VCCEdge puts the Indian dealscape in context by bringing to you a set of statistics analyzing Indian M&A, private equity and venture capital activity during the second quarter of 2010.

1. A RESEARCH PUBLICATION | October 2010
QUARTERLY DEAL UPDATE
Q3,2010 Statistics and analysis of Private Equity, Venture Capital
and Mergers & Acquisitions in India

2. Contents
Page Number
I. Executive Summary 1
II. Private Equity Deal Flow
- Introduction 2
- Deal Breakdown 3
- Sectoral Breakdown 5
- Regional Outlook 9
- Top 5 Private Equity Deals 10
- 2010 YTD 13
III. Private Equity Exits 14
IV. M&A Round Up
- Introduction 15
- Deal Breakdown 16
Corporate Office:
Mosaic Media Ventures Pvt. Ltd. - Sectoral Breakdown 18
B-128, First Floor, Sector 5, Noida - Regional Outlook 22
Uttar Pradesh, India - 201 301
Tel: +91-120-4171111
- Top 5 M&A deals 23
Email Id: sales@vccedge.com - 2010 YTD 26
Disclaimer:
VCCEdge (the research arm of VCCircle.com) has used due care and caution in preparing this report. Information has been obtained from the VCCEdge platform and sources which it
considers reliable. However, VCCEdge does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the
results obtained from the use of such information. No part of this report may be published/reproduced in any form without VCCEdge’s prior written approval. VCCEdge or its owner
Mosaic Media Ventures Pvt. Ltd. is not liable for investment decisions which may be based on the views expressed in this report.
COPYRIGHT © 2010 All rights reserved.

3. QUARTERLY REPORT
EXECUTIVE SUMMARY
VCCEdge puts the Indian dealscape in context by Mergers & Acquisitions…
bringing to you a set of statistics analyzing Indian
M&A, private equity and venture capital activity  The deal value touched $24.8 billion in Q2 2010
during the second quarter of 2010. taking the total M&A value in the first half of 2010
to $48.1 billion, up from $16.3 billion clocked in
Private Equity… the whole of 2009.
 Total private equity investment in India went up by  The number of domestic deals increased from 50
more than 130% from $0.99 billion in Q2 2009 to worth $1.7 billion in Q2 2009 to 91 deals worth
$2.3 billion in Q2 2010. $14.0 billion in Q2 2010.
 The median deal amount and the average value of  In terms of volume, the number of outbound
private equity deals in Q2 2010 increased to $11 deals tripled from 22 in Q2 2009 to 66 in Q2 2010,
million and $29 million respectively from $8 million while in terms of value the increase was more than
and $19 million in 2009. 13X.
 Financials, Energy & Utilities were the most  The number of inbound deals decreased to 23 in
targeted sectors for investment with deals worth Q2 2010 from 24 deals in Q2 2009 but at a higher
$510 million, $320 million and $306 million value.
respectively.
 Telecommunication Services, Healthcare and
 There were 30 exits worth $1.46 billion in Q2 2010
Financials were the most targeted sectors with
as compared to 29 exits worth $0.82 billion in Q2
deals worth $12 billion, $3.8 billion and $3.4 billion
2009.
respectively in the latest quarter.
1

4. PRIVATE EQUITY
INTRODUCTION
Private equity investments in India continued to display steady For the quarter ended June 2010, total announced deal value was
signs of recovery in the second quarter of 2010. Deal value $2.3 billion, a jump of more than 130% from $0.99 billion in Q2 2009.
continued to increase for the sixth consecutive quarter and is Total deal count in Q2 2010 also increased by 45% to 90 deals, up
nearly 3.5x the value seen in Q1 2009. from 62 in Q2 2009.
The first two quarters of 2010 have already witnessed $4.29 On a quarter-on-quarter basis, deal count remained nearly the same
billion in deal value as compared to $4.32 billion in entire 2009. at 90 as compared to 92 in Q1 2010 but deal value increased 17%
from $1.97 billion to $2.3 billion.
Exhibit 1: Private Equity Deal Flow in India ($ billion)
Deal Value ($ Mn)
Deal Volume
2

