Mergers

Mergers
Indian firms entering the South American agriculture sector
in a big way!
by Aseem Rastogi
Beaches…Parties…Brazilian Carnivals.. These are some of the words and thoughts which come
into one’s mind when thinking of South America. Tourism and parties are one of the biggest
money spinners in South America. So one cannot find fault with the Indians for having such a
picture of the continent. But off late Indian firms …
{ 6 comments }
Is Vedanta-Cairn India deal on a ‘Slippery’ path ?
by Viral Dholakia 3 comments
London-listed mining group Vedanta Resources, which is controlled by ambitious Indian
billionaire Anil Agarwal, is all set to acquire a controlling stake in Cairn India, in a bid to
diversify into oil business. Cairn India operates in the country’s largest producing oil fields in
Barmer, Rajasthan. Moreover, the mandatory open …
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Turnaround for the Tata Group – Corus logs a Steely show
and JLR Sales Zooms Ahead!
The Tata Group is known for its acquisition spree, both in India and overseas, to fulfill its
ambitious plans through inorganic expansions at a faster click – be it Tata Tea’s one of the oldest

acquisitions of UK-based blended tea-marketing giant, Tetley Tea, at $400 million as early as
Feb 2000; or Tata Coffee’s buy-out [...]
Mergers & Acquisitions back with a Bang – Telecom Sector
leads…
by Arun Prabhudesai 1 comment
M&A activity in India is back with a bang on back of mega Telecom Industry deals involving
Indian companies. According to figures released by ASSOCHAM, Mergers & Acquisition deals
valued at USD USD 33.83 billion were executed during just the first quarter of financial year
2010, a growth of about 257% over corresponding quarter last [...]
Reliance Industries acquires Infotel to foray in Telecom
Business
The auction process was always slated to peak out in a day or two with the soaring bids. So, it
wasn’t a big surprise to see end of BWA Auction. What was surprising though is the news that
pan-India winner of the BWA spectrum, Infotel Broadband, has become an acquisition target.
Yes, it’s none other [...]
Reliance Communication Dilemma – Strategic Sale to
Etisalat or Merger with MTN?
by Viral Dholakia 1 comment

The initial signs of consolidation in the bleeding sector of telecom seem to have already begun.
Probably, the signal of consolidation has come-up a bit too early than anybody could have
expected. That’s not all. A strange fact remains that the consolidation seems to have kicked-off
with reference to a stronger company selling in …
Pharma Sellout to MNCs – A Case of Creating Shareholder
Value or Losing Hold over Traditional Pharma Business?
Call it creation of value for shareholders or selling matured pharmaceutical businesses, but the
fact of the matter remains that India is certainly losing hold over its traditional Pharma industry,
just as old players of the game with substantial size are calling quits and monetizing their
decades old generics model. In latest, Piramal Healthcare has agreed [...]
6 important aspects of Global Mergers & Acquisitions
by Viral Dholakia 1 comment
According to the quarterly deals data, the total value of outbound (overseas) deals by Indian
companies grew to over $12 billion in the March 2010 quarter from a measly $52 million seen in
the same period last year. The number of deals also increased to 45 from 15 over the year.

Private Equity investment touches $2 billion in 1st Quarter
of 2010
by Arun Prabhudesai 0 comments
We are now truly out of recession – atleast that’s what the PE investment data suggests.
According to study by Venture Intelligence, Private Equity firms invested about US$2,000
million in India across 56 deals during the quarter ended March 2010, which is highest in last 6
quarters. The figure for corresponding quarter last year …
Bharti Seals Zain Deal to Fulfill its African Dreams
Finally, Bharti Airtel can now be termed as emerging-market multinational. Bharti and Zain
Telecom on Tuesday signed a legally binding agreement in Amsterdam where Bharti acquired
most of the African assets of Kuwait’s Zain telecom for a $10.7 billion deal. This acquisition is
the second biggest overseas purchase by an Indian company …
Global Recovery sees India Inc Moving Ahead with
Acquisition-led Growth Plans
Would 2010 be the year of Acquisitions ? … Well, it is already turning out to be one as early as
the first quarter of calendar year 2010. With the sight of recovery in the global markets after the
period of two years of recessionary environment, the Indian corporate world is losing no time in
[...]

Would 2010 be the year of Acquisitions ?
Twenty Ten seem to have all the right ingredients in place to become the year of Acquisitions –
and that too cross-border acquisitions. 2009 was comparatively a lackluster year in terms of
M&A activity, understandably so, as the world economy was in doldrums. 2010 has already
started with a bang, with news of M&A deals [...]
Finance Friday: Deal Radar, Acquisitions , Rate Hike
by Ankit Agarwal 2 comments
Deal Radar: Finance Sector Seeing Consolidation, Aptech Expanding The M&A scene has been
a little dull off late but there are signs of it picking up albeit slowly.We covered the Bharti-Warid
deal earlier which was a a comparatively big ticket deal.However, it is the finance sector that is
seeing a lot of consolidation.There is increased [...]
Amongst BRIC Nations, India second most targeted country
for Mergers & Acquisitions
After a subdued 2009, the M&A deals seem to be picking up steam in 2010. India had great 2007
and 2008 when it came to Mergers & Acquisitions, however, 2009 recession saw drastic fall in

cross border M&A deals. Now according to report published by Dealogic, India has emerged as
the second most targeted …
Bharti-MTN Deal Falls Off Yet Again, MTN Stock
Plummets, Bharti Surges
The deal was being touted as one of the biggest M&A deal in India lest it happened. Well rightly
so ! Should the had gone through, it would have catapulted Bharti Airtel to become the third
largest telecom services provider spanning 20 countries and 200 million subscribers globally.
But, the talks …
India Venture Capital & Private Equity Report
by ArunPrabhudesai 39 comments
If you are a Early Stage Startup, your chances are of getting VC or Private Equity funding is very
slim and numbers prove it – Only 9% of all the VC / PE deals have been for early stage
companies between 2004 to 2008. This is especially true during the times of recession. Venture
Capitalists [...]
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Finance Friday: M&A Activity in India, Down but not out
by ArunPrabhudesai 0comments

