Dealtracker Providing M&A and Private Equitydealtracker Deal Insight

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Dealtracker Providing M&A and Private EquityDealTracker Deal Insight

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Raja Lahiri Partner Grant Thornton India LLP

We are pleased to present Grant Thornton Dealtracker Report for 3rd Quarter of In terms of sectors, we have seen M&A values driven by the Pharma sector 2014 (July – September, 2014) which captures deal data (value/volumes) along with deals such as Sun- Ranbaxy merger indicating the consolidation trend with related analysis. in the sector, and GlaxoSmithKline consolidating operations by hiking the

stake in Indian subsidiary. Technology sector has been active both in M&A There has been clear upswing in the M&A and PE deal activity with US$36bn and PE. Key deals include Cognizant acquiring US based Trizetto for worth of deals in the nine month period ending September 2014, the best we US$2.7 bn, Flipkart-Myntra acquisition for US $ 340mn. PE investment have seen since 2012. It is noteworthy to mention here that we have seen an continues to be driven by the e-commerce sector led by the billion dollar increase across segments from domestic, inbound, outbound to Private Equity in investment into Flipkart. both values and volumes. This clearly implies a revival in business sentiments and investment climate. Sectors which are expected to see renewed deal activity include

infrastructure, energy, consumer and financial services. We expect While the year began on a rather cautionary note, the deal pace started picking up valuations to go up given the renewed business sentiments which in our in the months closer to the Elections and the momentum kept increasing view, would be both a challenge and an opportunity for dealmakers to close thereafter, signalling positive vibes for the months and quarters to come. deals in the coming quarters.

Clear deal drivers have been the domestic and inbound space with 70% higher We believe that this momentum of deal activity will continue to increase inbound values and more than twice the domestic deal values seen in 2013. and we look forward to closing the year on a high note. Moreover, with close to a 40% increase in investment volumes over 2013, private equity deals have contributed 50% of total deal volumes in 2014 driven by the Happy Dealmaking! technology sector.

YTD 2014 Highlights Quarter 3, 2014 Deal Round-up Deals of the Quarter

Deal Summary- YTD Volume Value (USD mn)

2012 2013 2014 2012 2013 2014 • In YTD 2014, the overall deal activity stood at USD 36.2bn (886 deals),

Domestic 177 166 194 4,431 4,319 9,717 significantly higher than the USD 29.7bn (694 deals) in 2013 and also Crossborder surpassing 2012 levels. 180 168 214 9,124 13,385 14,787 Merger & Internal • PE investment so far in 2014 is higher at USD 8.4bn against USD 7.8bn in Restructuring 79 38 33 14,614 4,264 3,313 2013, with 38% higher volumes in 2014 compared to 2013. Total M&A 436 372 441 28,168 21,969 27,817 • The M&A space has rebound in YTD 2014 as compared to the previous Private Equity 311 322 445 6,052 7,806 8,454 year, with 70% higher inbound values and more than twice the domestic Grand Total 747 694 886 34,220 29,775 36,271 Cross border includes deal values seen in 2013.

Inbound 100 103 129 3,669 5,685 9,698

Outbound 80 65 85 5,455 7,700 5,089

Trend spotting Total Deal Value Spread (USD bn) – YTD'14 Total Deal Volume Spread – YTD'14

8.5 445 7.8 311 322 There is a continuous uptick in PE deal 6.1 values and volumes, with over 50% deal Private Equity volume from PE/VC investments 3.3 alone. 79 32 7514.6 38 255.1 Merger & Internal 85 4.3 M&A has rebound in 2014 driven by 30 Restructuring 80 65 75 7.7 72 Outbound 61 103 129 domestic and inbound deals both in 9.7 100 5.5 95 116 values and volumes 865.7 Inbound 3.7 166 9.7 177 195 4.4 4.3 Domestic 165 2012 151 2013 160 2014 2012 2013 2014 2012 2013 2014 © Grant Thornton India LLP. All rights reserved. 5 Deal Round Up YTD 2014 YTD 2014 Mergers & Acquisitions

Media & Entertainment Others Deal Volume Deal Value (USD mn) Pharma, 4% 14% Healthcare & Sectors YTD 2012 YTD 2013 YTD 2014 H1 2012 H1 2013 H1 2014 Biotech Manufacturing Pharma, Healthcare & 19% 27 29 48 1835 2621 5387 5% Biotech 79 68 94 2706 890 5059 Real Estate IT & ITES IT & ITES 6% 34 26 32 1133 3454 3490 18% Retail & Consumer

Telecom 9 7 10 1070 607 3297 Energy & Natural Retail & Energy & Natural 39 29 30 14245 6439 2547 Resources Telecom Consumer Resources 9% 12% 13% Real Estate 15 20 20 799 831 1695

Top Sectors based on Deal Value

Media & Private Equity Transport & Entertainment Logistics 2% 2% others Manufacturing 8% 3%

Deal Volume Deal Value (USD mn) Energy & Natural Resources IT & ITES 4% Sectors YTD 2012 YTD 2013 YTD 2014 YTD 2012 YTD 2013 YTD 2014 36% Retail & Consumer 6% IT & ITES 98 105 179 1870 1410 3105 Pharma, Healthcare Infrastructure Management 10 9 14 352 165 1127 & Biotech 8% Real Banking & Financial Services 36 32 33 537 901 896 Estate Infrastructure 8% Real Estate 18 23 29 469 686 695 Management 13% Pharma, Healthcare & Biotech 32 49 42 787 660 664 Banking & Financial Services Retail & Consumer 27 30 33 496 427 503 10% Top Sectors based on Deal Value

Deal Summary – Q3 Volume Value (USD mn) 2012 2013 2014 2012 2013 2014

Domestic 46 51 78 1,288 1,309 2,095 • Q3 2014 has been the best quarter in the last 3 years with an increase in Crossborder 56 55 81 4,011 4,922 8,393 volumes and values across domestic, cross-border and PE. Merger & Internal Restructuring 11 13 11 75 3,765 56 • Inbound activity in Q3'14 saw 8 deals valued at over a USD 100mn each, led

Total M&A 113 119 170 5,373 9,996 10,544 by the USD1.9bn stake purchase of Diageo in United Spirits

Private Equity 92 115 157 2,254 2,126 3,121 • Private equity witnessed a 47% increase in values led by the billion dollar

Grand Total investment in Flipkart and 37% increase in volumes driven by the IT&ITES 205 234 327 7,628 12,121 13,665 Cross border includes sector with over 40% share in total deal volumes.

Inbound 24 38 41 696 1,590 4,870

Outbound 32 17 40 3,315 3,331 3,523

Trend spotting Total Deal Value Spread (USD mn) – Q3'14 Total Deal Volume Spread – Q3'14

3,471 PE: Several big ticket deals in Q3'14. 159 2,254 15 investments over USD 50 mn each 2,126 92 115 including 2 over USD 100mn and one Private Equity billion dollar investment. Q3'2013 had 11 only 9 investments worth over USD 56 75 50mn each. 25 Merger & Internal 40 30 3,765 3,523 Restructuring 11 13 75 72 61 Outbound 17 M&A activity saw increase across all 75 32 41 3,331 38 segments, with inbound driving values 95 86 116 Inbound 3,315 4,870 24 and domestic driving volumes 1,590 78 Domestic 51 696 46 165 1,288 151 1,309 160 2,095 2012 2013 2014 2012 2012 2013 2013 2014 2014 © Grant Thornton India LLP. All rights reserved. 7 Sector Round-up Q3 2014

M&A Q3 2014 By Value PE Q3 2014 By Value Media & Others Entertainment Others Pharma, Media & Banking & 6% 2% 7% Healthcare & Entertainment Financial Services Biotech 3% 2% 4% Pharma, Healthcare & Banking & Biotech Financial Services 6% 5% IT & ITES Retail & Manufacturing 36% Consumer 8% 6% IT & ITES 51% Energy & Natural Telecom Resources 10% Retail & 7% Consumer Real Estate 19% 9% Energy & Natural Resources Infrastructure 10% Management 9%

M&A Q3 2014 By Volume PE Q3 2014 - By volume

Others Media & Others Retail & 19% Entertainment IT & ITES 16% Consumer 4% 5% 26% Education 4% Banking & IT & ITES Financial Services Energy & Natural 42% 5% Manufacturing Resources 13% 5% Infrastructure Management Banking & 5% Financial Services 6% Energy & Natural Pharma, Retail & Media & Healthcare & Consumer Pharma, Resources Healthcare & 6% Entertainment Biotech 6% 9% 12% Biotech Real Estate 11% 6%

M&A

Diageo Plc picked up 26% of United PE Spirits Ltd stake from public US$ 1.9 shareholders raising its total stake to Flipkart raised USD 1bn in a fresh 54.78%. bn round of funding, led by existing investors along with other new US$ 1 investors bn Diageo Plc is a British multinational alcoholic beverages company headquartered in London, England. It is the world's largest Existing investors– Tiger Global, Naspers, producer of spirits and a major producer of DST Global, ICONIQ, Accel Partners & ACQUIRER beer and wine. Sofina. New investors - Singapore based sovereign wealth fund – GIC & Morgan Stanley Investment Management. INVESTOR United Spirits Limited, is one of the world's largest spirits company in terms of volume TARGET and is headquartered at Bangalore, India. Flipkart is India’s largest E-Commerce company. This is its second fundraise in the current year, taking its total funds raised to over USD 1.7 bn since inception. INVESTEE

This is part of the multi tiered deal signed in With the third largest PE fundraise of all time 2012, whereby Diageo looked to acquire in India, Flipkart plans to strengthen its majority stake in United Spirits RATIONALE technology and acquire firms across areas like e-commerce, technology and supply chain and exploit the massive market opportunity in the E Commerce sector. COMMENTS

Top M&A Deals of the Quarter

Acquirer Target Sector US $ Mn Deal Type % Stake

Cognizant Technology Solutions TriZetto Corp IT & ITES Acquisition 100% 2,700

Increasing Stake to Diageo Plc United Spirits Ltd Retail & Consumer 26% 1,903 54.78%

Teleperformance Aegis Limited USA Inc - Aegis Group IT & ITES Acquisition 100% 610

Huhtamaki Oyj Positive Packaging Industries Limited Manufacturing Acquisition 100% 336

Adani Power Ltd Lanco Infratech 1,200 MW plant Energy & Natural Resources Acquisition 100% 333

TCG Group Haldia Petrochemical Limited Energy & Natural Resources Strategic Stake 40% 220

Grapp Energies & subsidiary Green Solargise Energy & Natural Resources Majority Stake N.A. Ripples 200

Strides Arcolab Shasun Pharma Pharma, Healthcare & Biotech Merger N.A. 200

Wipro Ltd ATCO- IT Services division IT & ITES Acquisition 100% 195

JSW Steel Limited Welspun Maxsteel Limited Manufacturing Acquisition 100% 164

Top PE Deals of the Quarter

Investor Investee Sector US$ Mn % Stake

Morgan Stanley Investment Management, GIC, Accel Flipkart Online Services Pvt Ltd IT & ITES 1,000 N.A. Partners, DST Global, Iconiq Capital and Sofina

KKR (through structured financing) GMR Holdings Pvt. Ltd Infrastructure Management 164 N.A.

Goldman Sachs, Asian Development Bank and South ReNew Power Private Limited Energy & Natural Resources 140 N.A. Asia Clean Energy Fund

Cholamandalam Investment & Finance Apax Partners Banking & Financial Services 83 8% Company Limited

Standard Chartered Private Equity Advisory (India) Sterlite Power Grid Ventures Limited Infrastructure Management 83 N.A. Private Limited

Tata Capital Shriram Properties Private Limited Real Estate 80 18%

Peninsula Brookfield Investment Managers Ansal Properties and Infrastructure Limited Real Estate 66 N.A.

Tiger Global and Bharti Softbank Holdings Pte. Ltd. Hike Technologies Private Limited IT & ITES 65 N.A.

Xander Group Supertech - 140 acre township project Real Estate 65 N.A.

IFC Idea Cellular Limited Telecom 65 1%

Domestic Deals Inbound Deals Outbound Deals Mergers & Internal Restructuring Private Equity IPO & QIP

This document captures the list of deals announced based on information available in the public domain and based on public announcements. Grant Thornton India LLP does not take any responsibility for the information, any errors or any decision by the reader based on this information. This document should not be relied upon as a substitute for detailed advise and hence, we do not accept responsibility for any loss as a result of relying on the material contained herein. Further, our analysis of the deal values are based on publicly available information and based on appropriate assumptions (wherever necessary). Hence, if different assumptions were to be applied, the outcomes and results would be different. © Grant Thornton India LLP. All rights reserved. I. Domestic

Acquirer Target Sector USD mn Deal Type % Stake

Unnamed Buyer Dynamatic Technologies Ltd - non core assets Aerospace & Defense 12 Acquisition 100%

Deepak Fertilisers & Petrochemicals Mangalore Chemicals and Fertilizers Agriculture & Forestry 19 Increasing Stake 16% Corporation Ltd

Asian Granito India AGL Industries Agriculture & Forestry N.A. Acquisition 100%

Superior Food Grains Sir Shadilal Enterprise - UP unit Agriculture & Forestry N.A. Acquisition 100%

Industries Chimiques du Sénégal - Archean Group's SP Lohia Group Agriculture & Forestry N.A. Acquisition 100% stake in fertilizer business

Hero Group, through Rockman Industries Sargam Diecastings Private Limited Automotive N.A. Majority Stake N.A.

Suprajit Engineering Pricol Limited- Speedo Cable Business Automotive N.A. Acquisition 100%

KPIT Technologies Impact Automotive Solutions Automotive 2 Increasing Stake to 100% 50%

Piramal Enterprises Ltd Shriram Capital Ltd Banking & Financial Services 325 Minority Stake 20%

Piramal Enterprises Ltd Shriram City Union Finance Ltd Banking & Financial Services 133 Minority Stake 10%

Acquirer Target Sector USD mn Deal Type % Stake

Kotak Mahindra Limited Multi Commodity Exchange Banking & Financial Services 77 Minority Stake 15%

Kotak Mahindra Bank Multi Commodity Exchange of India Ltd Banking & Financial Services 76 Minority Stake 15%

NSE, IIFCO, Star Agriwarehousing and National Commodity & Derivatives Exchange Ltd Banking & Financial Services 11 Minority Stake 8% Collateral Management Ltd Kotak Mahindra Asset Management PineBridge Mutual Fund - Domestic Funds Banking & Financial Services N.A. Acquisition 100% Company

Sohan Lal Commodity Management Pvt Ltd B.P Jain Finance & Investment Banking & Financial Services 8 Acquisition 100%

Edelweiss Financial Services Limited Forefront Capital Management Private Limited Banking & Financial Services N.A. Acquisition 100%

Birla Sun Life Mutual Fund ING Mutual Fund - Portfolio Management services Banking & Financial Services N.A. Acquisition 100%

Undisclosed PNB Metlife India Insurance Company Ltd Banking & Financial Services N.A. Minority Stake 5%

Fortune Financial Services India Ltd Inga Capital Private Limited Banking & Financial Services N.A. Acquisition 100%

SKS Trust Advisors Pvt Ltd Outreach Financial Services India Banking & Financial Services N.A. Majority Stake 70%

Acquirer Target Sector USD mn Deal Type % Stake

Indiabulls Asset Management Company Azure Capital Private Limited Banking & Financial Services N.A. Majority Stake 86% Limited

IIFL Wealth Management Ltd India Alternatives Investment Advisors Pvt Ltd Banking & Financial Services N.A. Majority Stake N.A.