5. PRIVATE EQUITY
DEAL BREAKDOWN
Exhibit 3:Median Deal Amount ($million)
Exhibit 2: Private Equity Breakdown
Exhibit 4: Average Deal Size ($million)
Total number of venture capital investments announced in Q2
2010 stands at 24 with an announced value of $114 million as
against 15 deals at an announced value of $70 million in Q2
2009 and 26 deals amounting to $160 million in Q2 2008.
The median deal amount and the average value in Q2 ’10 increased to
$11 million and $29 million respectively as the volume of larger deals
(particularly deals > $100million) increased. 3

6. PRIVATE EQUITY
DEAL BREAKDOWN
Exhibit 5: Number of transactions by Deal Size Exhibit 6: Total investment by Deal Size
Private equity deals under $50 million accounted for 88% of total Larger deals ($50 million and above ) accounted for 63% of total
deal volume in Q2 2010. capital invested in Q2 2010 as against 40% in Q2 2009.
Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010
Undisclosed 6 18 25 36 11 8
Under $5m 22 37 43 52 45 42
Under $5m 11 20 23 27 24 12
$5 - $25 m 210 387 435 525 400 415
$5 - $25 m 17 31 32 42 34 34
$25 - $50 m 7 8 16 13 3 12 $25 - $50 m 239 299 527 407 116 401
$50 - $100 $50 - $100
m 4 6 7 11 2 8 m 232 368 427 736 152 489
$100+ 1 1 10 9 3 8 $100+ 100 100 4181 1723 484 1430
4

7. PRIVATE EQUITY
SECTORAL BREAKDOWN – Q3 2010
Other sectors, which have significantly contributed to private
equity deal value in Q2 2010, are Consumer Discretionary and
Healthcare accounting for 24% of total deal value.
Exhibit 7: Top 5 Sectors by Deal Value in Q3 2010 ($mm)
Financials, Energy & Utilities were the most targeted sectors for
investment with deals worth $510 million, $320 million and $306
million respectively in Q2 2010. Together, they accounted for
49% of total private equity deal value during the quarter.
Value Avg. Deal Size
Sector
Exhibit 8: Sector Summary Volume ($mn) ($mm) Exhibit 9: Top 5 Sectors by Deal Volume in Q3 2010
Consumer Discretionary 20 365 21
Consumer Staples 5 117 29
Energy 1 27 27
Financials 26 922 37 The most active sectors in terms of deal volume was Financials
Health Care 7 73 15 with 22 deals in the quarter, followed by Consumer Discretionary
Industrials 21 452 27 and Information Technology with 17 and 14 deals respectively.
Information technology 17 92 7 Other sectors contributing to the deal volume were Industrials &
Materials 4 39 10 Healthcare accounting for 11 deals each.
Telecommunication Services 1 304 304
Utilities 7 503 84
5

8. PRIVATE EQUITY
SECTORAL BREAKDOWN
ENERGY INDUSTRIALS
 Energy accounted for 2.2% of deal volume but 13.8% of deal  Industrials accounted for 12.2% of deal volume in Q2 2010.
value in Q2 2010.
MATERIALS CONSUMER DISCRETIONARY
 Materials saw 4 deals at a value of $244 million in Q2 2010.  Consumer Discretionary accounted for 18.9% of deal volume in Q2,
2010.
6

9. PRIVATE EQUITY
SECTORAL BREAKDOWN
CONSUMER STAPLES FINANCIALS
 Consumer Staples accounted for 4.4% of deals in Q2 2010 .  Financials accounted for 24.4% of deals in Q2 2010.
HEALTH CARE INFORMATION TECHNOLOGY
 Healthcare accounted for 12.2% of deals in Q2 2010.  Information technology accounted for 15.6% of deals in Q2 2010.
7

10. PRIVATE EQUITY
SECTORAL BREAKDOWN
TELECOMMUNICATION SERVICES UTLITIES
 Telecommunication Services saw only one deal at an announced  Utilities saw 4 deals at an announced value of $306 million in Q2
value of $1 million. 2010. The sector accounted for 13.2% of deal value in Q2 2010.
As seen in Q1 2010, Q2 also saw a large number of deals in Financials and
Consumer Discretionary.
8

