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Providing business owners with M&A market insight

Third Annual Issue 2007

1. Introduction Deal value

It has been 3 years since we took up the
Dealtracker initiative as a bi-monthly 80.00
newsletter to cover the mergers and 70.14
acquisitions (M&A) and private equity (PE) 60.00
$ billion

deals in the Indian market and it is indeed 40.00 28.16
a matter of pride to be a part of the 18.35
unprecedented M&A growth era of India 20.00 16.32 20.30 19.03
Inc. We would like to take this opportunity - 2.03 7.86
to thank our readers for the excellent 2005 2006 2007
response, support and encouragement
extended. We are happy to publish the M&A PE All Deals
Third Annual Issue of Dealtracker covering
the year 2007. was $70.14 billion as against $28.16 •The value of Cross Border deals (both
billion in 2006 and $18.35 billion in 2005. Inbound and Outbound) announced in
Globally M&A deals worth $4.48 trillion The average Indian M&A deal size was 2007 has almost tripled from 2006. The
were announced during 2007 as against $75.61 Mn, while the average Indian PE value of inbound deals increased from
$3.61 trillion during 2006, i.e. a growth of deal size was $ 47 Mn during 2007. We $5.1 billion in 2005 to $ 5.4 billion in 2006
24%. The year 2007 has seen very have summarised the trend of M&A and to $15.5 billion this year and value of
significant deals in India in both Private PE deals during 2007 and presented a outbound deals increased from $4.3 billion
Equity (PE) and Mergers and Acquisitions synopsis of top deals and sectoral in 2005 to $9.9 billion in 2006 to $32.8
(M&A). Over this year, India Inc has not performances over the year. billion in 2007. Tata-Corus, Vodafone-
only been an important destination for Hutch and Hindalco-Novelis deals
International Private Equity funding and 1.1 Key Highlights – 2007 accounted for 56.80% of total M&A deals
Inbound M&A’s but also has been highly •There were more than 1,000 deals in during 2007.
active in acquiring International 2007 (M&A and PE together), as •The value of domestic deals announced
companies, thus expanding its global compared to 782 in 2006 and 467 deals in has declined from $ 6.9 billion in 2005 to $
foothold. The year 2007 has witnessed a 2005. 4.99 billion in 2006 to $ 2.85 billion in
number of multi billion dollar deals for the •There were 13 M&A deals with deal value 2007, even though the volume of domestic
first time in the history of Corporate India. of over $500 Mn in 2007 as compared to 8 deals has increased from 151 deals in
The total value of deals (M&A and PE) deals and 7 deals in 2006 and 2005 2005 to 214 deals in 2006 to 321 deals in
announced in the calendar year 2007 respectively. 2007.
•Though volume of M&A deals
Value (in million USD) Volume
Table 1 2007 2006 2005 2007 2006 2005 has grown by 40.83% during
Inbound 15,500.95 5,399.75 5,173.93 112 76 56 2007 as compared to 2006,
Outbound 32,759.04 9,914.15 4,298.52 243 190 136 value of M&A deals has grown

Cross Border 48,259.99 15,313.90 9,472.45 355 266 192

by an astounding 152%.

Domestic 2,852.48 4,990.87 6,848.01 321 214 151

Total M&A 51,112.47 20,304.77 16,320.46 676 480 343
PE 19,031.08 7,859.43 2,033.00 405 302 124
Total Deals 70,143.55 28,164.20 18,353.46 1,081 782 467

© Grant Thornton India 2008

700 6 7 Value wise M&A Deal Break-up
The other sectors which have significantly
600 28
contributed to M&A deal value in 2007 are
8 0
500 36 Aluminum and Power & Energy.
IT & ITeS leads the M&A volume
400 28 proportion with 23.5% share of total
204 3 4 20
300 number of M&A deals. Pharma,
372 Healthcare & Biotech have the second
17 168
200 highest share at 9.47%. Other significant
100 contributors to the deal volume were
86 Banking & Financial Services, Media,
0 Entertainment & Publishing and FMCG,
2007 2006 2005
Food & Beverages sectors.

Value not disclosed < $49.9 m $50m - $99.9m

The key sectors contributing to M&A in
2007 are shown in Table 2 below.
$100m - $499.9m $500m - $999.9m > 1000m

2. Mergers & Acquisitions than the total announced value of M&A

The total number of M&A Deals deals in 2006. Tata Steel’s acquisition of
announced during the calendar year 2007 Corus for $ 12.2 billion and Vodafone’s
stands at 676 with a total announced majority stake in Hutchison Essar for
value of $51.12 billion as against 480 $10.83 billion were the major deals in
deals with a total announced value of these sectors.
$20.30 billion in 2006. There were 321
domestic deals (both acquirer and target Table 2: Sector wise break up of M&A Transactions
being Indian) with an announced value of %deal
Final Sector Value % deal value Volume volume
$2.85 billion and 355 cross-border deals
Aluminium 6,000.00 11.74% 4.00 0.59%
with an announced value of $48.26 billion.
Automotive 815.97 1.60% 31.00 4.59%
243 of the cross border deals were
outbound deals (Indian companies Breweries & Distilleries 1,123.43 2.20% 6.00 0.89%
acquiring businesses outside India) with a Cement 632.87 1.24% 8.00 1.18%
value of $32.76 billion and 112 were Electricals & Electronics 739.56 1.45% 11.00 1.63%
inbound deals (international companies or IT & ITeS 2,885.58 5.65% 159.00 23.52%
their subsidiaries acquiring Indian
Metals & Ores 1,260.54 2.47% 10.00 1.48%
businesses) with an announced value of
Oil & Gas 1,297.97 2.54% 16.00 2.37%
close to $15.5 billion. The average M&A
deal value was $75.61 Mn during 2007. Pharma, Healthcare &
The average value of cross-border deals Biotech 1,465.75 2.87% 64.00 9.47%
(both inbound and outbound) was $136 Power & Energy 3,807.35 7.45% 20.00 2.96%
Mn which was significantly higher when Steel 14,897.62 29.15% 20.00 2.96%
compared to average value of domestic Telecom 11,333.28 22.17% 11.00 1.63%
deals which was close to $9 Mn. Others 4,852.54 9.49% 316.00 46.75%
Grand Total 51,112.47 100% 676.00 100%
2.1 Sectoral Spread of M&A Deals
Historically, sectors like Automotive, IT,
Sector wise – M&A
Wise Value Deals
- All bybyValue
deals value - 2007
Pharma, Banking sectors etc. were the
leading players in M&A. However 2007
Banking & Financial
saw significant participation by sectors Services
Media,Entertainment &
such as Commodities (which primarily Publishing 1% Others
1% 5%
comprised Steel, Aluminium and Metals & Steel
Ores), Telecom, Power & Energy, Real Aluminium 29%
Automotive 12%
Estate & Infrastructure.

Steel and Telecom sectors were the clear FMCG, Food & Beverages Electricals & Electronics
leaders as far as sectoral values were 1% 1%

concerned. These sectors accounted for

Telecom IT & ITeS
$14.9 billion and $ 11.3 billion worth of 22% 6%
deals respectively. Together, they Real Estate & Pharma, Healthcare &
Oil & Gas Biotech
accounted for as much as 51% of the total Management Cement 3% 3%
1% Metals & Ores
M&A deal value during 2007 and more 1%
Pow er & Energy 2%
© Grant Thornton India 2008 Brew eries & Distilleries
Table 3: Billion Dollar Plus M&A Deals growth in outbound and inbound deal
Acquisition value as well as volume. The value of
price in mn
inbound and outbound deals has
Acquirer Target Sector USD Deal Type
increased by more than threefold in 2007.
Tata Steel Corus Steel 12,201.6 Acquisition

Majority An analysis of cross-border deals reveals:

Vodafone Hutchison Essar Telecom 10,830.00 Stake •Outbound deals (Indian business
Hindalco acquiring international companies) are
Industries Novelis Inc Aluminum 6,000.00 Acquisition more than double the number of inbound
Power & Controlling deals both in value and volume terms.
Suzlon Energy Ltd REpower Energy 1,700.93 Stake •The average values of inbound and
Essar Steel outbound deals in 2007 are almost the
Holdings Algoma Steel Inc Steel 1,580.00 Acquisition same at $ 134 and $ 138 Mn compared to
Breweries & $ 71 Mn and $ 52 Mn in 2006.
United Spirits Ltd Whyte & Mackay Distilleries 1,112.99 Acquisition •The largest proportion of outbound
PT Kaltim Prima Power & Significant acquisitions in terms of value have been in
Tata Power Coal Energy 1,100.00 Stake Europe (52% of deal value), followed by

2.2 Multi Billion dollar M&A deals 2.3 Quarterly break-up of M&A deals North America (38% of deal value). In

There were 7 “billion dollar” M&A deals in Jan-Mar quarter witnessed the largest terms of Volume, Indian companies

2007 compared to none in 2006. India Inc proportion of M&A’s in 2007 with $33.85 acquired more firms in North America (95

also witnessed a lesser number of low billion worth of deals – accounting for deals) than in Europe (84 deals).

value deals as compared to previous 66.22% of total M&A deals during 2007. •Interestingly, of the $15.5 billion worth of

years. The deals for which value was not As can be seen in table 4 below, both inbound deals in 2007, European firms

disclosed were typically small sized deals. Domestic and cross border deals declined M&A’s in India stand at $13.84 billion

The largest deals of 2007 were Tata- (value & volume) during Oct-Dec quarter (accounting for 89.27% of all inbound

Corus and Vodafone-Hutch deals which compared to their previous quarters. The deals).

were completed in early 2007 – making it graphs below present the quarterly •In terms of inbound deal volume, Europe

the perfect start for a year of M&A movement of Cross-Border Deals (by and North America formed 75.89% of total

transactions. Of the 7 “billion dollar” value & volume) for European and North- inbound deal volume. USA and UK were

deals, 3 deals were in the metal sector, 2 American regions. the most active cross border destinations

deals in Power & Energy and 1 deal each for India Inc over 2007.

in Telecom and Breweries & Distilleries 2.4 Cross Border Deal Analysis
sectors. Together, these 7 “billion dollar” Cross border deals increased significantly
deals accounted for 67.47% of total M&A from 2006. There were 355 cross border
during 2007. A list of M&A deals with deal deals worth US $ 48.26 bn this year as
value of $ 1 Billion+ are listed in Table 3. against 266 deals worth US $ 15.3 bn in
2006.There has been a phenomenal

Table 4: Quarterly Performance of M&A Deals

Jan – Mar Apr – Jun Jul - Sep Oct – Dec
Volume Value Volume Value Volume Value Volume Value
Domestic 67 829.8 100 779.03 91 939.87 63 303.77
Inbound 26 12,327.93 23 2,060.59 33 706.55 30 405.88
Outbound 55 20,692.87 64 7,283.62 68 3,710.85 56 1,071.71
Total 148 33,850.60 187 10,123.23 192 5,357.28 149 1,781.36
European Inbound & Outbound deals -Cumulative value and
volume North American Inbound & Outbound deals -Cumulative value
and volume
18 90 14 100
16 80 90
Volume of deals

Volume of deals

Value in US $ bn

Value in US $ bn

14 70
10 70
12 60
10 50
8 40 6
6 30 4 30
4 20 20
2 10 10
- 0
- 0
Jan Feb Mar Ap r May Jun Jul Aug Sep Oct Nov Dec
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Inbound Value Outbound Value Inbound Volum e Outbound Volum e

Inbound Value Outbound Value Inbound Volum e Outbound Volum e

© Grant Thornton India 2008

investment in GMR Infrastructure by a 3.1 Sector wise performance:
Table 5 below presents comparative group of private equity investors (Eton The highest proportion of PE/VC
analysis of cross border transactions of Park Capital, Deutsche Asset investment (in terms of announced value)
Indian companies with USA and UK based Management, Capital International, was made in the Real Estate &
companies. It can be observed that in Citigroup, T Rowe Price, Credit Agricole, Infrastructure, Telecom and Banking &
UBS and Kotak Financial services sectors with an
Table 5: Outbound Vs Inbound – US and UK
Mahindra and SBI & investment of $6.76 illion, $3.42 billion and
Volume Value
Canara Bank). Table 6 $3.23 billion respectively, together
Inbound Outbound Inbound Outbound
below presents a list of accounting for over 70% of Private Equity
UK 10 24 12,577.50 12,592.03 PE investments with a investment made in India during 2007.
USA 39 84 704.94 10,572.66 value of over $500m. The major PE investments influencing the
case of Indo-US and Indo-UK deals there deal values of these sectors were
were more outbound deals (Indian investments in GMR Infrastructure’s,
companies acquiring US/UK companies)
than inbound deals (UK/US companies Table 6: $ 500 Mn Plus PE Deals
acquiring Indian companies). This is a Value in Mns
testimony to the confidence with which Acquirer Target Sector % Stake US$
India Inc has marched ahead to extend its Temasek Holdings Bharti Airtel Telecom 4.99% 1,906.74
global foothold. Eton Park Capital, GMR Real Estate &
Deutsche Asset Infrastructure Infrastructure
3. PRIVATE EQUITY Management, Management
Private equity investments in India have Capital International,
witnessed significant growth during 2007. Citigroup, T Rowe
PE deals have increased from $1.1 billion Price, Credit
(60 deals) in 2004 to $2 billion (124 deals) Agricole, UBS and
in 2005 to $7.9 billion (302 deals in 2006) Kotak Mahindra,
to$19.03 billion (405 deals) in 2007 Canara Bank & SBI 9.00% 1,000.00
The value of PE deals has increased by Temasek Holdings, Bharti Infratel Telecom
The Investment (subsidiary of
152% over 2007. There were around 53
Corporation of Bharti Airtel Ltd)
deals of over $ 100 Mn as against 11 Dubai, Goldman
deals in 2006. The average PE Sachs, Macquarie,
investment ticket size increased from AIF Capital,
$26.02 Mn in 2006 to $47 Mn in 2007. Citigroup and India
Some of the big deals included Temasek Equity Partners 10.00% 1,000.00
Holding’s acquisition of 4.99% stake in ICICI Venture Funds Jaypee Infratech Real Estate &
Bharti Airtel for $ 1.9 billion in July 2007, Management (subsidiary of the Infrastructure
and a group of PE investors (including Company Jaypee Group) Management N.A. 800.00
Temasek Holdings, The Carlyle Group HDFC Banking &
Investment Corporation of Dubai, Financial
Goldman Sachs, Macquarie, AIF Capital, Services 5.60% 650.00
Citigroup and India Equity Partners), Avenue Capital SKIL Real Estate &
acquisition of 10% stake in Bharti Airtel’s Group Infrastructure Infrastructure
subsidiary – Bharti Infratel and a $1 billion Management 26.00% 500.00
Bharti Airtel, Bharti Infratel, Jaypee
Sector Wise Value - PE deals by value Infratech , HDFC and SKIL infrastructure
which accounted for nearly 31% of the
total PE investment during 2007.
Textiles & Apparels
Banking & Financial
3% Automotive Services
Telecom 1% IT & ITeS led the charts in terms of
18% volume with 67 deals in its sector. This
Shipping & Ports Cement
1% was followed by Real Estate &
Infrastructure Management and Banking &
Power & Energy
4% Financial Services sectors with 61 and 60
Electricals &
Electronics deals respectively. The sector wise
Pharma, Healthcare &
Biotech breakup of investment made by private
2% Others equity funds and venture capitalists in
Indian companies during 2007 is
Real Estate & presented in Table 7.
IT & ITeS Engineering
Oil & Gas Infrastructure
4% 1%
1% Management
© Grant Thornton India 2008 Hospitality 36%
Media, Entertainment & 1%
Table 7: Sector-Wise break up of PE Investment over $500Mn (3 of which were billion
% of Total % of Total dollar deals) in 2007 compared to 1 in
Sector Volume Volume Value Value
2006 and none in 2005. The proportion of
Automotive 8 1.98% 150.04 0.79%
PE investments below $50 Mn was as
Banking & Financial 60 14.81% 3,230.71 16.98%
high as 83% during 2005. This reduced to
71.5% in 2006 and further declined to
Cement 1 0.25% 137.67 0.72%
59.5% in 2007. Deals valued between
Electricals & Electronics 3 0.74% 133.26 0.70%
$100Mn - $499.9Mn accounted for 11.6%
Engineering 8 1.98% 262.14 1.38%
of total PE investments in 2007 compared
Hospitality 6 1.48% 259.31 1.36%
to 3.31% and 0.81% in 2006 and 2005.
IT & ITeS 67 16.54% 744.17 3.91%
Media, Entertainment & 31 7.65% 999.22 5.25%
In 2005 and 2006 majority of the PE
investments was concentrated in IT &
Oil & Gas 6 1.48% 221.34 1.16% ITeS. In 2007 Technology companies
Pharma, Healthcare & 35 8.64% 448.67 2.36% were joined by Realty, Telecom, Banking
Biotech & Financial services and Power & Energy
Power & Energy 15 3.70% 681.51 3.58% sectors as favourite destination for PE
Real Estate & 61 15.06% 6,764.26 35.54% investments.
Management 4. Outlook for 2008
Shipping & Ports 4 0.99% 258.11 1.36% We had predicted 2007 to be a year of
Telecom 10 2.47% 3,421.30 17.98% M&A juggernaut (and it proved to be one!)
Textiles & Apparels 20 4.94% 595.25 3.13% and we cannot say anything less about
Others 70 17.28% 724.13 3.80% 2008 as we expect it to be a year of
Grand Total 405 100% 19,031.08 100.00% continuum. The trend in 2007 of
along with factors such as sustained high increasing M&A activity will be sustained
During 2004-05, foreign private equity GDP, an upsurge in industrial activity and with a continued focus on cross border
primarily foicussed on India’s IT and rapid urbanization have resulted in deals. We are seeing India Inc plunge in
outsourcing story. However, currently the increased investment in the real estate with continued vigour into cross border
opportunities are wider and in multiple sector – especially from international M&A with a series of acquisitions ranging
sectors. Private equity institutions. from less than $1 Mn to $13 billion, across
a wide range of sectors as diverse as
Quarterly PE investment in India 450 Value wise PE Deal Break-up
8 140 400 47
7 120 350 30
6 300 10
Value in US $ bn

100 18
5 250

80 241
4 200 216
60 1
150 0
40 100
81 103
20 50 57
1 12
- - 2007 2006 2005
Jan - Mar Apr - Jun Jul - Sep Oct - Dec
Value not disclosed < $49.9 m $50m - $99.9m $100m - $499.9m > 500 m
Value Volum e
hotels, racing teams, steel mills, textiles,
The Real Estate & Infrastructure 3.2 Quarterly performance: metals, entertainment etc
Management sector has witnessed PE investment in India witnessed an
continuous growth over the past two upward trend based on quarterly analysis. The new and heightened deal activity is a
years. The number of investments in this Oct – Dec quarter witnessed the largest sign of M&A becoming a key element of
sector has more than doubled in 2007 as share of PE investment in 2007 with 120 strategy for India Inc. There is strong
compared to 2006. In terms of proportion deals and an announced value of $7.29 growth in cross border deals, as India Inc
of total PE investments, Real Estate and billion. The value of investment in Jan – is going with gusto across the world
Infrastructure Management sector formed Mar quarter was comparatively lower at buying up companies. This is different
6.3% in 2006 and 35.54% in 2007. $2.98 billion and, even though the number from the state led acquisitions that China
of deals were as high as 112. Inc is doing where the deals are big,
The initiative taken by the Government of strategic for China and comes with a
India towards liberalizing the regulations significant element of push and support
relating to foreign direct investment in 3.3 PE Investment trend 2005 – 2007: from the Government. India Inc is going
construction and realty projects, and The year 2007 saw bigger investments about international acquisitions on its own
creation of more Special Economic Zones, than previous years. There were 6 deals steam. Increasing corporate capex,
© Grant Thornton India 2008
investment in public infrastructure and
fiscal stimuli will provide the impetus to Tax and Regulatory Services
further drive the M&A engine for India Inc. - Indian Tax Compliance & Advisory
The attractive profit margins of Indian - International Taxation and Transfer
Corporates will only attract more private Pricing
equity and the “India Shining” story is - Inbound and Outbound Investment
expected to continue. We expect PE
houses to focus more on sectors such as Corporate Advisory Services
Real Estate and Infrastructure - Due diligence
Management, Retail, Aviation, Telecom - Mergers and Acquisition lead advisory
and NBFCs. The juggernaut is expected - Valuations
to roll on in 2008… - Project Finance
- Distressed Assets Advisory
Grant Thornton India is the Indian member
firm of Grant Thornton International, the For feedback / query please email on:
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The Indian member firm has four full

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specialises in helping Indian business
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with international ambitions.

