Ma dealtracker-060412

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Ma dealtracker-060412

  1. 1. Quarterly Issue Volume 8.3DealtrackerProviding M&A and PE market insights© Grant Thornton India LLP. All rights reserved.
  2. 2. Dealtracker Quarterly 2012 Quarter 1, 2012: Deal Snapshot Quarter 1 Deal Summary Q1 Deal Summary Volume Value (US$ bn) Highlights Year 2010 2011 2012 2010 2011 2012 • the total M&A, PE and QIP deals in Q1 2012 were valued at Inbound 23 26 36 1.12 13.75 1.26 US$20.4 billion (297 Deals) as compared to US$21.0 billion Outbound 46 34 26 13.26 1.73 0.69 (219 Deals) and US$19.9 billion (256 Deals) in the Cross Border 69 60 62 14.39 15.47 1.96 corresponding quarters of 2011 and 2010 respectively Domestic & Internal • the total value of outbound deals (Indian companies acquiring Restructuring 119 82 115 3.05 2.40 16.32 businesses outside India) in Q1 2012 was US$0.7billion (26 deals) as compared to US$1.7 billion (34 deals) during Q1 M&A 188 142 177 17.44 17.87 18.27 2011, registering a decline of over 60% in value PE 59 75 118 1.56 2.61 2.01 • the total value of inbound deals (foreign companies or their QIP 9 2 2 0.87 0.53 0.1 subsidiaries acquiring Indian businesses) in Q1 2012 was Grand Total 256 219 297 19.87 21.01 20.35 US$1.3 billion (36 deals) as compared to US$13.8 billion (26 deals) in Q1 2011, registering a decline of over 90% in value. Destination Of M&A Deals Q1 2012 • the total value of domestic deals in Q1 2012 was US$16.3 billion (115 deals) as compared to US$2.4 billion (82 deals) and US$3.1 billion (119 deals) during the corresponding quarters in 2011 and 2010 respectively • PE deal values amounted to US$2.0 billion (118 deals) in Q1 2012 as compared to US$2.6 billion (75 deals) and US$1.6 Outbound billion (59 deals) during the corresponding quarters in 2011 35% and 2010 respectively Crossborder 11% • there were 2 QIP deals valued at US$0.1 billion in the first Inbound Domestic 89% 65% quarter of 2012 • 2 IPO were listed in the Q1 2012, which raised a sum of US$137.35 million from the public.The total amount raised through IPO during the period Jan-Dec 2011 was US$ 1.20 billion from 30 IPOs.© Grant Thornton India LLP. All rights reserved. 2
  3. 3. Dealtracker Quarterly 2012 M&A Trend PE Trend 20.0 250 3.5 140 17.9 18.3 18.0 17.4 2.9 118 197 3.0 120 120 16.0 183 200 2.6 13.5 171 14.0 188 2.5 90 88 100 2.0 151 148 177 11.5 12.0 US$ Billion US$ Billion 12.0 150 70 Volume 2.0 1.9 80 142 66 Volume 1.7 10.0 7.4 1.6 75 126 1.6 1.5 1.4 1.4 60 8.0 7.4 7.3 100 59 58 6.0 1.0 40 4.0 50 0.5 20 2.0 - 0 0.0 0 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 QIP Trend IPO Trend 2.5 17 18 6.0 30 16 16 25 14 5.0 25 2.0 14 4.9 2.2 1.7 12 4.0 20 1.5 Volume US$ Billion 1.5 US$ Billion 9 10 16 Volume 3.0 15 8 11 11 1.0 0.9 10 6 2.0 1.5 8 10 6 0.5 3 4 0.9 5 0.5 2 2 2 2 1.0 0.7 5 0.3 2 0.5 0.5 2 0.1 0.0 0.1 0.2 0.1 0.1 0.0 0 0.0 0 Q3 11 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q4 11 Q1 12 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12© Grant Thornton India LLP. All rights reserved. 3
  4. 4. Dealtracker Quarterly 2012 M&A Top 5 sectors Mining IT & ITeS 30 2.00 5 15.00 24 1.67 23 11.93 25 4 12.00 1.50 US$ billions No of Deals 1.27 US$ billions 20 No of Deals 23 3 9.00 2 15 1.00 2 6.00 1 1 10 1 3.00 0.50 0.02 5 0.17 0.60 0 - - - Q1 10 Q1 11 Q1 12 Q1 10 Q1 11 Q1 12 Value Volume Value Volume Telecom 8 13.52 15.00 6 No of Deals 7 US$ billion 10.00 4 5.00 3 3 5.00 2 0.80 - - Q1 10 Q1 11 Q1 12 Value Volume Pharma, Healthcare & Biotech Metals & Ores 16 14 1.50 10 9 1.00 13 12 1.05 8 12 0.75 US$ billions US$ billions No of Deals No of Deals 1.00 5 6 0.52 8 0.66 0.50 4 0.50 5 4 0.14 0.25 0.07 2 0.05 - - - - Q1 10 Q1 11 Q1 12 Q1 10 Q1 11 Q1 12 Value Volume Value Volume© Grant Thornton India LLP. All rights reserved. 4