During the first half of 2009, Indian companies were involved in a total of 136 Mergers &
Acquisition deals, down 54% from the same period in 2008, according to a study by Venture
Intelligence . The deal activity was also down 28% compared to the second half of 2008. It is …
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Finance Friday: India News Digest
Finance Friday is our weekly round up of buzzing stories relating to Finance and Indian Stock
Market
Inflation dips to minus 1.54% , But Is the Food Getting Cheaper?
Inflation tumbled to (-) 1.54% for the week ended July 18, as compared to (-) 1.17% in the
previous week, but food prices continued to rise.
The wholesale-price index based inflation remained negative for the seventh consecutive week.
However, it is widely expected to rise in the coming months.
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BSNL and Esssar are going on an African safari. What’s the
real reason?
by SriramVadlamani 1comment
India’s African connection is growing strong. If Airtel-MTN deal has triggered the biggest M&A
in India-Africa relationship, many new deals are bolstering the African connection. BSNL,
which now lags Airtel as the country’s top telecom company in both revenues and subscriber
base, is looking for ways to turnaround. It is …

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Corus and Ranbaxy – Acquisitions gone wrong?
by SriramVadlamani 2comments
These two acquisitions were the cynosure of all eyes in the past years. Is the world looking at
these big-ticket acquisitions with the same respect? I doubt it. Corus to me is the first thing that
went wrong for Tata group. It paid a huge amount for acquiring and then you know some thing
called [...]
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RIL-RPL are merging. Who will benefit?
Who will benefit? definitely not Chevron. Chevron has a 5% stake in Reliance Petroleum
Limited (RPL). It bought the stake 3 years ago for 60 rupees per share. If it doesn’t raise the
stake now to 29%, it will get the same amount of money it invested. Not bad, given the wipe out
every other [...]
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Infosys identifies BCC, Ciber Novasoft for acquisition for
SAP expertise
by SriramVadlamani 1comment

After losing out on Axon bid to HCL, Infosys is scouting for smaller SAP targets across Europe.
It is linked to several potential targets, two targets has surfaced as the potentials. Ciber Novasoft
and BCC both Europe based companies are the latest favorites. Infosys backed out of Axon or
rather did not go forward with [...]
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Tata Teleservices stake sale to DoCoMo and the future of
Indian telecom
Tata Teleservices has sold a stake of 26% to Japan’s NTT DoCoMo. The deal value is $2.7 bn.
Tata Tele has 30 million CDMA subscribers and is rolling out its GSM services. Some say the
deal is over-valued and some say its not easy to put value on the fastest growing mobile market
in …
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Unitech sells 60% stake to Telenor and makes profit without
a subscriber
Unitech’s stock was available at at throw away price. People were choosing between Colgate
paste and unitech stock. It has also complained to SEBI about a possible stock price
manipulation. It’s subsidiary, Unitech Wireless has recently won a GSM license to operate in 22
circles. Unitech which took at a beating at the stock market [...]
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Love is in the air…literally !

Indian Aviation industry is seeing a lot of turbulence since
last year. The airline industry has already seen $2bn losses.
Crude at $140/barrel
did not help their cause. Rising crude prices and falling
domestic demand has been the two killers for the
industry. Sensing that the scenario is not going to
change any time soon, two of India’s largest airlines
has said enough is enough and started making love.
Kingfisher and Jet Airways has decided to share
facilities to cut costs. It is not an exact Mergers or an
Acquisitions. It is collaboration.
Pending some approvals these are the things they will be doing:
1. Manage fuel expensesjointly
2. Share some pilots
3. Cross-sellingof tickets
4. Sharingtrainingfacilities
5. Acceptingeachother’sfrequentfliermiles.
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Indian Infotech companies on shopping spree – No credit, all
cash!
Nasscomforecasted a 21-24% revenue growth for IT industry till April 2009. This is valued at
$50 billion. Not the expected 30% growth, which the industry saw for the past 3 years. I think
the final figure would settle down at 20%. Satyam has fired 4500 employees and the same news
is expected from other companies. BPO companies are going easy on the hiring part.
Reading this should you be worried? If you said yes then read on.
Infotech is eyeing a $40 billion dollar acquisition in Germany. Satyam has 20000 crores for
acquisitions. Satyam and TCS have gained key contracts in Middle East and Europe. Satyam has
also acquired land for new facilities in Pune and Vizag. TCS is zeroing on buying the BPO arm
(Citigroup global services) of Citibank for $550 million. Symphony Technology Group (STG),