Grant Thornton member firms are global

leaders in mid- market M&A deal advisory
and have over 1,000 corporate finance
professionals dedicated to deal advisory
globally. In each of the last three years,
the firm was amongst the top 5 M&A
advisors internationally for deals upto
$100 million in value.

Grant Thornton India’s services include:

Accounting and Assurance

- International Accounting and Assurance
(US GAAP/ IFRS Focus Group)
- Management Assurance & Risk

List of deals announced in the calendar year 2007

I. Domestic Deals

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
stake to
74.92% (of
which 4.85%
Godavari shares have
Fertilisers and been bought
Coromandel Chemicals Limited Agriculture & Agro through an
Fertilisers Limited (GFCL) Products N.A. open offer) 29.85%
Avesthagen and its
partner Groupe Agriculture & Agro
Limagrain Swaghat Seeds Products N.A. Majority stake N.A.
Avesthagen and its
partner Groupe Cee Kay Seeds Agriculture & Agro
Limagrain and Seedlings Products N.A. Majority stake N.A.
Shiva Fertilizers Parvati Fertilizers Agriculture & Agro
Limited Limited Products N.A. Merger N.A.
Golden Seeds Pvt Agriculture & Agro
Advanta India Ltd Ltd Products 13.95 Acquisition
Coromandel Fertilisers and Agriculture & Agro
Fertilisers Limited Chemicals Limited Products N.A. Merger N.A.
Khaitan Chemicals Enterprises Agriculture & Agro
& Fertlizers Limited Private Limited Products N.A. Merger N.A.
Alcan's stake in
Utkal Alumina
International Increasing
Hindalco Limited Aluminium N.A. stake to 100% 45.00%
Indian Aluminium
Hindalco Industries Company Limited
Limited (Indal) Aluminium N.A. Merger N.A.
Bombay Burmah Automotive
Trading Products Private
Corporation Ltd Limited (EAPL) Automotive 12.22 Acquisition
ICI India's auto
Asian Paints Ltd refinish business Automotive 11.56 Acquisition
Mahindra & Controlling
Mahindra (M&M) Punjab Tractors Automotive 222.22 stake 43.50%
ANG Auto Tech
Private Limited
ANG Auto Limited (AATPL) Automotive N.A. Merger N.A.

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
Jamna Auto Jai Parabolic
Industries Springs Automotive N.A. Merger N.A.

© Grant Thornton India 2008

Mahindra and Increasing
Mahindra Limited Punjab Tractors Automotive 101.73 stake to 64.6% 20.00%
GE Equipment
Services (GEES)
and Commercial Titagarh Wagons
Finance Limited (TWL) Automotive N.A. Minority stake 15.00%
Ashley Transport
Services Limited (a
Shriram Transport WOS of Ashok
Finance Company Leyland Limited) Automotive N.A. Strategic Stake 40.00%
Autoline Industries Autocomponents
Ltd Pvt. Ltd Automotive N.A. Acquisition

Sona Koyo Steering Arjan Stampings

Systems Limited Private Limited Automotive N.A. Acquisition
Air India Indian Airlines Aviation N.A. Merger N.A.

Jet Airways Air Sahara Aviation 337.21 Acquisition

Stake (open
UB Group offer to be
(Kingfisher Airline) Deccan Aviation Aviation 127.91 made) 26.00%

Punj Lloyd Airworks India Aviation 11.63 Minority stake 33.00%

Sundaram Finance Sundaram Home Banking & Financial Increasing
Limited Finance Ltd. Services N.A. stake 25.00%
Shamrao Vithal Co- Bangalore
operative Bank Ltd Cooperative Bank Banking & Financial
(SVCB) Ltd Services N.A. Acquisition
AIG Capital India Weizmann Homes Banking & Financial
Private Limited Limited Services N.A. Acquisition
Hathway ING Vysya Banking & Financial Significant
Investments Mutual Fund Services N.A. Stake 39.00%
J B Marketing & Banking & Financial
Emami Finance (JB) Services N.A. Merger N.A.
Geojit Financial Geojit Credits Banking & Financial Increasing
Services Limited Private Limited Services N.A. stake to 51% N.A.
Banking & Financial Increasing
IDFC SSKI Services N.A. Stake to 66% 33.00%
Cosmos Co- Manasa Co- Banking & Financial
operative Bank operative Bank Services N.A. Merger N.A.

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
HDFC Chubb
General Insurance
Housing Company's stake
Development (HCGICL) from
Finance Chubb Global
Corporation Financial Services Banking & Financial Increasing
(HDFC) Corporation Services N.A. stake to 100% 26.00%
Pioneer Investcorp Financial Banking & Financial
Limited Securities Limited Services N.A. Majority Stake 51.00%
Banking & Financial Increasing
Centrum group Ratnakar Bank Services N.A. stake to 6.5% N.A.
Axis Risk
Services Private Banking & Financial
Genpact Limited Services N.A. Acquisition
Development Increasing
Finance Company Banking & Financial stake to
(IDFC) SSKI Services 34.88 66.67% 33.33%
Systematix Golia Finance & Banking & Financial
Corporate Services Investment Services N.A. Acquisition

Saraswat Co- Kolhapur Maratha Banking & Financial

operative Bank Co-operative Bank Services N.A. Acquisition
Almondz Capital
Almondz Global Markets Pvt Ltd Banking & Financial
Securities Ltd (ACMPL) Services N.A. Merger N.A.
State Bank of
Saurashtra (Wholly
State Bank of India owned associate Banking & Financial
(SBI) bank of SBI) Services N.A. Merger N.A.
The Financial
Technologies (India) National Stock
Ltd (FTIL) ( from Exchange (NSE) Banking & Financial
icici bank ) of India Ltd. Services 29.07 Minority stake 1.00%
Finvest and Rishi Trading Banking & Financial
Holdings Company Services N.A. Merger N.A.
National Stock
Exchange (stake
purchased from Banking & Financial
HDFC Ltd. Corporation Bank) Services 4.97 Strategic Stake 0.16%
Stock Exchange of
Panoramic India Limited Banking & Financial
Universal Limited (ICSE) Services N.A. Minority Stake 4.46%

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
Can Fin Homes Banking & Financial (increasing
Canara Bank Limited Services N.A. stake to 51%) 51.00%

Kesoram Industries Minority stake 1.70%

Texmaco Limited Minority stake 1.00%

Bombay Stock
Exchange Minority stake 4.99%
Patton India,
Hindustan National
Glass, West Bengal
Finance &
Emami, Ravi Auto,
Jai Balaji and 16 Calcutta Stock Banking & Financial Minority stake
others Exchange Services 14.97 by each buyer 44.30%
Stock Exchange of
Fortis Financial India Limited Banking & Financial
Services (ICSE) Services N.A. Minority Stake 4.44%
HDB Financial Banking & Financial
HDFC Bank Services Services N.A. Strategic Stake N.A.
Nashik People's
Saraswat Co- Co-operative Bank Banking & Financial
operative Bank (NPCB) Services N.A. Acquisition
McDowell Holdings United Breweries Breweries &
Limited Holdings Distilleries N.A. Minority Stake 8.85%

Unlisted company
Tilaknagar located in the state Breweries &
Industries of Karnataka Distilleries N.A. Majority stake N.A.

Rain Commodities Rain Calcining Ltd Cement N.A. Merger N.A.

The Sekhsaria Increasing
group-Holcim ACC Limited Cement N.A. stake 1.92%
Shiva Cement
ACC Limited Limited Cement 3.70 Minority Stake 13.00%
Shiva Cement Increasing
ACC Limited Limited Cement N.A. stake to 14.7% 1.70%
Bajaj Electricals Starlite Lighting Electricals & Significant
Limited Limited Electronics N.A. Stake 32.00%

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
L&T Capital Salzer Electronics Electricals &
Company Limited Limited Electronics N.A. Minority Stake 14.95%
Sonata Investments
India (Reliance Nicco Electricals &
Capital) Corporation Ltd Electronics N.A. Strategic Stake 15.00%
Bharat Heavy Bharat Heavy
Electricals Limited Plates and Vessels Electricals &
(BHEL) Limited (BHPV) Electronics N.A. Acquisition
four companies of
the Apex Group -
Apex Electricals,
Amod Industries,
Sarjak Electricals,
Sheetal Cables and
Diamond Cables Conductors Electricals &
Limited Private Limited Electronics N.A. Strategic Stake N.A.
Potential Service
Revathi Equipment Consultants
Limited Private Limited Engineering 6.67 Minority Stake 40.00%
Tata Steel Incab Industries Engineering N.A. Acquisition
ESAB Welding
and Cutting
Esab India systems Engineering N.A. Minority Stake 14.29%
Engineering Ltd
(from Sundram
Sundram Fasteners Fasteners
Ltd Investments Ltd) Engineering N.A. Acquisition
Colgate plant in FMCG, Food &
VVF Limited Kansas Beverages N.A. Acquisition
Wadhawan Food Sangam Direct
Retail Pvt Ltd (Unilever India FMCG, Food &
(WFRL) Exports (UIEL)) Beverages N.A. Acquisition
Dollex Industries Godavari Manar FMCG, Food &
Limited SSK Beverages N.A. Acquisition
MAC Oil Palm
Limited (WOS of
Ruchi Soya MAC Oil Palm FMCG, Food &
Industries Limited Limited) Beverages N.A. Acquisition
Karen’s Gourmet FMCG, Food & Increasing
Temptation Foods Kitchen (KGK) Beverages N.A. stake to 100% 74.00%
made for
Mount Everest FMCG, Food & further
Tata Tea Mineral Water Beverages 25.58 Majority Stake 20%)

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
VIP Industries Blow Plast FMCG, Food &
Limited Limited Beverages N.A. Merger N.A.
Champagne Indage Indage Limited FMCG, Food &
Limited (SIL) Beverages N.A. Majority Stake 52.63%
SPS Group of FMCG, Food &
Companies Bharat Biscuits Beverages N.A. Majority Stake 52.00%

Indian Hotels'
subsidiary Residency
Foods and Innovative Foods FMCG, Food &
Beverages Limited Limited Beverages N.A. Majority Stake 70.00%
Dabur India Dabur Foods FMCG, Food &
Limited (DIL) Limited (DFL) Beverages N.A. Merger N.A.
Dhunseri Tea & Tezpore Tea FMCG, Food &
Industries Limited Company Limited Beverages N.A. Merger N.A.
Wadhawan Food
Retail Pvt Ltd FMCG, Food &
(WFRL) S mart Beverages N.A. Majority Stake 76.00%
FMCG, Food &
Heritage Foods Vikram Dairy Beverages N.A. Acquisition
FMCG, Food &
Dollex Industries Kalamber SSK Beverages 3.26 Acquisition
Moran Tea Increasing
McLeod Russel Company (India) FMCG, Food & stake to
India Limited Limited Beverages N.A. 86.69% 72.38%
Everfresh ( From
Temptation Foods Fertilisers and FMCG, Food &
Ltd Chemicals ) Beverages N.A. Acquisition
Advanced Oral
Colgate Palmolive Care Products Pvt. FMCG, Food &
India Ltd Ltd Beverages N.A. Majority Stake 75.00%
Professional Oral
Colgate Palmolive Care Products Pvt. FMCG, Food &
India Ltd Ltd. Beverages N.A. Majority Stake 75.00%
Colgate Palmolive SS Oral Hygiene FMCG, Food &
India Ltd Products Pvt. Ltd. Beverages N.A. Majority Stake 75.00%
Kwality Resorts
GL Hotels Limited and Hospitality Hospitality N.A. Acquisition
Mayfair Banquets
Private Limited
GL Hotels (MBPL) Hospitality N.A. Merger N.A.
Kamat Hotels Hospitality Hospitality N.A. Majority Stake 60.00%
BT Telecom India i2i enterprises IT & ITeS N.A. Acquisition

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
An IC (integrated
MindTree circuit) design
Consulting Limited company IT & ITeS N.A. Acquisition
eZeesoft Private
Nexxoft Infotel Ltd Ltd IT & ITeS N.A. Acquisition
Zensar Increasing
RPG group Technologies Ltd IT & ITeS 37.33 stake to 60% 29.50%
Software Solution
PVP Enterprises Integrated (SSI)
Private Limited Limited IT & ITeS 136.44 Majority Stake 51.00%
Six Dee Telecom
ORG Informatics Solutions IT & ITeS 0.59 Minority Stake 17.94%
WNS Holdings Technologies IT & ITeS 65.00 Acquisition
(automotive portal
Logix Microsystems of PowerOne
Limited Media) IT & ITeS N.A. Acquisition
ADC (through its Krone
subsidiary ADC Communications
GmbH) (Krone India) IT & ITeS 1.89 Minority Stake 11.00%
Core Projects &
Technologies Aarman Software
Limited Private Limited IT & ITeS 0.50 Acquisition
United Credit Nanotechnologies
Limited Private Limited IT & ITeS N.A. Acquisition
Telesystems &
Monet Limited Solutions Limited IT & ITeS 14.51 Minority Stake 14.92%
NetWeb Solutions
Limited WebPercept IT & ITeS N.A. Majority Stake 51.00%
TVS Interconnect
Systems Limited
(TVSICS - WOS of Ramco Infotech
T.V. Sundaram Solutions Limited
Iyengar and Sons (WOS of Ramco
Limited) Systems) IT & ITeS N.A. Acquisition
Sobha Renaissance
Information Objective Systems
Technology Integrators IT & ITeS N.A. Acquisition
Quatrro BPO Scope
Solutions eKnowledge IT & ITeS N.A. Majority Stake N.A.
Siemens Limited (ITL) IT & ITeS N.A. Majority Stake 77.00%

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
Solution Private
Limited (Geospace
Infotech Enterprises Integra) IT & ITeS N.A. Majority Stake N.A.
Karuturi Networks Communications
Limited Private Limited IT & ITeS N.A. Acquisition
Technologies Ltd Datamatics Ltd IT & ITeS N.A. Merger N.A.
aok in-house BPO
3i Infotech Services IT & ITeS N.A. Majority Stake 50.50%
aok in-house
3i Infotech Factoring Services IT & ITeS N.A. Majority Stake 50.50%

Sobha Renaissance
Technology Infotrack IT & ITeS N.A. Acquisition

Sobha Renaissance
Technology Zipdrive IT & ITeS N.A. Acquisition
Khemkas of Sun Firstsource
Group Solutions IT & ITeS 40.00 Minority stake 9.00%
Internet service
provider, YOU
Telecom IceNet IT & ITeS N.A. Acquisition
Fabmall.com Indiaplaza.com IT & ITeS N.A. Acquisition
iPolicy Networks
Tech Mahindra India IT & ITeS N.A. Acquisition
Satyam Computer
Services Limited Nipuna IT & ITeS 40.00 Merger N.A.
Banking solutions
Accel Frontline division of Telesis
Limited Global Solutions IT & ITeS N.A. Acquisition
Cranes Software
International Tilak Autotech
Limited Private. Limited IT & ITeS 2.22 Acquisition
ArchPro Design
Synopsys Technologies IT & ITeS N.A. Acquisition
Cranes Software
International Proland Systems
Limited Private Limited IT & ITeS 4.65 Acquisition

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
Cranes Software Caravel Info
International Systems Private
Limited Limited IT & ITeS 2.33 Acquisition
Javelin Manasa Organics
Technologies Ltd Ltd IT & ITeS N.A. Majority Stake 51.00%
KTwo Technology Computing
Solutions Technologies IT & ITeS N.A. Acquisition
Software Solutions
Private Limited
and Elven Micro
Circuits Private
Aftek Limited Limited IT & ITeS N.A. Merger N.A.
SPI Technologies IT & ITeS N.A. Acquisition
Sundaram Business Professional
Services (SBS - the Management
BPO arm of Consultants
Sundram Finance) (PMC) IT & ITeS N.A. Majority Stake 74.00%
ACL Wireless
MIH India Limited IT & ITeS 12.30 Strategic Stake 30.00%
Bhilwara Scribe, the
IT arm of LNJ
Bhilwara Group Global Meditrans IT & ITeS N.A. Acquisition
Mistral Software
and Mistral
Mistral Solutions Solutions IT & ITeS N.A. Merger N.A.
Educomp Solutions Technologies Pvt
Limited Limited IT & ITeS N.A. Majority Stake 51.00%
Atlantis Lab
KLG Systel Limited Private Limited IT & ITeS N.A. Majority Stake 51.00%
IT People India Technologies. IT & ITeS N.A. Acquisition
TV18 Teleservices IT & ITeS N.A. Strategic Stake 35.00%
Axon Infotech Ltd. Innovations IT & ITeS N.A. Merger 51.00%
Locuz Enterprise Choice Solutions
Solutions Limited Limited IT & ITeS N.A. Merger N.A.
Technologies 4G Informatics IT & ITeS N.A. Majority Stake 51.00%
Mega Resources Accel Frontline stake to
Limited Limited IT & ITeS N.A. 10.02% 3.94%