  5. 5. Dealtracker Quarterly 2012 PE Top 5 sectors Pharma, Healthcare & Biotech IT & ITeS 12 500.00 40 578.22 600.00 10 34 10 US$ millions US$ millions 339.50 375.00 30 No of Deals No of Deals 8 400.00 295.73 6 4 250.00 20 3 4 156.00 200.00 110.43 125.00 10 17 2 7.06 10 - - - - Q1 10 Q1 11 Q1 12 Q1 10 Q1 11 Q1 12 Value Volume Value Volume Real Estate 14 12 400.00 12 293.51 US$ millions 300.00 No of Deals 10 8 200.00 6 4 4 75.96 2 100.00 46.74 2 - - Q1 10 Q1 11 Q1 12 Value Volume Banking & Financial Services FMCG, Food & Beverages 20 500.00 6 300.00 413.04 17 5 400.00 5 US$ millions 210.64 US$ millions 15 No of Deals No of Deals 281.62 4 164.60 200.00 300.00 10 3 4 6 7 200.00 2 1 100.00 5 74.49 100.00 1 5.00 - - - - Q1 10 Q1 11 Q1 12 Q1 10 Q1 11 Q1 12 Value Volume Value Volume© Grant Thornton India LLP. All rights reserved. 5
  6. 6. Dealtracker Quarterly 2012 Quarter 1, 2012: TOP 10 Deals M&A PE Acquirer Target Sector US $ Mn Deal Type % Investor Investee Sector % US $ mn Sterlite Internal Accel Partners & Flipkart Online Sesa Goa Ltd Industries Mining 11,927.80 Restructuring N.A. Tiger Global Services IT & ITeS N.A. 150.00 Satyam FMCG, Food & Computer Temasek Godrej Consumer Beverages 5% 137.00 Tech Mahindra Services IT & ITeS 1,400.00 Merger N.A. Fourcee General Atlantic Infrastructure Increasing LLC Equipments Logistics N.A. 125.00 Piramal Vodafone Stake to Healthcare Essar Telecom 618.00 11.00% 6% Pharma, Healthcare & Olympus Capital DM Healthcare Biotech N.A. 100.00 Sesa Sterlite - Vedanta Internal Government of To be formed Aluminium Metals & Ores 473.00 Restructuring N.A. Singapore Pharma, Healthcare & Eenadu Media, Investment Vasan Healthcare Biotech N.A. 100.00 Television Entertainment Strategic Morgan Stanley Sheth Developers TV18 Broadcast Network & Publishing 395.00 Stake N.A. Real Estate Mumbai project Real Estate N.A. 90.00 Pharma, Providence Equity, Hathway Cable & Media, Entertainment Watson Ascent Healthcare & Majority Macquarie Bank Datacom & Publishing 17% 72.00 Pharmaceuticals Pharmahealth Biotech 393.00 Stake 94% Nandi The Madras Infrastructure Infrastructure Sesa Sterlite - Aluminium Power & Internal Airro Mauritius Corridor Management 8% 65.00 To be formed Company Energy 363.00 Restructuring N.A. Supreme Infrastructure 3B - 3i India Infrastructure Management 49% 61.00 Binani Industries fibreglass Co Manufacturing 360.00 Acquisition 100% Banking & Financial Reliance Banking & Warburg Pincus AU Financiers Services N.A. 50.00 Nippon Life Capital Asset Financial Strategic NYLIM Jacob Banking & Financial Insurance Management Services 290.00 Stake 26% Ballas Religare Finvest Services N.A. 40.00 Sky City Strategic Fidelity Growth Pharma, Healthcare & Foundation STel Pvt Ltd Telecom 174.50 Stake 43% Partners Aptuit Laurus Biotech 20% 40.00© Grant Thornton India LLP. All rights reserved. 6