the US-based strategic holding company founded by an Indian, plans to invest $900 million
(around Rupees 4,230 crore) in acquisitions.
I guess everybody is following the Infosys-Axon-HCL triangular dance. Axon has agreed for a
$441 million pound take over by HCL. Infosys, which wanted a SAP exposure through Axon,
has to wait. May be HCL has paid a higher price for the company but it has gained key expertise
and exposure to European market.
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Mergers and Acquisitions fall sharply, but PE activity grows
2007 will go down in history as the year of Mergers & Acquisitions in India. However, 2008 has
not kept pace with the momentum gained last year.
This year has not been good for India overall, Stock Market today has come down to nearly
12,500 points – a 15 month low -, investors have lost thousands of crores of rupees, the rupee has
lost the fight handsomely against the dollar – last 6 months have seen rupee plummet from
high of nearly 38.5 to a low of 42.75 against the dollar, real estate which grew at astonishing
pace last year has seen tremendous slowdown. Inflation, which was hovering at less than 4% last
year has nearly tripled to 11.5%.
The total number of Merger & Acquisition deals too have seen huge negative growth. During
the first six months of 2008 total M&A deals stand at 265 with value at $18.54 billion as
against 335 deals amounting to $ 43.97 billion in the corresponding period in 2007.
Continue Reading→
Microsoft bullying Yahoo : Ready to talk only with new
board

Did you think Microsoft- Yahoo deal was over? Far from it.
It is now looking like a bollywood drama. Microsoft now says that if the current yahoo bosses go
away and the new board comes in, it is ready to re-enter the negotiations !
Michael Arrington of Techcrunchhas written about it in detail and is not too happy withthe way
Microsoftis bullying Yahoo – just because it is now in a position to do that.
Yesterday Microsoft released a statement clearly mentioning that it is not interested in talking
with the current management and do not trust that they can take this forward.
Continue Reading→
Reliance Retail winning battle against Bharti- Walmart !
Last year I had written about interesting Test match between 2 retail giants who had announced
their plans to open hundreds of stores across India.
Bharti Wal-Mart had announced their wholesale cash-and-carry and back-end supply chain
management operations in India. Close to their heels, Reliance Retail has announced their plan of
entering the same business segment with plans of supplying to kirana stores and institutional
buyers.
Continue Reading→
Will Reliance Communications acquire Capgemini to
become India’s largest IT services provider?

Anil Ambani is firing all cylinders in the quest to become India’s largest group (and Richest
Indian), the coveted place currently held by his elder brother Mukesh. Close to the heels of
Reliance Power – a $2.8 billion mammoth IPO, Anil has already announced his intentions of
going public with his entertainment division.
Now another big news has started making rounds. Anil Ambani run Reliance Communications is
in talks with up-for-grabs French IT consulting firm Capgemini.
Times Online reports:
Capgemini, the French IT services group, has held early-stage talks with Reliance
Communications, of India, that could result in the first acquisition of a significant Western IT
house by one of India’s fast-growing competitors.
Reliance Communication’s interest confirms Mr Ambani’s hopes to build a significant IT
business.
A move on Capgemini would give it access to a client base in continental Europe and catapult it
among the world’s top ten IT groups by market share.
Mr Ambani, India’s second-richest man after his estranged brother Mukesh, has already
suggested that he aims to be among the world’s five biggest video games developers.
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Mega Acquisitions by Indian companies changing brand
India !
The giant positive strides that Brand India has taken in last few years is nothing less than
astonishing. Indian Businessmen and Entrepreneurs are set out to revamp Indian image that will
be boasting world’s biggest corporation’s in near future. All the sectors, be it Steel,
manufacturing, Information technology, Auto and FMCG are all buzzing with Mega Indian
acquisitions.
The latest and probably the most talked about after Mittal’s buy-out of Arcelor, is Jaguar- Land
Rover bid by Tata group.

India Buzz: you just can’t miss it!
India is buzzing in all directions, be it the stock market, the rising rupee, the high amount of
mergers and acquisitions or Indian startups that are taking making waves globally. It is
sometimes overwhelming the way things are progressing in India. It is exciting to think about
where India will reach 10 – 15 years down the line.
MarketRX Bid: Fight between Infosys and Wipro
The trends of Indian companies buying US based companies is becoming increasingly common.
In 2007 itself, more than 15 acquisitions have been made by Indian software companies. Like I
have mentioned before on this blog, these kind of deals are the best ways for Indian companies to
grow aggressively. It helps them on multiple levels, primarily fighting resource crunch,
increasing global client based and addition of Intellectual property not easily available in open
market.
Big acquisitions by Indian Software companies in near
future.
Being in I.T Industry, I do understand the importance of these kinds of deal by Indian
companies. It not only helps the Indian software firm to gain a strong foothold with local
presence, but it provides with an added advantage of resourcing. As all of you know, the US
government has a cap of 65000 H1B visas, which unfortunately will not be increased in near
future. With such small number of visas available, it is extremely difficult for Indian software
houses to expand aggressively. So the route of these acquisitions gives Indian companies added

advantage of securing existing people from acquired company and also providing Indian people
as part of Intra company transfers, which circumvent the requirement of getting the H1B visa for
the person traveling to US.
Reliance Retail Vs Bharti Wal-mart: An exciting test match
to watch !
Yes, it is not a one day match, it is going to be a long and hard fought Test match. One that
Indian consumers are going to watch closely with excitement.
The Indian retail sector is on the cusp of a change, a very big change. This change is going to
affect thousands of Kirana store owners, small and big traders and Indian consumers alike.
Indian Mergers and Acquisitions: The changing face of
Indian Business
Indian outbound deals, which were valued at US$ 0.7 billion in 2000-01, increased to US$ 4.3
billion in 2005, and further crossed US$ 15 billion-mark in 2006. In fact, 2006 will be
remembered in India’s corporate history as a year when Indian companies covered a lot of new
ground. They went shopping across the globe and acquired a number of strategically significant
companies. This comprised 60 per cent of the total mergers and acquisitions (M&A) activity in
India in 2006. And almost 99 per cent of acquisitions were made with cash payments.
New Age Indian Entrepreneurs: Think Exit Strategy first !