11. Exhibit 10: Top 10 Private Equity deals in Q3 2010
Deal Value ($
Date Target Buyer mn) Sector
Macquarie-SBI Infrastructure Telecommunication
11/8/2010 Viom Networks Ltd. Fund 304 Services
Blackstone Advisors India Pvt.
18/08/2010 Moser Baer Projects Pvt. Ltd. Ltd. 290 Utilities
Macquarie-SBI Infrastructure
6/8/2010 GMR Airports Holding Pvt. Ltd. Fund 200 Industrials
Infrastructure Development Khazanah Nasional Berhad,
7/7/2010 Finance Co. Ltd. Actis LLP 179 Financials
13/09/2010 Brahma City Brahma Investments 140 Financials
Panchshil Realty Pvt. Ltd., Consumer
8/7/2010 Hospitality Division Xander Advisors India 110 Discretionary
GIC Special Investments Pte
Ltd. , Temasek Holdings Pte.
Ltd., HDFC Venture Capital
Lodha Group, 117 Storey Ltd. , Abu Dhabi Investment
17/08/2010 Residential Tower in Mumbai Council 107 Financials
17/08/2010 Shriram Properties Ltd. TPG Capital Inc. 100 Financials
Sadbhav Infrastructure Project Norwest Venture Partners,
19/08/2010 Ltd. Xander Advisors India 85.89 Industrials
Blackstone Advisors India Pvt.
Ltd., Wellington Management
22/07/2010 REI Agro Ltd. Company LLP 63.6 Industrials

12. PRIVATE EQUITY
REGIONAL OUTLOOK 2010 YTD
An analysis of private equity investment in 2010 year
to date by region, reveals that Maharashtra stands
on top with 86 private equity deals with a total deal
value of $1.67 billion. Amritsar
Jalandhar
This is followed by Karnataka with 38 deals valued at Dehradun
$1.09 billion and Tamil Nadu with 34 deals valued at Ludhiana
$801 million.
Delhi
Top 5 States Jaipur Lucknow Top 5 Cities
Kanpur
State Volume Value ($mm) City Volume Value ($mm)
Maharashtra 86 1,673 Mumbai 69 1,390
Ahmedabad Bhopal
Karnataka 38 1096 Bangalore 35 776
Indore
Baroda
Tamil Nadu 34 801 Chennai 30 743
Surat
Delhi 30 890 Mumbai Delhi 30 890
Andhra Pradesh 19 540 Pune Hyderabad 16 520
Hyderabad Vizag
Tier I
Bangalore Chennai
Mangalore Tier II
Mysore
Coimbatore
Cochin
9

13. PRIVATE EQUITY
TOP 5 DEALS IN Q3 2010
Exhibit 10: Top 5 Private Equity deals in Q3 2010
S No. Target Investor Value ($mm)
1 Viom Networks Ltd. Macquarie-SBI Infrastructure Fund 304
2 Moser Baer Projects Pvt. Ltd. Blackstone Advisors India Pvt. Ltd. 290
3 GMR Airports Holding Pvt. Ltd. Macquarie-SBI Infrastructure Fund 200
4 Infrastructure Development5 deals accounted for nearly 40% of total private equity deal value in Q3, 2010.
Top Finance Co. Ltd. Khazanah Nasional Berhad, Actis LLP 179
5 Brahma City Brahma Investments 140
Macquarie SBI Fund buys 11% in Viom Networks for $304 mm.
 Macquarie SBI Infrastructure Fund (MSIF) has picked up nearly 11 per cent stake in Viom Networks for $304 million.
 Viom is a leading independent telecom infrastructure company with over 37,000 towers and more than 80,000 tenants.
AZB Partners acted as the legal adviser for Quippo Telecom Infrastructure Ltd. and Amarchand & Mangaldas advised Macquire SBI
Infrastructure Fund on the deal.
10