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
TeleTech Services
Aegis business ( A joint venture
process outsourcing, between TeleTech
an Essar Group Europe and Bharti
company Ventures ) IT & ITeS 13.00 Acquisition
Pronet Interactive
Provogue India Ltd Pvt. Ltd IT & ITeS N.A. Majority Stake 51.00%
TutorVista.com Technologies IT & ITeS N.A. Acquisition
SDG Software
Technologies Ltd
(SDG - WOS of 3i
3i Infotech Ltd Infotech) IT & ITeS N.A. Merger N.A.
Valuemart Info Datatalk Services
Technologies (India) Private
Limited Limited IT & ITeS N.A. Majority Stake 74.00%
Linear Financial &
3i Infotech Ltd Systems Pvt Ltd., IT & ITeS N.A. Majority Stake N.A.
Pahwa KBS Antya.com IT & ITeS N.A. Strategic Stake N.A.
HCCA Business
3i Infotech Ltd Services Pvt Ltd IT & ITeS N.A. Majority Stake 51.00%
3i Infotech Ltd India Pvt. Ltd. IT & ITeS N.A. Strategic Stake 26.00%
Diamond Cables Western
Limited Transformer Manufacturing N.A. Acquisition
Eveready Industries Powercell Battery
India India Manufacturing N.A. Merger N.A.
Century Plyboards
India Limited
(Centuryply) Sharon Veneers Manufacturing N.A. Acquisition
Century Plyboards
India Limited Sharon Wood
(Centuryply) Industries Manufacturing N.A. Acquisition
Century Plyboards
India Limited
(Centuryply) Century Panels Manufacturing N.A. Acquisition
H&R Johnson Sri Venkateswara
(India) Limited Udyog Limited Manufacturing N.A. Majority Stake 50.00%
Nihon Nirmaan
JK Cement Limited Limited Manufacturing 9.33 Acquisition
Indo American
SPS Group of Electric Company
Companies Limited Manufacturing 1.51 Acquisition

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
Material Handling
Business of Prince
Containers Private
Limited (PCPL)
and Prince
Multiplast Private
Nilkamal Limited Limited (PMPL) Manufacturing 17.92 Acquisition
Aristocrat Luggage
VIP Industries Limited Manufacturing N.A. Merger N.A.
Apollo Metalex
Bihar Tubes Limited Private Limited Manufacturing 0.28 Acquisition
Shree Renuka Dhanuka
Sugars Limited PetroChem Manufacturing 1.40 Acquisition
Finlane group’s
Sanmarco Texmac
Mehala group Private Limited Manufacturing N.A. Majority Stake 99.11%

Reliable Papers Manufacturing 61.63 Acquisition

Opel Paper Mill Manufacturing 12.33 Acquisition

Speciality Papers Prime Industries Manufacturing 2.33 Acquisition

PG Foils Prem Cables Manufacturing N.A. Merger N.A.
Jai Corp Limited Pet Fibres Manufacturing N.A. Acquisition
V Cube Forge
Adhunik Metaliks (India) Limited Manufacturing N.A. Majority Stake N.A.
Bright Autoplastic
Pvt Ltd (subsidiary
of Sintex Industries) Bright Brothers Manufacturing 34.65 Acquisition
Simpson & Co.
Limited (a member
of the
Amalgamations India Pistons Increasing
Group) Limited (IPL) Manufacturing N.A. stake to 100% 30.00%
Kirloskar Brothers Engineers Pvt
Ltd (KBL) Ltd(GEPL) Manufacturing 1.78 Acquisition
Geodesic Media,
Information Chandamama Entertainment &
Systems Limited India Limited Publishing 2.27 Majority Stake 94.00%
TV18 Group's Bigtree Media,
Internet arm, Entertainment Entertainment &
Web18 Limited Publishing 4.00 Majority Stake 60.00%
Katch 22 Entertainment &
Adlabs Films Entertainment Publishing N.A. Merger N.A.

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
The Star group & Music Broadcast Entertainment &
India Value Fund Pvt Ltd Publishing N.A. Minority Stake 20.00%
Madison World and Professional Media,
Selvel Outdoor Management Entertainment &
Advertising Group (PMG) Publishing N.A. Majority Stake N.A.
Entertainment &
Seventymm Madhouse Publishing N.A. Acquisition
Ayngaran Media,
International Entertainment &
Eros International Limited Publishing 33.00 Majority Stake 51.00%
South Asia FM Ltd Media,
(a unit of Sun TV Entertainment &
Network) Red FM Publishing N.A. Strategic Stake 48.90%
Entertainment &
OOH Media AdImpact. Publishing N.A. Acquisition
Prime Focus Post Production Entertainment &
Limited business of UTV Publishing N.A. Acquisition
PVP Enterprises Telephoto Entertainment &
Pvt. Ltd Entertainment Ltd Publishing N.A. Minority Stake 11.16%
TV Today Network Radio Today Entertainment &
Ltd Broadcasting Ltd Publishing N.A. Merger N.A.
HT Media’s internet Media,
subsidiary Firefly Entertainment &
eVentures Limited Desimartini.com Publishing 10.00 Acquisition
Infomedia India Entertainment &
TV18 Ltd Publishing 41.40 Strategic Stake 40.00%
Dimples Cine
Advertising Pvt Media,
Pyramid Saimira Ltd and Dimples Entertainment &
Theatre Limited Cine Publishing N.A. Majority Stake 51.00%
Entertainment (part
of Anil Ambani’s Media,
Reliance ADA Anirights Entertainment &
Group) Infomedia Publishing N.A. Acquisition
Amar Chitra
Katha & Tinkle
Magazine business Media,
of India Book Entertainment &
ACK Media House (IBH) Publishing N.A. Acquisition

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
Quiet Men Studios Entertainment &
ACK Media Private Limited Publishing N.A. Acquisition
9.9 Mediaworx Jasubhai Digital Entertainment &
Private Limited Media (JDM) Publishing N.A. Acquisition
Jagran TV Private
Limited (from
New Vernon Media,
Global Broadcast Private Equity Entertainment &
News (GBN) Ltd.) Publishing 5.00 Minority Stake 10.00%
Orissa Manganese
Adhunik Metaliks & Minerals Private
Limited Limited (OMM) Metals & Ores N.A. Acquisition
Pawan Sut Sponge
SPS Steel & Power Iron Metals & Ores 6.98 Acquisition

SPS Steel & Power Suraj Fabrics Ltd Metals & Ores 9.30 Acquisition
Exide Industries Tandon Metals
Limited Private Limited Metals & Ores N.A. Acquisition
Nilachal Iron &
Jai Balaji Industries Power Ltd (NIPL) Metals & Ores 16.74 Acquisition
India NRE
Minerals Limited
(an Australian
subsidiary of
Gujarat NRE Coke Gujarat NRE
Limited Coke Limited) Metals & Ores N.A. Merger N.A.
Reliance Industries
Limited IPCL Oil & Gas N.A. Merger N.A.
Andhra Increasing
Andhra Sugars Petrochemicals stake to
Limited (ASL) Limited (APL) Oil & Gas N.A. 26.37% 0.20%
Goa Carbon Paradeep Carbons
Limited (GCL) Limited Oil & Gas N.A. Merger N.A.
Indian Oil IBP’s petroleum
Corporation retail business Oil & Gas N.A. Merger N.A.

Tata Sons Ltd. Nagarjuna oils Oil & Gas 81.40 Strategic Stake 26.00%

Tata Sons Praj Industries Oil & Gas 79.07 Strategic Stake 7.30%
Infrastructure and Alkor Petro
Projects Limited Limited Oil & Gas 1.40 Acquisition
Indian Oil Oil India Limited
Corporation (IOC) (OIL) Oil & Gas N.A. Minority Stake 5.00%

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
Bharat Petroleum Oil India Limited
Corporation (OIL) Oil & Gas N.A. Minority Stake 2.50%
Regency Ceramics Regma Ceramics
Ltd Ltd Others N.A. Merger N.A.
Carborundum Ceramics Division
Universal Limited of IVP Limited Others N.A. Acquisition
ThreeBrix E-
Services Private
Educomp Solutions Limited Others 0.56 Majority Stake 76.00%
Manipal Education
and Medical Group TutorVista Others 2.50 Strategic Stake N.A.
Arch Infra Projects
Nirman Private
Limited Trinity Forge Others 3.95 Acquisition
Mahindra Stokes
Holding Company
Limited N.A.
Forgings Overseas
Limited N.A.
Mahindra Forgings Forgings Mauritius
Limited Limited Others N.A. Merger N.A.

SB&T International Mimansa Jewellery Others N.A. Merger N.A.

Gitanjali Gems Jewellery (India)
Limited Private Limited Others N.A. Majority Stake 51.00%
Manipal Education
Group MeritTrac Others N.A. Majority Stake 70.00%
GMR Hyderabad
Airport Ltd (a unit
of GMR
Infrastructure Cadence Cargo
Limited) Private Limited Others N.A. Majority Stake 51.00%
Konkan Storage
Systems (Kochi)
Aegis Logistics Private Limited
Limited (KCPL) Others N.A. Acquisition
Global Logistics
IID Forgings Solutions Others N.A. Majority stake 60.00%
Gateway (Increasing
Prism International Distriparks stake to
Private Limited Limited Others N.A. 11.22%) N.A.

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake

Vision Corporation Pol India Agencies

Limited Limited. (PIAL) Others N.A. Majority Stake 51.00%
Kausar India
Gati Limited Limited Others 3.32 Majority Stake 52.96%
Apollo Tyres group,
through its logistics
arm Apollo Seaport Container
International Terminal Others N.A. Acquisition
Solar Explosives Navbharat
Ltd Coalfields Ltd Others N.A. Majority Stake 74.00%
Epic Energy
Limited SRS Engineers Others N.A. Acquisition
Jay Engineering
Works Usha International Others N.A. Merger N.A.
KBK Chem-
Shree Renuka Engineering
Sugars Limited Private Limited Others 8.14 Acquisition
Zydus Cadila Pharma, Healthcare
Healthcare Liva Healthcare & Biotech N.A. Majority Stake 97.50%
Kovai Medical
Center & Hospital Idhayam Hospitals Pharma, Healthcare
Limited Erode Limited & Biotech 2.06 Acquisition
Pharma, Healthcare
Global Hospitals Sankara Hospital & Biotech 59.76 Acquisition
Synchron Research Pharma, Healthcare
Services Pvt Ltd Innovance & Biotech N.A. Acquisition
Hiranandani Pharma, Healthcare
Fortis Healthcare Hospital & Biotech 5.81 Acquisition
Sarabhai Zydus
Cadila Healthcare Animal Health Pharma, Healthcare Increasing
Limited Limited & Biotech N.A. stake to 100% 50.00%
Twilight Litaka 17 brands of Sami Pharma, Healthcare
Pharma Labs & Biotech N.A. Acquisition
Ranbaxy Pharma, Healthcare
Laboratories Jupiter Bioscience & Biotech 10.86 Minority Stake 14.91%
Strides Arcolab Pharmaceuticals Pharma, Healthcare
Limited Limited & Biotech 23.26 Acquisition
Symbiotec Pharma, Healthcare
Lupin Laboratories Pharmalab & Biotech N.A. Majority stake N.A.
Nicholas Piramal
India Limited’s
diagnostic lab chain Pharma, Healthcare
Wellspring Jhankaria Imaging & Biotech N.A. Majority Stake 70.00%

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
Ranbaxy Krebs
Laboratories Biochemicals & Pharma, Healthcare
Limited Industries Ltd & Biotech 2.09 Minority Stake 14.90%
domestic non-
Alembic India business of Dabur Pharma, Healthcare
Limited Pharma & Biotech 35.33 Acquisition
RPG Life Sciences
RPG Limited's
Pharmaceuticals pharmaceuticals Pharma, Healthcare
Limited business & Biotech 10.70 Acquisition
La Nova Chem
India Private Pharma, Healthcare
Indoco Remedies Limited & Biotech N.A. Merger N.A.
Bodal Chemicals Milestone Organic Pharma, Healthcare
Limited Limited (MOL) & Biotech N.A. Merger N.A.
APL Life Sciences
Limited (APL
Aurobindo Pharma Life) and Senor Pharma, Healthcare
Limited Organics (Senor) & Biotech N.A. Merger N.A.
MSN group of Pharmaceuticals Pharma, Healthcare
companies Limited & Biotech 1.05 Acquisition
Arch PharmaLabs Watsol Organics Pharma, Healthcare
Limited Limited & Biotech 6.98 Acquisition
Monsanto Holdings Monsanto India Pharma, Healthcare stake to
Private Limited Limited & Biotech N.A. 26.47% 3.47%
Pharma, Healthcare
Alchemist Limited Kaiser Hospital & Biotech N.A. Majority Stake N.A.
Laboratories Pharma, Healthcare
Lupin Limited Limited (RLL) & Biotech N.A. Acquisition
Fortis Healthcare
Limited - (through
its subsidiary
Hospitals Limited
(IHL)) and Oscar Malar Hospitals Pharma, Healthcare
Investments Limited & Biotech 5.98 Majority Stake 53.00%
Ranbaxy Zenotech Pharma, Healthcare Increasing
Laboratories Laboratories & Biotech 49.77 stake to 45% 38.00%
Pharma, Healthcare
Arch Pharmalabs Avon Organics & Biotech 4.65 Strategic Stake 42.00%

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
Ipca Laboratories Tonira Pharma Pharma, Healthcare stake to
Ltd Ltd & Biotech N.A. 14.09% 9.12%
Indiaco Ventures Laser Cosmetics Pharma, Healthcare
Ltd Pvt Ltd & Biotech 0.06 Strategic Stake 22.54%
QRG Enterprises
(through Havells Central Hospital & Pharma, Healthcare
India) Research & Biotech 6.98 Majority Stake 70.00%
Chambal Increasing
The Hindustan Fertilisers and stake to
Times Limited Chemicals Limited Plastic & Chemicals N.A. 10.36% 0.34%
unit of Vinyl
Pidilite Industries Chemicals India
Limited Limited Plastic & Chemicals N.A. Acquisition
Business units of
Excel Industries
Limited's (EIL)
Excel Crop Care Environment and
Limited Biotech Division Plastic & Chemicals N.A. Merger N.A.
Expert Chemicals stake to
(I) Private Limited Wanbury Limited Plastic & Chemicals N.A. 15.25% 0.98%
Pagel Concrete
Pidilite Industries Technologies
Limited Private Limited Plastic & Chemicals N.A. Majority Stake 75.00%
Time Technoplast NED Energy
Limited (TTL) Limited Plastic & Chemicals 11.70 Majority Stake 71.00%
Shakumbari Sugar
India Glycols & Allied Industries Controlling
Limited (IGL) Limited Plastic & Chemicals 10.93 stake 96.56%
Tata Power Coastal Gujarat
Company Power Power & Energy N.A. Acquisition
Shree Export
Texmaco Limited House Limited Power & Energy N.A. Merger N.A.
Jai Balaji Sponge Nilachal Iron &
Limited Power Limited Power & Energy N.A. Acquisition
Neora Hydro
Texmaco Limited Limited Power & Energy N.A. Merger N.A.
Limited and
KEC International Information
Limited Technologies Ltd Power & Energy N.A. Merger N.A.

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
PTC India (formally
known as Power
Corporation of Indian Energy
India) Exchange (IEX) Power & Energy N.A. Minority Stake 26.00%
Suryachakra Power Sri Panchajanya
Corporation Power Pvt Ltd Power & Energy 1.86 Majority Stake 51.00%
Ratnagiri Gas and Increasing
Gail Power Pvt Ltd Power & Energy 110.47 stake to 32.88 4.55%
Ratnagiri Gas and Increasing
NTPC Power Pvt Ltd Power & Energy 110.47 stake to 32.89 4.55%
Maharasthra State Increasing
Electricity Board Ratnagiri Gas and stake to
(MSEB) Power Pvt Ltd Power & Energy 58.14 17.37% 2.37%
Real Estate &
Techni Bharathi Infrastructure
SAAG RR Infra Ltd Management N.A. Majority Stake 60.00%
Developers Real Estate &
Parsvnath Private Limited Infrastructure Increasing
Developers Limited (PLDPL) Management N.A. stake to 100% 50.00%
Real Estate &
GMR Infrastructure GMR Aviation Infrastructure
Limted Private Limited Management N.A. Acquisition
Real Estate &
DMC International Infrastructure
Limited Jaaydaad.com Management 0.89 Minority Stake 10.00%
Modern India
Realty & Real Estate &
Modern India Infrastructures Infrastructure
Limited Limited Management N.A. Acquisition
Satra Property
Developers Real Estate &
Satra Properties Private Limited Infrastructure
India Limited (SPDPL) Management N.A. Acquisition
Godrej Properties Real Estate &
(realty arm of the Infrastructure
Godrej Group) Happy Highrises Management 23.26 Acquisition
Evershine Real Estate &
Merchants Private Infrastructure
Texmaco Limited Limited Management N.A. Merger N.A.
Ashok Ruia Real Estate &
Phoenix Mills Enterprises Infrastructure
Limited Private Limited Management N.A. Merger N.A.
Real Estate &
Shark Properties Infrastructure
Nitco Tiles (SPPL) Management N.A. Merger N.A.