The Economic Times article on recent Indian business trends is quite interesting. The gist of the
whole article is that Indian entrepreneurs no more think twice before selling off their business
ventures, that they have built over years.
This is very unlike the old tradition of growing their businesses and passing on the empire to
their…
Rediff Takeover: Rumor or Reality ?
This is not a confirmed news, still in rumor stages, but because Hindustan times has published
this news, it needs to be taken note of. According to the news Google and Yahoo are eyeing
Rediff, one of the India’s most popular consumer portals. I am actually surprised that this has not
happened earlier. Rediff now for sometime has been forefront capturing good market share of
Indian Internet Readers.
The Indian mergers and acquisitions are growing
exponentially.
by Arun Prabhudesai 1 comment
Not only that, Indian corporations currently loaded with excess cash are on acquisitions spree. I
have earlier written about how hot the scenario was last year, but 2007 seems to have already
reached that mark in less than 6 months.
ICICI bank’s private research division has come out with a Global Investment Outlook report,
which says the total equity deals struck by Indian companies have crossed 50 billion USD in
2007. In the same timeframe last year the equity deals stood at 13.5 billion USD.

India ranked at No. 1 for starting a Retail business across
the globe
The Retail sector in India has been hot for last 18 months or so…The huge Indian middle class
consumer are now the blue eyed segment for biggies like Bharti, Wal-Mart, Reliance and loads
of others, in race to…
India’s new-found confidence: Global Acquisitions !
Most of the Americans may have never heard of these Indian companies: Reliance Gatewaynet,
VSNL, Scandent and GHCL – but these are growing number of Indian companies who have
recently acquired US firms. The news of Indian company…
Indian Political Landscape and its effect on doing business in
India
The Indian Political Landscape and its effect of doing business in India. if you need to do
business in India, it is important that you understand the political implications on your business.
Indian Political system is…

Another Takeover – Indian company acquires a Glasgow-
based Scotch giant !
The Indian companies are doing M&As (Mergers and Acquisitions) at breathtaking pace !
This time it is the Charismatic socialite and businessman Vijay Mallya.
The UB Group chairman is set to unveil the acquisition of Glasgow-based Scotch giant Whyte &
Mackay on Wednesday with the final payout to existing shareholders pegged at around Â£615
million (more…
Deal Type Deal Date Target/Seller Co. Merged/Acquirer Co.
Takeover Rs.50 27 Sep 2010 National Commodity & Derivatives
Exchange Ltd.
Shree Renuka Sugars Ltd.
Merger Rs.50 07 Aug 2010 Dhampur Sugar Distillery Pvt. Ltd. Dhampur Sugar Mills Ltd.
Merger Rs.50 17 Jun 2010 Bajaj Hindusthan Sugar & Inds. Ltd. Bajaj Hindusthan Ltd.
Takeover Rs.50 27 Apr 2010 G M R Industries Ltd. E I D-parry (india) Ltd.
Takeover Rs.50 26 Apr 2010 G M R Holdings Pvt. Ltd. E I D-parry (india) Ltd.
Merger Rs.50 20 Apr 2010 G S R Sugars Pvt. Ltd. Gayatri Sugars Ltd.
Takeover Rs.50 30 Mar 2010 M P Chini Inds. Ltd. Jay Shree Tea & Inds. Ltd.
Sale of Asset Rs.50 12 Mar 2010 Triveni Engineering & Inds. Ltd. Triveni Turbine Ltd.
Takeover Rs.50 22 Feb 2010 Equipav S A Acucar E Alcool Shree Renuka Sugars Ltd.
Merger Rs.50 22 Feb 2010 Gobind Sugar Mills Ltd. Zuari Industries Ltd.
Takeover Rs.50 27 Nov 2009 Dhampur Sugar Mills Ltd. Mr. Gautam Goel,mr.gaurav
Goyal
Takeover Rs.50 11 Nov 2009 Vale Do Ivai S A Shree Renuka Sugars Ltd.
Takeover Rs.50 31 Oct 2009 Balrampur Chini Mills Ltd. Bajaj Hindusthan Ltd.
Takeover Rs.50 10 Oct 2009 Sadashiv Sugar Ltd. E I D-parry (india) Ltd.
Takeover Rs.50 10 Oct 2009 Sadashiva Sugars Ltd. E I D-parry (india) Ltd.