14. PRIVATE EQUITY
TOP 5 DEALS IN Q3 2010
Blackstone Invested $290 mm In Moser Baer Projects.
 Blackstone Group has agreed to invest $290 million in unlisted energy firm Moser Baer Projects Pvt. Ltd.
 The company is engaged in the development of power assets using conventional and non conventional sources of energy.
 Moser Baer Projects Pvt. Ltd. is currently developing 4,000 MW of thermal, 500 MW of solar and 500 MW of hydro capacity power
plants.
Macquarie-SBI Infrastructure Fund agreed to invest $200 mm in GMR Airports Holding Pvt. Ltd.
 After raising money for its power division from a clutch of PE investors like Temasek, IDFC PE, UTI Ventures and Arganaut, GMR
Infrastructure is looking at raising funds for its airports division.
 Macquarie-SBI was in advanced negotiations with GMR Infra to invest $200 million.
The company will use the proceeds to buy out the holdings of its parent GMR Infrastructure in airports business, including the equity
stake in Delhi International Airport and GMR Hyderabad International Airports.
11

15. PRIVATE EQUITY
TOP 5 DEALS IN Q3 2010
IDFC raises $179 mm from Khazanah and Actis.
 IDFC raised $179 million from IDFC raises $179 Mn from Khazanah Nasional and Actis.
 The investment was made in the form of compulsorily convertible cumulative preference shares.
 Amarchand Mangaldas advised IDFC and AZB & Partners advised Khazanah on the deal.
Brahma Investments strikes $140 mm land deal.
 Brahma has struck $140 Mn deal for aggregating a 152-acre land parcel in Gurgaon.
 The project, Brahma City, will come up in Gurgaon’s Sector 62 and 63 just off the Golf Course Extension Road.
 Brahma City Project will be 74% owned by Brahma Management.
12

16. PRIVATE EQUITY
2010 YTD
Exhibit 11: Private Equity Deal Value 2010 YTD ($bn) Exhibit 12: Private Equity Deal Volume 2010 YTD ($bn)
Private equity investment in 2010 YTD has already
reached $7.18 billion as compared to $4.37 billion in
2009.
Deal value in 2009 was $4.37 billion, a sharp drop
from the $13.1 billion seen in 2008. The number of
deals in H1 2010 was 182 as compared to 311 in
2009, which points to a higher average deal value.
Financials, Utilities and Consumer Discretionary have
seen the highest deal value year till date.
Exhibit 13: Private Equity Sectoral Breakdown 2010 YTD 13

17. PRIVATE EQUITY EXITS
PRIVATE EQUITY EXITS – Q3 2010
*Exit Value: Value of the private equity portion of the deal.
There were 42 exits worth $979 million in Q3,
2010.
In comparison there were 31 exits worth only
$555million in Q3, 2009.
Exhibit 15: Private Equity Exit Type in Q3’ 10
14

18. PRIVATE EQUITY EXITS
DEAL BREAKDOWN
Exhibit 5: Number of transactions by Deal Size Exhibit 6: Total investment by Deal Size
4

19. PRIVATE EQUITY EXITS
SECTORAL BREAKDOWN
4

20. PRIVATE EQUITY EXITS
Exhibit 14: Top Private Equity Exits in Q3’ 10
Deal Value ($
Date Target Seller Exit Type mn) Sector
L&T Infrastructure Development
29/9/2010 Projects Ltd. India Development Fund Buyback 165 Industrials
Sequoia Capital India Growth Fund
I, Kismet Capital LLC, Unitus Equity
28/07/2010 SKS Microfinance Ltd. Fund IPO 154.74 Financials
Kubera Cross–Border Fund Ltd.,
Walden International, Global Information
27/08/2010 Venture Infotek Global Pvt. Ltd. Internet Ventures LLC M&A 100 Technology
India Advantage Fund Series I, GLG
Partners Inc., Passport India
22/09/2010 VA Tech Wabag Ltd. Investments (Mauritius) Ltd. IPO 76.38 Industrials
3/8/2010 Emaar MGF Land Ltd. Citi Venture Capital International Buyback 60 Financials
Mahindra & Mahindra Financial
21/09/2010 Services Ltd. ChrysCapital Investment Advisors Open Market 42.84 Financials
Vijay Associates (Wadhwa)
7/7/2010 Constructions Pvt. Ltd. WDC Ventures Ltd. Buyback 39.58 Financials
Secondary Consumer
40368 Asianet Communications Ltd. Americorp Ventures Ltd. Sales 38.7 Discretionary
Secondary
24/08/2010 Dr. Lal PathLabs Pvt. Ltd. Sequoia Capital India Sales 35 Health Care
Mahindra & Mahindra Financial
14/09/2010 Services Ltd. Standard Chartered Pvt. Equity Ltd. Open Market 31.6 Financials
4