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
Real Estate &
Nitco Realties Motivation Infrastructure
(NRPL) Properties(MPPL) Management N.A. Merger N.A.
Nashima Real Estate &
Kapashi Developers Infrastructure Increasing
Commercial Limited Management N.A. stake to 100% N.A.
Runisha Real Estate &
Kapashi Commercial Infrastructure Increasing
Commercial Limited Management N.A. stake to 100% N.A.
Sterlite Optical Infrastructure Real Estate &
Technologies Private Limited Infrastructure
Limited (SOTL) (SIPL) Management N.A. Majority Stake 58.70%
Real Estate &
Phoenix Mills Big Apple Real Infrastructure
Limited Estate Pvt Limited Management N.A. Majority Stake 60.00%
Real Estate &
Larsen and Toubro Feedback Infrastructure
Ltd (L&T) Ventures Pvt. Ltd Management 9.30 Strategic Stake 26.00%
Real Estate &
Indiabulls Real Infrastructure
Estate Ltd. Piramyd Retail Management 48.37 Majority Stake 63.92%
Infrastructure & Real Estate &
Radhe Developers Projects (India) Infrastructure
India Limited Limited Management N.A. Merger N.A.
The Aditya Birla Trinethra Super
group Retail Limited Retail N.A. Acquisition
A K Capital Services A K Capital Retail Increasing
Limited Limited Retail N.A. stake to 100% 60.00%
Videocon Industries
(through its
subsidiary NEXT) Planet M Retail 46.51 Acquisition
ABG Shipyard Vipul Shipyard Shipping & Ports N.A. Acquisition
Punj Lloyd Limited Pipavav Shipyard
(PLL) Limited Shipping & Ports 93.72 Strategic Stake 25.10%
Shree Precoated Development
Steels Corporation Steel N.A. Merger N.A.
Kirloskar Bros Kolhapur Steel
Limited (KBL) Limited Steel 4.19 Acquisition
Rawmet Ferrous
Tata Steel Industries Steel 9.18 Acquisition

Jaiprakash Group Malvika Steel Steel 48.14 Acquisition

Kirloskar Brothers The Kolhapur
Ltd (KBL Steel Ltd (TKSL). Steel N.A. Acquisition

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
Southern Iron &
Steel Company
JSW Steel Limited Limited Steel N.A. Merger N.A.
Bharti Aquanet
Bharti Airtel Limited Significant
Limited ("Aquanet") Telecom 3.59 Stake 49.00%
Bharti Airtel Network i2i Telecom 110.00 stake to 100% 50.00%
Suri Group Fibcom India Telecom N.A. Acquisition
S. P. Apparels Sri Balaji Bakiam
Limited (SPAL) Spinning Mill Textiles & Apparels 6.05 Acquisition

Chiripal Group Arunodaya Mill Textiles & Apparels 7.78 Acquisition

Krishna Glass Pvt. Soma Textiles & stake to
Ltd Industries Ltd Textiles & Apparels N.A. 14.53% 11.20%
Rajasthan Spinning
and Weaving Mills
(RSWM) Limited,
part of the LNJ
Bhilwara Group Cheslind Textiles Textiles & Apparels 6.18 Strategic Stake 48.17%
Synthetics Stripes Apparels Textiles & Apparels N.A. Merger N.A.
Maxwell Industries Microtex India Textiles & Apparels N.A. Merger N.A.
House of Pearl
Fashions Limited Texport Fashions Textiles & Apparels N.A. Acquisition
S.P. Apparels Natalia Brand
Limited from SM Apparels Textiles & Apparels N.A. Acquisition
S.Kumars Retails Limited
Nationwide Limited (BHRL) Textiles & Apparels 2.88 Acquisition
Suryajyoti Infotech Spinning Mills Ltd
Ltd (SSML Textiles & Apparels 0.03 Strategic Stake N.A.
Indus Garments
(India) Private
Indus Fila Limited Limited Textiles & Apparels 2.17 Majority Stake 51.00%

Primus Retail Weekender Textiles & Apparels 22.09 Acquisition

Texport Syndicate Vanasthali Textile
group Industries Textiles & Apparels N.A. Majority stake 75.00%
Pioneer facilities of Arcot
Embroideries Textile Mill Textiles & Apparels N.A. Acquisition

© Grant Thornton India 2008

price in US
Acquirer Target Sector $ Mn Deal Type % Stake
LNJ Apparels
(unit of Rajasthan
Spinning &
Bombay Rayon Weaving Mills
Fashions Ltd Ltd) Textiles & Apparels 5.93 Acquisition
SEL Manufacturing stake to
Co Ltd Kudu Industries Textiles & Apparels N.A. 99.00% N.A.
Indian Tourism
Infrastructure Ltd Gem Tours &
(ITIL) Travels Pvt Ltd Travel & Tourism 88.89 Acquisition
Travelguru Desiya.com Travel & Tourism N.A. Acquisition
Panoramic Hi-Flyers Travel
Universal Services Pvt Ltd Travel & Tourism N.A. Majority Stake 51.00%

© Grant Thornton India 2008

II. Cross Border Deals – Outbound

price in US $
Acquirer Target Sector Mn Deal Type % Stake
Advanta India
Limited (Through its
subsidiary Pacific LongReach Plant Agriculture & Agro Controlling
Seeds Australia) Breeders Products 14.01 Stake
ITC Limited
(through its wholly
owned subsidary,
Russell Credit Technico Pty Agriculture & Agro
Limited) Limited Products N.A. Acquisition
Agriculture & Agro
Karuturi Networks Sher Agencies Products 69.09 Acquisition

Neha International Globeagro Agriculture & Agro

Limited Holdings Products 9.61 Acquisition

Hindalco Industries Novelis Inc Aluminium 6,000.00 Acquisition

Varroc group Imes SpA Automotive N.A. Acquisition

Greaves Cotton
Limited (through its
subsidiary Greaves Bukh-Farymann
Cotton Netherlands Diesel GmbH
B.V) (Bukh-Farymann) Automotive 5.59 Acquisition
Technologies Private Strategic
Limited Paioli Meccanica Automotive N.A. Stake N.A.
Autoline Stokota Automotive 14.84 Majority Stake 51.00%
Defence Testing
Ashok Leyland and Engineering
Limited Services Inc. Automotive 17.00 Acquisition
Tata Africa (a
subsidiary of Tata Nissan Motor
International) facility Automotive N.A. Acquisition
Sakthi Sugars
(through its WOS -
Sakthi Auto
Component Limited
(SACL)) Intermet Europe Automotive N.A. Acquisition
Autoline Industries Products Automotive 7.65 Majority Stake 51.00%
Setco Automotive
(through Setco’s UK
subsidiary Setco Haldex Brake
Automotive N.A. Products
Inc) Corporation Automotive 4.90 Acquisition

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
The Ashok Piramal
group Bakonyi Automotive 14.53 Acquisition
JL French's
Amtek Auto Limited Limited Automotive 35.00 Acquisition
York Transport
TRF Limited, a Tata Equipment (Asia)
Group enterprise Pte Automotive 16.50 Majority stake 51.00%
Sundram Fasteners Grundstucks
Limited GmbH Automotive 0.04 Acquisition
Orange India
Holdings ( Vijay
Mallya and the
Michiel Mol Family Spyker Ferrari
from Netherland 50- Formula One
50 joint venture ) team Automotive 60.79 Acquisition
KTM Power Minority
Bajaj Auto Limited Sports AG Automotive 81.40 Stake 14.50%
Tiplex - Ketlon
Amtek Auto Group Automotive N.A. Acquisition
ABG Engineering &
Limited (an ABG
Group Company) Cemp SpA Automotive 40.00 Acquisition
Banking & Financial
Bank of India PT Bank Swadesi Services N.A. Majority Stake 76.00%
Shriram group
(through its Monarch
Singapore-based Insurance Banking & Financial Strategic
subsidiary) Company Services 1.63 Stake 40.00%
Aloula Geojit
Geojit Financial Brokerage Banking & Financial
Services Limited Company Services 7.47 Majority Stake 28.00%
East African
General Insurance Reinsurance Banking & Financial Minority
Corporation Company Services 1.86 Stake 14.76%
United Spirits
(promoted by liquor Breweries &
tycoon Vijay Mallya) Whyte & Mackay Distilleries 1,112.99 Acquisition
United Spirits
(through its Cyprus-
based wholly owned Breweries &
subsidiary Zelinka) Liquidity Inc Distilleries 3.00 Acquisition
Optical Media
Moser Baer India and Technology Electricals &
Limited (OM&T) B.V. Electronics N.A. Majority Stake 80.00%

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
Havell's India SLI Sylvania Electricals &
Limited lighting business Electronics 300.00 Acquisition
Moser Baer Photo
Voltaic ( a wholly
owned subsidiary of Solarvalue Electricals & Significant
Moser Baer India) Proizvodnja Electronics 10.00 Stake 40.00%
Electricals &
RSWM Limited SISA S.A. (SISA) Electronics N.A. Majority Stake 50.00%
Shree Ganesh
Forgings Limited Hertecant N V Engineering N.A. Acquisition
Shree Ganesh
Forgings Limited ELFE Engineering N.A. Acquisition
VA Tech Wabag VA Tech Wabag
(India), GmbH Engineering 100.00 Acquisition
Switchgear ( a
switchgear unit
of Tamco
Larsen and Toubro Corporate
(L&T) Holdings ) Engineering 108.00 Acquisition
FMCG, Food &
VVF Limited Teo Corp Beverages N.A. Acquisition
Sara Lee
businesses in
Godrej Sara Lee India and Sri FMCG, Food &
Limited (GSLL) Lanka Beverages 13.00 Acquisition
Wipro Consumer FMCG, Food &
Care Unza Beverages 232.56 Acquisition
Godrej Global
Godrej Consumer Mideast FZE FMCG, Food &
Products (GCPL) (GGME) Beverages 1.35 Acquisition
LT Overseas
(through LTO NA,
subsidiary of LT FMCG, Food &
Overseas) Kusha Inc Beverages 20.00 Acquisition

DLF Ltd Amanresorts Hospitality 250.00 Acquisition

Indian Hotels
Company Limited
(collectively known
as Taj Hotels, Hotel Campton
Resorts and Palaces) Place Hospitality 62.79 Acquisition
Jain Irrigation Aquarius Brands
Systems Limited Inc Irrigation 21.50 Acquisition

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
Jain Irrigation Irrigation Strategic
Systems Limited Systems (CS) Ltd Irrigation 50.00 Stake
Jain Irrigation Na'an Dan
Systems Irrigation Irrigation 17.50 Majority Stake 50.00%
Ybrant Technologies AdDynamix IT & ITeS 10.00 Acquisition
Teledata Informatics eSys
Ltd Technologies IT & ITeS 105.00 Majority Stake N.A.
Aegis BPO (Essar
Global company) Global Vantedge IT & ITeS 22.22 Acquisition
Zensar Technologies
(through Zensar
Technologies Inc, ThoughtDigital
USA) LLC IT & ITeS 24.90 Acquisition
HOV Services BPO Lason IT & ITeS 148.00 Acquisition
ICE Enterprise
Genpact Solutions IT & ITeS N.A. Acquisition
Quintegra Solutions
Limited ValleyUS IT & ITeS 9.50 Acquisition
Quintegra Solutions JadeLite
Limited Technologies IT & ITeS 1.00 Acquisition
Paradyne Infotech
Limited (through its
WOS - Dyne Links Group
Techservices Inc) International Inc IT & ITeS 4.75 Acquisition
Core Projects and Emacs
Technologies Technologies Inc IT & ITeS 3.00 Acquisition
Nihar Info Global Technologies IT & ITeS 0.03 Majority Stake 51.00%
Ybrant Technologies
Limited Seenetix IT & ITeS N.A. Acquisition
ISGN Dynatek IT & ITeS N.A. Acquisition
West Talk
Triton Corp Limited IT & ITeS N.A. Acquisition
New Beginnings
Triton Corp Finance Limited IT & ITeS N.A. Majority Stake 80.00%
Rubicon Group's
three companies
Rubicon Health,
Rubicon Claims
EMR Technology and Rubicon
Ventures Inspections IT & ITeS 20.00 Acquisition
Tata Consultancy Increasing
Services TCS do Brasil IT & ITeS 33.40 stake to 100% 49.00%

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake

Enterprises Ltd
(CTEL) ComCreation Inc IT & ITeS 3.50 Acquisition
Moldtek Cross Roads
Technologies Detailing Inc
Limited (CRD) IT & ITeS 1.30 Acquisition
Kaveri Telecom DCI Digital
Products Communications IT & ITeS 2.20 Acquisition
ORG Informatics DGIT Solutions
Limited Pte. Limited IT & ITeS N.A. Acquisition
Capco Capital
Company Pte Ltd
i-flex solutions subsidiary of
Limited Capco) IT & ITeS N.A. Acquisition
BPM Inc along
with its
subsidiaries -
MedPlans 2000
Inc. and
Firstsource Solutions MedPlans
Limited Partners, Inc IT & ITeS N.A. Acquisition
Teledata Informatics Soltius Pte.
Limited Limited IT & ITeS 45.00 Acquisition
SubexAzure Limited Syndesis Limited IT & ITeS 164.50 Acquisition
Cranes Software Dunn Solutions
International Limited Group IT & ITeS 13.95 Acquisition
Patni Computer International
Systems (LOI) IT & ITeS N.A. Acquisition
Educomp Solutions Ask n Learn IT & ITeS 3.88 Acquisition
WNS Holdings
through its
subsidiary WNS FLOvateTechnol
Assistance ogies IT & ITeS N.A. Acquisition
Rolta Technology IT & ITeS N.A. Acquisition
company in the
Maples ESM applications
Technologies services segment IT & ITeS N.A. Acquisition
Bhilwara Scribe, the Benson
IT arm of LNJ Transcription
Bhilwara Group Technologies IT & ITeS N.A. Acquisition

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
Metrikus (India)
Private Ltd(a
subsidiary of
Persistent Systems MetrikusInc,
Private. Limited USA) IT & ITeS N.A. Acquisition
Group, Inc
Megasoft Limited (BCGI) IT & ITeS 65.00 Majority Stake 83.00%
Philips Global’s
finance and
Infosys Technologies accounts BPO IT & ITeS 28.00 Acquisition
Patni Computer Development
Systems Limited Corp IT & ITeS 27.20 Acquisition
Take Solutions Clearorbit IT & ITeS 20.60 Acquisition
Technologies consultancy
Limited (formerly division of
Kaashyap Radiant Logistics
Systems) Solutions Inc IT & ITeS 8.50 Acquisition
Vector Insurance
Mastek Services LLC IT & ITeS 4.50 Majority Stake 90.00%
ReckonUp (A
CRM product
Logix Microsystems from Prize
Limited Corporation) IT & ITeS 4.00 Acquisition
Quatrro BPO Financial Group,
Solutions Inc (PFG) IT & ITeS N.A. Acquisition
Infocrossing Inc
and its
Wipro Technologies subsidiaries IT & ITeS 600.00 Acquisition
Geometric Software
Solutions Company Increasing
Limited TekSoft Inc IT & ITeS N.A. stake to 100% 17.74%
Firstsource Solutions MedAssist
Limited Holding, Inc IT & ITeS 330.00 Acquisition
Murugappa group Four Lakes
company Laserwords Colorgraphics IT & ITeS 11.00 Acquisition
Apollo Hospitals
Enterprise Ltd's
associate firm,
Apollo Health Street
Ltd Zavata Inc IT & ITeS 180.00 Acquisition
Kale Consultants Ltd Zero Octa IT & ITeS N.A. Acquisition
Telecom Service
Hero Group Centers (TSC) IT & ITeS 80.00 Acquisition

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
Usha Martin Group Contact Centres IT & ITeS N.A. Acquisition
Apex Document
Tricom India Solutions IT & ITeS 2.00 Acquisition

Educomp Savicca IT & ITeS N.A. Majority stake 70.05%

Host Department
Nettlinx LTD LLC IT & ITeS N.A. Acquisition
OkI Techno
Centre Singapore
Pte Limited
(OTCS), a
outfit of OKI
Electric Industry
Wipro Technologies Co Limited IT & ITeS N.A. Acquisition
Infinite Computer International
Solutions Company IT & ITeS N.A. Acquisition
Education and
Core Projects & Hamlet
Technologies Ltd Computer Group IT & ITeS 30.00 Acquisition
Core Projects & KC Management
Technologies Ltd Group IT & ITeS 12.00 Acquisition
Core Projects & Hamlet
Technologies Ltd Computer Group IT & ITeS 3.00 Acquisition
Mahindra &
Mahindra and
Reliance Ports & Strategic
Terminals LocaModa Inc IT & ITeS 6.18 Stake
Allsec Technologies Kingdom
Ltd Builders Inc IT & ITeS 1.50 Acquisition
Quintegra Solutions
Ltd PA Corporation IT & ITeS 49.00 Acquisition
Industronics Controlling
Ruia Group Berhad IT & ITeS N.A. stake 30.00%

i-flex Solutions Castek Software IT & ITeS N.A. stake to 100% 49.00%

3i Infotech J&B Software Inc IT & ITeS 25.25 Acquisition

TechnoLabs Private
Limited NINtec B.V. IT & ITeS N.A. Merger N.A.
Nitor Global
Satyam Computer Solutions Ltd IT & ITeS 5.50 Acquisition

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
Prithvi Information Agadia Systems
Solutions Limited Inc IT & ITeS 4.50 Acquisition
Unnamed Ohio
based structural
Mold Tek Engineering
Technologies KPO Company IT & ITeS 2.00 Acquisition
Solutions (Purple
Vision -the India-
based subsidiary
of French
company TES
MindTree Electronic
Consulting Solutions SA) IT & ITeS 6.55 Acquisition
California Software
Company Limited International
(Calsoft) Innovations Inc IT & ITeS 1.32 Acquisition
Fortis Financial
Services (through its
SPV's Regius
Infotech Pvt Ltd and
Regius Overseas Capital Market
Holding Company) Solutions IT & ITeS N.A. Majority Stake 76.00%
Technologies Pte
Aurionpro Solutions Ltd IT & ITeS N.A. Acquisition
Jyoti CNC Huron
Automation Graffenstaden IT & ITeS 55.81 Acquisition
Ybrant Technologies
Limited Oridian IT & ITeS 13.00 Acquisition
Firm owning two
global entities --
Intelenet Global Upstream and
Services Travelport ISO IT & ITeS 75.00 Acquisition
Hero Group Dalglen IT & ITeS 74.42 Acquisition
California Software
Company Limited Inatech Increasing
(Calsoft) Infosolutions IT & ITeS 6.17 stake to 100% 49.00%
CS Software Reps Resources
Enterprise Limited Inc IT & ITeS N.A. Majority Stake 51.00%

Batliboi Quickmill Inc Manufacturing 4.88 Acquisition

King Maker Increasing

ITC Ltd Marketing Inc Manufacturing N.A. stake to 100% 49.02%

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
Zicom Electronic Unisafe Fire
Security Systems Protection Significant
Limited Specialists LLC Manufacturing 4.50 Stake 49.00%
Kamla Dials &
Devices Limited
through its WOS in
Switzerland, Pylania
AG J Boegli Manufacturing 0.75 Acquisition
Motherson Sumi
Systems Limited
through its
Elastomers Pty
Limited and Empire Rubber
Motherson (from Huon
Investments Pty Corporation Pty
Limited Limited) Manufacturing N.A. Acquisition
Crompton Greaves Microsol
Limited Holdings Limited Manufacturing 13.65 Acquisition
Action Construction
Equipment Limited
(though its Cyprus-
based subsidiary, Romanian
Frested Ltd) company Manufacturing 2.15 Majority Stake 74.00%
Technologies The Hydraulic
Limited through the Business
Company's wholly Division
owned subsidiary (Swindon Unit)
Dynamatic Limited, of Sauer Danfoss
UK Limited, UK Manufacturing 10.00 Acquisition
Easun Reyrolle
Limited (through its
wholly owned `relay and
subsidiary, recorder
ERLPHASE Power business' of
Technologies Nxtphase T&D
Limited) Corporation Manufacturing N.A. Acquisition
ISMT Limited Hydraulics AB Manufacturing N.A. Acquisition
Binani Cement Rongan Group Significant
Limited Co Limited Manufacturing 11.00 stake 49.00%
Maini Precision Mec.com and its
Products (MPP) subsidaries Manufacturing N.A. Acquisition
Shetron Sobemi
Shetron Ltd Europe N.V Manufacturing N.A. Acquisition