Takeover Rs.50 25 Sep 2009 National Commodity & Derivatives
Exchange Ltd.
Takeover Rs.50 18 Aug 2009 National Commodity & Derivatives
Exchange Ltd.
Sale of Asset Rs.50 27 Jul 2009 Indo Gulf Industries Ltd. Balrampur Chini Mills Ltd.
Takeover Rs.50 22 Jul 2009 Dharani Sugars & Chemicals Ltd. Promoter Group
Merger Rs.50 22 Jul 2009 G S R Sugars Pvt. Ltd. Gayatri Sugars Ltd.
Takeover Rs.50 02 Jul 2009 Shree Renuka Sugars Ltd. Qualified Institutional Buyers
Merger Rs.50 20 Feb 2009 Ratnaprabha Sugars Ltd. Shree Renuka Sugars Ltd.
Merger Rs.50 20 Feb 2009 Godavari Biofuel Pvt. Ltd. Shree Renuka Sugars Ltd.
Sale of Asset Rs.50 22 Jan 2009 Kesar Enterprises Ltd. Kesar Terminals &
Infrastructure Ltd.
Takeover Rs.50 23 Dec 2008 Bajaj Hindusthan Ltd. Shishir Bajaj
Takeover Rs.50 23 Dec 2008 Bajaj Hindusthan Ltd. Rahul Bajaj
Takeover Rs.50 21 Nov 2008 U S Nutraceuticals L L C E I D-parry (india) Ltd.
Takeover Rs.50 29 Oct 2008 E I D-parry (india) Ltd. Buy Back
Takeover Rs.50 20 Oct 2008 Gokak Sugars Ltd. Shree Renuka Sugars Ltd.
Merger Rs.50 22 Sep 2008 Phenil Sugars Pvt. Ltd. Bajaj Hindusthan Sugar &
Inds. Ltd.
Takeover Rs.50 23 Jul 2008 Ratnaprabha Sugars Ltd. Shree Renuka Sugars Ltd.
Takeover Rs.50 23 Jul 2008 Godavari Biofuel Pvt. Ltd. Shree Renuka Sugars Ltd.
Takeover Rs.50 21 Jul 2008 Corporate Merchant Bankers Ltd. Cosmos Industries Ltd.
Takeover Rs.50 18 Jul 2008 Ponni Sugars (erode) Ltd. Seshasayee Paper & Boards
Ltd.
Takeover Rs.50 04 Jun 2008 Alagawadi Bireshwar Sugars Pvt.
Ltd.
G M R Industries Ltd.
Takeover Rs.50 13 May 2008 Dhampur Sugar Mills Ltd. Goel Investments Ltd.
Takeover Rs.50 24 Apr 2008 E I D-parry (india) Ltd. Roca Bathroom Invst. S P
Takeover Rs.50 14 Feb 2008 Parry Phytoremedies Pvt. Ltd. E I D-parry (india) Ltd.
Takeover Rs.50 20 Dec 2007 Bajaj Hindusthan Sugar & Inds. Ltd. Bajaj Hindusthan Ltd.
Takeover Rs.50 17 Dec 2007 Shakumbari Sugar & Allied Inds.
Ltd.
India Glycols Ltd.
Takeover Rs.50 28 Nov 2007 Balrampur Chini Mills Ltd. Preferential Basis.
Takeover Rs.50 29 Oct 2007 Shree Renuka Sugars Ltd. Qualified Institutional Buyers
Takeover Rs.50 30 Aug 2007 Indo Gulf Industries Ltd. Balrampur Chini Mills Ltd.
Sale of Asset Rs.50 25 Aug 2007 Dhanuka Cold Storage Pvt. Ltd. Shree Renuka Sugars Ltd.
Takeover Rs.50 28 Jul 2007 K B K Chem-engineering Pvt. Ltd. Shree Renuka Sugars Ltd.