21. PRIVATE EQUITY
2010 YTD
Exhibit 11: Private Equity Exit Value 2010 YTD ($bn) Exhibit 12: Private Equity Exits Volume 2010 YTD
Exhibit 13: Private Equity Sectoral Breakdown 2010 YTD 13

22. MERGERS & ACQUISITION
INTRODUCTION
M&A activity in India has surged over the last few quarters. Total Both Q1 and Q2 2010 saw some big tickets deals which sent
announced deal value in Q2 2010 was $24.8 billion, a 790% increase the total M&A deal value soaring. This signaled the return of
over the $2.8 billion witnessed in Q2 2009 and a 370% increase over investor confidence and liquidity to the market.
Q4 2009. The total deal count also increased by 85% to 182 in Q2
2010 up from 98 in Q2 2009.
Exhibit 16:M&A Deal Flow in India
Deal Value ($bn)
Deal Volume
15

23. MERGERS & ACQUISITION
DEAL BREAKDOWN
The number of domestic deals increased from 72 and 50 in Exhibit 18: M & A Type Volume
Q2 2008 & Q2 2009 respectively to 91 in Q2 2010. The
value of domestic deals was $14 billion in Q2 2010
compared to $1.7 billion in Q2 2009.
In terms of volume, the number of outbound deals tripled
from 22 in Q2 2009 to 66 in Q2 2010, while in terms of
value the increase was more than 13X from $0.45 billion to
$6.05 billion.
The number of inbound deals was nearly same at 23 in Q2
2010 as compared to 24 deals in Q2 2009, but at a much
higher value.
Exhibit 17:Median Deal Amount ($ million) Exhibit 19: Average Deal Size ($ million)
The median deal amount in Q2 2010 decreased to $19 million as compared to $24 million
16
in Q1 2010, but was higher than that seen in 2009.

24. MERGERS & ACQUISITION
DEAL BREAKDOWN
Exhibit 20: Number of transactions by Deal Size Exhibit 21: Total investment by Deal Size
M&A deals under $100 million accounted for 90% of total deal Larger deals ($100 million and above) accounted for 96% of
flow in Q2 2010. total capital invested in Q2 2010 as against 74% in Q2 2009.
Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010
Undisclosed 43 55 78 61 59 81 Under $5m 30 18 63 58 32 32
Under $5m 13 11 27 26 12 18
$5 - $25 m 154 216 331 163 295 500
$5 - $25 m 13 15 27 16 24 36
$25 - $50 m 199 283 193 219 292 396
$25 - $50 m 6 8 6 7 8 10
$50 - $100 m 202 351 714 468 356 572
$50 - $100 m 3 5 10 7 6 8
$100+ 2649 3283 3972 4362 2051 10201
$100+ 5 8 12 7 7 17
17

25. MERGERS & ACQUISITION
SECTORAL BREAKDOWN – Q3 2010
Exhibit 22: Top 5 Sectors by Deal Value ($mn) in Q3 2010
Exhibit 23: Sector Summary
Value
Sector Volume ($mm) Avg. Deal Size ($mm) Exhibit 24: Top 5 Sectors by Deal Volume in Q3 2010
Consumer Discretionary 33 440 31
Consumer Staples 7 106 15
The most active sectors in terms of deal volume was
Energy 6 4676 935
Financials 27 176 22
Information Technology with 38 deals in the quarter,
Health Care 17 1809 181 followed by Consumer Discretionary and Industrials with
Industrials 28 1752 103 30 and 23 deals respectively. Other sectors contributing
Information technology 26 294 27 to the deal volume were Materials & Financials with 20
Materials 20 1685 130 deals each.
Telecommunication Services 5 729 182
Utilities 1 36 36
18