Manappuram Finance Ltd Milestone Home Finance Company Pvt Ltd Banking & Financial Services N.A. Acquisition 100%

IFCI Stock Holding Corporation of India Banking & Financial Services N.A. Increasing Stake to 52.86% 19%

Capiflex Financial Consultants Private EquityPandit Financial Services Banking & Financial Services N.A. Acquisition 100% Limited Prime Broking Limited - parts of Portfolio Religare Portfolio Managers & Advisors Banking & Financial Services N.A. Majority Stake N.A. management business Dilip Dandekar and his associates, the Camlin Alpha Kids Limited Education N.A. Acquisition 100% previous promoters of Camlin Ltd

Skills Academy Pvt Ltd A4e India Pvt Ltd Education N.A. Acquisition 100%

Adani Power Ltd 1,200 MW plant - Lanco Infratech Energy & Natural Resources 333 Acquisition 100%

TCG Group Haldia Petrochemical Limited Energy & Natural Resources 220 Strategic Stake 40%

Acquirer Target Sector USD mn Deal Type % Stake

Maharashtra Natural Gas Ltd Energy & Natural Resources 32 Strategic Stake N.A. Indraprastha Gas Ltd

Ghatge Patil Group Wind power business - Bhartti Shipyard Energy & Natural Resources 9 Acquisition 100%

Lanco Budhil Hydro Power Project, Two Greenko Energy & Natural Resources N.A. Acquisition 100% powerplants of 5MW each

Pace Power Systems GE (General Electric) Power Electronics India Energy & Natural Resources N.A. Acquisition 100%

Pro Fin Capital Services Limited Tera Natural Resources and Pellets Private Limited Energy & Natural Resources N.A. Majority Stake N.A.

Lorgan Lifestyle Ltd. SVC Resources Energy & Natural Resources 1 Minority Stake 15%

Thomas Cook (India) Ltd Sterling Holiday Resorts India Ltd. Hospitality & Leisure 140 Majority Stake N.A.

SAMHI Hotels Regenta One Hotel Hospitality & Leisure 29 Acquisition 100%

Epicurean Events and Services Nalas Aappakadai Hospitality & Leisure N.A. Majority Stake 51%

Mahindra Holidays & Resorts India Ltd Manali Resort - Competent Hotels Private Limited Hospitality & Leisure N.A. Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Rollatainers Ltd (Subsidiary of Carnation Barista Coffee Company Limited Hospitality & Leisure N.A. Acquisition 100% Hospitality Pvt Ltd)- Amtek Group

Peppermint Hospitality Boutique Hotel Management & Marketing Services Hospitality & Leisure N.A. Acquisition 100%

Balmer Lawrie & Co Ltd Vacations Exotica Destinations Pvt Ltd Hospitality & Leisure 3 Acquisition 100%

Speciality Restaurants Love Sugar Dough Hospitality & Leisure 0 Majority Stake 51%

QuEST Global Engineering Engineering services business of NeST Group Infrastructure Management N.A. Acquisition 100%

Global Economic Advantage Private Limited Samtel Engineering & Sourcing Solutions Infrastructure Management N.A. Acquisition 100% and Laans Portfolio Private Limited Srinagar Sonmarg Tunnelway Ltd - Soma Enterprise IL&FS Transportation Networks Ltd Infrastructure Management N.A. Increasing Stake to 49% 35% Ltd

Future Consumer Enterprise Ltd Integrated Food Park Private Limited Infrastructure Management N.A. Majority Stake 74%

Shapoorji Pallonji & Company Ltd Sterling and Wilson Ltd Infrastructure Management N.A. Increasing Stake 65.7% 11%

Sadbhav Infrastructure Ahmedabad Ring Road Infrastructure Infrastructure Management N.A. Increasing Stake to 100% 20%

Acquirer Target Sector USD mn Deal Type % Stake

Hyderabad Yadgiri Tollway Private Limited and Sadbhav Engineering Ltd Infrastructure Management N.A. Increasing Stake N.A. Mysore-Bellary Highway Private Ltd.

Larsen &Toubro L&T-Ramboll Consulting Engineers Infrastructure Management N.A. Increasing Stake to 100% 50%

Flipkart Myntra IT & ITES 340 Acquisition 100%

Girnar Software Ibibo Group’s Gaadi.com. IT & ITES N.A. Acquisition 100%

Tech Mahindra Ltd Fix Stream Networks Inc. IT & ITES 10 Majority Stake 75%

Beans & Intellect Financial Technology Private Miles Software Private Limited IT & ITES N.A. Acquisition 100% Limited

Ezetap Mobile Solutions Pvt Ltd Clinknow IT & ITES N.A. Acquisition 100%

ibiboGroup YourBus.in IT & ITES N.A. Acquisition 100%

Persistent Systems Ltd CloudSquads Inc IT & ITES N.A. Acquisition 100%

Bitkea Technologies Scholar LMS - vTrainingRoom, Inc IT & ITES N.A. Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Times Internet Ltd CouponDunia Media Pvt Ltd IT & ITES N.A. Acquisition 100%

TimesCity Dineout.com IT & ITES N.A. Acquisition 100%

India Webportal Private Limited- part of Zee Bpbweekend.com - Idea Shop Web and Media IT & ITES N.A. Strategic Stake 26% Entertainment Limited Private Limited

CommonFloor.com Flat Dot To Technologies Pvt Ltd IT & ITES N.A. Acquisition N.A.

Snapdeal.com - Jasper Infotech Doozton IT & ITES N.A. Acquisition 100%

BookAdd.com - Ishita Technologies Pvt Ltd KoolSkool IT & ITES N.A. Acquisition 100%

Hopscotch Wholesale Trading Pvt Ltd - Hit SkoolShop - Occasion Kommerce Pvt Ltd IT & ITES N.A. Acquisition 100% the mark Inc aurionPro Solutions Limited Intellvisions Software Ltd IT & ITES N.A. Acquisition 100%

Aspire Systems SRA Systems Limited - Service Division IT & ITES N.A. Acquisition 100%

Knowlarity Communications Unicom Labs IT & ITES N.A. Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Eros International Media Pvt Ltd Techzone - Universal Power Systems Pvt Ltd IT & ITES N.A. Acquisition 100%

My Mobile Limited OSS India IT & ITES N.A. Strategic Stake N.A.

Gozoop iThink InfoTech Private Limited IT & ITES N.A. Acquisition 100%

EatAds Pte Ltd Monitorly.in IT & ITES N.A. Acquisition 100%

Intuit Inc. KDK Softwares India Pvt Ltd IT & ITES N.A. Acquisition 100%

Accelyst Solutions Pvt Ltd - FreeCharge.com Preburn IT & ITES N.A. Acquisition 100%

Cyient Ltd (formerly Infotech Enterprises) Invati Insights IT & ITES N.A. Acquisition 100%

Persistent Systems Ltd Hoopz Planet Info Pvt Ltd IT & ITES N.A. Acquisition 100%

Sonata Software Ltd Xyka India Private Limited IT & ITES N.A. Acquisition 100%

Zensar Technologies Ltd Access Software Development Private Limited IT & ITES N.A. Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Altiux Innovations Pvt Ltd P-Device Systems Pvt Ltd IT & ITES N.A. Acquisition 100%

FirstSource Solutions Nanobi Data and Analytics IT & ITES N.A. Minority Stake N.A.

VerSe Innovation Dexetra Software Solutions IT & ITES N.A. Acquisition 100%

Spice Digital Ltd Vavia Technologies IT & ITES N.A. Strategic Stake 26%

Flipkart Online Services Pvt Ltd Ngpay IT & ITES N.A. Acquisition 100%

GoGrab.in AnyCommerce IT & ITES N.A. Merger N.A.

OMICS International. MeraEvents IT & ITES 1 Minority Stake N.A.

Persistent Systems Ltd Altizon Systems IT & ITES 0 Strategic Stake N.A.

JSW Steel Limited Welspun Maxsteel Limited Manufacturing 164 Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Dalmia Cement Bokaro JP Cement Ltd Manufacturing 111 Majority Stake 74%

Sagar Cements Ltd BMM cements Ltd Manufacturing 90 Acquisition 100%

Jaiprakash Associates Ltd - Panipat cement grinding Shree Cement Ltd Manufacturing 60 Acquisition 100% unit

Pidilite Industries Adhesive business of BlueCoat Manufacturing 44 Acquisition 100%

Aditya Birla Chemicals Chlor-Alkali division of Jayshree Chemicals Manufacturing 35 Acquisition 100%

Lake Cement Limited - Banco Products India Unnamed Buyer Manufacturing 18 Majority Stake 51% Limited

Chettinad Cement Corporation Ltd Anjani Portland Manufacturing 8 Majority Stake 66%

JSW Steel Vallabh Tinplate Manufacturing 7 Strategic Stake 50%

Caterpiller - mining product line distribution and GMMCO Ltd Manufacturing N.A. Acquisition 100% support business

Amulya Leasing & Finance Limted Apollo Pipes Limited Manufacturing N.A. Minority Stake 17%

Acquirer Target Sector USD mn Deal Type % Stake

Kajaria Ceramics Ltd Taurus Tiles Pvt Manufacturing N.A. Majority Stake 51%

Jaypee Development Corporation Andhra Cements Manufacturing N.A. Increasing Stake to 68.79% 9%

IFB Agro Industries Ltd Nurpur Gases Manufacturing N.A. Acquisition 100%

Godrej & Boyce Manufacturing Company Somany Foam Limited - polyurethane (PU) foam Manufacturing N.A. Acquisition 100% Ltd business

Undisclosed Swatantra Bharat Mills Manufacturing 3 Acquisition 100%

MBE Coal & Minerals Technology - McNally Unnamed Buyer Manufacturing 2 Majority Stake 90% Bharat Engineering subsidiary

Ram Alloy Castings Private Limited ICVL Chemicals Limited Manufacturing 1 Strategic Stake 26%

Reliance India Ltd through Independent Network 18 Media & Investments Limited Media & Entertainment 678 Majority Stake 78% Media Trust (including TV 18 Broadcast Limited)

Prime Focus Limited - Reliance MediaWorks Reliance Mediaworks - global film & media services Media & Entertainment 98 Merger N.A. Ltd business

INOX Leisure Limited Satyam Cineplexes Limited Media & Entertainment 30 Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Carnival Films Multiplex business of HDIL Entertainment Media & Entertainment N.A. Acquisition 100%

Bharti Softbank Holdings Pte Ltd Y2CF Digital Media Pvt Ltd Media & Entertainment N.A. Increasing Stake to 100% 51%

DDB Mudra, Omnicom Group 22Feet Media & Entertainment N.A. Acquisition 100%

Media Lounge Pvt Ltd Origin Beanstalk Creative Consultants Media & Entertainment N.A. Acquisition N.A.

Gaana.com Musicfellas.com Media & Entertainment N.A. Acquisition 100%

KSS Ltd Digital Cinema and Technology India Pvt Ltd Media & Entertainment N.A. Acquisition 100%

S. Chand Group Saraswati House Media & Entertainment N.A. Acquisition 100%

Consumer magazines division of Media Transasia Exposure Media Marketing Media & Entertainment N.A. Acquisition 100% India

Exceed Entertainment Wild East Group Media & Entertainment N.A. Merger N.A.

Birla Financial Services KSS Limited Media & Entertainment N.A. Minority Stake 11%

Acquirer Target Sector USD mn Deal Type % Stake

Infibeam ODigMa Media & Entertainment 5 Acquisition 100%

Info Edge India Limited Canvera Digital Technologies Pvt Ltd Media & Entertainment 1 Increasing Stake to 26% 1%

Sun Pharmaceutical Industries Ltd Ranbaxy Laboratories Ltd Pharma, Healthcare & Biotech 3,200 Acquisition 100%

Strides_Arcolab Shasun Pharma Pharma, Healthcare & Biotech 200 Merger 26%

Biocon Research Syngene International Pharma, Healthcare & Biotech 36 Minority Stake 8%

Apollo Hospitals Enterprises Ltd Hetero Med Solutions Ltd Pharma, Healthcare & Biotech 24 Acquisition 100%

Sequent Scientific Ltd Shasun Pharma Pharma, Healthcare & Biotech 24 Minority Stake 16%

Medispray Laboratories Private Limited - Manufacturing Facility - Okasa Pharma Pharma, Healthcare & Biotech 12 Acquisition 100% Cipla Ltd

Strides Arcolab Limited Indian Branded Generics Business - Bafna Pharma Pharma, Healthcare & Biotech 8 Acquisition 100%

Sri Sainatha Multi Speciality Hospital - Prime Aster DM Healthcare Pharma, Healthcare & Biotech 7 Acquisition 100% Hospitals

Acquirer Target Sector USD mn Deal Type % Stake

Not Disclosed Lyka Labs Ltd - Tarapur plant Pharma, Healthcare & Biotech 6 Acquisition 100%

Cura Healthcare Pvt. Ltd DE Healthcare Pharma, Healthcare & Biotech N.A. Acquisition 100%

Manipal Ankur Andrology and Reproductive Kinder IVF Pharma, Healthcare & Biotech N.A. Acquisition 100% Services (MARS)

Narayana Health Jubilant First Trust Healthcare - Hospital Business Pharma, Healthcare & Biotech N.A. Acquisition 100%

Manipal Health Enterprises Ltd SK Soni Hospital Pharma, Healthcare & Biotech N.A. Acquisition 100% e-Zest Neurosynaptic Pharma, Healthcare & Biotech N.A. Strategic Stake N.A.

Cipla Ltd Mabpharm Private Limited Pharma, Healthcare & Biotech N.A. Increasing Stake to 100% 75%

SeQuent Scientific Limited Arvee Synthesis Private Ltd Pharma, Healthcare & Biotech N.A. Acquisition 100%

HLL Lifecare Limited Goa Antibiotics and Pharmaceuticals Ltd Pharma, Healthcare & Biotech N.A. Majority Stake 74%

Cliantha Research Karmic Lifesciences Ltd Pharma, Healthcare & Biotech N.A. Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Medwell Ventures Private Limited Nightingales Home Health Services Pharma, Healthcare & Biotech N.A. Acquisition 100%

HCL Group Bharat Family Clinic Pharma, Healthcare & Biotech N.A. Strategic Stake N.A.