Takeover Rs.50 26 Jul 2007 Shree Renuka Sugars Ltd. Promoters
Takeover Rs.50 18 Jul 2007 Kashipur Sugar Mills Ltd. Capital Cement Ltd.
Merger Rs.50 27 Jun 2007 Maheswara Sugars Ltd. [merged] Bannari Amman Sugars Ltd.
Takeover Rs.50 05 Apr 2007 Sakthi Sugars Ltd. Morgan Stanley Group
Takeover Rs.50 03 Apr 2007 Bajaj Hindusthan Ltd. Bajaj Auto Ltd. And Affiliates
Takeover Rs.50 01 Feb 2007 Indo Gulf Industries Ltd. Balrampur Chini Mills Ltd.
Merger Rs.50 25 Jan 2007 Mawana Sugars Ltd. [merged] Mawana Sugars Ltd.
Merger Rs.50 15 Jan 2007 Dalmia Sugars Ltd. [merged] Dalmia Bharat Sugar & Inds.
Ltd.
Takeover Rs.50 29 Dec 2006 Bajaj Hindusthan Sugar & Inds. Ltd. Bajaj Hindusthan, J P Morgan
Securities,& Others
Sale of Asset Rs.50 28 Dec 2006 Gayatri Sugars Ltd. Shree Renuka Sugars Ltd.
Takeover Rs.50 02 Nov 2006 Tilan Sugar Ltd. Sakthi Sugars Ltd.
Sale of Asset Rs.50 30 Oct 2006 Monnet Sugar Ltd. Sir Shadi Lal Enterprises Ltd
Merger Rs.50 30 Oct 2006 Sri Rama Distilleries Ltd. [merged] Jeypore Sugar Co. Ltd.
Merger Rs.50 26 Oct 2006 Parry Nutraceuticals Ltd. [merged] E I D-parry (india) Ltd.
Takeover Rs.50 20 Oct 2006 Piccadily Agro Inds. Ltd. Piccadily Hotels Pvt. Ltd.
Takeover Rs.50 10 Oct 2006 Rana Sugars Ltd. Promoters
Merger Rs.50 07 Sep 2006 D S M Hi-tech Products Ltd.
[merged]
Dhampur Sugar Mills Ltd.
Takeover Rs.50 24 Aug 2006 Indo Gulf Industries Ltd. Balrampur Chini Mills Ltd.
Takeover Rs.50 17 Aug 2006 Prudential Tirumala Sugars Ltd. Unknown
Takeover Rs.50 17 Aug 2006 Prudential Ammana Sugars Ltd. Unknown
Merger Rs.50 15 Aug 2006 Bharat Sugar Mills Limited.
[merged]
G M R Industries Ltd.
Sale of Asset Rs.50 15 Aug 2006 G M R Industries Ltd. Cronimet Alloys India Ltd.
Takeover Rs.50 19 Jul 2006 Parry Nutraceuticals Ltd. [merged] E I D-parry (india) Ltd.
Takeover Rs.50 10 Jul 2006 Shri Prabhulingeshwar Sugars &
Chemicals Ltd.
Unknown
Takeover Rs.50 24 Apr 2006 Trident Sugars Ltd. Rajshree Sugars & Chemicals
Ltd.
Sale of Asset Rs.50 01 Apr 2006 Arunachalam Sugar Mills Ltd. Shree Ambika Sugars Ltd.
Merger Rs.50 31 Mar 2006 Santhanalakshmi Investments Pvt.
Ltd. [merged]
E I D-parry (india) Ltd.
Sale of Asset Rs.50 20 Feb 2006 New India Retailing & Invst. Ltd. Upper Ganges Sugar & Inds.
Ltd.
Sale of Asset Rs.50 13 Jan 2006 Kothari Sugars & Chemicals Ltd. Unknown
Takeover Rs.50 04 Jan 2006 Rajshree Sugars & Chemicals Ltd. Rajshree Pathy

Sale of Asset Rs.50 15 Dec 2005 E I D-parry (india) Ltd. Roca Bathroom Products Pvt.
Ltd.
Takeover Rs.50 12 Dec 2005 Cosmos Industries Ltd. Indian Sucrose Ltd.
Merger Rs.50 28 Nov 2005 Nanglamal Sugar Ltd. [merged] Mawana Sugars Ltd. [merged]
Sale of Asset Rs.50 08 Nov 2005 Dhampur Sugar Mills Ltd. Balrampur Chini Mills Ltd.
Merger Rs.50 20 Oct 2005 Santhakumari Investments Pvt. Ltd.
[merged]
Takeover Rs.50 02 Sep 2005 Bajaj Hindusthan Sugar & Inds. Ltd. Bajaj Hindusthan Ltd.
Merger Rs.50 31 Aug 2005 Mansurpur Sugar Mills Ltd.
[merged]
Dhampur Sugar Mills Ltd.
Takeover Rs.50 23 Jun 2005 J K Agri Genetics Ltd. J K Sugar Ltd.
Takeover Rs.50 23 Jun 2005 J K Sugar Ltd. B M F Beltings Ltd. [merged]
Sale of Asset Rs.50 13 Jun 2005 New Horizon Sugar Mills Ltd. E I D-parry (india) Ltd.
Takeover Rs.50 09 Mar 2005 Thiru Arooran Sugars Ltd. Promotors
Merger Rs.50 09 Mar 2005 Shree Vaani Sugars & Inds. Ltd. Karnataka Breweries &
Distilleries Pvt. Ltd. [merged]
Takeover Rs.50 02 Mar 2005 Sakthi Sugars Ltd. A B T Ltd.
Takeover Rs.50 29 Dec 2004 Nahar Sugar & Allied Inds. Ltd.
[merged]
J. L. Growth Fund Ltd.
Takeover Rs.50 09 Dec 2004 Ponni Sugars (erode) Ltd. Mr. Anubhav Aggarwal
Takeover Rs.50 26 Nov 2004 Kothari Sugars & Chemicals Ltd. Parvathi Trading & Finance Co.
Pvt. Ltd.
Merger Rs.50 01 Nov 2004 Saran Trading Co. Ltd.[merged] New India Retailing & Invst.
Ltd.
Takeover Rs.50 20 Oct 2004 Rana Sugars Ltd. Mr. Rana Ranjit Singh
Takeover Rs.50 20 Oct 2004 Rana Sugars Ltd. Mr. Rana Gurjeet Sin
Takeover Rs.50 11 Aug 2004 Triveni Engineering & Inds. Ltd. Mrs.rati Sawhney
Takeover Rs.50 11 Aug 2004 Triveni Engineering & Inds. Ltd. Dhruv M Sawhney
Takeover Rs.50 04 Aug 2004 Gayatri Sugars Ltd. Promoters & Fis
Takeover Rs.50 03 Jul 2004 Rangar Breweries Ltd. Indian Sucrose Ltd.
Takeover Rs.50 26 May 2004 Sakthi Sugars Ltd. Global Small Cap Fund & Gmo
Foreign Small Companies Fund
Takeover Rs.50 31 Mar 2004 Coromandel International Ltd. E I D-parry (india) Ltd.
Sale of Asset Rs.50 30 Mar 2004 E I D-parry (india) Ltd. Parry Engineering & Exports
Ltd.
Takeover Rs.50 30 Mar 2004 Roca Bathroom Products Pvt. Ltd. E I D-parry (india) Ltd.
Takeover Rs.50 26 Mar 2004 Shree Vaani Sugars & Inds. Ltd. Promoters
Takeover Rs.50 03 Jan 2004 Oudh Sugar Mills Ltd. Reliance Growth Fund