  7. 7. Dealtracker Quarterly 2012 M&A Top Deals Inbound – Pharma, Healthcare & Biotech US$ 393 mn Acquirer Target Transaction Watson Pharmaceuticals, Inc Ascent Pharmahealth Ltd Watson Pharmaceuticals has acquired Ascent Watson Pharmaceuticals, Inc., a specialty Ascent Pharmahealth Limited distributes and sells generic Pharmahealth, an Australia and South East Asia pharmaceutical company, engages in the development, pharmaceuticals and other health related products generic pharmaceutical business of Strides manufacture, marketing, sale, and distribution of generic primarily in Australia and Asia. The company distributes Arcolab, for A$375 million ($393 miilion) in cash. and brand pharmaceutical products in the United States, prescription generic and dermatological pharmaceuticals western Europe, Canada, Australasia, Asia, South and specialized consumer personal care products. America, and South Africa. Domestic – IT & ITES US$ 1.40 bn Acquirer Target Transaction Tech Mahindra Ltd Satyam Computer Services Ltd Tech Mahindra Ltd merged Satyam Computer Tech Mahindra Limited provides information technology Satyam Computer Services Limited operates as an Services Ltd with itself, at a share swap ratio of (IT) services to the telecommunications industry information, communications, and technology company. 2:17, giving shareholders two Tech Mahindra worldwide. The company was founded in 1986 and is The company provides business consulting, information shares for every 17 owned in Satyam Computer. based in Pune, India. technology, and communication services. Outbound - Manufacturing US$ 360 mn Acquirer Target Transaction Binani Industries Ltd 3B – fiberglass company Binani Industries Limited, through its subsidiaries, 3B the fibreglass company develops and supplies Binani Industries Limited (BIL), has acquired 3B, a engages in the manufacture and sale of cement, fibreglass products and technologies for the reinforcement Belgian fibreglass major, from Platinum Equity for electrolytic zinc, glass fiber, and composites in India of thermoplastics and thermosets. The company serves euro 275 million. and internationally. The company offers grade 43 and aerospace, automotive, building and construction, grade 53 cement, and Portland Pozzolana cement chemical plant and pipe work, defence and ballistics, under the brand name Binani. infrastructure, marine & mass transit,© Grant Thornton India LLP. All rights reserved. 7
  8. 8. Dealtracker Quarterly 2012 Deal of the Quarter Sesa Goa – Sterlite industries – merger/ internal restructuring About the companies About the companies Sesa Goa Limited is a multinational iron ore producer and exporter Vedanta Aluminium Ltd is an associate company of Vedanta with its operations in the states of Goa and Karnataka in India and in Resources Plc. It is a leading producer of metallurgical grade alumina Liberia in West Africa. The company operates in three business and other aluminium products. Vedanta owns 70.5% of the share segments - iron ore, metallurgical coke and pig iron. It is Indias capital of Vedanta Aluminium and Sterlite owns the remaining largest producer and exporter of iron ore in the private sector, with 29.5% share capital of Vedanta Aluminium. production of above 21 million tons of iron ore in fiscal year 2010. Vedanta owns 57.1% of Sesa and has management control of Madras Aluminium Company Ltd.: MALCO is one of the largest the company. private sector power suppliers in Tamil nadu, with a power generation capacity of 100 MW from four units of 25MW each through its power Sterlite Industries India Ltd. is a subsidiary of Vedanta Resources plant located at Mettur, Tamilnadu. Vedanta owns 93.9% of plc, a diversified and integrated metals and mining group. The MALCO’s share capital and has management control of the company. company