Medispray Laboratories Private Limited - Manufacturing Facility - Okasa Private Limited Pharma, Healthcare & Biotech 5 Acquisition 100% Cipla Ltd

GVK BioSciences Private Limited Inogent Laboratories Pharma, Healthcare & Biotech 1 Increasing Stake 6%

Mallya Hospital Medinova Ltd - Bangalore Facility Pharma, Healthcare & Biotech 1 Acquisition 100%

Professional / Business Royal Nirman Private Limited MPF systems N.A. Majority Stake 55% Services Rentokil Initial India, arm of UK Based Professional / Business PestconePlus N.A. Acquisition 100% Rentokil Services

Professional / Business Concept Public Relation India Limited I:Connect Enterprise N.A. Acquisition 100% Services

Professional / Business Ikya Group Hofincons Infotech & Industrial Services N.A. Acquisition 100% Services

Professional / Business Advantage One Group MakeMyJob N.A. Acquisition 100% Services

Acquirer Target Sector USD mn Deal Type % Stake

Professional / Business IFCI Ltd Rajasthan Consultancy Organisation Ltd. N.A. Strategic Stake 49% Services

Professional / Business Kochhar & Co. Legal Matrix N.A. Acquisition 100% Services

Professional / Business J Sagar Associates Vichar Partners N.A. Acquisition 100% Services Professional / Business Modern India Ltd Verifacts Services Pvt Ltd 5 Majority Stake 76% Services Embassy Office Parks - JV between Embassy Vrindavan TechVillage - 106 Acre development Real Estate 331 Majority Stake 60% Group and Blackstone

Oberoi Realty Limited 25 Acre Borivali Land Parcel from Tata Steel Real Estate 186 Acquisition 100%

Lodha Developers 87 acre land parcel in Thane - Clariant Chemicals Real Estate 186 Acquisition 100%

HN Safal Group 104 acre land - Ahmedabad from Sahara Group Real Estate 97 Acquisition 100%

Mahindra Lifespace Developers Ltd 12 Acre Land parcel from Ireo Real Estate 76 Acquisition 100%

Prestige Estates Private Limited 8 acre land parcel in Bangalore - Siemens Ltd Real Estate 58 Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Kolte-Patil Developers Ltd 34-acre land parcel at Wakad Real Estate 56 Acquisition 100%

Puravankara project: 16.69 Acres of Land Sobha Developers Real Estate 55 Strategic Stake 50% in Kochi

Nitesh Estates 1 Mn sq-ft Plaza Centre Mall Real Estate 50 Acquisition 100%

Not Disclosed Greatway Estates Limited - Anant Raj Ltd Real Estate 50 Acquisition 100%

Tata Housing Development Company 7.3 Acre Thane Property from RPG Real Estate 35 Acquisition 100% Limited Cables

Ardent Properties Private Limited 7.3 Acres in Thane - KEC International Real Estate 34 Acquisition 100%

Kolte-Patil Developers Ltd 30-acre land parcel at Kondhwa Real Estate 26 Acquisition 100%

Keppel Magus Development Private Sureka Group, Merlin Group and JB Group Real Estate 20 Acquisition 100% Limited

Akshar Fincom - Piramal Group Sunteck Realty Limited Real Estate 10 Minority Stake 4%

Future Market Networks Ltd 2.75-acre piece of land and associated mall Real Estate 6 Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Supertech Limited 105 Acre Township Project Real Estate N.A. Acquisition 100%

United Breweries Ltd Pacific Spirits Pvt Ltd Retail & Consumer 18 Acquisition 100%

Anil Ltd Siddhi Vinayak Agro Industries Private Limited Retail & Consumer 8 Acquisition 100%

Future Lifestyle Fashions Ltd. Eclat Lifestyle Pvt. Ltd. Retail & Consumer N.A. Increasing Stake to 30% 19%

Roca India Espiem Plastics Retail & Consumer N.A. Increasing Stake to 100% 74%

Ess Ess Bathroom Products Pvt Ltd - front end Asian Paints Ltd Retail & Consumer N.A. Acquisition 100% business

Clay Craft India Jaipur Ceramics Pvt Ltd (JCPL) Retail & Consumer N.A. Acquisition 100%

Butterfly Gandhimathi Appliances Ltd Unit from LLM Appliances Ltd Retail & Consumer N.A. Strategic Stake N.A.

Tilaknagar Industries IFB Agro - Indian Made Foreign Liquor Brands Retail & Consumer N.A. Acquisition 100%

Piccadily Agro Industries Nirvana Biosys Retail & Consumer N.A. Majority Stake 89%

Acquirer Target Sector USD mn Deal Type % Stake

Godrej Industries Ltd Wadala Commodities Ltd. Retail & Consumer N.A. Acquisition 100%

Future Consumer Enterprise Ltd Sarjena Foods Private Limited Retail & Consumer N.A. Strategic Stake 35%

Emami Ltd She Comfort - Royal Hygiene Care Pvt Ltd Retail & Consumer N.A. Acquisition 100%

Future Lifestyle Fashion Desi Belle Retail & Consumer N.A. Strategic Stake 28%

Arvind Brands and Retail Ltd Premium Garments Wholesale Trading Private Ltd Retail & Consumer N.A. Strategic Stake 49%

Future Lifestyle Fashions Unico Retail Private Limited Retail & Consumer N.A. Minority Stake 12%

Emami Biotech Rasoi Group Retail & Consumer 2 Acquisition 100%

United Spirits Ltd J P Impex Incorp - Karnataka assets Retail & Consumer 2 Acquisition 100%

MSR India Ltd Farmax India Ltd Retail & Consumer 0 Minority Stake N.A.

Bharti Airtel Ltd Loop Mobile Telecom N.A. Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Adani Ports and Special Economic Zone - Dhamra Port Company Limited - JV between L&T Transport & Logistics 932 Acquisition 100% Adani Group and Tata Steel

Mahindra Logistics Ltd (MLL) Lords Freight (India) Pvt Ltd Transport & Logistics N.A. Majority Stake N.A.

Unnamed Ennore Automotive Logistics Transport & Logistics N.A. Strategic Stake 41%

Shapoorji Pallonji Group SCI Forbes Limited Transport & Logistics N.A. Increasing Stake to 100% 50%

Gateway Distriparks Ltd Snowman Logistics Ltd Transport & Logistics 4 Increasing Stake to 54.19% 6%

Acquirer Target Sector USD mn Deal Type % Stake

Diageo Plc United Spirits Ltd Retail & Consumer 1,903.33 Increasing Stake to 54.78% 26%

Emperador Inc Whyte & Mackay Group - United Spirits Retail & Consumer 725.00 Acquisition 100%

Teleperformance Aegis Limited USA Inc - Aegis Group IT & ITES 610.00 Acquisition 100%

Helios Towers Africa Bharti Airtel - 3100 Towers in Africa Telecom N.A. Acquisition 100%

Vodacom - Arm of Vodafone Neotel - Tata Communications Limited Telecom 455.25 Majority Stake 68%

Aman Resorts Group Ltd. - JV between Peak Silverlink Resorts - owner of Amanresorts (Except Hospitality & Leisure 358.00 Acquisition 100% Resorts and Adrian Zecha Lodhi Hotel, Delhi) Positive Packaging Industries Limited - Excluding Huhtamaki Oyj Manufacturing 336.00 Acquisition 100% Nigeria Operations

Bharti Airtel - 3500 towers across six countries in Eaton Towers Telecom N.A. Acquisition 100% Africa

Meiji Seika Pharma Medreich Ltd Pharma, Healthcare & Biotech 290.00 Acquisition 100%

Groupe Lactalis SA Thirumala Milk Products Private Limited Retail & Consumer 275.00 Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

EverPower Wind Holdings Inc Big Sky Wind Farm - Suzlon Energy Ltd Energy & Natural Resources N.A. Acquisition 100%

Wilmar International Shree Renuka Sugars Agriculture & Forestry 200.00 Controlling Stake N.A.

Solargise Grapp Energies and its subsidiary Green Ripples Energy & Natural Resources 200.00 Majority Stake N.A.

Game Show Network LLC Bash Gaming Media & Entertainment 160.00 Acquisition 100%

Camping division of Holidaybreak Ltd from Cox & Homair Vacances Hospitality & Leisure 149.00 Acquisition 100% Kings Ltd.

Tesco Plc Trent Hypermarket Ltd (THL) - Star Bazaar brand Retail & Consumer 140.00 Strategic Stake 50%

Diageo Plc United Spirits Ltd Retail & Consumer 138.00 Increasing Stake to 28.7% 2%

NCC Power Projects - 1,320 MW thermal power Sembcorp Industries Energy & Natural Resources 136.77 Strategic Stake 45% project

eBay Jasper Infotech Pvt Ltd- Snapdeal.com IT & ITES 133.70 Increasing Stake N.A.

Life Healthcare Group Pty Ltd Max Healthcare Institute Ltd Pharma, Healthcare & Biotech 132.33 Increasing Stake 26%

Acquirer Target Sector USD mn Deal Type % Stake

Concept Solutions & Innovation CaptureSolar Ltd Energy & Natural Resources 125.00 Strategic Stake N.A.

Axiata Group Berhad Idea Cellular Telecom 125.00 Increasing Stake N.A.

Medi-Rad Associates RadLink-Asia - Fortis Healthcare Pharma, Healthcare & Biotech 108.50 Acquisition 100%

NTT Communications Corporation Netmagic Solutions Pvt Ltd IT & ITES 95.83 Increasing Stake to 81.6% 8%

Investment Information and Credit Rating Agency Moody’s Corp Banking & Financial Services 86.00 Increasing Stake to 50.06% 22% of India Limited

FCC Co. Ltd FCC RICO Limited Automotive 82.50 Increasing stake to 100% 50%

SBS Group Transpole Private Limited Transport & Logistics 73.50 Majority Stake 66%

Symphony Teleca Corp Aditi Technologies IT & ITES 72.58 Acquisition 100%

Vicat Sagar Cement Pvt Ltd - stake of Sagar Parficim SAS Manufacturing 72.30 Increasing Stake to 100% 47% Cements Ltd

West Corporation SchoolMessenger - Reliance Holding Inc IT & ITES N.A. Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Sophos Group Cyberoam Technologies IT & ITES 70.00 Majority Stake 88%

Sanlam Group Shriram Capital Ltd Banking & Financial Services 68.00 Increasing stake N.A.

Sembcorp Industries Thermal Powertech Limited Energy & Natural Resources 66.67 Increasing Stake to 65% 16%

Cello Writing Instruments and Containers Private Societe BIC Société Anonyme Retail & Consumer 66.58 Increasing Stake 20% Limited

Sipcam SPA Sipcam UPL Brasil SA - A UPL joint venture Agriculture & Forestry 59.00 Strategic Stake 50%

New Generation Holdings Inc Valecha Engineering Ltd - 3 projects Infrastructure Management 51.50 Acquisition 100%

Religare Health Trust Fortis Mohali hospital property Pharma, Healthcare & Biotech 45.50 Acquisition 100%

Undisclosed Micro Precision Products Pvt Ltd Manufacturing 42.00 Acquisition 100%

Meidensha Corporation Prime Electric Ltd Manufacturing N.A. Minority Stake 23%

Regal Beloit Corporation Cemp srl - subsidiary of ABG Manufacturing N.A. Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Undisclosed US healthcare provider hCentive Pharma, Healthcare & Biotech 35.00 Minority stake 23%

Bates CHI & Partners - WPP Group Temple Advertising Pvt Ltd Media & Entertainment N.A. Acquisition 100%

UD Industrial Holding Pte Ltd Uttam Value Steels Manufacturing 32.16 Minority Stake 10%

Blue Sydney Hotel - Indian Hotels and Properties Hind Hotels & Properties Group Hospitality & Leisure 32.00 Acquisition 100% Limited

FAW Corporation FAW Bharat Forge Company Automotive 28.23 Majority Stake 52%

Tribune Digital Ventures What's On India Media Private Limited Media & Entertainment 27.00 Acquisition 100%

Synchronoss Technologies Inc Voxmobili SA - OnMobile Global Ltd Telecom 26.00 Acquisition 100%

Aitken Spence PLC 143 Room 5 star Hotel in Chennai Hospitality & Leisure 25.00 Acquisition 100%

Steel & Tube Holdings Tata Steel International (Australasia) Ltd Manufacturing 24.00 Acquisition 100%

Toshiba Corporation UEM India Pvt Ltd Infrastructure Management 20.00 Strategic Stake 26%

Acquirer Target Sector USD mn Deal Type % Stake

Specialty Chemicals division of SeQuent Scientific Songwon Industrial Group Manufacturing 20.00 Acquisition 100% Limited

Ebix Healthcare Magic Pharma, Healthcare & Biotech 18.50 Acquisition 100%

Fimbank P.l.c. India Factoring and Finance Solutions Pvt. Ltd. Banking & Financial Services 17.39 Strategic Stake 30%

Cargill Inc Dalmia Continental - Leonardo Olive Oil business Retail & Consumer N.A. Acquisition 100%

Facebook Little Eye Software Labs Pvt Ltd IT & ITES N.A. Acquisition 100%

Professional / Business Corporate Executive Board Talent Neuron N.A. Acquisition 100% Services NCC Power Projects - 1,320 MW thermal power Sembcorp Industries Energy & Natural Resources 12.78 Increasing Stake to 49% 4% project

ARKRAY Healthcare Pvt Ltd. Span Diagnostics: In-Vitro Diagnostics Business Pharma, Healthcare & Biotech 12.00 Acquisition 100%

Golden Oak Mauritius Limited Indian Energy Exchange Banking & Financial Services 11.76 Minority Stake 5%

Gulf Petrochem Group Sah Petroleums Manufacturing 10.00 Majority Stake 75%

Acquirer Target Sector USD mn Deal Type % Stake

Hitachi Ltd Micro Clinic India Pvt Ltd IT & ITES N.A. Majority Stake 76%

Exal Corporation, Indicans Holdings BV Casablanca Industries Private Limited Manufacturing 9.50 Majority Stake 80%

Daido Steel Sunflag Iron & Steel Company Limited Manufacturing 9.31 Minority Stake 10%

Keywords Studios Plc Babel Media Ltd IT & ITES 8.80 Acquisition 100%

UIL Hong Kong, subsidiary of Ushdev UD Trading Group Holding Pte Ltd. Energy & Natural Resources 8.59 Strategic Stake N.A. International Autoline Industries Inc - US based subsidiary of Undisclosed Automotive 8.50 Acquisition 100% Autoline Industries UIL (Singapore) Pte Ltd., subsidiary of Ushdev UD Trading Group Holding Pte Ltd. Energy & Natural Resources 8.34 Strategic Stake N.A. International

Yahoo! Inc. Bookpad Techsoft IT & ITES 8.33 Acquisition 100%

Professional / Business en-Japan Inc NewEra India Consultancy Pvt Ltd 5.80 Majority Stake 60% Services

Axiall Corporation Shriram Vinyl Polytech Manufacturing 5.59 Strategic Stake 50%

Acquirer Target Sector USD mn Deal Type % Stake

Stumpp Schuele & Somappa Auto Suspension MSM Automotive N.A. Minority stake N.A. Systems Pvt Ltd

Brookfield Asset Management AIG Global Real Estate India Advisors Pvt Ltd Banking & Financial Services N.A. Acquisition 100%

Jardine Lloyd Thompson Group Independent Insurance Brokers Banking & Financial Services N.A. Strategic Stake 26%

CRIF SPA High Mark Credit Information Services Pvt Ltd Banking & Financial Services N.A. Increasing stake N.A.

