal to invest $30million for a minority stake in Opera Solutions Llc,a New Jersey-headquartered big data company.Axeda provides the leading cloud-based serviceand software for managing connected productsand implementing innovative M2M applications— significantly reducing the cost andcomplexity of connecting and remotely servicingthe products of the world’s leading companies.The partnership gives Wipro and Axeda’scustomers the ability to benefit from Axeda’srapid M2M application development and Wipro’sbig data analytics capabilities to make moreinformed decisions that foster better businessoutcomes.Announcement Date | 4 June 2013Industry | Technology©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseTilaknagar Industries exits from Shivprabha SugarsTilaknagar Industries has divested its stake in itssubsidiary Shivprabha Sugars. Shivprabha Sugarswas acquired by Tilaknagar Industries in March2012, with the strategic agenda of strengtheningits supply side security and improving operatingefficiencies.Solapur-based Shivprabha Sugars had obtainedthe necessary permissions for setting up - 2500TCD sugar plant, 30 KLPD distillery and 12 MW co-gen power plant. Tilaknagar Distilleries &Industries Ltd. was initially promoted as a 100%subsidiary of The Maharashtra Sugar Mills Ltd. InAugust, 1993 Maharashtra Sugar Mills Ltd. andTilaknagar Distilleries & Industries Ltd merged toform Tilaknagar Industries Ltd. Since then TI hasbeen engaged in the business of manufacture anddistribution of spirit and Indian Made ForeignLiquor (IMFL).The company manufactures markets and sellsmore than 40 brands across all price points. Itsportfolio includes brands such as MansionHouse, Senate whisky, CourrierNapoeleanbrandy. The Company exports its products toWestern Africa, the Middle East, the Far Eastand Caribbean countries. Last October, companyannounced its plan to acquire interest in analcoholic beverage manufacturing company inNorth India. In March, it acquired SrirampurGrains Pvt Ltd to strengthen it raw materialsupply chain.Announcement Date | 3 June 2013Industry | Agro/Food & Beverage©2013 INDEL Advisors LLP. All right reserved
    • Deal ConcisePhilips to sell its Lifestyle Entertainment Biz to Woox InnovationsPhilips Electronics India is planning to sell itslifestyle entertainment business to Hong Kong-based Woox Innovations for around R30 Cr.Through the global deal, Woox a step downsubsidiary of Funai Electric has got the licence touse the Philips brand for five and a half years andthe seventy five employees working in thedivision.PEIL do not manufacture products but outsourcetheir products from outside and sell it under theirbrand. The new owner will get brand licence asper global deal. Its parent firm Royal PhilipsElectronics has already sold the global divisionthat includes audio, visual, multimedia, andaccessories businesses to Funai Electric of Japanthrough a $202 Mn deal in January this year.Funai Electric Co. Ltd. is a Japanese consumerelectronics company headquartered in Daitō,Osaka, Japan.In India, PEIL has two other businesses - lightingand healthcare. This will help PEIL to reshape theconsumer lifestyle portfolio and transformingPhilips India into a market leader as a health andwell-being company. PEIL had sold themanufacturing facility of CTV business along withbrand licence for five years to Videocon in 2010.PEIL will also evaluate its brand licensingagreement with Videocon for colour televisionmanufacturing business in India in 2015.In January 2011, Royal Philips Electronics hadacquired the assets of the Chennai-basedappliances brandPreethi from Maya AppliancesPrivate Limited.Announcement Date | 3 June 2013Industry | Consumer Goods©2013 INDEL Advisors LLP. All right reserved
    • Deal ConciseAditya Birla Chem acquires Chlor - Alkali Biz from Solaris ChemtechAditya Birla Chemicals has acquired the Chlor-Alkali & Phosphoric Acid Division of SolarisChemtech Industries for a cash consideration ofR153 Cr. The acquisition will enable Aditya BirlaChemicals to enter into Southern Indian market aswell as the addition of phosphoric acid to itscurrent product portfolio. The acquisition cost andproposed capital expenditure will be fundedthrough a mix of internal accruals and debt.CA&P Division has a caustic soda manufacturingfacility with an installed capacity of 60,000 tpa andphosphoric acid plant with an installed capacity of24,000 tpa, both located at Karwar in Karnatakaand 3,000 acres of salt works in Gujarat. Thecaustic soda plant is not operational since 31stDec 2012. Aditya Birla Chemicals proposes toconvert the mercury plant into membrane basedcell technology.Last September, Solaris Chemtech Industriessold its Bromine manufacturing and distributionbusiness to Chemtura Corporation for $142 Mnin cash. Aditya Birla Chemicals business isspread across India, Thailand and China. In India,the chemicals business operates through AdityaBirla Nuvo, Grasim, Aditya Birla Chemicals(India) and Tanfac. The business covers six majorproduct segments which includes chlor-alkalis,epoxy, fluorine chemicals, peroxides,phosphates and sulphites. The products areexported to 58 countries across the globe.In2011, it acquired the Chloro Chemicals Division(CCD) of Kanoria Chemicals & Industries Limited(KCI) for R830 Cr in cash.Announcement Date | 3 June 2013Industry | Basic Industries©2013 INDEL Advisors LLP. All right reserved
    • www.indelglobal.comINDEL Advisors LLPINDEL is a global business advisory and consulting firm led by experienced professionals withentrepreneurial skills dedicated to serve middle-market companies in their Tax, Audit, Legal,Transaction and Advisory services. With the unique depth of thought combined with the globalexpertise of leading professionals, INDEL is committed to protect and enhance the enterprisevalue of its clients. At INDEL we live through our people. INDEL is about a collective vision witha common goal that allow its people to stand together. Founded in 2009, the firm isheadquartered in New Delhi and has offices located in major financial centers.