engages primarily in the production of copper in India. It also engages in the mining of bauxite, and the production of Cairn India was the fastest growing exploration & production aluminum conductors and various aluminum products, as well as in company in Asia in 2011. The company has a diversified asset base the mining of zinc ore. In addition, it also produces various chemical with 10 blocks. Vedanta Resources acquired a 58.5% stake in Cairn products. Vedanta owns 53.9% of Sterlite and has management India on 8 December 2011, for $8.67 billion. Post transfer , Sesa control of the company. Sterlite will own 58.9% of Cairn India. Acquirer Target US $ Mn % Stake Sesa Goa Ltd (Sesa Sterlite - To be formed) Sterlite Industries (India) Ltd 11,927.80 N.A. Vedanta Aluminium Ltd (Consolidation of VAL via merger of Sesa Sterlite - To be formed Ekaterina Limited, a holding company for Vedantas 70.5% 473.00 N.A. shareholding in VAL) Sesa Sterlite - To be formed The Madras Aluminium Company Ltd 363.00 N.A. Sesa Goa Ltd (Sesa Sterlite) Cairn India Ltd N.A. 38.80%© Grant Thornton India LLP. All rights reserved. 8
  9. 9. Dealtracker Quarterly 2012 I. Domestic Deals Acquisition price Acquirer Target Sector (US$ mn) Deal Type % Stake Malabar Trading Company Ltd Protect Nature Pvt Ltd Agriculture & Agro Products N.A. Majority Stake N.A. Crystal Group Rohini Seeds Agriculture & Agro Products N.A. Acquisition Tilaknagar Industries Ltd Srirampur Grains Pvt Ltd Agriculture & Agro Products N.A. Acquisition Tilaknagar Industries Ltd Shivprabha Sugars Ltd Agriculture & Agro Products N.A. Majority Stake 90.00% Ring Plus Aqua Ltd Trinity India Ltd Automotive 11.00 Majority Stake 78.00% OCL Iron and Steel Ltd through its SPV Oriental Iron and Casting Ltd Aron Auto Ltd Automotive N.A. Acquisition Oriental Carbon and Chemicals Ltd Schrader Duncan Limited Automotive 2.91 Strategic Stake 50.00% Oscar Investments Ltd Religare Voyages Ltd Aviation N.A. Strategic Stake 48.80% SEL Manufacturing Company Ltd SEL Aviation Pvt. Ltd Aviation N.A. Majority Stake 51.09% India Infoline Marketing Banking & Financial India Infoline Ltd Services Ltd Services N.A. Minority Stake 0.93% Banking & Financial Rammaica (India) Ltd Karma Stock Trade Ltd Services N.A. Merger N.A.© Grant Thornton India LLP. All rights reserved. 9
  10. 10. Dealtracker Quarterly 2012 I. Domestic Deals Acquisition price Acquirer Target Sector (US$ mn) Deal Type % Stake Indo Pacific Housing Finance Banking & Financial L&T Finance Holdings Ltd Ltd Services N.A. Acquisition AMW Finance Ltd, subsidiary of Frontier Leasing & Finance Banking & Financial Ltd Family Credit Ltd Services N.A. Acquisition FIL Fund Management Pvt. Banking & Financial L&T Finance Ltd Ltd, FIL Trustee Co. Pvt. Ltd Services N.A. Acquisition National Bank for Agriculture Universal Commodity Banking & Financial and Rural Development Exchange Services 3.20 Minority Stake 16.00% Dalmia Bharat Enterprises Ltd Calcom Cement India Ltd Cement 46.00 Strategic Stake 50.00% Sree Jayajothi Cements Shriram Group Limited Cement N.A. Majority Stake N.A. Vinay Jains Training Forum Artheon Finance Ltd Pvt Ltd Education N.A. Merger N.A. Divya Knowledge Process Comp U Learn Tech India Ltd Management Ltd Education 0.78 Acquisition B & A Ltd Buragohain Tea Company Ltd FMCG, Food & Beverages N.A. Merger N.A. personal care brands (Set Wet, Livon, Zatak, Dr Lips, Recova and Eclipse) of Paras Pharma from Reckitt Marico Benckiser FMCG, Food & Beverages 100.00 Acquisition© Grant Thornton India LLP. All rights reserved. 10