Transunion International CIBIL Banking & Financial Services N.A. Increasing Stake to 37.5% 5%

Transunion International Credit Information Bureau India Limited (CIBIL) Banking & Financial Services N.A. Increasing stake to 55% 8%

TUV Rheinland NIFE India Education N.A. Majority Stake N.A.

Kuwait Petroleum Corp ONGC Mangalore Petrochemicals Limited Energy & Natural Resources N.A. Strategic Stake 26%

Kuwait Petroleum Corp ONGC Petro additions Limited Energy & Natural Resources N.A. Strategic Stake 26%

TUI Travel Plc Le Passage to India Tours and Travels Pvt Ltd Hospitality & Leisure N.A. Increasing Stake to 91% 41%

Acquirer Target Sector USD mn Deal Type % Stake

Citec Cargotec’s local engineering centre Infrastructure Management N.A. Acquisition 100%

Exova Group Plc Metallurgical Services Private Limited Infrastructure Management N.A. Acquisition 100%

MSys Technologies Clogeny Technologies IT & ITES N.A. Acquisition 100%

Concur Technologies Cleartrip Travel Services Private Limited IT & ITES N.A. Increasing Stake 25%

Saxon Global Inc Wit Innovation Technologies Pvt Ltd IT & ITES N.A. Acquisition 100%

Broadcom Corporation Business unit of Ittiam Solutions IT & ITES N.A. Acquisition 100%

MasterCard Inc ElectraCard Services Pvt Ltd IT & ITES N.A. Acquisition 100%

American Express Ezetap IT & ITES N.A. Minority Stake N.A.

Caralta Corporation GMID Associates Private Limited IT & ITES N.A. Acquisition 100%

ActMobile Networks Colimetrics Software IT & ITES N.A. Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Kirusa Inc Plusray Innovations Pvt Ltd - Cooltok IT & ITES N.A. Acquisition 100%

Pegasystems Inc MeshLabs Software Pvt Ltd IT & ITES N.A. Acquisition 100%

Voestalpine Böhler Welding Maruti Weld Ltd Manufacturing N.A. Acquisition 100%

Günther Wirth - Ceratizit Group GW Precision Tools India Pvt. Ltd Manufacturing N.A. Strategic Stake 25%

PUK-WERKE KG Kunststoff- Profab Engineers Pvt Ltd Manufacturing N.A. Acquisition 100% Stahlverarbeitung GmbH & Co Toshiba Mitsubishi-Electric Industrial AEG Power Solutions India Pvt Ltd Manufacturing N.A. Acquisition 100% Systems Corporation

Reichle & De-Massari Advanced Fiber Systems Private Limited Manufacturing N.A. Acquisition 100%

Neenah Gessner GmBH Aim Filtertech Pvt Ltd Manufacturing N.A. Minority Stake N.A.

Weener Plastik GmbH Weener Empire Plastic Ltd Manufacturing N.A. Increasing Stake to 100% N.A.

Assa Abloy Enox Brand form Pooja Hardware Private Limited Manufacturing N.A. Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Publicis Groupe Law & Kenneth Media & Entertainment N.A. Majority Stake 51%

Qliktag Software Inc. Buzzfactory Interactive Pvt. Ltd Media & Entertainment N.A. Acquisition 100%

Aimia Inc. Fractal Analytics IT & ITES N.A. Minority Stake N.A.

Dentsu Aegis Network Milestone Brandcom Media & Entertainment N.A. Acquisition 100%

Talent House Private Limited - Reliance Starwatch - ProSiebenSat.1 Media & Entertainment N.A. Acquisition 100% Entertainment

Diadeis Alia Group's pre-media packaging unit Media & Entertainment N.A. Acquisition 100%

WPP Social Wavelength Media & Entertainment N.A. Majority Stake 60%

Rdio Dhingana Media & Entertainment N.A. Acquisition 100%

Sony Music Entertainment Infibeam Digital Entertainment Private Limited Media & Entertainment N.A. Strategic Stake 26%

Aries group - Biz TV Vismayas Max Studio Media & Entertainment N.A. Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Kaba Holdings AG Dorset Kaba Security Systems Pvt Ltd Manufacturing N.A. Increasing Stake to 74% 25%

Tsubakimoto Chain Co Mahindra Conveyor Systems Private Limited Manufacturing N.A. Increasing Stake to 51% 43%

Changi Airport International Bengal Aerotropolis Projects Limited Infrastructure Management N.A. Increasing Stake to 32.2% 6%

M&C Saatchi February Communications Private Limited Media & Entertainment N.A. Acquisition 100%

Franklin Electric Co. Pluga Pumps and Motors Private Limited Manufacturing N.A. Acquisition 100%

Franklin Electric Co. Wadcorpp India Private Limited Manufacturing N.A. Acquisition 100%

Equifax Inc NettPositive Private Limited IT & ITES N.A. Increasing Stake to 100% N.A.

Groupe SEB Maharaja Whiteline Ltd Retail & Consumer N.A. Increasing Stake to 100% 45%

BrightStar Corporation Beetel Teletech Limited Telecom N.A. Acquisition 100%

Nielsen India Indicus Analytics IT & ITES N.A. Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Brenntag India Pioma Chemicals - specialty chemical division Manufacturing N.A. Acquisition 100%

Affle Appstudioz Technologies Private Limited IT & ITES N.A. Acquisition 100%

Bitumen plant-Division of Royal Dutch Shell Energy & Natural Resources N.A. Acquisition N.A. Gulf Petroleum Professional / Business Outsourcing Inc Alp Consulting 5.00 Majority Stake 51% Services

Crayon Group Kryptos Networks IT & ITES 4.00 Majority Stake 80%

Natronix Semiconductor Technologies SPEL Semiconductor Ltd Manufacturing 3.16 Majority Stake 56%

Diagnostics equipment trading unit - Piramal DiaSys Diagnostics Pvt Ltd Pharma, Healthcare & Biotech 2.17 Acquisition 100% Enterprises

Cancer Genetics Inc BioServe Biotechnologies (India) Pvt Ltd Pharma, Healthcare & Biotech 1.86 Acquisition 100%

Bekaert Industries Pvt Ltd Bekaert Mukand Wire Industries Pvt. Ltd. Manufacturing 0.84 Increasing Stake to 100% N.A.

Acquirer Target Sector USD mn Deal Type % Stake

UPL Ltd UPL do Brasil Agriculture & Forestry N.A. Increasing Stake to 73% 20%

Tata Global Beverages Ltd (Tata Tea) Bronski Eleven Pty Ltd Agriculture & Forestry N.A. Acquisition 100%

Gillanders Arbuthnot & Co Ltd Group Development Ltd Agriculture & Forestry N.A. Acquisition 100%

Mcleod Russel India Ltd Ngoc Hai Company Limited’s tea factory Agriculture & Forestry 2.09 Acquisition 100%

Mcleod Russel India Tea Processing factory in Vietnam Agriculture & Forestry 0.81 Acquisition 100%

Motherson Sumi Systems Ltd (JV Samvardhana Motherson Group & Stoneridge Inc - wiring harness business Automotive 65.70 Acquisition 100% Sumitomo Wiring Systems)

Singhi Advisors Pvt Ltd Mergers-Alliance Banking & Financial Services N.A. Minority Stake 15%

Muthoot Finance Ltd Asia Asset Finance PLC Banking & Financial Services 2.10 Strategic Stake 30%

Suzlon Energy Ltd Big Sky Wind Farm - Edison Mission Energy Energy & Natural Resources N.A. Acquisition 100%

Carmichael coal project- Linc Energy’s rights to Adani Enterprises Limited Energy & Natural Resources 145.00 Acquisition 100% future royalties

Acquirer Target Sector USD mn Deal Type % Stake

Oil India Limited PetroNeft Resources PLC Energy & Natural Resources 85.00 Strategic Stake 50%

9.75%- HPCL Australia oil blocks - T/L1, T/18P Energy & Natural Resources 74.00 Minority Stake 11.25% SPV - Steel Authority of India, Rashtriya Ispat Nigam Ltd and National Mineral Rio Tinto - 3 coal mines Energy & Natural Resources 50.00 Acquisition 100% Development Corporation

NMDC Ltd Legacy Iron Ore Ltd Energy & Natural Resources 11.50 Increasing Stake 30%

Mahindra Holidays & Resorts India Ltd Holiday Club Resorts Hospitality & Leisure 17.00 Minority Stake 19%

Mahindra Holidays & Resorts India Ltd Covington S.a.r.l Hospitality & Leisure N.A. Acquisition 100%

Muthoot Leisure and Hospitality Services Xandari Resort & Spa Hospitality & Leisure N.A. Acquisition 100%

HAL Offshore Ltd Seamec Ltd - Technip Infrastructure Management 39.78 Majority Stake 75%

Quest Global Engineering Beeken TechQuest Infrastructure Management N.A. Acquisition 100%

Feedback Infra Dubai Consultants Infrastructure Management N.A. Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Indsur Group CDA Contracts Ltd Infrastructure Management N.A. Acquisition 100%

Kridhan Infra Econ Geo Tech Pte Limited Infrastructure Management N.A. Majority Stake 60%

Cognizant Technology Solutions TriZetto Corp IT & ITES 2,700.00 Acquisition 100%

Tata Consultancy Services, IT Frontier Corp, Nippon TCS Solution Center Ltd IT & ITES 300.00 Merger 100% a unit of Mitsubishi

Wipro Ltd ATCO- IT Services division IT & ITES 195.00 Acquisition 100%

Wipro Opera Solutions IT & ITES N.A. Increasing Stake to 12.5% 6%

Prime Focus Ltd DAX LLC IT & ITES 9.10 Acquisition 100%

Aegis Symphony House Berhad IT & ITES 6.66 Acquisition 100%

Blueocean Market Intelligence Cognicient IT & ITES N.A. Acquisition 100%

Mu Sigma Webfluenz IT & ITES N.A. Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Zomato MenuMania IT & ITES N.A. Acquisition 100%

Global Analytics Holdings Inc Workpays LLC IT & ITES N.A. Acquisition 100%

BirlaSoft EnablePath IT & ITES N.A. Acquisition 100%

L&T Technology Services Thales Software Pvt Ltd IT & ITES N.A. Majority Stake 74%

Exl Service Holdings Inc Blue Slate Solutions, LLC IT & ITES N.A. Acquisition 100%

Tech Mahindra BASF Business Services Consult GmbH IT & ITES N.A. Acquisition 100%

Infotech Enterprises Ltd Softential Inc IT & ITES N.A. Acquisition 100%

Ybrant Digital Limited Jobookit IT & ITES N.A. Minority Stake N.A.

Aspire Systems (India) Private Limited Applied Development NV IT & ITES N.A. Acquisition 100%

Altruist Group Bubbly IT & ITES N.A. Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Ozonetel Systems Ltd YantraSoft Inc. - speech recognition vertical IT & ITES N.A. Acquisition 100%

Sonata Software Ltd Rezopia Inc. IT & ITES N.A. Acquisition 100%

Evalueserve.com Pvt Ltd Beyond Data GmbH IT & ITES N.A. Acquisition 100%

Dion Global Solutions Ltd Swissrisk Financial Systems GmbH IT & ITES N.A. Increasing Stake to 100% N.A.

Wingify Software Pvt Ltd Concept Feedback LLC IT & ITES N.A. Acquisition 100%

Zomato Media Pvt Ltd Gastronauci IT & ITES N.A. Acquisition 100%

Foodpanda Entrega Delivery IT & ITES N.A. Acquisition 100%

Altruist Technologies Connectiva Analytics and Insights IT & ITES N.A. Acquisition 100%

MakeMyTrip Ltd Easy to Book Holding B.V. IT & ITES 5.00 Acquisition 100%

Zomato Media Pvt Ltd Lunchtime.cz IT & ITES 2.20 Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Zomato Media Pvt Ltd Obedovat.sk IT & ITES 1.00 Acquisition 100%

Sintex Industries Ltd Groupe Simonin Manufacturing 24.20 Acquisition 100%

Astral Poly Technik Ltd Seal It Services Limited Manufacturing 7.33 Majority Stake 80%

C.R.I. Pumps Fabbrica Italiana Pompe S.r.l. Manufacturing N.A. Acquisition 100%

Artek Surfin Chemicals Ltd Galata Chemicals Manufacturing N.A. Increasing Stale to 100% N.A.

Asian Paints Ltd Berger International Ltd Manufacturing N.A. Increasing stake to 96.7% N.A.

Asian Paints Kadisco Chemical Industry Plc Manufacturing N.A. Majority Stake 51%

Jindal SAW Ltd PSL North America LLC Manufacturing N.A. Acquisition 100%

PubMatic Inc Mocean Mobile Inc Media & Entertainment N.A. Acquisition 100%

Everymedia Technologies Plus 1 Digital Media & Entertainment N.A. Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

ZoomIn Photojojo Media & Entertainment N.A. Acquisition 100%

Aurobindo Pharma Ltd Actavis Plc - 7 European countries operations Pharma, Healthcare & Biotech 40.60 Acquisition 100%

Cipla Ltd Undisclosed Pharma, Healthcare & Biotech 21.00 Majority Stake 51%

Cipla Ltd Undisclosed Pharma, Healthcare & Biotech 14.00 Majority Stake 60%

Skanray Technologies Pvt Ltd Compagnia Elettronica Italiana Pharma, Healthcare & Biotech N.A. Increasing Stake to 100% N.A.

GVK Biosciences Pvt Ltd Aragen Bioscience Pharma, Healthcare & Biotech N.A. Acquisition 100%

Lupin Ltd Laboratorios Grin, S.A. De C.V. Pharma, Healthcare & Biotech N.A. Acquisition 100%

Lupin Ltd Nanomi B.V. Pharma, Healthcare & Biotech N.A. Acquisition 100%

Strides Arcolab Limited OncoBiologics Inc Pharma, Healthcare & Biotech N.A. Strategic Stake N.A.

