Mergers

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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 }

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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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 [...]
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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 [...]
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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 [...]
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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 «
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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 [...]
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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.
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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 «
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+
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 «
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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
[...]
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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 [...]
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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 [...]
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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 «
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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 «
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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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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 «

6 6 7 - +

2 2

Finance Friday is our weekly round up of buzzing stories relating to Finance and Indian Stock
Market

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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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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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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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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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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 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¶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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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.
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Acquisitions. It is collaboration.
Pending some approvals these are the things they will be doing:
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- forecasted 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%.
>?55 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.

is eyeing a $40 billion dollar acquisition in Germany. 25555 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. 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

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1>>3 ( / .#. Infosys, which wanted a ! 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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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

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>2;B? , 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. +

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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 !
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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.

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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 and institutional
buyers.

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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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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.
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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.
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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.
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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.
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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.
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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.
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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«
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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.
Continue Reading ĺ
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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.
Continue Reading ĺ
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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«
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7 '
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«
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! #

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«
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( / ! '

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«
Continue Reading ĺ
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Mergers

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Mergers

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