  11. 11. Dealtracker Quarterly 2012 I. Domestic Deals Acquisition price Acquirer Target Sector (US$ mn) Deal Type % Stake Two-Up Financial Services Ltd KDJ Holidayscapes Ltd Hospitality N.A. Merger N.A. Two-Up Financial Services Ltd KDJ Hospitality Pvt Ltd Hospitality N.A. Merger N.A. Increasing Lite Bite Foods Wrapster Foods Hospitality N.A. stake to 100% N.A. SEL Manufacturing Company Ltd Omega Hotels Ltd Hospitality N.A. Acquisition 99.88% Tilaknagar Industries Ltd Mykingdom Ventures Pvt Ltd Infrastructure Management N.A. Acquisition Tilaknagar Industries Ltd Studd Projects Pvt Ltd Infrastructure Management N.A. Acquisition Essel Group IVRCL Ltd Infrastructure Management 32.80 Minority Stake 10.20% Asian Satellite Broadcast Pvt Ltd IVRCL Ltd Infrastructure Management 5.71 Minority Stake N.A. LifeMojo Health Solutions Pvt Flightraja Travels Pvt Ltd (Via) Ltd. IT & ITeS N.A. Acquisition Yatra Online Pvt Ltd Buzzintown IT & ITeS N.A. Acquisition Way2Online Interactive India 160by2 Networks Pvt Ltd IT & ITeS N.A. Acquisition Database Software Acclaim Industries Ltd Technology Pvt Ltd IT & ITeS N.A. Merger N.A.© Grant Thornton India LLP. All rights reserved. 11
  12. 12. Dealtracker Quarterly 2012 I. Domestic Deals Acquisition price Acquirer Target Sector (US$ mn) Deal Type % Stake Flipkart Online Services Pvt eTree Marketing Pvt Ltd - Ltd Letsbuy.com IT & ITeS N.A. Acquisition Mahindra Satyam Dion Global Solutions Ltd IT & ITeS 7.00 Minority Stake 15.00% Cressanda Solutions Ltd Smartchamps IT and Infra Ltd IT & ITeS N.A. Merger N.A. Ver Se Innovation Eterno Infotech IT & ITeS N.A. Acquisition Intec Capital Ltd Amulet Technologies Pvt Ltd IT & ITeS N.A. Acquisition Satyam Computer Services Tech Mahindra Ltd Ltd. IT & ITeS 1,400.00 Merger N.A. vCustomer-International Mahindra Satyam operations IT & ITeS 27.00 Acquisition Sattva Business Group Sattva CFS & Logistics Pvt Ltd Logistics 1.72 Minority Stake 10.00% Oil Field Warehouse & Raamns Shipping & Logistics Services Ltd Pvt Ltd Logistics N.A. Majority Stake N.A. Kajaria Ceramics Ltd Jaxx Vitrified Pvt Ltd Manufacturing 1.25 Majority Stake 51.00% Tilaknagar Industries Ltd P.P. Caps Pvt Ltd Manufacturing N.A. Acquisition New Vardhman Vitrified Pvt Nitco Ltd Ltd Manufacturing N.A. Majority Stake 51.00% International Conveyors Ltd International Belting Ltd Manufacturing N.A. Acquisition© Grant Thornton India LLP. All rights reserved. 12
  13. 13. Dealtracker Quarterly 2012 I. Domestic Deals Acquisition price Acquirer Target Sector (US$ mn) Deal Type % Stake Virgo Valves and Controls Ltd (steam division)- including German subsidiaryRifox Hans Thermax Richter GmbH Manufacturing 2.68 Acquisition Media, Entertainment & CL Educate Ltd G.K. Publications Pvt Ltd Publishing N.A. Acquisition Media, Entertainment & TV18 Broadcast Ltd Eenadu Television Network Publishing 395.00 Strategic Stake N.A. Media, Entertainment & Increasing ADI BPO Services Pvt Ltd MPS Ltd Publishing 1.84 Stake to 76.3% 14.90% Anil Kumble Sports Promotion Media, Entertainment & Pvt Ltd-Tenvic C Cube Sports Publishing N.A. Minority Stake N.A. Perfect-Octave Media Projects Media, Entertainment & Ltd Gandhar Media Ltd Publishing N.A. Merger N.A. Sri Vasavi Industries Ltd-Ferro Cronimet Alloys India Ltd Alloys Unit Metals & Ores N.A. Merger N.A. BG Group-Krishna-Godavari Oil and Natural Gas Corp Basin block KG-OSN-2004/1 Oil & Gas N.A. Strategic Stake 45.00% BG Group-Mahanadi Basin- Oil and Natural Gas Corp MN-DWN-2002/02 Oil & Gas N.A. Strategic Stake 25.00%© Grant Thornton India LLP. All rights reserved. 13