Sun Pharmaceutical Industries Ltd Pharmalucence Inc. Pharma, Healthcare & Biotech N.A. Acquisition 100%

Acquirer Target Sector USD mn Deal Type % Stake

Shasun Pharmaceuticals Ltd ScolrPharma Pharma, Healthcare & Biotech N.A. Acquisition 100%

Metropolis Healthcare Ltd Wellness Laboratories Ltd Pharma, Healthcare & Biotech N.A. Acquisition 100%

Alivira Animal Health Provet Veterinary Products Pharma, Healthcare & Biotech N.A. Majority Stake 60%

EIDParryIndia Limited Alimtec S.A - Bayer Group Pharma, Healthcare & Biotech 2.58 Acquisition 100%

Cipla Ltd Chase Pharmaceuticals Inc Pharma, Healthcare & Biotech 1.50 Minority Stake 15%

Professional / Business IKYA Group BrainHunter N.A. Acquisition 100% Services Infrastructure Professionals Enterprise Professional / Business Triple Line Consulting Ltd N.A. Acquisition 100% Global Pvt Ltd Services

Indiabulls Real Estate 87,444 sq ft property in London Mayfair Real Estate 264.00 Acquisition 100%

Lodha Developers Pvt Ltd Freehold Interest in New Court Real Estate 144.00 Acquisition 100%

Godrej Consumer Products Ltd (GCPL) Darling Group Holdings’ Nigeria business Retail & Consumer N.A. Increasing Stake to 100% 49%

Acquirer Target Sector USD mn Deal Type % Stake

Hero Cycles Limited Mitteldeutsche Fahrradwerke AG Retail & Consumer 20.00 Majority Stake 47%

Himatsingka Seide Ltd Giuseppe Bellora SPA Retail & Consumer N.A. Increasing Stake to 100% 30%

Mansion House and Savoy Club from Herman Allied Blenders & Distillers Pvt Ltd Retail & Consumer N.A. Strategic Stake 50% Jansen Beverages Nederland BV

Airtel and Safaricom Yumobile Telecom 120.00 Acquisition 100%

Apollo LogiSolutions Ltd Clarion Shipping Services Transport & Logistics 33.33 Majority Stake N.A.

Acquirer Target Sector USD mn Deal Type % Stake

Siemens Rails Automations Pvt Ltd, subsidiary of Siemens Ltd Automotive 9.00 Merger N.A. Siemens AG

Management of Reliance Private Equity Fund Reliance Private Equity Fund - Reliance Capital Banking & Financial Services N.A. Internal Restructuring N.A.

Harrow Investment Holding Ltd Easyaccess Financial Services Ltd Banking & Financial Services N.A. Merger N.A.

Essar Oil Vadinar Power Company Ltd Energy & Natural Resources 355.93 Internal Restructuring 74%

Essar Oil Essar Power Energy & Natural Resources 173.73 Internal Restructuring 10%

Electronic Research Pvt Ltd Bharat Energy Ventures Ltd Energy & Natural Resources 18.80 Internal Restructuring 100%

Gujarat Gas Co Ltd, Gujarat Gas Financial Services GSPC Distribution Networks Ltd (GFSL), Gujarat Gas Trading Co (GTCL), GSPC Energy & Natural Resources N.A. Merger 100% Gas Co

Pondy Oxides - Metallic Oxides, Plastic Additives, POCL Enterprises Ltd. Energy & Natural Resources N.A. Merger N.A. Zinc Refining and Lead Refining Divisions

Alstom, through Alstom Transport India Ltd Alstom India Ltd - Transportation system unit Infrastructure Management 28.80 Merger N.A.

Texmaco Rail & Engineering Kalindee Rail Nirman Engineers Ltd Infrastructure Management N.A. Merger N.A.

Acquirer Target Sector USD mn Deal Type % Stake

Praj Industries Ltd Praj HiPurity Systems Ltd - (Neela systems) Infrastructure Management 3.30 Increasing stake to 80% 10%

OnMobile Systems Inc OnMobile Global IT & ITES 8.07 Increasing Stake to 43.46% 10%

Sundaram Fasteners Ltd TVS Infotech Ltd IT & ITES N.A. Increasing Stake to 63% 25% e-Nxt Financials Ltd Tata BSS Ltd IT & ITES N.A. Merger N.A.

Global Fashion Group Jabong.com, Dafiti, Lamoda, Namshi, Zalora IT & ITES N.A.Merger N.A.

Welspun Infra Developers and Welspun Welspun Corp Manufacturing 11.74 Increasing Stake to 41.3% 3% Fintrade

Alstom Bharat Forge Power Ltd. Kalyani Alstom Power Manufacturing N.A. Merger N.A.

Consul Consolidated Pvt Ltd Neowatt Energy Solutions Manufacturing N.A. Merger N.A.

Carborundum Universal Limited Cellaris Refractories India Limited Manufacturing N.A. Increasing Stake to 100% 49%

Kirloskar Brother Investments Ltd Kirloskar Oil Engines Ltd (KOEL) Manufacturing N.A. Merger N.A.

Sudarshan Chemical Industries Ltd Rieco Industries Ltd Manufacturing 2.59 Internal Restructuring 100%

Acquirer Target Sector USD mn Deal Type % Stake

Welspun Infra Developers and Welspun Welspun Enterprises Manufacturing 0.83 Minority Stake 3% Fintrade

Sudarshan Chemical Industries Ltd Rathi Vessels & Systems Pvt Ltd Manufacturing 0.40 Internal Restructuring 100%

Palred Technologies (Foursoft) Pal Premium Online Media Media & Entertainment N.A. Merger N.A.

Palred Technologies (Foursoft) Palred Media & Entertainment Pvt Ltd. Media & Entertainment N.A. Merger N.A.

S Chand Group S. Chand Harcourt - JV between S Chand & EMPG Media & Entertainment N.A. Internal Restructuring N.A.

GlaxoSmithKline Pte. Ltd. GlaxoSmithkline Pharmaceuticals Limited Pharma, Healthcare & Biotech 1,032.26 Increasing Stake to 75% 24%

EID Parry (India) Ltd Parry Phytoremedies Private Limited Pharma, Healthcare & Biotech N.A. Increasing Stake to 100% 37%

Shubh Properties Cooperatief U.A Wonder City Buildcon Private Limited Real Estate N.A. Internal Restructuring N.A.

Poultry & Packaging Business of Venkateshwara Venky's (India) Ltd Retail & Consumer 12.31 Merger N.A. Hatcheries Pvt Ltd

Liberty Shoes Ltd Liberty Retail Revolutions Ltd Retail & Consumer N.A. Merger 100%

Acquirer Target Sector USD mn Deal Type % Stake

Vodafone Group Plc Vodafone India Limited Telecom 1,435.48 Internal Restructuring 11%

Telenor Uninor Telecom 130.00 Increasing Stake to 100% 26%

Investor Investee Sector % Stake USD Mn

International Finance Corporation Lucid Colloids Ltd Agriculture & Forestry N.A. 30.00 Omnivore MITRA Agriculture & Forestry N.A. N.A.

Exhilway Global Champion Agro Ltd Agriculture & Forestry N.A. 20.00

Tata Opportunities Fund Varroc Group Automotive N.A. 60.00

Samena Capital Mahindra Two Wheelers Ltd Automotive 7% 29.40

Cresta Fund Ltd. Amtek Railcar Industries Pvt Ltd Automotive 100% 2.30

ChrysCapital City Union Bank Banking & Financial Services 4% 23.00

Consortium of Investors Dhanlaxmi Bank Ltd Banking & Financial Services N.A. 33.90

Canada Pension Plan Investment Board Kotak Mahindra Bank Banking & Financial Services 3% 366.67

CDC Group, Asia Capital and Advisors, The Ratnakar Bank Ltd. Banking & Financial Services 9% 52.90 International Finance Corporation and Gaja Capital

Investor Investee Sector % Stake USD Mn

Blackstone Multi Commodity Exchange Banking & Financial Services 3% 13.10 Amit and Arihant Patni Waterfield Advisors Banking & Financial Services N.A. N.A.

International Finance Corporation Religare Enterprises Ltd Banking & Financial Services 8% 68.00

Soros Economic Development Fund Aspada Investment Co. Banking & Financial Services N.A. 15.00

Belgian Investment Company for Developing Annapurna Microfinance Pvt Ltd Banking & Financial Services N.A. 5.00 Countries, Incofin Investment Management

Contrarian Drishti and Somak Ghosh Aye Finance Banking & Financial Services N.A. N.A.

MicroVentures Investments Grameen Financial Services Pvt Ltd Banking & Financial Services N.A. 13.50

Omidyar Network and Michael & Susan Dell IntelleGrow Finance Pvt Ltd Banking & Financial Services N.A. 4.52 Foundation

IFC, Lok Capital, Aavishkaar Goodwell Ltd Suryoday Microfinance Pvt Ltd Banking & Financial Services N.A. 4.50

IFC, Warburg Pincus, ChrysCapital and Motilal AU Financiers (India) Pvt Ltd Banking & Financial Services N.A. 21.00 Oswal Securities

Investor Investee Sector % Stake USD Mn

Aspada Investment Capital Float Banking & Financial Services N.A. 2.00 Matrix Partners Five Star Business Credits Banking & Financial Services N.A. N.A.

LeapFrog Investments IFMR Capital Banking & Financial Services N.A. 29.00

Motilal Oswal Private Equity Intec Capital Banking & Financial Services 16% 6.02

Aspada Investment Company NeoGrowth Credit Pvt Ltd Banking & Financial Services N.A. 1.60

Norwegian Microfinance Initiative Satin Creditcare Network Limited Banking & Financial Services N.A. 4.58

WestBridge Capital, Elevar Equity, Omidyar Vistaar Financial Services Pvt Ltd Banking & Financial Services N.A. 27.12 Network and Saama Capital

Warburg Pincus and HDFC Standard Life Insurance Capital First Ltd Banking & Financial Services 9% 28.00 Co Ltd

Ah! Angels, VentureNursery4511 Angels and Catapooolt Banking & Financial Services N.A. N.A. Calcutta Angels

Accel Partners, Angel Investors LetsVenture Banking & Financial Services N.A. 0.68

Investor Investee Sector % Stake USD Mn

The Burman Family Office Experian Credit Information Company of India Pvt Ltd Banking & Financial Services N.A. N.A. SSG Capital Management Pte Ltd Asset Care and Reconstruction Enterprise Banking & Financial Services 49% N.A.

Apax Partners Cholamandalam Investment & Finance Company Limited Banking & Financial Services 8% 83.33

Motilal Oswal Private Equity, Helion Venture Partners, Elevar Equity, Accion Frontier and Saama Shubham Housing Private Limited Banking & Financial Services N.A. 20.33 Capital.

Aditya Birla Private Equity CIBIL Ltd Banking & Financial Services 10% 20.00

GIC Muthoot Finance Ltd Banking & Financial Services N.A. 10.06

Norwegian Microfinance (NMI), Norway and RGVN (North East) Microfinance Ltd Banking & Financial Services N.A. 6.97 Oikocredit, Dia Vikas and SIDBI

Omidyar Network, Elevar Capital and LGT Venture Thirumeni Finance Pvt Ltd - Varthana Banking & Financial Services N.A. 4.50 Philanthropy Foundation

SAIF Partners Capital Float - Zen Lefin Private Limited Banking & Financial Services N.A. 1.00

ASK Pravi Private Equity Opportunities Fund Gateforum Private Limited Education 55% N.A.

Investor Investee Sector % Stake USD Mn

Lok Capital and Chennai Angels Everest Edusys & Solutions Pvt Ltd Education N.A. 0.92 Michael & Susan Dell Foundation Gray Matters India Pvt. Ltd Education N.A. N.A.

BanyanTree Growth Capital MT Educare Ltd Education 4% 2.80

Abu Dhabi Investment Authority MT Educare Ltd Education 1% 0.66

Pearson Affordable Learning Fund Zaya Labs Education N.A. N.A.

Unitus Seed Fund, Acumen Fund, Lok Capital Hippocampus Learning Centres Education N.A. 0.56

Aavishkaar Venture Management Nalanda Learning Education N.A. 0.65

Accel Partners Neev Knowledge Management Education N.A. 1.50

K Ganesh, Meena ganesh, Capital18 Avagmah Education 100% 2.42

KalaariCapital II and Lightbox Ventures Embibe - Indiavidual Learning Pvt Ltd Education N.A. 4.00

Investor Investee Sector % Stake USD Mn

NexusIndia Function Space Education N.A. N.A. Times Internet Limited GradeStack Education N.A. N.A.

DMGI, Norwest Venture Partners and IDG iProf Learning Solutions India Pvt Ltd Education N.A. 9.00 ventures.

Sarthi Angels Venture Foundation Learning Edge Academy of Professionals Pvt Ltd Education N.A. N.A.

Angel Investor ThinkVidya Education N.A. N.A.

SAIF Partners and Helion Ventures Toppr - Haygot Education Private Limited Education N.A. 2.00

Chennai Angels, Spark Capital Skyfi Labs Pvt Ltd Education N.A. N.A.

Unnamed KarmYog Media & Arts Education Network Education N.A. N.A.

Angel Investor SkillBoost Education N.A. N.A.

Asian Development Bank, Khosla Ventures & Hippocampus Learning Centres Education N.A. 2.40 UnitusSeedFund.

Investor Investee Sector % Stake USD Mn

Pearson Affordable Learning Fund Experifun Learning Solutions Pvt Ltd Education N.A. 0.26 LetsVenture.com FlipClass Education N.A. 0.25

Angel Investors Wootify Technologies Pvt Ltd, owner of Examify Education 23% 0.08

Pearson Affordable Learning Fund Sudiksha Private Limited Education N.A. 0.05

MCap Fund Advisors Omkar Clean Energy Services Pvt Ltd Energy & Natural Resources N.A. N.A.

GE Energy Financial Services Wind Power Projects - Atria Power Limited Energy & Natural Resources N.A. N.A.

Asian Development Bank Welspun Renewables Energy Ltd Energy & Natural Resources N.A. 50.00

Intellecap Impact Investment Network Surya Power Magic Energy & Natural Resources N.A. 0.50

AION Capital Partners Mercator Ltd Energy & Natural Resources N.A. 67.74

151 (DC)-megawatt solar photovoltaic power project - GE Energy Financial Services Energy & Natural Resources 100% 24.00 Welspun Solar Madhya Pradesh Private Limited

Investor Investee Sector % Stake USD Mn

Goldman Sachs, Asian Development Bank and ReNew Power Private Limited Energy & Natural Resources N.A. 140.00 South Asia Clean Energy Fund AT Capital Orange Powergen Private Limited - renewable energy project Energy & Natural Resources N.A. 40.00

Tembusu Partners Sainik Aryan Group - Param Mitra Coal Resources Energy & Natural Resources N.A. 7.50

The Chennai Angels Fourth Partner Energy Energy & Natural Resources N.A. 0.50

Angel Investor Arstaeco Energy & Natural Resources N.A. 0.13

SEAF Guha Roy Food Joint & Hotel Private Limited Hospitality & Leisure N.A. N.A.