Takeover Rs.50 27 Dec 2003 Girdharilal Sugar & Allied Inds. Ltd. Promoters
Takeover Rs.50 27 Dec 2003 Balrampur Chini Mills Ltd. D S P Merrill Lynch, Reliance
Mutual Fund, Hsbc & India
Capital Fund
Merger Rs.50 24 Oct 2003 Ghaghara Sugar Ltd. D C M Shriram Consolidated
Ltd.
Takeover Rs.50 01 Oct 2003 Khandwala Securities Ltd. Bajaj Hindusthan Ltd.
Sale of Asset Rs.50 27 Aug 2003 Monnet Sugar Ltd. Bajaj Hindusthan Ltd.
Merger Rs.50 19 Aug 2003 Nahar Sugar & Allied Inds. Ltd.
[merged]
Nahar Industrial Enterprises
Ltd.
Sale of Asset Rs.50 06 Jun 2003 Monnet Industries Ltd. Monnet Sugar Ltd.
Takeover Rs.50 15 May 2003 Empee Sugars & Chemicals Ltd. Empee Distilleries Ltd.
Merger Rs.50 12 May 2003 Parry & Co. Ltd. [merged] E I D-parry (india) Ltd.
Merger Rs.50 12 May 2003 Mofussil Warehouse & Trading Co.
Ltd. [merged]
Sale of Asset Rs.50 12 May 2003 E I D-parry (india) Ltd. Coromandel International Ltd.
Takeover Rs.50 06 Mar 2003 Sri Chamundeswari Sugars Ltd. Chamundeswari Enterprises, A
B T Industries & Shakti
Beverages
Sale of Asset Rs.50 04 Feb 2003 Mawana Sugars Ltd. Mawana Sugars Ltd. [merged]
Merger Rs.50 23 Jan 2003 South India Sugars Ltd. [merged] Rajshree Sugars & Chemicals
Ltd.
Takeover Rs.50 22 Jan 2003 Shree Vaani Sugars & Inds. Ltd. Promoters
Sale of Asset Rs.50 07 Oct 2002 J K Tyre & Inds. Ltd. J K Sugar Ltd.
Takeover Rs.50 21 Aug 2002 Bajaj Hindusthan Ltd. Bacchraj & Co. Pvt. Ltd. &
Jamnalal Sons Pvt. Ltd.
Takeover Rs.50 14 Aug 2002 India Sugars & Refineries Ltd. Mr.rajendraprasad R Morarka -
Karta (huf)
Merger Rs.50 15 Jun 2002 Somaiya Organo-chemicals Ltd. Godavari Sugar Mills Ltd.
Takeover Rs.50 26 Apr 2002 Kesar Enterprises Ltd. Kesar Corporation Pvt. Ltd.
Takeover Rs.50 16 Apr 2002 Dhampur Sugar Mills Ltd. Bual Management Inc,
Sonitron Ltd & Others
Sale of Asset Rs.50 04 Apr 2002 Nizam Sugars Ltd. Transfer To 49:51 Jv With
Delta Paper Mills Ltd.
Takeover Rs.50 30 Mar 2002 Empee Sugars & Chemicals Ltd. Empee Holdings Ltd.
Takeover Rs.50 27 Mar 2002 Indian Sucrose Ltd. Yadu Sugar Ltd.
Sale of Asset Rs.50 26 Feb 2002 Mawana Sugars Ltd. Sir Shadi Lal Enterprises Ltd.
Takeover Rs.50 20 Feb 2002 Kirlampudi Sugar Mills Ltd. Mr. C Raghuram
Takeover Rs.50 16 Feb 2002 Simbhaoli Sugars Ltd. Occident Orient Company Ltd.,
Mauritius
Takeover Rs.50 24 Dec 2001 Balrampur Chini Mills Ltd. Buy-back Of Shares