26. MERGERS & ACQUISITION
SECTORAL BREAKDOWN
ENERGY INDUSTRIALS
 Energy accounted for 2.8% of deal volume in Q2 2010.  Industrials accounted for 12.7% of deal volume in Q2 2010.
MATERIALS CONSUMER DISCRETIONARY
 Materials witnessed 25% increase in deal volume and 450%  Consumer Discretionary accounted for 16.5% of deal volume in Q2
increase in deal value. 2010.
19

27. MERGERS & ACQUISITION
SECTORAL BREAKDOWN
CONSUMER STAPLES FINANCIALS
 Invested capital increased by 76.6% in Q2 2010.
 Financials accounted for 11% of deal volume in Q2 2010.
 Consumer Staples accounted for 8.8% of deals in Q2 2010.
HEALTH CARE INFORMATION TECHNOLOGY
 Deal volume increased by 70%.
 Invested capital increased by 123% in Q2 2010.
 Invested capital increased by 245% in Q2 2010.
20

28. MERGERS & ACQUISITION
SECTORAL BREAKDOWN
TELECOMMUNICATION SERVICES UTLITIES
 Telecommunication Services accounted for 48% of deal  Deal volume increased by 40%.
value in Q2 2010.  Invested capital sharply dropped in Q2 2010.
21

29. MERGERS & ACQUISITION
REGIONAL BREAKDOWN 2010 YTD
There were 245 M&A deals with a domestic
target in the first half of 2010. Of these
Maharashtra had 84 deals with a deal value
Amritsar
of $14.7 billion followed by West Bengal,
Jalandhar
Himachal Pradesh, Tamil Nadu and Delhi. Dehradun
Ludhiana
Jaipur
Kanpur Lucknow
Top 5 states according to deal value Bhopal
Ahmedabad
State Volume Value ($mm) Indore
Baroda
Maharashtra 141 7430 Surat
Mumbai
Karnartaka 46 1619
Pune Hyderabad
Andhra Pradesh 35 553 Vizag Tier I
Tier II
Tamil Nadu 34 2370
Delhi 30 1846
Bangalore Chennai
Mangalore
Mysore
Coimbatore
Cochin
22

30. MERGERS & ACQUISITION
TOP 5 DEALS IN Q3 2010
Exhibit 25: Top M&A deals in Q2 2010
S. No. Target Buyer Type Price ($million)
1 Reliance Infratel Ltd., Tower Assets GTL Infrastructure Ltd. Domestic 10,869
2 Piramal's Healthcare Solutions Business Abbott Laboratories Inbound 3,720
3 KBL European Private Bankers SA Hinduja Group India Ltd. Outbound 1,673
4 Anglo American Zinc Hindustan Zinc Ltd. Outbound 1,338
5 Infotel Broadband Services Pvt. Ltd. Reliance Industries Ltd. Domestic 1,023
The top 5 deals accounted for more than 75% of the total M&A deals in Q2 2010.
GTL Infra, Reliance Infratel Agree To A Rs 50,000Cr Deal
 GTL Infrastructure Ltd. entered into an agreement to acquire tower assets of Reliance Infratel Ltd. for a price of
$10.86 billion (INR 500 billion).
 The combined entity will be the world’s largest independent telecom infrastructure company with 80,000 towers
and over 1,25,000 tenancies.
 The deal does not include the optic fibre network of over 200,000 km and related assets owned by Reliance Infratel.
Standard Chartered Bank acted as financial advisor to GTL Infra on the transaction.
23