SRI Capital Hello Curry - Red Sprout Foods Private Limited Hospitality & Leisure N.A. 0.48

SAIF Speciality Restaurants Ltd Hospitality & Leisure 3% 3.02

GTI Capital and Equity International Samhi Hotels Pvt. Ltd Hospitality & Leisure N.A. 21.36

APG Asset Management The Lemon Tree Hotel Company Hospitality & Leisure 7% 48.39

Investor Investee Sector % Stake USD Mn

Angel Investor Zostel Pvt Ltd Hospitality & Leisure N.A. 1.00 Fairfax Financial Thomas Cook (India) Ltd Hospitality & Leisure N.A. 80.65

RiverBridge Investment Advisors Pvt Ltd BelgYum Waffles Hospitality & Leisure N.A. N.A.

Angel Investors Sattviko Hospitality & Leisure N.A. N.A.

Angel Investor Nilgai Foods Hospitality & Leisure N.A. N.A.

Sarthi Angels Venture Foundation Neo Politan Pizza Hospitality & Leisure N.A. N.A.

Ankur Capital Daily Dump Infrastructure Management 30% 0.81

Aavishkaar Fund Nepra Resource Management Pvt Ltd Infrastructure Management N.A. 7.00

Samridhi Rite Water Solutions (India) Private Limited Infrastructure Management N.A. N.A.

Motilal Oswal Private Equity Glass Wall Systems (India) Infrastructure Management N.A. 12.50

Investor Investee Sector % Stake USD Mn

Temasek, IDFC Alternatives GMR Infrastructure Infrastructure Management 12% 183.00 Canada Pension Plan Investment Board (CPPIB), L&T Infrastructure Development Projects Ltd Infrastructure Management N.A. 161.29 through its Singapore-based wholly owned subsidiary

Brookfield Property Partners 6 IT Parks in India Infrastructure Management N.A. 347.00

IFC Power Grid Limited Infrastructure Management N.A. 20.40

Standard Chartered Private Equity Advisory (India) Sterlite Power Grid Ventures Limited Infrastructure Management 20% 100.00 Private Limited

Opes Impact fund Boond Engineering & Development Infrastructure Management N.A. N.A.

KKR GMR Holdings Pvt. Ltd Infrastructure Management N.A. 164.20

Standard Chartered Private Equity Advisory (India) Sterlite Power Grid Ventures Limited Infrastructure Management N.A. 83.33 Private Limited

Angel Investor ACORN Logistics Park Infrastructure Management N.A. 25.00

Forum Synergies, Kalaari Capital Advisors, Draper Attero Infrastructure Management N.A. 16.67 Fisher and Granite Hill India Opportunity Fund

Investor Investee Sector % Stake USD Mn

Norwest Venture Partners, Fidelity Manthan Software Services Pvt Ltd IT & ITES N.A. N.A. Samara Capital Iron Mountain India Private Limited IT & ITES 45% N.A.

Phenomen Ventures Foodpanda IT & ITES N.A. 20.00

Angel Investor Jasper Infotech Pvt Ltd - Snapdeal.com IT & ITES N.A. N.A.

Bennett, Coleman & Co Ltd Omnipresent Private Limited - edabba.com IT & ITES N.A. N.A.

Capital Square Partners, CX Partners etc Aditya Birla Minacs Worldwide IT & ITES 100% 260.00

Jungle Ventures, Spring Seed Capital Crayon Data Pte Ltd IT & ITES N.A. 1.19

InterWest Partners, CIT Gap Funds DataRPM IT & ITES N.A. 5.10

Angel Investors Frrole Tech Pvt Ltd IT & ITES N.A. 0.25

Kalaari Capital Germin8 Solutions Pvt Ltd IT & ITES N.A. 3.00

Investor Investee Sector % Stake USD Mn

Kalaari Capital Germin8 Solutions Pvt Ltd IT & ITES N.A. 3.00

Avalon Ventures and Nexus Venture Partners Indix Corporation IT & ITES N.A. 8.50

Angel Investors ZapStitch IT & ITES N.A. N.A.

SeedFund and Angel Investors Browntape IT & ITES N.A. N.A.

Ankur Capital CropIn Technology Solutions Pvt Ltd IT & ITES 30% 0.81

5ideas_StartupSuperfuel WooMe.mobi IT & ITES N.A. N.A.

UnitusSeedFund mGaadi IT & ITES N.A. N.A.

GrowthStory Overcart.com IT & ITES N.A. N.A.

Accel Partners, Horizen Venture Partners Teabox IT & ITES N.A. 1.00

Techno Group Greencart Pvt Ltd IT & ITES N.A. 1.50

Investor Investee Sector % Stake USD Mn

Karmvir Avant Group Supply Links Retail - LocalBanya IT & ITES N.A. N.A. Raghu Bathina and other angel investors Vantage Circle IT & ITES N.A. 0.19

Sequoia Capital, Walden International BankBazaar.com IT & ITES N.A. 13.00

Unnamed Investors PolicyBazaar - eTechAces Marketing and Consulting Pvt Ltd IT & ITES N.A. 20.00

SAIF Partners, Accel Partners & Network18 Big Tree Entertainment Pvt Ltd - BookMyShow IT & ITES N.A. 25.00

Unitus Seed Fund Commerzpoint Networks Pvt Ltd IT & ITES N.A. 0.40

Unnamed eVaidya - e Health Access Pvt Ltd IT & ITES N.A. 0.56

Accel Partners, Helion Ventures Mysmartprice Web Technology Pvt Ltd IT & ITES N.A. 1.00

RiverBridge Investment Advisors Pvt Ltd Akara Research & Technologies IT & ITES N.A. N.A.

Accel India and Tiger Global Commonfloor.com - Maxheap Technologies IT & ITES N.A. 10.32

Investor Investee Sector % Stake USD Mn

India Quotient, Angel investors Cryptopy Technologies Pvt Ltd IT & ITES N.A. N.A. Blume Ventures Homeveda Media Labs Pvt. Ltd IT & ITES N.A. N.A.

Helion Venture, Nexus Venture Partner and Housing.com - Locon Solutions Private Limited IT & ITES N.A. 19.17 Qualcomm Ventures.

NEA, Helion Ventures and Foundation Capital IndiaHomes IT & ITES N.A. 24.19

Venture Nursery's Angels SeekSherpa IT & ITES N.A. N.A.

TigerGlobal LLC, Matrix Partners, Lightspeed A.M. Marketplaces Pvt Ltd- LimeRoad.com IT & ITES N.A. 15.00

Innosight Ventures, Cub Capital, Angel Anchanto IT & ITES N.A. N.A. Investors

LetsVenture.com Bluegape LifeStyle Pvt Ltd IT & ITES N.A. 0.24

Kalaari Capital, Accel Partners and Saama Capital Bluestone.com IT & ITES N.A. 10.00

Angel Investors - Patni Brothers Bombay Shirt Company IT & ITES N.A. N.A.

Investor Investee Sector % Stake USD Mn

Unilazer Ventures EkStop Shop Pvt Ltd IT & ITES 25% N.A. Sequoia Capital, Smile Group, Norwest Venture, FashionAndYou - Smile Group IT & ITES N.A. 10.00 Intel Capital and Nokia Growth Partners

Vertex Venture Holding, SAIF Partners, IDG Firstcry - brainBees Solutions Pvt ltd. IT & ITES N.A. 15.00 Ventures Angel Investor, BVPIndia and Nirvana Venture Remedinet Technologies IT & ITES N.A. N.A. Private Limited Naspers Ltd.; Tiger Global Management; DST Flipkart Online Services Pvt Ltd IT & ITES N.A. 210.00 Global; ICONIQ Capital

Naspers Group Flipkart Online Services Pvt Ltd IT & ITES 1% 52.00

Nisa Godrej, LionRock Capital Hopscotch Wholesale Trading Pvt Ltd - Hit the mark Inc IT & ITES N.A. N.A.

CDC Group Jabong.com IT & ITES N.A. 27.90

Premji Invest, Temasek Holdings, BlackRock, Jasper Infotech Pvt Ltd- Snapdeal.com IT & ITES 10% 100.00 Myriad and Tybourne

Angel Investors Knottykart Marketing Pvt Ltd IT & ITES N.A. 0.48

Investor Investee Sector % Stake USD Mn

Unknown Investor Nykaa - E-Commerce Ventures Pvt Ltd IT & ITES N.A. N.A. Bertelsmann India Investments and Norwest Pepperfry.com IT & ITES N.A. 15.00 Venture

Kinnevik Quikr India Pvt. Ltd. IT & ITES N.A. 90.00

India Quotient, Startup Superfuel Relevant E-solutions Private Limited IT & ITES N.A. N.A.

PowerHouse Ventures Sports365 IT & ITES N.A. N.A.

Providence STAR CJ Network India Pvt Ltd IT & ITES 50% N.A.

Accel Partners WizRocket Technologies Pvt Ltd. IT & ITES N.A. N.A.

Lightspeed Ventures Oravel Stays Pvt Ltd IT & ITES N.A. N.A.

Faering Capital & Nirvana Venture Private Limited Transerv IT & ITES N.A. N.A.

Kalaari Capital Triphobo.com - JoGuru Inc IT & ITES N.A. 3.33

Investor Investee Sector % Stake USD Mn

IDG India Fund I and Vertex Venture Pte, Norwest Venture, Intel Capital 1, TV18 Group and Reliance Yatra Online Pvt Ltd IT & ITES N.A. 22.58 Venture. Blume Ventures Greytip Software Pvt Ltd IT & ITES N.A. N.A.

American Express Ventures Capillary Technologies Pvt Ltd IT & ITES N.A. 4.00

Norwest Venture CRMnext IT & ITES N.A. 7.12

Tiger Global, Accel Partners and Google Capital FreshDesk Technologies IT & ITES N.A. 31.00

BitChemy Ventures Altiux Innovations Pvt Ltd IT & ITES N.A. 2.00

Touchstone Trust Channelyst Advisory Services Pvt Ltd IT & ITES N.A. N.A.

Accel Partners ChargeBee Technologies IT & ITES N.A. 0.80

General Atlantic Partners CitiusTech Inc IT & ITES N.A. N.A.

Blume Venture Advisors; Gennext Ventures Covacsis Technologies Pvt Ltd IT & ITES N.A. N.A.

Investor Investee Sector % Stake USD Mn

Blume Ventures, VC arms of Reliance ventures & Covacsis Technologies Pvt Ltd IT & ITES N.A. N.A. Cisco Intel Capital, Visionnaire Ventures, Nexus Partners Helpshift IT & ITES N.A. 10.00 & True Ventures

Angel Investors LogicLadder IT & ITES N.A. 0.28

Agnus Capital and individual investors MobMe Wireless Solutions IT & ITES N.A. 2.58

Nokia Growth Partners,August Capital, Draper Fisher Jurvetson, Helion Ventures, and Nexus PubMatic IT & ITES N.A. 13.00 Venture Partners

Sequoia Capital SirionLabs IT & ITES N.A. 4.52

Canaan Partners, India Innovation Fund, Accel SureWaves Mediatech Pvt Ltd IT & ITES N.A. 5.65 Partners

Apax Partners KPIT Technologies Ltd IT & ITES 2% 9.00

ChrysCapital LiquidHub IT & ITES N.A. N.A.

AngelPrime, GSF Accelerator CareerStack Innovation Pvt Ltd IT & ITES N.A. 0.50

Investor Investee Sector % Stake USD Mn

Arun LLC, Mumbai Angels iKure Techsoft Pvt Ltd IT & ITES N.A. 0.11 Madison India Capital Management LLC, existing iYogi Technical Services Pvt Ltd IT & ITES N.A. 35.00 investors

Axon Partners LLP iYogi Technical Services Pvt Ltd IT & ITES N.A. 28.00

IDG Ventures and Ascent Capital Newgen Software Technologies IT & ITES N.A. 17.74

Ascent Capital, IDG Ventures Newgen Software Technologies IT & ITES N.A. 17.70

Times Internet, Angel Investors News in Shorts IT & ITES N.A. N.A.

Nexus Venture Partners Uniken IT & ITES N.A. 4.84

Accel Partners and Cisco Mobile Motion Technologies Pvt Ltd IT & ITES N.A. 2.00

Matrix Partners and Axis Bank Mswipe Technologies Pvt Ltd IT & ITES N.A. N.A.

New Enterprise Associates VeloCloud Networks Inc IT & ITES N.A. 21.00

Investor Investee Sector % Stake USD Mn

Nomura, Ernst & Young, Government of Singapore, BankerBay IT & ITES N.A. 1.00 Jefferies and other HNI's Y Combinator ClearTax - ClearSharp Technology Pvt Ltd IT & ITES N.A. N.A.

Helion Advisors, Social+Capital and Berggruen Ezetap Mobile Solutions Pvt Ltd IT & ITES N.A. 8.00 Holdings

Tata Capital, 3 HNIs Innoviti Embedded Solutions Private Limited IT & ITES N.A. 1.61

Crowdfunding RHLvision Interactive LLP IT & ITES N.A. 0.20

Kalaari Capital Swipe Telecom India Private Limited IT & ITES N.A. 4.84

Sequoia Capital India Octro IT & ITES N.A. 15.00

Blume Ventures Greytip Software Pvt Ltd IT & ITES N.A. N.A.

Blume Ventures, Shead Holdings, Rahul Garg Turtle Yogi Technologies IT & ITES N.A. 0.35

Angel Investors GOQii IT & ITES N.A. N.A.

Investor Investee Sector % Stake USD Mn

Inventus, Mumbai Angels, Angel Investors Avaz - Invention Labs IT & ITES N.A. 0.55 CIIE, Angel Investors Cobboc - Eashmart IT & ITES N.A. N.A.

Nexus Venture Partners and Intel Capital ElasticBox IT & ITES N.A. 9.00

Bharti Softbank Holdings Pte. Ltd. Hike Technologies Private Limited IT & ITES N.A. 14.00

500 Startups Innoz Technologies Pvt Ltd IT & ITES N.A. 0.50

UnitusSeedFund Jiffstore IT & ITES N.A. N.A.

The Social+Capital Partnership, Angel Investors Mango Games Pvt Ltd IT & ITES N.A. N.A.

LetsVenture Orangut Labs Pvt Ltd IT & ITES N.A. 0.17

Helion Private Limited RapidValue IT & ITES N.A. 4.24

Unilazer Ventures and Hive India Indus Insights IT & ITES N.A. N.A.