  14. 14. Dealtracker Quarterly 2012 I. Domestic Deals Acquisition price Acquirer Target Sector (US$ mn) Deal Type % Stake BG Group-Krishna-block KG- Oil and Natural Gas Corp DWN-98/4 Oil & Gas N.A. Strategic Stake 30.00% Hindustan Petroleum Increasing Corporation Ltd Prize Petroleum Company Ltd Oil & Gas N.A. Stake to 100% 50.00% Praj Industries Ltd Neela Systems Ltd Others 12.80 Majority Stake 50.02% eYantra Industries Ltd Privilege Corner Others 1.00 Acquisition Karma Industries Ltd Indigo Edutainment Pvt Ltd Others N.A. Merger N.A. VRB Capital Services India Pvt Gagan Polycot India Ltd Ltd Others N.A. Merger N.A. Farry Industries Ltd Basant Marketing Pvt Ltd Others N.A. Merger N.A. S R K Industries Ltd Transcend Commerce Ltd Others N.A. Merger N.A. IADFAC Laboratories Private Malabar Trading Company Ltd Limited Others N.A. Majority Stake N.A. Pennar Industries Ltd Pennar Enviro Ltd Others 0.85 Majority Stake 51.00% Unno Industries Ltd Baviscon Vincom Ltd Others N.A. Merger N.A. Unno Industries Ltd Pinnacle Vintrade Ltd Others N.A. Merger N.A.© Grant Thornton India LLP. All rights reserved. 14
  15. 15. Dealtracker Quarterly 2012 I. Domestic Deals Acquisition price Acquirer Target Sector (US$ mn) Deal Type % Stake Media Matrix Worldwide Ltd nexG Devices Pvt Ltd Others 0.00 Acquisition Media Matrix Worldwide Ltd Digicall Holdings Pvt Ltd Others 0.00 Acquisition Max India Ltd Antara Senior Living Pvt Ltd Others 0.00 Acquisition Medinova Diagnostic Services Standard Medical and Pharma, Healthcare & Ltd Pharmaceuticals Ltd Biotech N.A. Merger N.A. Pharma, Healthcare & Nova Medical Centers Pvt Ltd Helios Hospitals Biotech N.A. Acquisition Guru Harkishan Hospital- Pharma, Healthcare & Radiant Life Care Pvt Ltd management rights Biotech 77.00 Acquisition Apex Drugs & Intermediates Pharma, Healthcare & Aanjaneya Lifecare Ltd Ltd Biotech 50.00 Acquisition Omkar Speciality Chemicals Pharma, Healthcare & Ltd LASA Laboratory Pvt Ltd Biotech N.A. Acquisition Clariant Chemicals India Limited Asahi Songwon Colors Limited Plastic & Chemicals 1.33 Majority Stake 5.87% Eversun Energy Private Tecpro Systems Limited Limited Power & Energy N.A. Acquisition Blue Circle Services Ltd Enelek Power Power & Energy N.A. Acquisition© Grant Thornton India LLP. All rights reserved. 15
  16. 16. Dealtracker Quarterly 2012 I. Domestic Deals Acquisition price Acquirer Target Sector (US$ mn) Deal Type % Stake Shree Ganesh Jewellery Alex Group (Astral & House Ltd Spectrum) Power & Energy 20.00 Majority Stake 55.00% Unno Industries Ltd Basukinath Real Estate Ltd Real Estate N.A. Merger N.A. Classic Mall Development Co., Increasing Phoenix Mills Ltd Pvt. Ltd. Real Estate 18.98 stake to 63% 32.00% Classic Housing Projects Pvt. Increasing Phoenix Mills Ltd Ltd Real Estate 2.22 stake to 66% 32.00% two operating Buildings in Hitec City 2 Special Economic Zone in Hyderabad,` from Ascendas India Trust Phoenix Infocity Pvt Ltd Real Estate 35.30 Acquisition Jindal Steel and Power Ltd Gopalpur Ports Ltd Shipping & Ports N.A. Majority stake 60.00% OCL Iron and Steel Ltd through its SPV Oriental Iron and Casting Ltd B S Ispat Ltd Steel N.A. Acquisition Ultimate Logistics Solutions Pvt Ltd and Siddharth Holdings Pvt. Ltd. Lloyds Steel Steel 38.00 Strategic Stake 24.50% Sky City Foundation Ltd STel Pvt Ltd Telecom 174.50 Strategic Stake 42.70%© Grant Thornton India LLP. All rights reserved. 16