31. MERGERS & ACQUISITION
TOP 5 DEALS IN 2010
Abbott To Acquire Piramal Healthcare Unit For $3.72B
Abbott Laboratories entered into a definite agreement to acquire the healthcare solutions business of Piramal
Healthcare Ltd. for a price of $3.72 billion (INR 174 billion).
 The buyer will make an upfront payment of $2.12 billion and will pay $400 million annually over four years.
 The assets to be transferred includes the company's manufacturing facilities at Baddi, Himachal Pradesh and rights
to approximately 350 brands and trademarks.
Luthra & Luthra and Baker & McKenzie advised Abbott Laboratories and Crawford Bayley and Stephenson Harwood
advised Piramal Healthcare on the deal
KBC Sells KBL Bank To Hinduja For $1.7B
Hinduja Group India Ltd. acquired Luxembourg based KBL European Private Bankers SA for a price of $1.67 billion
(INR 78.16 billion) from KBC Bank NV.
 KBL European Private Bankers SA provides wealth management solutions to clients globally.
 Deutsche Bank and Spencer House Partners LLP acted as financial advisors to Hinduja Group on the deal. Allen &
Overy advised KBC Bank NV and Loyens & Loeff advised Hinduja Group India Ltd. on the deal.
24

32. MERGERS & ACQUISITION
TOP 5 DEALS IN 2010
Vedanta acquired Anglo American Zinc for a price of $1.33 billion
 Vedanta Resources entered into an agreement to acquire Anglo American's entire zinc business in Ireland and Africa
for $1.33 billion (INR 60.67 billion).
 The deal will be done through Vedanta's group company, Hindustan Zinc and includes the 100% owned Skorpion
mine in Namibia, Lisheen mine in Ireland and the 74% owned Black Mountain Mining.
A&L Goodbody, Lazard & Co., Dewey & LeBoeuf and Corpus Legal Practitioners advised Hindustan Zinc and
Linklaters advised Anglo American on the deal.
Reliance Industries acquires 95% in Infotel Broadband Services for $1B
 Reliance Industries Ltd. entered into a definite agreement to acquire 95% stake in Mohali based Infotel Broadband
Services Pvt. Ltd. for a price of $1 billion (INR 48 billion).
 The company provides internet broadband services to customers using WI-MAX as access technology.
 Infotel Broadband Services won pan India broadband wireless access spectrum license for 22 circles for around
$2.73 billion (INR 128 billion).
25

33. MERGERS & ACQUISITION
Exhibit 25: Top M&A deals in Q2 2010
Deal Value ($
Date Target Buyer M&AType mm) Sector
Zain Africa BV, African Telecommunication
31/03/2010 Operations Bharti Airtel Ltd. Outbound 10700 Services
Piramal's Healthcare Solutions
Business (Domestic
21/05/2010 Formulations) Abbott Laboratories Inbound 3720 Health Care
3/8/2010 Galilee Coal Tenement Adani Enterprises Ltd. Outbound 2700 Energy
Telecommunication
14/01/2010 Aircel Ltd., Tower Assets GTL Infrastructure Ltd. Domestic 1722 Services
21/05/2010 KBL European Private Bankers SA Hinduja Group India Ltd. Outbound 1673 Financials
40305 Reliance Natural Resources Ltd. Reliance Power Ltd. Domestic 1560 Energy
10/5/2010 Anglo American Zinc Hindustan Zinc Ltd. Outbound 1338 Materials
24/06/2010 Eagle Ford Shale Gas Field Reliance Industries Ltd. Outbound 1315 Energy
27/07/2010 Parkway Holdings Ltd. Khazanah Nasional Berhad M&A 1116 Health Care
27/07/2010 JSW Steel Ltd. JFE Steel Corp. Inbound 1028 Materials
26

34. MERGERS & ACQUISITION
2010 YTD
Exhibit 26: M&A Deal Value 2010 YTD Exhibit 27: M&A Deal Volume 2010 YTD
M&A’s in the first half of 2010, have reached $48.1
billion as compared to $16.25 billion in 2009 and
$27.9 billion in 2008. Some big tickets deals including
the acquisition of the tower assets of Reliance
Infratel by GTL and Bharti’s buyout of the African
operations of Zain helped the deal value touch an all
time high.
Deal volume in the first half of 2010 was 367 as
compared to 453 in the whole of 2009.
Telecom, Healthcare and Financials have seen the
highest deal value this year.
Exhibit 28: M&A Sectoral Breakdown First Half 2010 26

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