Investor Investee Sector % Stake USD Mn

Palaash Ventures and Angel Investors SilverPush IT & ITES N.A. N.A. Angel Investors Wits Solutions IT & ITES N.A. 0.05

BitChemy Ventures 3LOQ Labs IT & ITES N.A. 2.00

Qualcomm Ventures and Accel Partners Demach Software IT & ITES N.A. 0.13

IDG Ventures, IvyCap Ventures FieldEZ Technologies IT & ITES N.A. N.A.

Angel Investor Foradian Technologies IT & ITES N.A. 2.00

Khosla Ventures and Battery Ventures HackerRank IT & ITES N.A. 9.20

Blume Ventures, Rajan Anandan, Angel Investors IntelloCut IT & ITES N.A. 0.20

Helion Venture Partners LinguaNext Technologies IT & ITES N.A. N.A.

Qualcomm Ventures and Accel Partners Mavin Technologies IT & ITES N.A. 0.08

Investor Investee Sector % Stake USD Mn

Apax Partners Persistent Systems Ltd IT & ITES 2% 9.81 Rajasthan Venture Capital Fund SoftTech Pvt Ltd IT & ITES N.A. N.A.

India Angel Network, Ray Stata, YourNest Angel Uniphore Software Systems Pvt Ltd IT & ITES N.A. N.A.

IvyCap Ventures and Accel Partners Vinculum Pvt. Ltd IT & ITES N.A. N.A.

Matrix Partners, Blume and GSF Super Angels WeAreHolidays IT & ITES N.A. N.A.

Angel Investor GetActive IT & ITES N.A. N.A.

The Hive India, Infuse Ventures, Persistent Ventures Altizon Systems Pvt Ltd IT & ITES N.A. N.A.

IvyCap Ventures and IDG Ventures eShakti.com Pvt Ltd IT & ITES N.A. N.A.

Angel Investor FirstRide Auto Pvt Ltd IT & ITES N.A. N.A.

Angel Investor Jewels Online Distribution India Pvt Ltd - Bluestone IT & ITES N.A. N.A.

Investor Investee Sector % Stake USD Mn

Seedfund Advisors and India Quotient Novelroots Internet Pvt Ltd - Nearify IT & ITES N.A. N.A. CCube Angels Omnipresent Retail Pvt Ltd- edabba IT & ITES N.A. N.A.

Angel Investor Phantom Hands Vintage Collectibles LLP IT & ITES N.A. N.A.

Indian Angel Network RoboticWares Pvt Ltd IT & ITES N.A. N.A.

Blume Ventures Snaplion IT & ITES N.A. N.A.

Blume Ventures Snapbizz IT & ITES N.A. N.A.

Morgan Stanley Investment Management, GIC, Accel Partners, DST Global, Iconiq Capital and Flipkart Online Services Pvt Ltd IT & ITES N.A. 1,000.00 Sofina

Tiger Global and Bharti Softbank Holdings Pte. Ltd. Hike Technologies Private Limited IT & ITES N.A. 65.00

Falcon Edge Capital and Rocket Internet AG Foodpanda IT & ITES N.A. 60.00

Tiger Global Management, Matrix Partners India, Nokia Growth Partners, Norwest Venture Partners, Quikr India Pvt. Ltd. IT & ITES N.A. 60.00 Omidyar Network, Warburg Pincus and eBay Inc, Kinnevik

Investor Investee Sector % Stake USD Mn

Multiples Alternate Asset Management Delhivery - SSN Logistics Pvt. Ltd IT & ITES N.A. 35.00 Sequoia Capital, Sofina and ru-Net Accelyst Solutions Pvt Ltd- Freecharge.in IT & ITES N.A. 33.00

Helion Venture Partners and Zodius Capital, Ascent SuperMarket Grocery Supplies Pvt Ltd - BigBasket.com IT & ITES N.A. 32.80 Capital

TigerGlobal LLC Commonfloor.com - Maxheap Technologies IT & ITES N.A. 30.00

Sequoia Capital India, Tenaya Capital and Nexus Druva Private Limited IT & ITES N.A. 25.00 Venture Partner

Steadview Capital, SAIF Partners and Kalaari Capital Urban Ladder Home Decor Solutions Pvt Ltd IT & ITES N.A. 21.00

Sequoia Capital, Matrix Partners India and Omidyar Ver Se Innovation Pvt Ltd IT & ITES N.A. 18.00 Network

Sequoia Capital and Mayfield India Knowlarity Private Limited IT & ITES N.A. 16.00

Unnamed ItzCash Card Ltd IT & ITES N.A. 15.00

Sequoia Capital and Norwest Venture Capillary Technologies Pvt Ltd IT & ITES N.A. 14.00

Investor Investee Sector % Stake USD Mn

Updata Partners XebiaLabs - Xebia India IT & ITES N.A. 12.00 Euphoria Ventures RoomnHouse IT & ITES N.A. 10.00

Angel Investors EZMove - Orane Labs Private Limited IT & ITES N.A. 10.00

Kae Capital Fortune Payment Solutions India Pvt Ltd IT & ITES N.A. 1.00

Accel Partners, Kalaari Capital and Inventus Capital BEBB India Pvt Ltd - Power2SME IT & ITES N.A. 7.00

Sequoia Capital Akoksha - Coraza Technologies Pvt. Ltd IT & ITES N.A. 5.20

Tiger Global LLC, Blume Ventures and Nirvana Reviews42 - zopper.com IT & ITES N.A. 5.00 Venture Private Limited

Khosla Ventures Theatro Labs Inc. IT & ITES N.A. 5.00

Inventus Capital Partners, Saama Capital India MoveInSync Technology IT & ITES N.A. 4.00 Advisors LLP and Qualcomm Ventures

Exhilway Global IndiDebt.com IT & ITES N.A. 4.00

Investor Investee Sector % Stake USD Mn

Sequoia Capital and Nexus Venture Partners TinyOwl Technology Pvt Ltd IT & ITES N.A. 3.00 JAFCO Asia, SingTel Innov8, Jungle Ventures Pokkt IT & ITES N.A. 2.50

IDG India Private Limited and Inventus Capital Peel-Works Outsourching Pvt Ltd IT & ITES N.A. 2.00

Angel Investors PriceBag - Accentium IT & ITES N.A. 2.00

Orios Venture Partners, Indian Angel Network, MTC Ecom Pvt Ltd - IT & ITES N.A. 2.00 India Quotient TravelTriangle.com - Holiday Triangle Travel Private SAIF Partners IT & ITES N.A. 1.67 Limited

Crowdfunding Appdra Software Solutions Ltd IT & ITES N.A. 1.50

Unnamed Play It Interactive IT & ITES N.A. 1.10

500Startups, Nexus Venture Partners and One97 Insightful Labs Inc. - TargetingMantra IT & ITES N.A. 1.10 Mobility Fund

IDG Ventures E-Shakti IT & ITES N.A. 1.00

Investor Investee Sector % Stake USD Mn

Kalaari Capital Haptik Inc. IT & ITES N.A. 1.00 India Quotient Grabhouse - Cryptopy Technologies Private Limited IT & ITES N.A. 0.50

AngelPrime Partners Synup IT & ITES N.A. 0.50

Angel Investors Turing Research Labs Pvt Ltd IT & ITES N.A. 0.50

500 Startups & angel investors SocialCops IT & ITES N.A. 0.32

Kae Capital and Blume Ventures ShepHertz Technologies Pvt Ltd IT & ITES N.A. 0.26

Bitcoin Opportunity Corp Unocoin IT & ITES N.A. 0.25

Angel Investor Clonect Solutions Pvt Ltd IT & ITES N.A. 0.25

Angel Investor PageStitch Inc IT & ITES N.A. 0.14

Alpha TC Holdings and Tata Capital Growth Fund I Standard Greases & Specialties Manufacturing 17% N.A.

Investor Investee Sector % Stake USD Mn

Tiger Global LLC and Blume Ventures, Angel Grey Orange Robotics Pvt Ltd Manufacturing N.A. 8.71 Investors Print II BV Stovec Industries - Subsidiary of SPG Prints Group Manufacturing 71% N.A.

KKR Avantha Holdings Manufacturing N.A. 100.00

Triton Alstom India Ltd - auxiliary components business Manufacturing 100% 8.60

Creador Vectus Industries Limited Manufacturing 20% 16.00

WestBridge Capital Partners Kajaria Ceramics Ltd Manufacturing 2% 7.14

Creador Somany Ceramics Ltd. Manufacturing 11% 8.06

Walden International, Samsung Catalyst Fund, Ineda Systems Private Limited Manufacturing N.A. 17.00 Qualcomm Ventures, IndusAge

Indian Angel Network XSI Semi Conductors Pvt Ltd Manufacturing N.A. N.A.

KKR Archean Group Manufacturing N.A. N.A.

Investor Investee Sector % Stake USD Mn

Canbank Venture Gayatrishakti Paper & Boards Pvt Ltd Manufacturing N.A. 4.03 Aavishkaar Venture Management CAOS Apparels Pvt Ltd Manufacturing N.A. 1.00

WestBridge Crossover Fund LLC Mayur Uniquoters Ltd Manufacturing N.A. 11.29

Ventureast Life Fund III Polygenta Technologies Manufacturing N.A. 2.30

Sarthi Angels Venture Foundation M.R. Organisation Ltd Manufacturing N.A. N.A.

Global Environment Fund Shakti Pumps Manufacturing 9% 7.50

MCap Ganesha Ecosphere Ltd Manufacturing N.A. 6.00

Angel Investor Cinestaan Entertainment Private Limited Media & Entertainment N.A. N.A.

Shah Capital, Fortisure Ventures, Opus Capital, Jivox IQ Media & Entertainment N.A. 5.80 Helion Advisors and founder Diaz Nesamoney

IDG ventures and Unilazer Ventures Silver Edge Media & Entertainment N.A. 1.45

Investor Investee Sector % Stake USD Mn

IntelCapital and Ascent Capital, Nokia Growth Vizury Interactive Solutions Pvt Ltd Media & Entertainment N.A. 15.67 Partners, Ojas Venture Partners and Inventus Capital SAIF Partner and other angel investors Appiterate Media & Entertainment N.A. 0.50

Indian Angels Network, Mumbai Angels, Growx AdSparx - Novix Media Technologies Pvt Ltd Media & Entertainment N.A. 0.58 Ventures

SAIF Partners TouchTalent Media & Entertainment N.A. 0.67

Info Edge Canvera Digital Technologies Pvt Ltd. Media & Entertainment 1% 0.24

RW Media and Callista Capital Abundantia Entertainment Private Limited Media & Entertainment 50% N.A.

Angel Investor FilmySphere Media & Entertainment 3% 0.10

Fidelis World Smaaash Entertainment Media & Entertainment N.A. 10.00

DSG Consumer Partners Furtados School of Music (FSM Education Private Limited) Media & Entertainment N.A. N.A.

Unilazer Ventures Premier India Football Academy Media & Entertainment N.A. N.A.

Investor Investee Sector % Stake USD Mn

Fidelis World Technology Frontiers India Pvt Ltd Media & Entertainment N.A. 23.00 Angel Investors Pathfinder Publishing Private Limited Media & Entertainment N.A. 1.00

Zodius Capital Culture Machine Media Pvt Ltd Media & Entertainment N.A. N.A.

Matrix Partners India Red Monster Games India Pvt Ltd Media & Entertainment N.A. N.A.

Capital Research and Management Hathway Cable & Datacom Media & Entertainment 5.8% 50.00

Bessemer Venture Partners & Intel Capital Hungama Digital Media Entertainment Pvt. Ltd. Media & Entertainment N.A. 40.00

Angel Investors Press Play Private Limited Media & Entertainment N.A. 0.50

Avigo Capital Maharana Infrastructure & Professional Services Pvt Ltd Others N.A. N.A.

Asia Pacific, Omnivore Partners Skymet Weather Services Others 34% 4.50

Matrix Partners Hearing Plus Pharma, Healthcare & Biotech N.A. N.A.

Investor Investee Sector % Stake USD Mn

Qualcomm Ventures Portea Medical Pvt. Ltd. Pharma, Healthcare & Biotech N.A. N.A. Sequoia Capital Koye Pharmaceuticals Pvt Ltd Pharma, Healthcare & Biotech N.A. N.A.

Unitus Seed Fund Smile Merchants Pharma, Healthcare & Biotech N.A. N.A.

Helion Private Limited Today’s Healthcare India Pharma, Healthcare & Biotech N.A. 4.58

Samridhi Kanungo Institute of Diabetes Specialities (KIDS) Pharma, Healthcare & Biotech N.A. 2.90

Helion Ventures & Nexus Partners Eye - Q Pharma, Healthcare & Biotech N.A. 4.50

Asian Institute of Medical Sciences - Bluesapphire OrbiMed Pharma, Healthcare & Biotech N.A. 20.00 Healthcares Pvt Ltd

Olympus Capital and India Value Fund Advisors Aster DM Healthcare Pharma, Healthcare & Biotech N.A. 60.00 (IVFA)

ICICI Venture Krishna Institute of Medical Sciences Limited Pharma, Healthcare & Biotech 28% 36.00

Angel Investor Expedient Healthcare Marketing Pvt Ltd- Healthians Pharma, Healthcare & Biotech N.A. N.A.

Investor Investee Sector % Stake USD Mn

IFC NephroPlus - Nephrocare Health Services Pvt Ltd Pharma, Healthcare & Biotech N.A. 7.00 Tata Capital Healthcare Fund Sandor Nephro Services Pvt Ltd Pharma, Healthcare & Biotech N.A. 3.23

Unitus Seed Fund AddressHealth Solutions Pharma, Healthcare & Biotech N.A. N.A.

Peepul Capital Cura Healthcare Private Limited Pharma, Healthcare & Biotech N.A. 6.00

Asian Healthcare Fund, Accel Partners, IDG Forus Health Pvt Ltd Pharma, Healthcare & Biotech N.A. 8.06 Ventures

Ventureast Tenet Fund, Angel Investors OneBreath Pharma, Healthcare & Biotech N.A. 3.00

Somerset Indus Capital Partners Prognosys Medical Systems Pharma, Healthcare & Biotech N.A. 3.33

India Agri business Fund Limited Beloorbayir Biotech Limited Pharma, Healthcare & Biotech N.A. 12.10

Ascent Capital Advisors India Alivira Animal Health Pharma, Healthcare & Biotech N.A. N.A.

Temasek Holdings Intas Pharmaceuticals Ltd Pharma, Healthcare & Biotech 10% 140.00

Investor Investee Sector % Stake USD Mn

Warburg Pincus Laurus Labs Pvt Ltd Pharma, Healthcare & Biotech 32% 150.00 Morgan Stanley Asia Strides Arcolab Pharma, Healthcare & Biotech N.A. 9.79

Macquarie Bank Strides Arcolab Pharma, Healthcare & Biotech N.A. 4.64

ChrysCapital Torrent Pharmaceuticals Ltd Pharma, Healthcare & Biotech N.A. 20.00

Aditya Birla PE Thyrocare Technologies Ltd Pharma, Healthcare & Biotech 8% 20.97

Aavishkaar Venture Management, Accion Meradoctor Pharma, Healthcare & Biotech N.A. 1.00

Bamboo Finance, Saama Capital Modern Family Doctor Pvt Ltd Pharma, Healthcare & Biotech N.A. N.A.