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
Products Limited Strategic
Voltas Limited (UCPL) Manufacturing 1.74 Stake 50.00%
Time Technoplast Gulf Powerbeat
Limited (through its WLL (from Al-
subsidiary, NED Tajir Group of
Energy Ltd) UAE) Manufacturing N.A. Acquisition
Belgacom's Entertainment &
ORG Informatics satellite business Publishing 25.00 Acquisition
Television Eighteen MTV Networks Entertainment & Strategic
Group (TV18) India (MTVI) Publishing 46.51 Stake 50.00%
Pyramid Saimira
Theatre Ltd (through
its subsidiary
Pyramid Saimira Media,
Entertainment Entertainment &
America) FunAsiA Publishing N.A. Acquisition
Infinity Film Entertainment & Strategic
Completion Services Lumiere Publishing N.A. Stake 25.00%
Carlisle Media,
S4 Ind Software Pvt Publishing Entertainment &
Ltd Services Publishing 3.50 Acquisition
(owned by Media,
Interactive Media Entertainment &
FX Labs Studios Technology Inc) Publishing 3.00 Acquisition
Endurance Renopress
Technologies Private Amann
Limited Druckguss Metals & Ores 60.52 Acquisition
Elouera Colliery
Gujarat NRE Coke (A subsidary of
Limited BHP Bilton) Metals & Ores 50.00 Acquisition
Aban Offshore Sinvest Oil & Gas N.A. stake to 97% 57.00%
Indian Oil Company Trans Antolian Minority
(IOC) Pipeline Co Oil & Gas N.A. Stake 12.50%
ry buy of
Aban Offshore remainin
(Aban Singapore Increasing g 1.99%
PTE Ltd) Sinvest ASA Oil & Gas N.A. stake stake

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
Reliance Industries
limited (through its
wholly owned Gulf Africa
susidiary Reliance Petroleum
Industries Middle Corporation
East ) (GAPCO) Oil & Gas N.A. Majority stake N.A.
Videocon Industries
Limited and Bharat Encana Brasil
PetroResources Petroleo Strategic
Limited Limitada (EBPL) Oil & Gas 425.00 Stake 50.00%
Rain / CII Holdings
Inc (WOS of Rain
Calcining Limited) CII Carbon LLC Others N.A. Merger N.A.
Manipal Universal
Learning Strategic
International U21 Global Others N.A. Stake 50.00%
Gitanjali Gems
Limited (through its
subsidiary Gitanjali Tri-Star
USA Inc) Worldwide LLC Others N.A. Majority Stake 70.00%
Shrenuj & Company
Limited (through its
subsidiary Astral Simon Golub &
Holdings Inc) Sons Inc Others 22.70 Majority Stake 84.60%
Rogers Jewelers
Gitanjali Gems Ltd Ltd Inc Others 18.50 Acquisition
House of Pearl
Fashions Limited
(HOPFL through its
subsidiary Poeticgem Strategic
Limited) FX Imports Ltd Others N.A. Stake 50.00%
SQL Star
International Limited TalentFuse Inc. Others N.A. Acquisition
Usha Martin Limited
(through its UK De Ruiter
subsidiary) Staalkabel B.V. Others 4.15 Acquisition
Haytrans India
Shreyas Shipping & Ltd ( subsidary of
Logistics Ltd Haytrans Ltd.) Others N.A. Majority stake 51.00%
Infrastructure Osho
Equipments & Mozambique
Projects Limited Coal Mining Others 100.00 Majority Stake 75.00%
UK based
TopsGrup security company Others 130.00 Acquisition
Batliboi Limited Engeneering, SA Others 2.09 Majority Stake 70.00%

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
Joint venture of
Strides Arcolab and
Iceland based Invent Pharma, Healthcare
Farma Farma Plus & Biotech N.A. Acquisition
Reliance Life Pharma, Healthcare
Sciences GeneMedix Plc & Biotech 28.80 Majority Stake 74.00%
(through its wholly-
owned Swiss
subsidiary, Glenmark
Holdings SA Pharma, Healthcare
(GHSA) Medicamenta & Biotech N.A. Majority Stake 90.00%
Hollister-Stier Pharma, Healthcare
Jubilant Organosys Laboratories & Biotech 122.50 Acquisition
Cadila Healthcare Universal
Limited (Zydus Pharmaceuticals Pharma, Healthcare
Cadila) Limited & Biotech N.A. Acquisition
Pharma, Healthcare
Sun Pharmaceuticals Taro Pharma & Biotech 454.00 Acquisition
Acquisition of
US rights for 13
Ranbaxy dermatology
Laboratories products of
(through its WOS) Bristol-Myers
Ranbaxy Squibb Company Pharma, Healthcare
Laboratories Inc. (BMS) & Biotech 26.00 Acquisition
Diaspa SpA's
fermentation Pharma, Healthcare
Strides Arcolab assets & Biotech N.A. Acquisition
Pharma, Healthcare
Wockhardt Negma Lerads & Biotech 253.49 Acquisition
Therapeutics CBK-MPR Pharma, Healthcare
Research Limited Pharma & Biotech 6.50 Majority Stake 76.00%
Dabur Pharma Biosciences Co Pharma, Healthcare
Limted Limited & Biotech N.A. Acquisition
ingredients Pharma, Healthcare
Avesthagen supplier in US & Biotech 11.00 Acquisition
Cadila Healthcare Pharma, Healthcare
Limited Nikkho Pharma & Biotech 25.00 Acquisition
Billing Service
Accentia Inc (GSR PBS)
Technologies and GSR Systems Pharma, Healthcare
Limited Inc. & Biotech N.A. Acquisition

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
Elder Neutra Health Pharma, Healthcare Strategic
Pharmaceuticals Ltd Plc & Biotech 10.93 Stake 20.00%
BV's fine
Dishman chemicals and
Pharmaceuticals & vitamin Pharma, Healthcare
Chemicals Limited businesses & Biotech N.A. Acquisition
Two New
Entities (NBE)
from Canada-
Glenmark based Chromos
Pharmaceuticals Molecular Pharma, Healthcare
Limited Systems Inc & Biotech N.A. Acquisition
Natco Pharma SaveMart Pharma, Healthcare
Limited Pharmacy & Biotech N.A. Acquisition
Elder Pharmaceutical Pharma, Healthcare
Limited Biomeda Group & Biotech 6.51 Majority Stake 51.00%
formulation Pharma, Healthcare
Ipca Laboratories manufacturer & Biotech N.A. Acquisition
The Morton
Grove Pharma, Healthcare
Wockhardt Pharmaceuticals & Biotech N.A. Acquisition
Pharmaceutical Pharma, Healthcare
Lupin Ltd Industry Co Ltd & Biotech N.A. Majority Stake 80.00%
Biotherapeutics and Siegfried Pharma, Healthcare
Research Pvt. Ltd Biologics GmbH & Biotech N.A. Acquisition
Pharma, Healthcare
ACG Worldwide Lukaps & Biotech N.A. Acquisition
Ocimum Pharma, Healthcare
Biosolutions Gene Logic & Biotech 10.00 Acquisition
Kerala Ayurveda Ltd
(through its
subsidiary CMS- CMS-Katra Pharma, Healthcare
Katra Holdings LLC) Nursing LLC & Biotech N.A. Majority Stake 51.00%
Manipal AcuNova Pharma, Healthcare
Ltd ECRON GmbH & Biotech N.A. Acquisition
Plethico Pharma, Healthcare
Pharmaceuticals Natrol & Biotech 80.80 Acquisition
division of
Enaleni Pharma, Healthcare
Marico Ltd Pharmaceuticals & Biotech 12.09 Acquisition

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
Hale Group
Limited along
with its
Marksans Pharma company Bell,
Limited (through its Sons & Co.
WOS Marksans (Druggists) Pharma, Healthcare
Pharma UK Limited) Limited. & Biotech N.A. Acquisition
Dorf Ketal Chemical's
Chemicals India component
Private Limited additive business Plastic & Chemicals N.A. Acquisition
Sintex Industries
through its WOS Wausaukee
Sintex Holding US, Composites Inc
Inc. (WCI) Plastic & Chemicals 20.50 Majority Stake 81.00%
DuPont's global
contact fungicide
(TPTH) business
-Super Tin and
miticide (TNTO)
business -
United Phosphorus Vendex Plastic & Chemicals N.A. Acquisition
Carborundum Volzhsky
Universal Limited Abrasives Works
(CUMI) of India (VAW) Plastic & Chemicals N.A. Majority Stake 84.14%
Punjab Chemicals
and Crop Protection Strategic
(PCCPL) Source Dynamic Plastic & Chemicals N.A. Stake 30.00%
Pidilite Do Brazil
Desenvolvimento Pulvitec do Brasil
De Negocios Industria e
Limiteda (Subsidiary comercio de
of Pidilite Industries colas e adesivos
Limited) Limitada Plastic & Chemicals N.A. Acquisition
Punjab Chemicals &
Crop Protection Pegevo Beheer
Limited BV Plastic & Chemicals 54.58 Acquisition
Sintex Industries Ltd
(through its
subsidiary Sintex
France SAS) Nief Plastics SA Plastic & Chemicals 42.42 Acquisition
Suzlon Energy Ltd REpower Power & Energy 1,700.93 Stake 33.85%

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
PT Kaltim Prima Significant
Tata Power Coal Power & Energy Stake 30.00%
PT Arutmin Significant
Tata Power Indonesia Power & Energy 1,100.00 Stake 30.00%
Gulf Jyoti
International Minority
Exim Bank of India LLC Power & Energy 0.75 Stake 10.00%
Aban Offshore
(through its
subsidiary Aban Increasing
Singapore Pte stake to
Limited) Sinvest ASA Power & Energy 128.89 50.01% 10.01%
Rain Calcining CII Carbon Power & Energy 595.00 Acquisition
Exide Industries Ceil Motive Strategic
Limited Power Power & Energy 0.85 Stake 26.00%
Kalyani Group GmbH (RSB) Power & Energy N.A. Acquisition
Shell Overseas
Investments B.V
( business units
Environ Energy in India & Sri
Global Pvt Ltd Lanka ) Power & Energy N.A. Acquisition
Real Estate &
Valecha Engineering Koon Holdings Infrastructure
Limited Limited Management N.A. Majority Stake 60.00%
D S Constructions
Limited through a Globeleq Real Estate &
joint venture with Limited's Infrastructure
Israel Corporation. America assets Management 542.00 Acquisition
MGF group (along
with Dubai-based
Emaar Properties
through their joint
venture company,
Golden Ace Pte.
Limited) RSH Limited Retail 146.51 Majority Stake 61.30%
Ritesh Industries Catalina Bay Retail N.A. Acquisition
Bharati Shipyard Swan Hunter
Limited Shipyard Shipping & Ports N.A. Acquisition
Tata Steel (through
its wholly owned
Singapore subsidiary,
NatSteel Asia Pte SSE Steel
Limited) Limited Steel N.A. Acquisition

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
Tata Steel (through
its wholly owned
Singapore subsidiary,
NatSteel Asia Pte Vinausteel
Limited) Limited Steel N.A. Majority Stake 70.00%
Essar Steel Holdings
Limited Algoma Steel Inc Steel 1,580.00 Acquisition
Bowen Energy Strategic
Bhushan Steel Ltd (BWN) Steel 2.63 Stake 15.00%
Tata Steel Corus Steel 12,201.60 Acquisition
JCW Steel Steel Limited Steel 7.21 Acquisition
NatSteel Asia
(Wholly owned
subsidiary of Tata NatSteel
Steel) (Xiamen) Steel 19.36 Majority Stake 50.00%
NatSteel Asia
(Wholly owned
subsidiary of Tata NatSteel Trade Strategic
Steel) International Steel 6.54 Stake 40.00%
NatSteel Asia
(Wholly owned Increasing
subsidiary of Tata stake to
Steel) NatSteel Vina Steel 3.11 56.5% 22.60%
Riversdale Strategic
Tata Steel Limited Mining Limited Steel 85.66 Stake 35.00%
Jindal United
Steel Corporation Steel Majority Stake
Saw Pipes Steel Majority Stake
Jindal Enterprises
JSW Steel Limited LLC Steel 900.00 Majority Stake 90.00%

Essar Steel Holdings Minnesota Steel

Ltd LLC Steel N.A. Acquisition
Kavveri Telecom
Products Limited Til-Tek Antenna
(KTPL) Inc Telecom 2.50 Acquisition

Reliance Yipes Holding

Communication Inc Telecom 300.00 Acquisition
OnMobile Voxmobili SA Telecom 35.69 Acquisition
Communications Ltd AEI Cables Telecom 26.50 Acquisition
GTL International
Ltd ADA Cellworks Telecom 25.00 Acquisition

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
Property Rights
(IPR) and Patents
Kavveri Telecom of Sigma
Products Ltd Wireless Telecom N.A. Acquisition
GHCL Limited
(through its
international Best
subsidiary GHCL Manufacturing
Inc) Group Textiles & Apparels 35.00 Acquisition
Bombay Rayon
Fashions Ltd DPJ Clothing Ltd Textiles & Apparels 2.90 Majority Stake 70.00%
Giuseppe Bellora
Himatsingka Seide SpA Textiles & Apparels 21.17 Majority Stake 70.00%
Reliance Industries Corporation (M)
Limited Sdn Bhd Textiles & Apparels N.A. Acquisition
Himatsingka Seide
(through its wholly
owned subsidiary,
Himatsingka Divatex Home
America Inc.) Fashions Inc. Textiles & Apparels 60.00 Majority Stake 80.00%
Spentex Industries Litvinov K.S. Textiles & Apparels 33.75 Acquisition
The Ashok Piramal
Morarjee Textiles Controlling
Limited Men’s Club Textiles & Apparels N.A. stake 67.00%
Alps Industries
Limited (through its
US subsidiary - Alps Columbine Cody
USA INC) Corp Textiles & Apparels N.A. Majority stake 50.00%
Himatsingka Seide
(through its wholly
owned subsidiary,
America Inc.) DWI Holdings Textiles & Apparels 30.00 Acquisition
Pana Textil
Faze Three Ltd GmbH Textiles & Apparels 8.01 Majority Stake 76.00%
Panoramic Universal
Limited Future Travels Travel & Tourism N.A. Acquisition

© Grant Thornton India 2008

III. Cross Border Deals – Inbound

price in US $
Acquirer Target Sector Mn Deal Type % Stake
Alukbond India
Private Limited
(now called
India Private
Alcan Inc Limited) Aluminium N.A. Majority Stake 76.00%
Daewoo Motor's Crosslinks Acquisition
India Factory Finelease Automotive 170.00 (asset sale)
Stampings &
Assemblies Ltd
(subsidiary of
Tata AutoComp
Gestamp Servicios Systems Ltd - Strategic
SL TACO) Automotive N.A. Stake 37.50%
Key Safety System Abhishek Auto Strategic
(KSS) Industries Automotive N.A. Stake 50.00%
ZKW Zizala Neolite Minority
Lichtsysteme GmbH Industries Automotive N.A. Stake 26.00%
Pioneer Global Asset
Management (part of BOB Asset
Italian banking group Management Banking & Financial
Unicredito) Limited Services N.A. Majority Stake 51.00%
Inga Advisors Banking & Financial
Collins Stewart Private Ltd Services N.A. Majority Stake 50.00%
Singapore Exchange Bombay stock Banking & Financial Minority
Limited (SGX) exchange Services 42.59 Stake 5.00%
Bombay stock Banking & Financial Minority
Deutsche Boerse exchange Services 42.00 Stake 5.00%
Services Limited
(CIMS) - Canara
bank's asset Banking & Financial Significant
Robeco Groep NV management arm Services 25.56 Stake 49.00%
company of The
Mangal Keshav Banking & Financial Significant
BankMuscat Group Services N.A. Stake 43.00%
Sundaram Home
Finance Limited,
UCB (a subsidiary of a subsidiary of
international bank Sundaram Banking & Financial Significant
BNP Paribas SA) Finance Limited Services 45.81 stake 49.90%

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
UTI Securities
(fully-owned by
Standard Chartered Corporation of Banking & Financial Strategic
Bank India (STCI) Services 34.19 Stake 49.00%
Select Securities Banking & Financial Strategic
Doha Bank Group Services N.A. Stake 49.00%
IL&FS Securities Banking & Financial Minority
Orix Corp Services Services 8.37 Stake 5.00%
Icelandic bank Advisors Private Banking & Financial Minority
Kaupthing Ltd. Services N.A. Stake 20.00%
State Bank of Banking & Financial Minority
Mauritius Ratnakar Bank Services N.A. Stake 4.80%
Ford Credit Banking & Financial
Bear Stearns India Services 20.93 Acquisition
Dewan Housing Increasing
Caledonia Finance Corp Banking & Financial stake to
Investments Plc Limited Services N.A. 13.53% 11.35%
HSBC Financial Centurion Bank Banking & Financial Increasing
Services of Punjab Services N.A. stake to 5% 1.31%
National Stock
Exchange (stake
purchased from
Fidelity Trustee Corporation Banking & Financial
Corporation Bank) Services 3.17 Strategic stake 0.11%
Al Bateen
Investment Co. LLC Development
(ABI) (a unit Al Ain Credit Bank Banking & Financial Minority
International Group) (DCB) Services N.A. Stake 4.24%
Balyasny Asset Advisory Banking & Financial Minority
Management Services (PLAD). Services 10.00 Stake 2.83%
Merrill Lynch
(through its
subsidiary Indopark Religare Banking & Financial Minority
Holdings) Enterprises Services 16.00 Stake 5.00%
Peterborough Banking & Financial Strategic
Holdings Future Capital services 12.42 Stake 5.10%
Legatum Global Banking & Financial Strategic
Development Intellecap Services 8.40 Stake N.A.
Rand Merchant Bank AK Capital Banking & Financial Strategic
(RMB) Services Services 8.37 Stake N.A.
International Finance Banking & Financial Strategic
Corporation (IFC) Karnataka Bank Services 33.35 Stake N.A.