Takeover Rs.50 27 Nov 2001 Rana Sugars Ltd. Promoters & Punjab Energy
Development Agency
Takeover Rs.50 07 Sep 2001 Nagarjuna Co-operative Sugar Mill Nuziveedu Seeds Pvt. Ltd.
Takeover Rs.50 07 Sep 2001 Nandyal Co-operative Sugar Mill Sree Rayalaseema Green
Energy Ltd.
Takeover Rs.50 07 Sep 2001 A S M Co-operative Sugar Factory Delta Paper Mills Ltd.
Takeover Rs.50 07 Sep 2001 Sri Hanuman Co-op. Sugar Mill Delta Paper Mills Ltd.
Sale of Asset Rs.50 03 Aug 2001 Sical Logistics Ltd. Rajshree Sugars & Chemicals
Ltd.
Takeover Rs.50 12 Jun 2001 Venus Sugar Ltd. Promoters, Fis & Others
Takeover Rs.50 09 May 2001 Gobind Sugar Mills Ltd. K K Birla Group
Sale of Asset Rs.50 27 Apr 2001 Nizam Sugars Ltd. Jeypore Sugar Co. Ltd.
Sale of Asset Rs.50 21 Apr 2001 Nizam Sugars Ltd. United Spirits Ltd.
Sale of Asset Rs.50 21 Apr 2001 Nizam Sugars Ltd. Mr. D K Adikeshavulu
Sale of Asset Rs.50 21 Apr 2001 Nizam Sugars Ltd. I M C
Merger Rs.50 12 Apr 2001 Chilwaria Sugars Ltd. [merged] Simbhaoli Sugars Ltd.
Takeover Rs.50 07 Apr 2001 Kesar Enterprises Ltd. Kesar Corporation Pvt. Ltd.
Takeover Rs.50 26 Mar 2001 Dhampur Sugar Mills Ltd. I C I C I Ltd. [merged]
Takeover Rs.50 23 Mar 2001 Dharani Sugars & Chemicals Ltd. Dharani Credit & Finance Pvt.
Ltd.
Takeover Rs.50 14 Mar 2001 Shiva Texyarn Ltd. Bannari Amman Sugars Ltd.
Takeover Rs.50 20 Feb 2001 Empee Sugars & Chemicals Ltd. Empee Distilleries Ltd.
Takeover Rs.50 15 Dec 2000 Ravalgaon Sugar Farm Ltd. Carina Finvest Ltd.
Sale of Asset Rs.50 22 Nov 2000 Upper Ganges Sugar & Inds. Ltd. Proposed
Takeover Rs.50 04 Oct 2000 K C P Sugar & Inds. Corpn. Ltd. Buy-back Of Shares
Takeover Rs.50 29 Jul 2000 Sir Shadi Lal Enterprises Ltd. Buy Back Of Shares
Sale of Asset Rs.50 04 May 2000 Rajshree Sugars & Chemicals Ltd. Proposed
Takeover Rs.50 18 Apr 2000 Sakthi Sugars Ltd. Promoters & Associates
Sale of Asset Rs.50 18 Apr 2000 Sakthi Sugars Ltd. Transfer To Separate
Company
Sale of Asset Rs.50 26 Mar 2000 Thiru Arooran Sugars Ltd. Terra Energy Ltd.
Takeover Rs.50 11 Dec 1999 Chilwaria Sugars Ltd. [merged] Balrampur Chini Mills Ltd.
Takeover Rs.50 02 Dec 1999 Rana Sugars Ltd. Promoters & Associates
Merger Rs.50 01 Nov 1999 Triveni Engineering & Inds. Ltd.
[merged]
Triveni Engineering & Inds.
Ltd.
Sale of Asset Rs.50 29 Oct 1999 Sakthi Sugars Ltd. Sakthi Auto Components Ltd.
Takeover Rs.50 16 Oct 1999 Chilwaria Sugars Ltd. [merged] Simbhaoli Sugars Ltd.
Sale of Asset Rs.50 29 Sep 1999 Kothari Sugars & Chemicals Ltd. Proposed

Takeover Rs.50 04 Sep 1999 Shree Ambika Sugars Ltd. Thiru Arooran Sugars Ltd.
Sale of Asset Rs.50 04 Sep 1999 Aruna Hotels Ltd. Shree Ambika Sugars Ltd.
Sale of Asset Rs.50 31 Jul 1999 Ponni Sugars (orissa) Ltd. Ponni Sugars (erode) Ltd.
Takeover Rs.50 06 Jul 1999 Balrampur Chini Mills Ltd. Vasukhi Agencies
Merger Rs.50 07 Apr 1999 Sharda Sugar & Inds. Ltd. [merged] Bajaj Hindusthan Ltd.
Merger Rs.50 01 Apr 1999 Tulsipur Sugar Co. Ltd. [merged] Balrampur Chini Mills Ltd.
Takeover Rs.50 30 Mar 1999 Pettavaittalai Sugars & Chemicals
Ltd.
Merger Rs.50 02 Jan 1999 Sree Kailas Sugars & Chemicals Ltd.
[merged]
Kakatiya Cement Sugar &
Inds. Ltd.
Takeover Rs.50 06 Nov 1998 Kothari Sugars & Chemicals Ltd. Eid Parry, French Co Eridania
Beghin-say
Takeover Rs.50 16 Oct 1998 Aruna Hotels Ltd. Thiru Arooran Sugars
Takeover Rs.50 10 Jun 1998 Pettavaittalai Sugars & Chemicals
Ltd.
Takeover Rs.50 17 Apr 1998 Tulsipur Sugar Co. Ltd. [merged] Balrampur Chini Mills, Pampa
Properties Etc
Merger Rs.50 31 Mar 1997 D S M Sugar (kashipur) Ltd.
[merged]
Kashipur Sugar Mills Ltd.
Merger Rs.50 31 Mar 1994 Babhnan Sugar Mills Ltd. [merged] Balrampur Chini Mills Ltd.
Merger Rs.50 31 Mar 1993 Sakthi Soyas Ltd. [merged] Sakthi Sugars Ltd.
Merger Rs.50 31 Mar 1989 Bharat Sugar Mills Ltd. [merged] New India Retailing & Invst.
Ltd.
Merger Rs.50 31 Mar 1985 New Swadeshi Sugar Mills Ltd.
[merged]
Oudh Sugar Mills Ltd.
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