Welcome to the July edition of our US-India newsletter, which focuses on key developments and issues affecting foreign direct investments (FDI) and foreign institutional investments (FII) between the US and India. With twice the deal volume and eight times the deal value of 2009 first half transactions, US-bound acquisitions by Indian companies in the first half of 2010 have surpassed all expectations.........

1. IMaCS Virtus Global Partners Newsletter
Transaction & Investment Flow between US and India
IMaCS Virtus Event With twice the deal volume and eight times the deal value of 2009 first
half transactions, US-bound acquisitions by Indian companies in the first
half of 2010 have surpassed all expectations. There were 23 US-bound
Roundtable Discussion acquisitions by Indian companies with an aggregate value of over $3.8
with Sridhar Ramasubbu, billion in the first half of 2010.
CFO Wipro Technologies Robust economic growth and a surge in demand for natural resources in
The Art of Cross Border India combined with high debt-to-equity ratio and lower earnings potential
M&A - How Wipro does it of US companies is creating value-buying opportunities for Indian
companies in the US. In addition, increasing domestic competitive
pressures, changing economic realities and improved US-India political
Recent Reports and relations are encouraging Indian companies to seek acquisitions in the US.
News This also reflects how Indian companies adapted to the new economic
realities and are opportunistic about global growth.
Managing Risks in India: One of the key aspects of this year's transactions was the focus on natural
Common Mistakes made by US resources such as Reliance's acquisition of stake in shale natural-gas
Companies in India assets of Atlas Energy and Pioneer Natural Resources with a total
commitment of over $2.8 billion, Essar Group's acquisition of Trinity Coal
for $600 million.
Reliance Broadcast in JV with
US-based CBS In terms of US companies acquiring Indian assetss, the key transactions
this year are: the purchase of a stake in Coffee Day Resorts & Hotels Ltd.
by KKR, Standard Charted PE and Silk Route ($219 million), purchase of a
RIL Inks JV With US Energy Firm
stake in Tower Vision India Private Limited by Morgan Stanley Private
Pioneer; To Invest $1.3B
Equity; Migdal Capital Markets Ltd. and Quadrangle Capital Partners ($190
million) and the purchase of a stake in Avnija Properties Limited by KKR
Religare to buy boutique AMCs (164 million). KKR has participated in two of the biggest transactions.
in US Another active participant in the private placement space is International
Finance Corporation.
Biotech industry records three- Welcome to the July edition of our US-India newsletter, which focuses on
fold growth in 5 years key developments and issues affecting foreign direct investments (FDI)
and foreign institutional investments (FII) between the US and
India. IMaCS Virtus Global Partners, a joint venture between ICRA
TPG to invest in Vishal Retail
Management Consulting Services and Virtus Global Partners, offers
transaction advisory to North American and Indian companies seeking
cross border growth and investment opportunities. For more information,
please visit www.ivgpartners.com
Recent Reports
Special Report - US-bound Acquisitions by Indian Companies in
2010 H1
In the first half of 2010, Indian companies accounted for a total
of 23 US-bound acquisitions with a cumulative transaction value
of over $3.8 billion. IT/ITES remains the most acquisitive
industry capturing over 65% share of the total US-bound
transactions by volume, followed by oil & gas and mining (10%

2. each). Compared to small-size and distress related transactions last year,
this year's transaction sizes were significantly large and growth focused. Six
acquisitions in this period were over $100 million in size compared to none
last year. A majority of these transactions had an earn-out structure,
where a portion of the deal value is paid on future milestones. This is
evident in Reliance's acquisition of its shale assets and Mphasis's acquisition
of Fortify.
Webinar - Managing Risks in India:Common Mistakes Made by U.S.
Companies in India
While India presents compelling growth and investment
opportunity for many U.S. companies, a proactive approach to
risk management can help avoid common mistakes in the areas
of business setup, legal contracts, regulatory compliance,
partner search and due diligence. Key topics discussed in this
webinar include: Common mistakes in business setup and
regulatory compliance, avoiding mistakes in local partner identification,
related due diligence and negotiation, hiring the right advisors, lawyers and
accountants, FCPA/corruption issues and accounting/tax fraud, exit
considerations, and dispute resolution.
Industry Trends & News
Technology & Telecom
• Reliance Broadcast in JV with US-based CBS
• VC-Backed Gridstone Research Shuts Shop; Sells
Assets To 2 US Firms
• Airtel partners Cisco, Servion for hosted call centre
service
• Adobe Systems to bring pay-per-use software to
India
Energy
• RIL Inks JV With US Energy Firm Pioneer; To Invest
$1.3B
• US-based firms announce solar venture in India
Banking & Finance
• Religare to buy boutique AMCs in US
• Aditya Birla Minacs buys US debt recovery firm
• Carlyle picks up stake in Tirumala Dairy
• Morgan Stanley hikes stake in JM Financial to 4.8%
Life Sciences
• Biotech industry records three-fold growth in 5 years
• Piramal Healthcare To Buy Assets Of Canadian Firm
BioSyntech

3. • Surya tie-up with US company
• Orchid Chemicals to buy US-based Karalex Pharma
• GE to make life sciences equipment in India in 2 yrs
Food & Beverage
• PepsiCo to launch low-calorie cola within a month to
take on market leader Thums Up
• Carlyle picks up stake in Tirumala Dairy
Industrial Commodities & Manufacturing
• General Motors India to invest $100m for small light
commercial vehicles
• Lennox sets up tech centre in Chennai; to ramp up
head count to 100 by year-end
• Tata Elxsi in JV with Quantum
• GE launches 9 AC models in Punjab
Retail and Franchising
• TPG to invest in Vishal Retail
• ITC to launch 'Lucky Strike' cigarette in India
• Berkshire Hathaway to acquire agency license in
India
• No Child's Play: Global toymakers game for India
IMaCS Virtus Global Partners
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New York, NY 10017
(646) 807-9290
www.ivgpartners.com