Angel Investor OurHealthMate Pharma, Healthcare & Biotech N.A. 0.44

Hyderabad Angels and Lead Angels Infolink Health Services Pvt Ltd - MyLabYogi.com Pharma, Healthcare & Biotech N.A. N.A.

Blume Ventures Social Blood Pharma, Healthcare & Biotech N.A. N.A.

Investor Investee Sector % Stake USD Mn

IndiaValueFund Syngene International Pharma, Healthcare & Biotech 10% 63.33 The Japan Bank for International Cooperation Takshasila Hospitals Operating Pvt Ltd Pharma, Healthcare & Biotech N.A. 10.50

Sabre Partners, Kalaari Capital and Aarin Capital Vyome Biosciences Pvt Ltd Pharma, Healthcare & Biotech N.A. 8.00

Apax Partners Strides Arcolab Pharma, Healthcare & Biotech 1.2% 8.00

Pragati India Fund DCDC Health Services Pvt Ltd Pharma, Healthcare & Biotech N.A. 4.30

Kitara Capital Vivimed Labs Ltd Pharma, Healthcare & Biotech 2% 2.60

Orios Venture Ziffi.com. Pharma, Healthcare & Biotech N.A. 2.40

Exhilway Global Opportunities Private Equity Fund Livewell Healhcare Pharma, Healthcare & Biotech N.A. 2.00

Senior Marketing Systems HelpingDoc Pharma, Healthcare & Biotech N.A. 1.67

Nexus Venture Partners Lybrate Inc Pharma, Healthcare & Biotech N.A. 1.23

Investor Investee Sector % Stake USD Mn

Leviathan Investments and Splice Advisors Simplify Wellness Inc. - Doctor C Pharma, Healthcare & Biotech N.A. 0.40 Bay Capital and Hausela Capital Partners AntFarm Professional / Business Services N.A. N.A.

Kin Advisors HEd Ex Professional / Business Services N.A. N.A.

Nadathur Holdings Paladion Private Limited Professional / Business Services N.A. 10.00

Everstone Capital Aparajitha HR Professional / Business Services 25% 16.13

Angel Investors Find Pvt Ltd Professional / Business Services N.A. 2.00

Unnamed Merajob India Professional / Business Services N.A. 3.00

Mayfield Securens Systems Private Limited Professional / Business Services N.A. 6.00

Mayfield Fund Securens Systems Private Limited Professional / Business Services N.A. 5.00

GenNext Ventures Videonetics Professional / Business Services N.A. N.A.

Investor Investee Sector % Stake USD Mn

Angel Investor Protract Consulting Pvt Ltd Professional / Business Services N.A. N.A. IDG Ventures India Abhiman Technologies Pvt Ltd - myNoticePeriod.com Professional / Business Services N.A. 0.33

Landmark Holdings Unitech’s Gurgaon project Nirvana Real Estate N.A. N.A.

Kin Advisors ft2acres Real Estate N.A. N.A.

Avenue Venture Partners OMR Project in Chennai - Casa Grande Real Estate N.A. 4.20

Religare Credit Advisors Orris Infrastructure Real Estate N.A. 11.67

Tano Capital Sanghvi Brands Real Estate 20% 10.00

Xander Group 7.8 lakh sq.ft. commercial space - Infinity Tech Park Real Estate 100% 108.33

Essel Group - India Asset Growth Fund Ariisto Realtors Real Estate N.A. 12.00

Xander Group Kapstone Construction Pvt Ltd Real Estate N.A. 59.68

Investor Investee Sector % Stake USD Mn

Piramal Fund Management Satya Group - Gurgaon project Real Estate N.A. 16.95 Aditya Birla Realty Shriram Properties- Project Real Estate 49% 17.00

Amplus Realty Fund Shriram Properties- Project Real Estate 49% 10.00

Motilal Oswal Real Estate Investment Advisors Ahuja Developers Real Estate N.A. 8.06

Essel Finance Assotech Ltd - Projects Real Estate N.A. 7.26

Milestone Capital Gurgaon based Residential Project - Assotech Limited Real Estate N.A. 10.00

ICICI Prudential Asset Management Company Ltd Mahagun Real Estate Pvt Ltd Real Estate N.A. 12.50

Motilal Oswal Real Estate Investment Advisors Mahaveer Group Real Estate N.A. 8.06

LIC Housing Finance Ltd Mahaveer Group Real Estate N.A. 8.06

LIC Housing Finance Ltd Pune Housing projects Real Estate N.A. 16.13

Investor Investee Sector % Stake USD Mn

Blackstone Residential Project - Ozone Group Real Estate N.A. 29.17 Kotak Investment Advisors Residential Project in Mumbai - Nirmal Group Real Estate N.A. 50.00

LIC Housing Finance Ltd Value & Budget Housing Corporation Real Estate N.A. 8.06

Tata Capital Shriram Properties Private Limited Real Estate 18% 80.00

Peninsula Brookfield Investment Managers Ansal Properties and Infrastructure Limited Real Estate N.A. 66.67

Xander Group Supertech - 140 acre township project Real Estate N.A. 65.00

IIFL Wealth Management Marvel Zeta Developers Pvt Ltd Real Estate N.A. 23.00

ASK Capital Management ATS Group Real Estate N.A. 21.17

ASK Property Investment Advisors Paranjape Schemes Limited - 150 Acre Project Real Estate N.A. 9.17

Piramal Fund Private Limited Residential Project in Mumbai Real Estate N.A. 8.33

Investor Investee Sector % Stake USD Mn

BlackSoil Realty Fund Sheth Developers Private Limited Real Estate N.A. 5.00 Brand Capital Intec Group Retail & Consumer 15% N.A.

MCap Fund Advisors V-Guard Industries Retail & Consumer 1% N.A.

WestBridge Capital Hatsun Agro Product Ltd Retail & Consumer N.A. N.A.

Angel Investors Cerana Beverages Retail & Consumer N.A. N.A.

Tano Capital Safari Industries India Ltd Retail & Consumer 20% 8.50

Bessemer Venture Partners India, Accel Partners, Serendipity Infolabs Pvt Ltd - TaxiForSure Retail & Consumer N.A. 10.00 Helion Venture Partners and Blume Ventures

India Value Fund ISS Hicare Retail & Consumer 90% 24.19

DSG Consumer Partners Saraf Foods Retail & Consumer 29% 1.61

Fidelity Growth Capital, Aavishkaar India Milk Mantra Dairy Pvt Ltd Retail & Consumer N.A. 13.33

Investor Investee Sector % Stake USD Mn

Aavishkaar Venture Management HR Food Retail & Consumer N.A. 2.42 Angel Investors Cerana Beverages Retail & Consumer N.A. N.A.

Lighhouse Funds Bikaji Foods Retail & Consumer 25% 19.35

WestBridge Capital Partners DFM Foods Retail & Consumer 25% 10.48

Goldman Sachs, Mitsui Global Investment Global Beverages and Foods Pvt. Ltd Retail & Consumer N.A. 50.81

Ascent Capital Maiya’s Beverages and Food Private Limited Retail & Consumer N.A. 16.95

BanyanTree Capital Nilon’s Enterprises Pvt Ltd Retail & Consumer N.A. N.A.

Multiples Alternate Asset Management Company Arvind Ltd. Retail & Consumer 3% 24.31

ICICI Bank Ltd Gokaldas Exports Retail & Consumer N.A. 2.70

ASK Pravi PE Opportunities Fund Indian Clothing League Retail & Consumer N.A. 8.06

Investor Investee Sector % Stake USD Mn

Nalanda Capital Lovable Lingerie Ltd Retail & Consumer 4% 3.25 Cartica Capital Page Industries Retail & Consumer 3% 27.50

Everstone Ritika Private Limited - Ritu Kumar Retail & Consumer N.A. 16.13

Baring Private Equity Partners India Vardhman Textiles Ltd Retail & Consumer 1% 4.10

PremjiInvest Future Lifestyle Fashions Retail & Consumer 8% 21.19

Brand Capital Future Retail Retail & Consumer 5% 33.33

Xander Trent Ltd. Retail & Consumer 3% 17.32

MatrixPartners Chumbak Pvt Ltd Retail & Consumer N.A. N.A.

Metmin Investment Holdings Spykar Lifestyle Private Limited Retail & Consumer 30% 50.00

Steadview Capital and Sequoia Capital, Mtrix Olacabs.com -ANI Technologies Pvt Ltd Retail & Consumer N.A. 41.67 Partners & Tiger Global

Investor Investee Sector % Stake USD Mn

Accel Partners, BVPIndia and Helion Private Limited Serendipity Infolabs Pvt Ltd - TaxiForSure Retail & Consumer N.A. 30.00 SAIF Partners, Aditya Birla Private Equity Manpasand Beverages Pvt Ltd Retail & Consumer N.A. 13.00

WestBridge Capital La Opala RG Ltd Retail & Consumer 5% 9.00

SAIF Partners Speciality Restaurants Retail & Consumer 2% 2.36

IFC Idea Cellular Limited Telecom 1% 65.00

Kedaara Capital Mahindra Logistics Ltd Transport & Logistics 23% 32.26

Aspada Investment Schedulers Logistics Transport & Logistics N.A. 2.00

CDC Group Pristine Logistics & Infrastructure Transport & Logistics N.A. 32.26

Kotak PE Samson Maritime Transport & Logistics 19% 24.19

India Value Fund National Bulk Handling Corporation Limited Transport & Logistics 100% 48.39

Investor Investee Sector % Stake USD Mn

Aspada ThinkLink Supply Chain Services Transport & Logistics N.A. 1.60 Temasek Holdings Star AgriWareHousing & Collateral Management Limited Transport & Logistics N.A. 38.71

Peepul Capital Ecom Express Pvt Ltd Transport & Logistics N.A. 16.50

Aspada_Investment-George Soros’ Soros Economic Allfresh Supply Management Transport & Logistics N.A. 2.00 Development Fund

Angel Investors Holisol Logistics Private Limited Transport & Logistics N.A. 1.50

Capital Capital Raised Company Issue Price (INR) Equity offered Sector Raised (INR mn) (USD mn)

Sharda Cropchem Ltd 150 Agriculture & Forestry 3,383 56.39 22,555,124

Dhanuka Commercial Ltd 10 Banking & Financial Services 44.40 0.72 4,440,000

GCM Capital Advisors Ltd 20 Banking & Financial Services 90.00 1.45 4,500,000

SPS Finquest Ltd 75 Banking & Financial Services 250.80 4.05 3,344,000

Wonderla Holidays Ltd 125 Hospitality & Leisure 1,812.50 29.23 14,500,000

Tarini International Ltd 41 Infrastructure Management 163.10 2.63 3,978,000

Bansal Roofing Products Ltd 30 Manufacturing 20.40 0.33 680,000

Chemtech Industrial Valves Ltd 15 Manufacturing 7.43 0.12 495,200

Polymac Thermoformers Ltd 35 Manufacturing 77.00 1.24 2,200,000

RCI Industries and Technologies Ltd 40 Manufacturing 115.20 1.86 2,880,000

Capital Capital Raised Company Issue Price (INR) Equity offered Sector Raised (INR mn) (USD mn)

Suyog Telematics Ltd 25 Manufacturing 45.50 0.73 1,820,000

Bhanderi Infracon Limited 120 540,000 Real Estate 65 1.05

Unishire Urban Infra Ltd. 10 Real Estate 64.30 1.04 6,430,000

Agrimony Commodities Ltd 10 Retail & Consumer 30.20 0.49 3,020,000

Anisha Impex Ltd 10 Retail & Consumer 65.00 1.05 6,500,000

Krishna Prasadam 10 Retail & Consumer 21.60 0.35 2,160,000

Oasis Tradelink Ltd 30 Retail & Consumer 60.00 0.97 2,000,000

Oceanaa Biotek Industries Ltd 10 Retail & Consumer 21.00 0.34 2,100,000

R&B Denims 10 Retail & Consumer 37.10 0.60 3,710,000

Shri Krishna Prasadam Ltd 10 Retail & Consumer 21.60 0.35 2,160,000

Capital Capital Raised Company Issue Price (INR) Equity offered Sector Raised (INR mn) (USD mn)

Women's Next Loungeries Ltd 65 1,000,000 Retail & Consumer 65.00 1.05

Vishal Fabrics Limited 45 3,474,000 Retail & Consumer 156 2.52

Carewell Industries Ltd 15 3,304,000 Retail & Consumer 50 0.80

Karnimata Cold Storage Ltd 20 1,518,000 Transport & Logistics 30.36 0.49

SI. VI. Shipping Corporation Ltd 25 2,742,000 Transport & Logistics 68.55 1.11

Snowman Logistics 46 42,000,000 Transport & Logistics 1,932 32.20

Investment Investee Sector % Stake USD mn

Ashok Leyland Automotive N.A. 111.17

Dena Bank Banking & Financial Sector N.A. 59.03

City Union Bank Banking & Financial Services N.A. 58.00

Muthoot Finance Ltd Banking & Financial Services N.A. 70.90

SBI Banking & Financial Services N.A. 1,295.42

SKS Microfinance Limited Banking & Financial Services N.A. 68.00

YES Bank Banking & Financial Services N.A. 500.00

Karur Vysya Bank (KVB) Banking & Financial Services 104.2

N.A.

Banking & Financial Services N.A IDFC 166.7

Aban Offshore Energy & Natural Resources 25% 125.00

Investment Investee Sector % Stake USD mn

KSK Energy Ventures Ltd Energy & Natural Resources N.A. 66.67

GMR Infrastructure Infrastructure Management N.A. 246.17

J Kumar Infraprojects Ltd Infrastructure Management N.A. 23.00

JP Associates Infrastructure Management N.A. 250.00

Infrastructure Management N.A Jyoti Structures Ltd 16.7

Hinduja Foundries Limited Manufacturing N.A. 13.04

Shilpi Cable Manufacturing 15% 3.26

Real Estate Prestige Estates N.A. 100.0

Idea Cellular Ltd Telecom N.A. 500.00

Reliance Communications Telecom N.A. 801.40

Grant Thornton India LLP is a member firm within Grant Thornton International Ltd. The firm is one of the oldest and most prestigious accountancy firms in the country. Today, it has grown to be one of the largest accountancy and advisory firms in India with nearly 1,200 professional staff in New Delhi, Bangalore, Chandigarh, Chennai, Gurgaon, Hyderabad, Kolkata, Mumbai and Pune, and affiliate arrangements in most of the major towns and cities across the country.

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