  17. 17. Dealtracker Quarterly 2012 II. Others Acquisition price Acquirer Target Sector (US$ mn) Deal Type % Stake India Infoline Marketing Banking & Financial Internal India Infoline Ltd Services Ltd Services N.A. Restructuring 0.93% Arihant Financial Planners and Banking & Financial Internal Arihant Capital Markets Ltd Advisors Pvt Ltd Services N.A. Restructuring 51.00% Banking & Financial Internal Reliance Infrastructure Ltd Reliance Infraventures Ltd Services N.A. Restructuring N.A. Scottish & Newcastle India Pvt Internal United Breweries Ltd Limited Breweries & Distilleries 77.35* Restructuring N.A. Empee Sugars & Chemicals Internal Ltd Empee Distilleries Ltd Breweries & Distilleries 26.12* Restructuring N.A. Internal Kamat Hotels (India) Ltd Kamat Holiday Resorts Pvt Ltd Hospitality N.A. Restructuring N.A. Internal Kamat Hotels (India) Ltd Kamats Restaurants Pvt Ltd Hospitality N.A. Restructuring N.A. Kamats Holiday Resorts Internal Kamat Hotels (India) Ltd (Silvassa) Ltd Hospitality N.A. Restructuring N.A. Internal Tech Mahindra Ltd Venturbay Consultants Pvt Ltd IT & ITeS N.A. Restructuring N.A. * The deal values have been estimated based on the market price of the shares prior to deal announcement, multiplied by the number of shares issued/transferred as consideration.© Grant Thornton India LLP. All rights reserved. 17
  18. 18. Dealtracker Quarterly 2012 II. Others Acquisition price Acquirer Target Sector (US$ mn) Deal Type % Stake C&S System Technologies Pvt Internal Tech Mahindra Ltd Ltd IT & ITeS N.A. Restructuring N.A. Internal Tech Mahindra Ltd CanvasM Technologies Ltd IT & ITeS N.A. Restructuring N.A. Mahindra Logisoft Business Internal Tech Mahindra Ltd Solutions Ltd IT & ITeS N.A. Restructuring N.A. Genus Power Infrastructures Internal Ltd Genus Paper Products Ltd Manufacturing N.A. Restructuring N.A. Pratibha Pipes and Structural Internal Pratibha Industries Ltd Ltd Manufacturing N.A. Restructuring N.A. Seshasayee Paper and Internal Boards Ltd SPB Papers Ltd Manufacturing N.A. Restructuring N.A. Internal IFGL Refractories Ltd IFGL Exports Ltd Manufacturing N.A. Restructuring N.A. Vedanta Aluminium Ltd (Consolidation of VAL via merger of Ekaterina Limited, a holding company for Vedantas Internal Sesa Sterlite - To be formed 70.5% shareholding in VAL) Metals & Ores 473.00* Restructuring N.A. * The deal values have been estimated based on the market price of the shares prior to deal announcement, multiplied by the number of shares issued/transferred as consideration.© Grant Thornton India LLP. All rights reserved. 18
  19. 19. Dealtracker Quarterly 2012 II. Others Acquisition price Acquirer Target Sector (US$ mn) Deal Type % Stake Sesa Goa Ltd (Sesa Sterlite - Internal To be formed) Sterlite Industries (India) Ltd Mining 11,927.80* Restructuring N.A. Increasing Sesa Goa Ltd (Sesa Sterlite) Cairn India Ltd Oil & Gas N.A. stake to 58.9% 38.80% Increasing Pharma, Healthcare & Stake to Elder Pharmaceuticals Ltd Elder Biomeda AD Biotech N.A. 100.00% 7.80% Internal Reliance Infrastructure Ltd Reliance Energy Ltd Power & Energy N.A. Restructuring N.A. Reliance Energy Generation Internal Reliance Infrastructure Ltd Ltd Power & Energy N.A. Restructuring N.A. Reliance Goa and Samalkot Internal Reliance Infrastructure Ltd Power Ltd Power & Energy N.A. Restructuring N.A. Siemens Power Engineering Internal Siemens Ltd Pvt. Ltd. Power & Energy N.A. Restructuring N.A. The Madras Aluminium Internal Sesa Sterlite - To be formed Company Ltd Power & Energy 363.00* Restructuring N.A. Sesa Goa Ltd (Sesa Sterlite - Internal To be formed) Sterlite Industries (India) Ltd Mining 11,927.80* Restructuring N.A. * The deal values have been estimated based on the market price of the shares prior to deal announcement, multiplied by the number of shares issued/transferred as consideration.© Grant Thornton India LLP. All rights reserved. 19