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
Orient Global
Tamarind Fund Pte Banking & Financial Minority
Ltd YES Bank Services 76.98 Stake 4.99%
Religare Wealth
Services Limited
(a subsidiary of
Macquarie Bank Enterprises Banking & Financial
Limited Limited) Services N.A. Majority Stake 50.00%
HDFC Standard
Life Insurance Banking & Financial Increasing
Standard Life Company Services N.A. stake to 26% 7.15%
Brewery unit in
Himachal Breweries &
Carlsberg Pradesh Distilleries N.A. Acquisition
Breweries &
Carlsberg Parag Breweries Distilleries 7.44 Majority Stake 60.00%
Ambuja Cement
India Limited Increasing
Holcim (ACIL) Cement 117.00 Stake to 78% 11.00%
Holcim ACC Limited Cement 123.26 stake to 41% 3.00%
Ambuja Cements stake to
Holcim Limited (ACL) Cement 220.00 36.20% 3.90%
Ambuja Cements stake to
Holcim Limited (ACL) Cement 168.91 39.35% 3.15%
Matsushita Electric Anchor Electricals &
Works Limited Electricals Electronics 420.00 Majority Stake 80.00%
Incap Contract
Manufacturing TVS Electronics
Services Private Ltd's contract
Limited, a subsidiary manufacturing Electricals &
of Incap Corporation unit at Tumkur Electronics 9.56 Acquisition
Caterpillar Polyhose India Engineering N.A. Stake 30.00%
FMCG, Food &
Orkla MTR Foods Beverages 100.00 Acquisition
Beverages & FMCG, Food &
Hershey Foods Beverages 54.00 Majority Stake 51.00%
Godrej Hershey Increasing
Beverages & FMCG, Food & stake to
Hershey Foods Beverages N.A. 57.8% 6.80%

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
sick leather FMCG, Food &
Annabelle footwear unit Beverages 1.02 Acquisition
Barista Coffee
Limited (BCCL)
and Fresh and
Honest Café FMCG, Food &
Lavazza Limited (FHCL) Beverages 125.00 Acquisition
Foods Private
Limited (Bharti
Enterprises and
EL Rothschild
Del Monte Pacific Limited joint FMCG, Food &
Limited venture) Beverages 20.85 Minority stake 40.10%
Balmer Lawrie
Limited's UK tea
packaging and
business (a WOS
Duncan MacNeil of Balmer Lawrie FMCG, Food &
Group & Co Limited) Beverages N.A. Acquisition
Balaji Hotels and
Hyatt Group Limited Hospitality 44.44 Acquisition
ISS Facility Services Shivas Hoteliers
India (a subsidiary of and Caterers
ISS Denmark) Private Limited Hospitality N.A. Acquisition
Flight catering
business of
Gate Gourmet Advani Hotels Hospitality 4.72 Acquisition
Valyd Software
EMC Corporation Private Limited IT & ITeS N.A. Acquisition
stake to
Oracle Corporation i-Flex IT & ITeS N.A. 82.92% 28.03%
Encora Group Technologies IT & ITeS N.A. Merger N.A.
FrameFlow -
Sony Pictures Imageworks
Imageworks (SPI) India IT & ITeS 5.00 Majority Stake 51.00%
Electronic Data RelQ Software
Systems (EDS) Private Limited IT & ITeS 40.00 Acquisition
California Software Aspire
Co Ltd Communications IT & ITeS N.A. Majority Stake 51.00%

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
GCI Solutions
Private Ltd IVL India IT & ITeS N.A. Acquisition
Sitel Corporation SITEL india IT & ITeS 17.73 Stake 40.00%
and Mimas
Mocana Private Limited IT & ITeS N.A. Acquisition
ITeS business of
France Telecom GTL IT & ITeS 58.14 Acquisition
Vsoft Corporation Services IT & ITeS N.A. Acquisition
Tyroo Media Pvt Strategic
Yahoo India Ltd IT & ITeS N.A. Stake 35.00%
Small Device
Digital Chocolate Inc Technologies IT & ITeS N.A. Acquisition
CAMO ASA Solutions IT & ITeS 6.00 Acquisition
Effort BPO
Mulitex Holdings Limited IT & ITeS 2.00 Minority stake 10.00%
TietoEnator Pvt. Ltd IT & ITeS 29.02 Acquisition
Infokall Inc (through
its Indian arm
Infokall Enterprises
Limited) Pointsoft IT & ITeS N.A. Acquisition
Coral Grid
Triple Point Software Private
Technology Limited IT & ITeS N.A. Acquisition
International Press
Softcom (IPS) Scantrans IT & ITeS 5.00 Majority Stake 55.00%
EDB Business
Partner Span Infotech IT & ITeS 3.80 Majority Stake 50.10%
SAP AG Technologies IT & ITeS N.A. Acquisition
NTT Data
Corporation - a listed
subsidiary of Nippon
Telegraph and
Telephone Vertex Software
Corporation Private Limited IT & ITeS N.A. Majority Stake 68.70%

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
Enterprises Limited Q-Soft Systems
(CTEL) & Solutions IT & ITeS N.A. Acquisition
Harakosan Co Jyoti Limited Manufacturing 2.48 Stake 9.68%
Haier Group
(through its Indian Application
subsidary Haier business of
Appliances India Pvt Anchor Daewoo
Ltd) Industries Ltd Manufacturing N.A. Acquisition
Sun TV's DTH Media,
Astro All Asia operator - Sun Entertainment & Minority
Networks Direct TV Publishing 166.00 Stake 20.00%
Media, Increasing
Entertainment & Stake to
Interpublic Group Lintas India Publishing 200.00 100% 51.00%
Entertainment &
ESPN Inc Cricinfo Publishing N.A. Acquisition
The Interpublic Entertainment & Increasing
Group (IPG) FCB Ulka Publishing N.A. stake to 100% 49.00%
Next Gen
Publishing Media,
Limited (Next Entertainment & Strategic
Emap plc (EMA.L) Gen) Publishing 7.40 Stake 40.10%
Capital Entertainment &
Publicis Groupe Advertising Publishing N.A. Acquisition
Indian Media,
production Entertainment & Minority
Zodiak Television house Sol Publishing N.A. Stake 35.00%
‘A’ (A New Media,
Wieden+Kennedy Delhi-based Entertainment &
(W+K) creative agency) Publishing N.A. Merger N.A.
Entertainment &
WPP Digital Quasar Media Publishing N.A. Majority Stake 75.00%
Hanmer & Entertainment &
Publicis Groupe Partners Publishing N.A. Acquisition
The Art of Entertainment & Strategic
Rapaport Group Jewellery Publishing N.A. Stake 50.00%

Vendanta Resources Sesa Goa Metals & Ores 981.00 Majority Stake 51.00%

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
Imerys (through its Ace Refractories
wholly owned Limited (from
subsidary, Calderys) ICICI ventures) Metals & Ores 136.00 Majority Stake 99.00%
Guru Gobind
Singh Refineries
Ltd (GSSRL -
Bhatinda Strategic
Mittal Investments Refinery) Oil & Gas 711.11 Stake 49.00%
deepwater block
in Krishna- Strategic
Norsk Hydro Godavari Basin Oil & Gas N.A. Stake 10.00%
Executive Access
Hat Pin India Others 13.80 Acquisition
Kerry Logistics Reliable Freight
(South East Asia) Pte Forwarders Pvt
Ltd Ltd Others N.A. Majority Stake 51.00%
AFL Private
Limited-Carlson Increasing
Carlson Wagonlit Wagonlit Travel stake to
Travel Joint Venture Others N.A. 76.00% 26.00%
SNC-Lavalin Group Consultants
Inc. Private Limited Others N.A. Acquisition
stake to
Kansai Nerolac Others N.A. 66.4% 2.00%
Ipsos Global
Network Indica Research Others N.A. Majority Stake 75.00%
Securitas AB Walsons Services Others 17.00 Stake 49.00%
Ingredient(API) -
[division of
Sanmar Specialty
subsidiary of the
Chennai based Pharma, Healthcare
Actavis Group Sanmar Group] & Biotech N.A. Acquisition
Private Limited
Albany Molecular and Ferico
Research, Inc. Laboratories Pharma, Healthcare
(NASDAQ: AMRI) Limited & Biotech 11.00 Acquisition

© Grant Thornton India 2008

price in US $
Acquirer Target Sector Mn Deal Type % Stake
India Private Pharma, Healthcare Increasing
PerkinElmer Inc Limited & Biotech N.A. stake to 100% 49.00%
facilities of
Runwal Group's
Private Limited
& Ferico
Albany Molecular Laboratories Pharma, Healthcare
Research, Inc. Limited & Biotech 11.00 Acquisition
Qualigens Fine
Thermo Electron Chemicals (a
LLS India Private division of
Limited (a subsidiary GlaxoSmithKline
of Thermo Fisher Pharmaceuticals Pharma, Healthcare
Scientific Inc.) Limited) & Biotech 55.81 Acquisition
business of Pharma, Healthcare
Novozymes Biocon Ltd & Biotech 115.00 Acquisition
Sherwin Williams Nitco Paints Plastic & Chemicals 46.51 Acquisition
Eliokem Apar Industries
International (polymer unit) Plastic & Chemicals 25.81 Acquisition
Emmvee Solar Significant
SolarCAP Systems Power & Energy N.A. Stake 50.00%
International Bio
Origo Sino-India Energy Corp Ltd
PLC (RIBEC) Power & Energy N.A. Strategic stake 20.00%
Real Estate &
SNC-Lavalin Span Consultants Management N.A. Acquisition
Theis Precision (an
indirect wholly-
owned subsidiary of Tata Steel's cold
Friedr Gustav Theis rolling mill at
Kaltwalzweke of Sisodra in
Germany) Gujarat Steel 14.89 Acquisition
Indian Steel
Corporation (A
Ruchi group Increasing
Mitsui and Co company) Steel 15.12 stake to 20% 10.00%

Vodafone Hutchison Essar Telecom 10,830.00 Majority Stake 67.00%

Sistema Shyam Telelink Telecom N.A. Stake 10.00%

© Grant Thornton India 2008

IV. Private Equity Deals

Value in
Investors Investee Sector % stake millions US$
Fursa Mauritius (arm of Fursa Agriculture &
Alternative Strategies) Gayatri Starchkem Limited Agro Products 42.63% 4.30
Morgan Stanley Ess Dee Aluminium Aluminum 5.00% 18.86
New York Life Investment
Management India Fund Bajaj Motors Automotive 20.00% 13.3
International Tractors
JM Financial India Fund Limited (ITL) Automotive N.A. 27.78
JM Financial India Fund Sona Group Automotive N.A. 26.67
CLSA Capital Partners Sanghvi Movers Automotive 10.92% 16.13
Reliable Autotech Private
BTS India Private Equity Fund Limited Automotive 20.00% 4.65
Ares Investments Rane Holdings Automotive 10.22% N.A.
ABG Motors (an arm of
ABG Engineering &
Tano Capital Construction) Automotive N.A. 15.00
D E Shaw, South Africa’s
Rand-owned fund Satwa and
IL&FS Argentum Motors Automotive 10.00% 46.51
BNP Paribas Arbitrage Fund Spicejet Aviation 5.43% 15.11
Global Technology
Investment Airworks India Aviation 33.00% 11.63
Banking &
Bellwether Microfinance Financial
FMO Fund Services 18.60% 2.40
Banking &
Bombay Stock Exchange Financial
Deutsche Borse AG Limited Services 5.00% 42.00
Government of Singapore
Investment Corporation Banking &
(GIC), Galleon Partners & Financial
other financial investors Edelweiss Capital Services 20.00% 90.00
Banking &
Firstsource Solutions Financial
Metavante Limited Services 14.00% N.A.
Banking &
Firstsource Solutions Financial
Galleon Partners Limited Services 5.84% N.A.
Banking &
Centurion Bank Of Financial
ICICI Venture Funds Punjab Services 5.32% 40.89
Banking &
NYSE Group National Stock Exchange Services 5.00% 115.00

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
Banking &
Goldman Sachs National Stock Exchange Services 5.00% 115.00
Banking &
Softbank Asian Infrastructure Financial
Fund National Stock Exchange Services 5.00% 115.00
Banking &
General Atlantic National Stock Exchange Services 5.00% 115.00
Banking &
Mayfield Seedfund Services N.A. N.A.
Banking &
Sierra Ventures Seedfund Services N.A. N.A.
Norwest Venture Partners Banking &
(NVP), CIBC Capital & DA Financial
Capital Adventity Services N.A. 20.00
Nederlandse Banking &
FinancieringsMaateschappijvo Financial
or Ontwikkelingsladen NV Bellwether Microfinance Services N.A. 2.40
Banking &
Sequoia Capital India Apnaloan.com Services N.A. 2.20
Financial Information Banking &
International Finance Network & Operations Financial
Corporation Private Limited (FINO) Services N.A. 5.00
Banking &
Morgan Stanley National Stock Exchange Services 3.00%
Banking &
Citigroup National Stock Exchange Services 2.00%
Banking &
Actis National Stock Exchange Services 1.00% 137.38
Khazanah Nasional Berhad Infrastructure Banking &
(Investment holding arm of Development Finance Financial
Malaysian government) Company (IDFC) Services 9.95% 180.00
Banking & (Increasing
Geojit Financial Services Financial stake to
BNP Paribas Limited Services 34.35%) 47.00
Banking &
Citigroup Venture Capital Anand Rathi Securities Financial
International Limited Services 19.90% N.A.

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
Banking &
UK-based investors (headed Fortune Financial Services Financial
by Lytton Group Corporation) India Limited (FFSIL) Services 22.00% 4.89
Khazanah Nasional Berhad Banking &
(Investment holding arm of Financial
Malaysian government) Yes Bank Services 4.99% 49.00
Investor Group (Sequoia
Capital, Unitus Equity Fund, Banking &
Vinod Khosla, Ravi Reddy, Financial
Odyssey Capital) SKS Microfinance Services N.A. 11.50
Banking &
The Netherlands Development Magma Leasing Limited Financial
Finance Company (FMO) (Magma) Services N.A. 15.00
Banking &
Millennium India Acquistion Financial
Company Inc (MIAC) The SMC Group Services 14.90% 39.97
Banking &
Dubai-based private firm SHARE Microfin Limited Financial
Legatum (SHARE) Services 51.00% 23.26
Banking &
SHARE Microfin Limited Financial
Aavishkaar Goodwell (SHARE) Services N.A. 2.00
Banking &
Carlyle Group HDFC Services 5.60% 650.00
Banking &
Citigroup HDFC Services N.A. 117.00
Banking &
Halcyon Group Anagram Securities Services N.A. N.A.
IL&FS Transportation
Networks Limited (ITNL), 5.13%
a subsidiary of Banking & (increasing
Infrastructure Leasing & Financial stake to
Goldman Sachs Financial Services Limited Services 88%) 20.50
Banking &
SREI Infrastructure Financial
BNP Paribas Finance Services 50.00% 180.23
Lehman Brothers, Holcim
Group chairman - Thomas Banking &
Schmidheiny and other Financial
investors Edelweiss Capital Services 5.00% 50.00
Spandana Sphoorty Banking &
Innovative Financial Financial
JM Financial India Fund Services Services N.A. 12.25

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
Spandana Sphoorty Banking &
Innovative Financial Financial
Lok Capital Services Services N.A. 2.25
International Finance Corp,
the Netherlands Development Banking &
Finance Company (FMO), and Financial
Deutsche Bank Aavishkar Goodwell Services N.A. N.A.
Banking &
AIF Capital, Gartmore and Financial
Siguler Guff Catholic Syrian Bank Services 14.00% 7.74
Banking &
Lehman Brothers Brics Securities Services N.A. N.A.
Banking &
Wilmette Holdings Limited, Financial
Mauritius Delhi Stock Exchange Services 5.00% 9.87

ECL Finance (non- Banking &

banking finance company Financial
Lehman Brothers of Edelweiss Capital) Services 26.00% 41.86
Banking &
Duckworth Limited (an arm of Financial
Baring Private Equity) JRG Securities Services 44.80% 35.00
Hyderabad Information
Technology Venture Banking &
SREI Infrastructure Finance Enterprises Ltd Financial
Ltd (HITVEL) Services 76.00% N.A.
Banking &
New Vernon Private Equity Delhi Stock Exchange services 5.00% 2.47
International Finance
Corporation, Fidelity Group ,
UTI Ventures, Birla MF, Merill
Lynch, Indian Capital Banking &
opportunities Fund, DE Shaw, Financial
Moon Capital and others South Indian Bank services N.A. 75.81
Multi Commodity Banking &
Exchange of India Limited Financial
Merrill Lynch (MCX) Services 5.00%
Multi Commodity Banking &
Exchange of India Limited Financial
Citigroup (MCX) Services 5.00%
Multi Commodity Banking &
Exchange of India Limited Financial
Passport Capital (MCX) Services 3.00%
Multi Commodity Banking &
Exchange of India Limited Financial
GLG Partners LP (MCX) Services 2.00% 160.00

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
Banking &
International Finance Financial
Corporation (IFC) Angel Broking Services 12.50% 34.88
PTC Financial Services
(the investment arm of
power trading and Banking &
advisory services company Financial
Goldman Sachs PTC India) services 20.00%
PTC Financial Services
(the investment arm of
power trading and Banking &
advisory services company Financial
Macquarie Bank PTC India) services 20.00% 27.91
Karvy Stock Broking
Limited (KSBL), part of Banking &
ICICI Ventures and Baring the Hyderabad-based, Financial
Private Equity Asia Karvy Group Services 32.00% 116.28
Blue Ridge Limited Shriram Transport Banking &
Partnership and / or its Finance Company Limited Financial
affiliates (STFC) Services 3.22% 47.44
Shriram Transport Banking &
Tiger Global Management Finance Company Limited Financial
LLC and/or its affiliates (STFC) Services 1.89% 27.91
Shriram Transport Banking &
Kampani Finance Limited, a Finance Company Limited Financial
JM Finance group company (STFC) Services 0.57% 8.37
State Industrial Banking &
Corporation of Financial
JC Flowers & Co Maharashtra (Sicom) Services 36.00% 81.40
Banking &
India Infoline Investment Financial
Orient Global Services Services 22.50% 76.70
Banking &
Eton Park Capital Reliance Capital Asset Financial
Management LP Management Ltd Services 5.00% 116.51
Banking &
Almondz Global Securities Financial
Al Anwar Holdings SAOG (AGSL). Services 14.99% 8.09
Banking &
Manappuram General Financial
Sequoia Capital Finance and Leasing Services N.A. 8.14
Banking &
Manappuram General Financial
India Equity Partners (IEP) Finance and Leasing Services N.A. 8.14
Banking &
Orient Global India Infoline Services 6.48% 129.07

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
Banking &
EFG International (Zurirch Stratcap Securities India Financial
based private banker) (SSI) Services 75.00% N.A.
Breweries &
Indivision Capital Sula Wines Distillaries 20.00% 11.63
Fidelity, ABN Amro, HSBC,
Nomura Asset Management
Fund and Emerging Market India Cements Limited
Fund (ICL) Cement 7.50% 137.67
Electricals &
Warburg Pincus Havells India Limited Electronics 11.20% 110.00
L&T Capital Company
Limited (a group company of Rangsons Electronics Electricals &
Larsen & Toubro) Private Limited Electronics 40.00% 23.26
LB India Holdings Mauritius Genus Overseas Electricals &
II Ltd Electronics Ltd Electronics 7.83% N.A.
Darby Overseas Investments
Limited (through an affiliate of
Darby Asia Mezzanine Fund II Escorts Construction
- part of the Franklin Equipment Limited
Templeton group) (ECEL) Engineering N.A. 16.67
IFC, the private sector arm of Electrotherm India
the World Bank Group Limited Engineering N.A. 10.00
IL&FS Investment and
Evolvence Capital RSB Group Engineering N.A. 35.90
Promac Engineering
Tano Capital Industries Limited Engineering N.A. 8.00
Beacon India Private Equity A2Z Maintenance &
Fund Engineering Services Engineering N.A. 17.44
Machine Tool Aids &
Technologies Pvt Ltd
Blackstone Group (MTAR) Engineering 26.00% 65.00
IDFC Private Equity Co. Ltd Doshion Ltd Engineering N.A. 8.14

3i India Infrastructure Fund Soma Enterprise Limited Engineering N.A. 101

Halbis Capital Management
(part of HSBC Global FMCG, Food
Investment Funds - Mauritius) Ruchi Soya Industries & Beverages 2.89% N.A.
FMCG, Food
Argonaut Private Equity Vallabhdas Kanji Limited & Beverages N.A. 6.98
Trac Services Pvt Ltd
(Company that runs the
chinese food outlet -- FMCG, Food
HT Media Limited Crazy Noodles) & Beverages N.A. N.A.

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
Asian Dhall Industries FMCG, Food
SAIF Partners Limited & Beverages N.A. 8.00
Citigroup Property Investors Nitesh Estates' luxury
(CPI) hotels Hospitality N.A. 120.00
Dubai Ventures (Dubai
Investment Group’s private
equity arm) Bharat Hotels Hospitality 5.00% 38.14
Singapore's Temasek Holdings GL Hotels Hospitality 21.74% 29.07
Apeejay Surrendra Park
Credit Suisse Hotels Ltd Hospitality 15.00% 55.00
Kotak Realty Fund The Pride Hotels Hospitality 11.11% 10.47
Alliance Hospitality
Yatra Capital Services Hospitality 20.00% 6.63
Bennett, Coleman & Company
Limited (BCCL) SatNav Technologies IT & ITeS N.A. N.A.
RapidRadio Solutions
GVFL Ltd Private Limited IT & ITeS N.A. 0.18
YOU Telecom India
Bennet & Coleman Private Limited IT & ITeS 5.00% N.A.
Core Projects and
Technologies Limited
Morgan Stanley (CPTL) IT & ITeS 4.03% 3.53
Core Projects and
Technologies Limited
Deutsche Bank (CPTL) IT & ITeS 2.59% 2.27
Core Projects and
Technologies Limited
Grants Investments (CPTL) IT & ITeS 2.59% 3.03
Xilinx Inc CG CoreEL IT & ITeS N.A. N.A.
Goldman Sachs ICSA India Limited IT & ITeS N.A. 22.00
Mayfield Tejas Networks IT & ITeS N.A. N.A.
California & Hong Kong
based venture groups Q-Tech IT & ITES N.A. 2.50
Delhi start-up
Canaan Partners (Undisclosed) IT & ITeS N.A. 5.00
SAIF Partners. Silicon Valley
Bank One97 Communications IT & ITeS N.A. N.A.
Draper Fisher Jurvetson and
Helion Ventures Komli IT & ITeS N.A. N.A.
Bennet Coleman & Co
Limited (BCCL) HolidayIQ.com IT & ITeS 17.00% N.A.
Canaan Partners and SVB
Financial Group iYogi IT & ITeS N.A. 3.10
Sherpalo Ventures and Kleiner
Perkins Caufield and Byers CE Infosystems IT & ITeS N.A. N.A.
UTI Venture Fund and US-
based Argonaut Private Equity Zylog Systems (ZSL) IT & ITeS N.A. 9.73

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
Intel Capital Comat Technologies IT & ITeS N.A. 4.00
Global Assets Holding stake to
Corporation Private Limited GTL Limited IT & ITeS 22.08%) N.A.
Nadathur Holdings &
Investment Limited Ziva Software IT & ITeS N.A. 1.70
SoftBank Corporation Instacoll IT & ITeS N.A. 3.00
CEON Solutions Private
GVFL Limited Limited IT & ITeS N.A. 0.67
Cargill Ventures KPIT Cummins IT & ITeS N.A. 9.00
Spanco Telesystems &
ChrysCapital Solutions IT & ITeS 15.00% 15.00
Spanco Telesystems &
UTI Venture Fund Solutions IT & ITeS 5.30% 5.20
ICICI Bank, ICICI Lombard
and IFMR Trust, Life
Insurance Corporation of
India, Union Bank of India,
Corporation Bank and Indian
Bank, International Finance Financial Information
Corporation, Dubai's Legatum Network & Operations
Finance and Intel Capital. Private Limited (FINO) IT & ITeS N.A. 20.00
Sequoia Capital Minglebox.com IT & ITeS N.A. 7.00
SFO Technologies (part of
India Value Fund (IVF) NeST Group) IT & ITeS N.A. 11.63
NEA IndoUS Ventures FlightRaja IT & ITeS N.A. 5.00
iLabs Private equity fund VSoft Corp IT & ITeS N.A. 9.77
New Enterprise Associates
(NEA) and its Indian affiliate
NEA-IndoUS Ventures ISGN Technologies Ltd IT & ITeS 25.00% 25.00
The Carlyle Group through its
arm Carlyle Asia Growth Elitecore Technologies
Capital Partners Limited IT & ITeS N.A. 10.30
DFJ ePlanet Ventures Manthan Systems IT & ITeS N.A. 2.00
Canbank Venture Capital
Fund, a subsidiary of the
public sector Canara Bank Iteamic IT & ITeS N.A. N.A.
General Atlantic (through its
investment arm GA Global
Investment) and Carrier
International Infotech Enterprises IT & ITeS 15.00% 75.00
ConnectM Technology
IDG Ventures India Solutions IT & ITeS N.A. N.A.
Intelenet Global Services
Blackstone Group Private Limited IT & ITeS 80.00% 200.00

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
Citigroup Global Markets stake to
Mauritius Private Limited NIIT Limited IT & ITeS 8.55%) 36.98
Orient Global NIIT Limited IT & ITeS 9.40% 48.00
Infrasoft Technologies
Baring Private Equity Partners Limited IT & ITeS N.A. 23.26
General Atlantic LLC (GA) IBS Software Services IT & ITeS N.A. 60.00
Canaan Partners, The
Entrepreneur's Fund III and
Miven Venture Partners TechTribe IT & ITeS N.A. 10.00
George Zacharias's remote
infrastructure management
Sequoia Capital India start-up IT & ITeS N.A. 20.00
Greylock Partners and other
unnamed investors TechProcess IT & ITeS N.A. N.A.
Dubai Investment Group
(Through its subsidiary Dubai Time Broadband Services
Ventures) Limited IT & ITeS 40.00% N.A.
Goldman Sachs Investments stake to
Mauritius Aftek Infosys IT & ITeS 5.74%) N.A.
New Enterprise Associates Novatium Solutions IT & ITeS N.A. N.A.
Lightspeed Venture Partners,
Silicon Valley Bank and Matrix
Partners India Four Interactive IT & ITeS N.A. 10.00
Vakrangee Softwares Ltd.
Morgan Stanley & Company (VSL) IT & ITeS 5.36% N.A.
Goldman Sachs Investments Vakrangee Softwares Ltd.
(Mauritius) I. Ltd (VSL) IT & ITeS 9.52% N.A.
Vakrangee Softwares Ltd.
Merrill Lynch Capital Markets (VSL) IT & ITeS 7.33% N.A.
UBS Securities Asia Ltd ICSA (India) IT & ITeS 3.47% N.A.
Morgan Stanley ICSA (India) IT & ITeS 1.83% N.A.
Merrill Lynch ICSA (India) IT & ITeS 3.32% N.A.
Matrix Partners India and ItzCash (an Essel group
Intel Capital company) IT & ITeS N.A. 10.00
Trident Capital Neilsoft IT & ITeS N.A. 4.00
Footprint Ventures Ticketvala.com IT & ITeS N.A. 2.00
Sandstone Capital Guruji.com IT & ITeS N.A. 10.00
Digital Signage Networks
Sequoia Capital India (DSN) IT & ITeS N.A. 2.00
Capital18 Webchutney IT & ITeS N.A. N.A.

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
Kubera Cross-Border Fund
Limited (KUBC) Venture Infotek Limited IT & ITeS N.A. 20.00
Avigo Capital Partners Comat Technologies IT & ITeS 15.00% 10.00
Sansar Capital Ybrant Technologies IT & ITeS 16.00% 20.00
3D Solid compression
IDG Ventures India Private Limited IT & ITeS N.A. N.A.
Techfarm Ventures IChip Technologies IT & ITeS 100.00% N.A.

ICICI Bank Limited Mascon Global Limited IT & ITeS 5.01% N.A.

Nexus India Capital CE Info Systems Pvt Ltd IT & ITeS N.A. 2.33
Guggenheim Global
Infrastructure Company Vikram Logistic and
Limited (GGI) - an affiliate of Maritime Services Pvt Ltd
Guggenheim Partners (VLMS) Logistics 33.00% N.A.
Clearstone Venture Partners DGB Microsystems Manufacturing N.A. 5.00
SIDBI Venture Capital DGB Microsystems Manufacturing N.A. 3.50
ICICI Venture Funds Electrotherm (India)
Management Limited Limited Manufacturing N.A. 18.22

AIG Global Investments Avasarala Technologies Manufacturing N.A. 20.00

Reliance Capital Precision Wires Manufacturing 4.12
Lehman Brothers Opto Circuits Manufacturing N.A. 5.02
Alliance Bernstein Opto Circuits Manufacturing 4.73
Liberty Whiteware
(venture by the Liberty
Bennett, Coleman & Co Ltd Group) Manufacturing 16.00% 4.65
Blue River Capital Rane Holdings Manufacturing 10.22% 4.70
TVG Capital Partners and
CLSA Private Equity Everest Kanto Cylinder
Management Limited. (EKC Limited) Manufacturing N.A. 20.63
Sahajanand Laser
GVFL Limited (Gujarat Technology Limited
Venture Finance Limited) (SLTL) Manufacturing N.A. 0.93
Band of Angels (Delhi), Media,
Mumbai Angels and other Entertainment
investors Madhouse Media & Publishing N.A. 0.23
Temasek Holdings Tata Sky & Publishing 10.00% 55.56
3i Group UFO Moviez & Publishing N.A. 22.00
B.A.G Infotainment Pvt Entertainment
IDBI Limited Ltd & Publishing 10.00% 0.45

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
B.A.G Infotainment Pvt Entertainment
Bank of Baroda Ltd & Publishing 10.00% 0.45
B.A.G Infotainment Entertainment
Sameer Gehlaut Private Limited & Publishing 25.00% 5.70
3i, Cisco and Oman Entertainment
International Fund (OIF) Nimbus Communications & Publishing N.A. 125

Eenadu group owned Media,

byUshodaya Enterprises Entertainment
Blackstone group Limited (UEL) & Publishing 26.00% 275.00
Lehman Brothers, Goldman Entertainment
Sachs, CSFB and eight others NDTV Networks & Publishing 24.00% 120.00
NDTV Networks Plc (the Media,
UK subsidiary of NDTV Entertainment
Com Ventures Limited) & Publishing N.A. 20.00
Temasek Holdings, through Entertainment
Dunearn Investments INX Media & Publishing 19.00% N.A.
New Silk Route INX Media & Publishing 20.00% N.A.
New Vernon Private Equity Entertainment
Fund INX Media & Publishing 6.31% N.A.
Clearstone Venture Partners Entertainment
and SVB Financial Group Games2Win & Publishing N.A. 5.00
Fuse+Media (affiliate of Entertainment
Comventures) India TV & Publishing 19.17% 11.50
Chrys Capital Hathway Cable & Publishing 12.00% 60.00
Sherpalo Ventures Prana Studios & Publishing N.A. N.A.
ChrysCapital Hathway Cable & Publishing 15.00% 60.00
IDG Ventures and SoftBank Entertainment
China & India Holdings Kreeda Games & Publishing N.A. N.A.

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
Mindworks Global Media Entertainment
Helion Venture Partners Services & Publishing N.A. 15.00
Ashmore Investment Entertainment
Management Digicable Network & Publishing 49.00% N.A.

Right Angle Media (the Media,

Dubai-based subsidiary of Entertainment
Amwal Al Khaleej Laqshya Media) & Publishing N.A. 35.35
Mahesh Mathai, Srila
Chaterjee, Simran
Mulchandani, Arun Banerjee
and Vishal Aggarwal Media,
(Individual Private equity Entertainment
investors) Palador Pictures & Publishing 15.00% 6.00
Fidelity (FID Funds Ltd) B.A.G Films and Media. & Publishing 10.00% 14.42
Future Group Percept Holdings & Publishing 15.00% 46.51
Helion Ventures Pvt Ltd Hurix Systems Pvt & Publishing N.A. 5.10
Draper Fisher Jurvetson LiveMedia & Publishing N.A. N.A.
Gemini Industries and Entertainment
DE Shaw Imaging & Publishing N.A. 55.81
Draper Fisher Jurvetson (DFJ) mGinger & Publishing N.A. 1.50
NEA Indo-US ventures mGinger & Publishing N.A. 0.50
Indivision Capital (the private Media,
equity arm of Biyani’s Future Entertainment
Group) Dish TV & Publishing 4.90% 58.14
Goldman Sachs Man Industries Metals & Ores 4.00% 3.49
Resurgere Mines &
Merrill Lynch International Minerals India Limited Metals & Ores 12.74% N.A.
Indian Petrochemicals
Corporation Limited
Indiabulls Capital Services (IPCL) Oil & Gas 1.18% 9.95
Baring Private Equity KS Oil Oil & Gas 7.50% 20.93
CVC KS Oil Oil & Gas 7.50% 20.93

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
International Finance Gujarat State Petronet
Corporation (IFC) Limited Oil & Gas N.A. 30.00
Global Infrastructure Partners East India Petroleum
and Zeus Inframanagement Limited Oil & Gas 74.00% 116.28
Citigroup Venture Capital Shiv-Vani Oil and Gas
International Exploration Services Oil & Gas 7.00% 23.26
Infrastructure Development
and Finance Corporation
(IDFC) Andhra Cements Others 6.55% 5.81
Promethean India Fund (the
Indian investment arm of
Promethean Investments) Nitco Tiles Others 8.50% 6.40
Wasserstein Fund Euro Ceramics Others 12.00% 13.95

Mahesh Tutorials Educare

Helix Investments, Mauritius Private Limited Others 30.00% 12.00
SAIF Partners Amoha Education Pvt Others N.A. 10.00
Capital18 24×7 Learning Others N.A. 4.00
Promethean India Fund (the
Indian investment arm of Mahindra Forgings
Promethean Investments) Mauritius Limited Others 10.00% 12.30
B III Capital Partners and B
III A Capital Partners Gitanjali Gems Others 2.63% 10.47

Goldman Sachs Investments Shrenuj & Company Ltd Others 3.19% N.A.

UBS Securities Shrenuj & Company Ltd Others 3.09% N.A.

Morgan Stanley & Co asing stake
International Gitanjali Gems Others to 5.97%) N.A.
Nalanda Capital Pte Ltd. Vaibhav Gems Ltd Others 19.90% 35.00
stake to
Citigroup Global Jain Irrigation Others 6.00%) N.A.
Reliance Capital BLR India Others 31.00% 11.11
IDFC Private Equity Sical Logistics Limited Others N.A. 25.00
Kotak Mahindra Bank's private DRS Logistics Private
equity arm Limited Others N.A. 22.22
Delhi Assam Roadways
Corporation Limited
IDFC Private Limited (DARCL) Others N.A. 10.00
Global Infrastructure Partners Chennai Container
(GIP), through its parent Terminal Private Limited
International Port Holdings (CCT) Others 25.00% N.A.

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
First Flight Couriers
Temasek Holdings Limited Others 27.70% 26.50
Credit Suisse Singapore
Limited and Macquarie Bank
Limited Sical Logistics Limited Others 10.00% 22.88
Global Investment House’s Reach (Cargo Movers)
private equity arm Private. Limited Others N.A. 5.00
Innovative B2B Logistics
Sage Capital Advisors (SCA) Solutions Others 8.00% 5.81
Citigroup Venture Capital
International SVIL Mines Limited Others 20.00% 34.88
IDG Ventures iViZ Others N.A. 2.50
International Print-o-Pac
Blue River Capital (IPP) Others N.A. 12.22
Fidelity International Ess Dee Aluminium Others 5.00% 8.89
Merrill Lynch's principal
investment arm Copal Partners Others N.A. 11.00
Helion Venture Partners Amba Research Others N.A. 10.00
Bennett, Coleman & Company
Limited (BCCL) LifeCell Others N.A. N.A.
Kuwait-based Noor Financial
Investment Company Tops Security Limited Others 5.00%
Ikarus Petroleum of Kuwait Tops Security Limited Others 5.00%
Kuwait Privatisation Projects
Limited Tops Security Limited Others 5.00%
ICICI Venture Tops Security Limited Others 13.69% 26.74
Indivision Capital (the private (increasing
equity arm of Future Capital stake to
Holdings) Tops Security Limited Others 7.08%) 5.81
Avestha Gengraine Pharma,
Technologies Private Healthcare &
Daninvest Limited Biotech 4.00% 5.81
Avestha Gengraine Pharma,
Technologies Private Healthcare &
Fidelity International Limited Biotech 10.00% 12.90
Avestha Gengraine Pharma,
Technologies Private Healthcare &
Groupe Limagrain Limited Biotech N.A. 6.45
Avestha Gengraine Pharma,
Bennett, Coleman & Company Technologies Private Healthcare &
Limited (BCCL) Limited Biotech N.A. N.A.
Avestha Gengraine Pharma,
Technologies Healthcare &
Jacob Ballas Capital (Avesthagen) Biotech N.A. 10.00

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
Intas Biopharmaceuticals
Jarir India Investments, Kotak Limited (IBPL - the Pharma,
India Venture, BL Associates biotech company of Intas Healthcare &
and Mordril Properties Pharma) Biotech 47.00% 4.19
Vandana Luthra Curls and Healthcare &
Blackstone group Curves (VLCC) Biotech 22.00% 22.00
Bennett, Coleman and Co ICRI Research Private Healthcare &
(BCCL) (IRL), Biotech 6.25% N.A.
Evolvence India Life Sciences Bangalore-based contract Healthcare &
Fund (EILSF) research organisation Biotech N.A. 10.00
Metdist Group and Trinity Fortis Healthcare Limited Healthcare &
Capital (FHL) Biotech N.A. 12.44
Healthcare &
ISP Investco Granules India Limited Biotech 13.00% 5.42
Healthcare &
Ridgeback Capital Investments Granules India Limited Biotech 14.50% 5.00
Pharma, (Increasing
Citigroup Global Markets SMS Pharmaceuticals Healthcare & stake to
Private Limited Limited Biotech 5.13%) N.A.
Healthcare &
Trinity Capital Plc Fortis Healthcare Limited Biotech 4.24% 18.31
Healthcare &
iLabs MedPlus Health Services Biotech N.A. 5.11
McKinsey and Company's Healthcare &
investment arm VASCO Fortis Healthcare Limited Biotech N.A. 2.38
Healthcare &
ChrysCapital Mankind Pharma Biotech N.A. 24.00
NYLIM (New York Life Avestha Gengraine Pharma,
Investment Management India Technologies Healthcare &
Fund) India Fund (Avesthagen) Biotech N.A. 5.00
International Finance Pharma,
Corporation (IFC), the World Healthcare &
Bank's private sector arm Granules India Limited Biotech 11.48% 6.00
Max Healthcare Institute Pharma,
International Finance Ltd (subsidiary of Max Healthcare &
Corporation (IFC) India) Biotech N.A. 67.20