  20. 20. Dealtracker Quarterly 2012 II. Others Acquisition price Acquirer Target Sector (US$ mn) Deal Type % Stake Reliance Property Developers Real Estate & Internal Reliance Infrastructure Ltd Ltd Infrastructure Management N.A. Restructuring N.A. Increasing Vodafone Essar from ETHL Stake to Piramal Healthcare Ltd Communications Holdings Ltd Telecom 618.00* 11.00% 5.5% Eurotex Industries and Exports Internal PBM Polytex Ltd Ltd Textile & Apparels 0.25 Restructuring 4.98% * The deal values have been estimated based on the market price of the shares prior to deal announcement, multiplied by the number of shares issued/transferred as consideration.© Grant Thornton India LLP. All rights reserved. 20
  21. 21. Dealtracker Quarterly 2012 III. Cross Border Deals - Outbound Acquisition price Acquirer Target Sector (US$ mn) Deal Type % Stake Dow AgroSciences LLC- Dithane R fungicide business Indofil Industries Ltd in Europe Agriculture & Agro Products N.A. Acquisition Varroc Engineering Pvt. Ltd TriOM SPA Automotive N.A. Majority Stake 80.00% Hero Eco Ultra Motors Ltd Automotive N.A. Acquisition Dutch Lanka Trailer Increasing TRF Ltd Manufacturers Ltd Automotive 8.33 Stake to 100% 49.00% Visteon Corporation- Varroc Engineering Pvt Ltd automotive lighting business Automotive 92.00 Acquisition TVS Logistics Services Ltd Universal Components UK Ltd Automotive 20.00 Majority Stake 90.00% Increasing York Transport Equipment Stake to TRF Ltd (Asia) Pte. Ltd Automotive 18.00 100.00% 49.00% Aptech Syntea SA. Education N.A. Minority stake 8.33% JBM Cadmium Pvt. Ltd Tesco GO Engineering N.A. Majority Stake 51.00% Godrej Consumer Products Ltd Cosmetica Nacional FMCG, Food & Beverages N.A. Majority Stake 60.00% RJ Feeds Pvt Ltd Gold’N Chiks Ltd FMCG, Food & Beverages N.A. Acquisition Swissrisk Financial Systems Controlling Dion Global Solutions Ltd GmbH IT & ITeS N.A. Stake N.A.© Grant Thornton India LLP. All rights reserved. 21
  22. 22. Dealtracker Quarterly 2012 III. Cross Border Deals - Outbound Acquisition price Acquirer Target Sector (US$ mn) Deal Type % Stake Openwave Systems Inc- Persistent Systems Ltd location business IT & ITeS N.A. Acquisition Videocon and US based AEC Partner Nivio IT & ITeS 21.00 Minority Stake N.A. Binani Industries Ltd 3B - fibreglass company Manufacturing 360.00 Acquisition Parekh Aluminex Ltd American Foils Inc Manufacturing N.A. Acquisition Media, Entertainment & Komli Media India Pvt Ltd Admax Network Publishing N.A. Acquisition NMDC Ltd Legacy Iron Ore Ltd Metals & Ores 19.46 Strategic Stake 50.00% NMDC Ltd Amplus Metals & Ores 15.00 Strategic Stake 26.00% Kisan International Trading FZE - subsidiary of Indian Farmers Fertiliser Cooperative Ltd Americas Petrogas Inc Oil & Gas 10.70 Strategic Stake N.A. Dishman Pharmaceuticals and Pharma, Healthcare & Chemicals Ltd Creapharm Parenterals Biotech N.A. Acquisition Pharma, Healthcare & Fortis Healthcare RadLink-Asia Pte Ltd Biotech 50.00 Majority Stake 85.00%© Grant Thornton India LLP. All rights reserved. 22

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