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
Healthcare &
ICICI Venture Radiant Research Biotech N.A. N.A.
Healthcare &
Acumen Fund Dial 1298 for ambulance Biotech N.A. 1.55
Future Capital Holdings’ Pharma,
private equity arm, Indivision Healthcare &
India Partners Global Hospitals Biotech 25.00% N.A.
RFCL Limited (an ICICI Healthcare &
Venture company) Wipro BioMed Biotech N.A. N.A.
Apollo Hospitals Healthcare &
Apax Partners Enterprise Ltd Biotech 11.00% 104.00

IOL Chemicals and

Pharmaceuticals Ltd Pharma,
(formerly known as Healthcare &
Indiastar Fund Industrial Organics Ltd), Biotech 18.50% N.A.
Healthcare &
Sequoia Capital India Sai Advantium Biotech 18.34% 12.50
Healthcare &
Avenue Capital Group Morepen Laboratories Biotech 14.99% 17.91
HSBC Asian Ventures Fund 2 Trivitron Medical Systems healthcare &
Limited (an HSBC PE entity) Private Limited Biotech N.A.
Trivitron Medical Systems healthcare &
ePlanet Ventures Private Limited Biotech N.A. 10.47
RG Stone Urological Healthcare &
ICICI Venture Research Institute Biotech N.A. 10.00
Kubera Cross-Border Fund Healthcare &
Limited Ocimum Biosolutions Biotech N.A. 17.00
Healthcare &
IDG Ventures India Perfint Biotech N.A. 3.00
Healthcare &
Erasmic Venture Fund Perfint Biotech N.A. 0.50
GVK Biosciences Private Healthcare &
Sequoia Capital Ltd Biotech N.A. 23.26

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
Citigroup Venture Capital Healthcare &
International (CVCI) Unimark Remedies Biotech 30.00% 26.28
International Finance
Corporation (IFC), the World Kanoria Chemicals and Plastic &
Bank's private sector arm Industries Chemicals N.A. 20.00
IDFC Private Equity, GIC
Special Investments, CDC
Group plc and Infrastructure Moser Baer Photo Voltaic
Development Finance (wholly owned subsidiary Power &
Company (IDFC) of Moser Baer ltd) Energy N.A. 100.00
Luminous Power Power &
CLSA Capital Partners Technologies Energy N.A. 20.30
International Finance Lanco Amarkantak Power
Corporation (IFC), the private (a subsidiary of Lanco Power &
sector arm of World Bank Infratech Limited) Energy 5.84% 8.00
Power &
Reliance Capital Victory Transformer Energy 26.00% 17.44
Power &
Motilal Oswal Venture Capital IMP Powers Ltd, Energy N.A. 4.42
Goldman Sachs (and GE Power &
Power) Sudhir Gensets Energy 10.00% 100.00
Standard Chartered Private Power &
Equity Powerica Energy 11.00% 50.00
3i India Infrastructure Fund Power &
Ltd Adani Power Ltd Energy N.A. 227
Power &
Merrill Lynch Vestas RRB Energy N.A. 50.70
Indivision( Future Capital’s Power &
private equity arm) Regen Powertech Energy 33.00% 25.00
Old Lane India Opportunities KVK Energy & Power &
Funds Infrastructure Private Energy N.A. 26.00
Sayi Power Energy Power &
GE Energy Financial Services Limited Energy 26.00% N.A.
Environmental Solutions Power &
UTI Ventures Private Limited. Energy N.A. 7.44
Citigroup Venture Capital Power &
International BGR Energy Systems Energy 4.00% 30.14
Power &
Reliance Mutual Fund BGR Energy Systems Energy 2.00% 15.07
Printing &
Notz Stuki Camlin Ltd Stationary 10.00%
Printing &
Comgest Growth Plc Camlin Ltd Stationary 10.00% 4.88

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
Printo Document Services Printing &
Sequoia Capital Partners Pvt. Ltd (Printo) Stationary N.A. 5.81
Real Estate &
Old Lane Mauritius IV Ltd Sical Infra Assets Ltd Management 26.00% 26.00
Real Estate & 2.82%(Incre
HSBC Global Investment IVRCL Infrastructure & Infrastructure asing stake
Funds Projects Management to 5.27%) N.A.
Lodha Group (25 per cent Real Estate &
Deutsche Bank and a group of stake in a special purpose Infrastructure
private equity firms vehicle) Management N.A. 425.00
Ansal Properties and Real Estate &
IL&FS Investment Managers Infrastructure (APIL) Infrastructure
(IIML) SPVs Management 49.00% 28.89
Real Estate &
IDEB Projects Private Infrastructure
Samsara Capital LLC Limited Management N.A. 32.00
Real Estate &
DivyaSree Developers Infrastructure
TPG-Axon Capital Private Limited Management N.A. 100.00
Real Estate &
Och-Ziff Capital Management Infrastructure
Group Nitesh Estates Management 25.00% 51.00
Real Estate &
Indivision Capital BE Billimoria Management 26.00% 16.67
Real Estate &
Morgan Stanley Real Estate Oberoi Constructions Management 10.70% 150.00
Real Estate &
Sabre-Abraaj Private Equity Ramky Infrastructure Infrastructure
Fund I Limited Management 8.10% 16.67
Real Estate &
Ramky Infrastructure Infrastructure
IL&FS Investment Limited Management 5.40% 11.11
Citigroup Venture Capital Real Estate &
International Mauritius Indu Projects Limited Infrastructure
Limited (CVCIML) (IPL) Management 9.00% 33.33
Manjeera Construction Real Estate &
Company Limited Infrastructure
Trinity Capital, UK (MCCL) Management 49.00% N.A.
IL&FS Investment Managers Real Estate &
(IIML - the private equity arm Infrastructure
of IL&FS) QVC Realty Management N.A. 100.00
Trinity Capital Plc and IL&FS Real Estate &
Investment Managers Limited Infrastructure
(IIML) DB Realty Limited. (DBR) Management 5.92% 51.50

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
Real Estate &
Wachovia Corporation Vipul Limited Management 15.00% 57.00
IDFC Private Equity Fund II
(a fund by IDFC Private Quipo Infrastructure Real Estate &
Equity & GIC Special Equipment Limited Infrastructure
Investments) (Quipo) Management N.A. 33.33
Real Estate &
Brahmani Infratech Infrastructure
Nava Bharat Ventures Private Limited Management 51.00% 12.79
Real Estate & (Increasing
Morgan Stanley & Co Ganesh Housing Corp. Infrastructure stake to
International Plc Ltd Management 7.49%) N.A.
Real Estate &
HDFC India Real Estate Fund Paranjape Schemes Management 10.00% 17.44
Real Estate &
GE Capital Paranjape Schemes Management N.A. 58.13
Real Estate &
D.E. Shaw DLF Limited Management N.A. 400.00
Real Estate &
India Equity Partners (IEP) Ocean Sparkle Management N.A. 18.00
Real Estate &
Citigroup Venture Capital Ind Barath Infra Private Infrastructure
International Growth Funds Limited Management 30.00% 58.14
Real Estate &
Trinity Capital Phoenix Mills Management 1.66% 13.77
Real Estate &
Blue River Capital and Sequoia KMC Constructions Infrastructure
Capital Limited (KMC) Management N.A. 35.00
Real Estate & (increasing
Citigroup Global Markets Infrastructure stake to
Mauritius Private Limited Gayatri Projects Limited Management 6.14%) N.A.
Real Estate &
Goldmansachs Century Group Management N.A. 300.00
Real Estate &
GIC Anant Raj Industries Management 8.50% 105.50

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
Real Estate &
Morgan Stanley Dean Witter Anant Raj Industries Management 3.33% 41.00
Real Estate &
George Soros Fund Anant Raj Industries Management 1.60% 20.40
Real Estate &
Avenue Capital Group SKIL Infrastructure Management 26.00% 500.00
Real Estate &
Ind Barath Infra Private Infrastructure
UTI Ventures Limited Management N.A. 10.00
Subhash Projects & Real Estate &
Citigroup Venture Capital Marketing Limited Infrastructure
International (CVCI) (SPML) Management N.A. 62.50
Real Estate &
DLF Assets Private Ltd Infrastructure
New Opportunities I PCC (DAPL) Management N.A. 200.00
Real Estate &
New Silk Route Private Equity Infrastructure
(NSR-PE) Mauritius Aster Infrastructure Management 72.50% 54.09
Real Estate &
Safari Retreats Private Infrastructure
Landmark Land Holdings Limited Management N.A. 8.14
Real Estate &
Nagarjuna Construction Infrastructure
Blackstone Group Company Limited (NCCL) Management 14.50% 150.00
Real Estate &
3unnamed US based private Infrastructure
equity funds Indu Projects Ltd Management N.A. 100.00
Real Estate &
Infinite India Investment Shrachi Developers Infrastructure
Management Private Limited Management N.A. 23.26
Real Estate &
Infinite India Investment Shrachi Realty Private Infrastructure
Management Limited Management N.A. 23.26
Real Estate &
Citigroup Property Investors Nitesh Estates Management N.A. 250.00
Subhkam Ventures (through Real Estate & (Increasing
its investment entity Subhkam MSK Projects (India) Infrastructure stake to
Holding Private Limited) Limited Management 24.26%) 7.81
Real Estate &
SMS Shivnath Infrastructure
IDFC Infrastructure Limited Management 48.40% N.A.

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
Real Estate &
8 projects of K Raheja Infrastructure
Ishaan Real Estate Corp Management 40.00% 251.63
Real Estate &
Bennett, Coleman & Co Ltd Ritesh Properties & Infrastructure
(BCCL) Industries Ltd Management 8.00% 1.16
Real Estate &
Kotak Realty Fund Sunteck Realty Management 10.00% 32.56
Panchkula and Haryana Real Estate &
residential project SPV's Infrastructure
Brahma Investments of DLF Limited Management 49.00% 45.12
Special Purpose Vehicle by
BSEL Infrastructure in an
equal joint venture JV with Real Estate &
Unity Realty and Kamat Infrastructure
Clearwater Capital Partners Hotels Management 49.00% N.A.
Jaypee Infratech Real Estate &
ICICI Venture Funds (subsidiary of the Jaypee Infrastructure
Management Company Group) Management N.A. 800.00
Real Estate &
Wachovia Bank Vatika group Management
Real Estate &
Baer Capital Vatika group Management
Real Estate &
Goldman Sach Vatika group Management 9.00% 250.00
Real Estate &
7 Residential Housing Infrastructure
Merrill Lynch & Co Projects of DLF Ltd Management 49.00% 377.00
Indivision Investment
Advisors Ltd (the private Real Estate &
equity arm of Future Capital Interarch Building Infrastructure
Holdings Ltd - FCH) Products Pvt Ltd Management 13.00% 23.26
Real Estate &
State Bank of India (SBI), GMR Infrastructure Management
Real Estate &
Canara Bank GMR Infrastructure Management
George Soros,hedge fund
Eton Park Capital,Deutsche
Asset Management,Capital
International, Citigroup, T Real Estate &
Rowe Price, Credit Agricole, Infrastructure
UBS and Kotak Mahindra GMR Infrastructure Management 9.00% 1000.00

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
Real Estate &
Yatra Capital Gangetic Developers Management 28.00% 5.30
Special Purpose Vehicle
floated by Indu Projects Real Estate &
for a housing project in Infrastructure
Red Fort Capital Hyderabad Management 49.00% 51.16
Amsri Group's SPV to Real Estate &
develop a mixed-use realty Infrastructure
Indiareit Fund Advisors project at Bachpally Management 75.00% N.A.
Government Investment
Corporation of Singapore and Real Estate &
Citigroup Venture Capital Shapoorji Pallonji's real Infrastructure
International estate business SPV Management 15.00% 290.00
Larsen & Toubro (L&T
through L&T Infrastructure
Finance and L&T Capital),
Infrastructure Development
and Finance Company (IDFC), Real Estate &
Lehman Brothers and Amansa B Seenaiah & Company Infrastructure
Capital Projects (BSCPL) Management 7.00% 35.35
Bennett, Coleman & Company
Limited Archies Retail 3.70% 4.65
Kotak Mahindra Bank Private Pantaloon Group's Home
Equity Group - India Growth Solutions Retail India
Fund Limited Retail N.A. 12.00
ADM Capital Brandhouse Retail Retail 10.00% 25.00
Citigroup Venture Capital
(CVCI) Primus Retail Retail N.A. 8.00
UTI Ventures Primus Retail Retail N.A. 4.00
Bennett, Coleman and Co. Ltd
(BCCL), Nik-Nish Retail Ltd Retail 6.83% N.A.
Future Capital (the financial Sankalp Retail Value
arm of Future Group) Stores Retail 28.00% N.A.
Flemingo Duty Free
Citicorp Venture Capital Shops Private Limited
International (FDSPL) Retail 15.00% 22.22
Shipping &
Trinity Capital Pipavav Shipyard Limited Ports 10.43% 23.11
Government of Singapore
Investment Corporation
(GIC), T Rowe Price Asia, Mundra Port & SEZ Shipping &
ICICI Bank and IDFC (MPSEZ) Ports N.A. 120.00
Pipavav Shipyard Ltd Shipping &
Blackstone (PSL) Ports N.A. 50.00
Goodearth Maritime Shipping & 15.00 -
IDFC Private Equity (GML) Ports 20.00% 65.00

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
LB India Holdings Mauritius
and Infrastructure
Development Finance Raipur Alloys & Steel
Company (IDFC) Limited Steel 5.41% 19.77
Citigroup Venture Capital
International Jai Balaji Industries Steel 11.00% 46.53
India Equity Partners Jai Balaji Industries Steel 4.00% 17.03
Asianet Satellite
Providence Communications Telecom N.A. 66.67
Ordyn Technologies
Private Limited (formerly
known as Orion Tele
Equipment Private
Aureos Capital Limited) Telecom N.A. 9.30
Ordyn Technologies
Private Limited (formerly
known as Orion Tele
Equipment Private
India Infoline Limited) Telecom 4.00
Lehman Brothers and
Spinnaker Investments Spice Telecom Telecom 20.00% 30.00
NEA-IndoUS Ventures,
JAFCO Asia and BTS India Microqual Techno Private
Fund Limited Telecom N.A. 10.00
Temasek Holdings Bharti Airtel Telecom 4.99% 1,906.74
Fortress Capital, HSBC
Principal Investments, Galleon
Group, New Silk Route, GLG
Partners, Quantum Fund Infrastructure unit of
(George Soros) and DA Reliance Communication
Capital Ltd Telecom 5.00% 337.50
New York Life Investment
and Jacob Ballas Capital Aster Tower Telecom N.A. 35.00
Goldman Sachs Tejas Networks Ltd Telecom N.A. 22.09
Temasek Holdings, The
Investment Corporation of
Dubai, Goldman Sachs,
Macquarie, AIF Capital,
Citigroup and India Equity Bharti Infratel (subsidiary
Partners (IEP) of Bharti Airtel Ltd) Telecom 10.00% 1,000.00
Textiles &
Peterson Partners KPR Mills Apparels N.A. 3.00
Textiles & stake to
Merrill Lynch Pioneer Embroideries Apparels 5.58%) N.A.

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
New Vernon, Blackstone,
Fidelity, Genesis Capital, Artis
Capital and Liberty Textiles &
International Provogue Apparels N.A. 32.50
Citigroup Global Markets Bombay Rayon Fashions Textiles &
(Mauritius) Private Limited Limited Apparels 5.12% N.A.
Textiles &
SIDBI Venture Capital & SBI Mudra Lifestyle Limited Apparels N.A. 3.20
Passport India Investments Textiles &
(Mauritius) Koutons Retail Apparels N.A. 4.88
Textiles &
Elara Capital Grabal Alok Apparels 11.93% N.A.

Textiles &
Bennet, Coleman & Company eYantra Industries Apparels N.A. N.A.
FMR Corporation, Fidelity (Increasing
International and their House of Pearl Fashions Textiles & stake to
subsidiaries India Limited Apparels 6.13%) N.A.
S Kumars Nationwide Textiles &
ADM Capital Limited Apparels 10.00% 82.00
Soma Textiles & Textiles & stake to
Lotus Global Investment Industries Limited Apparels 3.03%) N.A.
Textiles &
Avigo Capital Partners Spykar Lifestyle Apparels N.A. 5.00
James Wolfensohn's private Textiles &
investment fund FabIndia Apparels 6.00% 11.00
JBF Global Pte Limited
(Singapore based
CVCIGP II Client Rosehill subsidiary of JBF Textiles &
Limited and their afflitiates Industries Limited) Apparels N.A. 118.00
Textiles &
Baring Private Equity Asia Pratibha Syntex Apparels N.A. 20.20

Textiles &
Blackstone Group Gokaldas Exports Limited Apparels 50.10% 110.47
Grabal Alok Impex Textiles & stake to
Sonata Investments Limited Limited Apparels 5.17%) N.A.
Welspun Gujarat Stahl Textiles &
3i Rohren Ltd Apparels 6.60% 80.00
Bennett, Coleman & Co Ltd. Textiles &
(BCCL) Sleep-ins Apparels Apparels N.A. N.A.

© Grant Thornton India 2008

Value in
Investors Investee Sector % stake millions US$
Citigroup Venture Capital JBF Global Pte Limited
International CVCIGP II (Singapore based
client Rosehill Limited, subsidiary of JBF Textiles &
Mauritius and their affiliates Industries Limited) Apparels N.A. 125.00
Fidelity Investments Transport Corporation of stake to
International India (TCI) Transportation 10%) 12.24
Bennett, Coleman & Co Ltd Travel Masti Holidays Travel &
(BCCL) Private Ltd Tourism N.A. N.A.

This summary has been prepared from various public sources. The above information is believed to be correct but the firm is not responsible
for any error or any decision by the reader based on this information. It should not be relied upon as a substitute for detailed advice and the
firm does not accept responsibility for any loss as a result of relying on material contained herein.

© Grant Thornton India 2008