Dealtracker Providing M&A and Private Equity Deal Insights

July 2013 Volume 9.7 Dealtracker Providing M&A and Private Equity Deal Insights

Deal Round Up July 2013 July Deal Summary Deal Summary Volume Value (US$ mn) Highlights July 2011 2012 2013 2011 2012 2013 Domestic 19 17 21 71 281 237 • the total M&A, and PE deals in the month of July 2013 were valued at US$2.31 Cross Border 23 26 16 2,881 2,005 671 billion (83 deals) as compared to US$2.50 billion (76 Deals) and US$3.69 billion Mergers & Internal Restructuring 6 1 3 - 5 595 (83 Deals) in the corresponding month of 2012 and 2011 respectively Total M&A 48 44 40 2,952 2,291 1,503 • the cross border deals in July 2013 experienced a drop compared to July 2012 PE 35 32 43 741 210 804 both in value and volume. This was seen due to 2 large outbound deals in July Grand Total 83 76 83 3,693 2,501 2,307 2012 (GMR Group - United Fiber System for US$598 mn and Sahara Group - Cross Border includes Plaza Hotel for US$570mn) together amounting to US$1,168 mn. Inbound 10 8 7 1,497 131 48 Outbound 13 18 9 1,384 1,874 623 • the Year To Date (“YTD”) M&A deal value in 2013 was US$15.43 billion, down by Year to Date Deal Summary 38% from US$ 25.08 billion during the corresponding period in 2012. However, Deal Summary Volume Value (US$ mn) excluding internal mergers and restructuring deals, the YTD M&A deal values Year to Date 2011 2012 2013 2011 2012 2013 has increased by 36% to levels seen in YTD July 2012

Domestic 108 149 137 3,470 3,414 3,337 • the YTD 2013 PE deal value was US$6.71 billion (247deals) up by 67% Cross Border 168 150 130 29,358 7,118 10,991 compared to YTD July 2012 PE deal values. Mergers & Internal Restructuring 85 70 29 - 14,549 1,099

Total M&A 361 369 296 32,828 25,081 15,428 • M&A Deal of the Month: Ambuja Cements(ACC) acquired a stake in Holcim PE 230 251 247 6,243 4,008 6,707 India Grand Total 591 620 543 39,072 29,089 22,135 Cross Border includes • PE Deal of the Month: Naspers, Tiger Global, Accel Partners, ICONIQ Capital Inbound 68 84 72 21,990 3,105 4,159 invested $200 million in Flipkart Online Services. Outbound 100 66 58 7,368 4,014 6,832 Total Deal Value 12 Month Trend Total Deal Volume 12 Month Trend

8 100

6 80 60 4 7 89 89 90

40 81 72 74 74 72 77 73 83 Value (US$ bn) Value

2 DealsNumber of 3 4 3 3 4 20 48 3 2 2 1 2 2 - -

Mergers & Acquisitions

Top 5 Deals M&A Ranges Top M&A Sectors

Sector Volume US$ mn % Acquirer Target % Stake US $ mn Cement 1 585 39% $500m - $999.9m 2 Pharma, Holcim (India) Pvt Ltd Healthcare & 4 527 35% Ambuja Cements holding arm of Holcim N.A. 585 Biotech Cipla Ltd Cipla Medpro 100% 512 $50m - $99.9m 1 Banking & Shriram City Union Financial 3 122 8% Shriram Capital Finance 7% 85 Services Ramky Enviro Plastic & 4 47 3% Engineers Ltd <49.9 m 14 Chemicals subsidiary of Ramky Enviropacific Infrastructure 2 46 3% Enviro Engineers Ltd Services Pty Ltd 100% 41 Management Deepak Fertilisers & Value not disclosed 23 Petrochemicals Mangalore Chemicals Top 5 M&A deals accounted for Corporation Ltd & Fertilizers Ltd 25% 33 84% of the Total M&A deal values. 0 10 20 Private Equity

Top 5 Deals PE Ranges Top PE Sectors

Investor Investee % Stake US $ mn $100m - $499.9m 2 Sector Volume US$ mn % Naspers, Tiger Global, Accel IT & ITeS 20 260 32% Partners, ICONIQ Flipkart Online Automotive 2 172 21% Capital. Services N.A. 200 $50m - $99.9m 2 Banking & Agile Electric Sub Financial 4 120 15% Assembly Pvt Ltd- Services Igarashi Motors India Real Estate 5 103 13% <49.9 m 32 Blackstone Limited 98% 110 FMCG, Food & 2 50 6% Lulu Group- Beverages Yusuffali M A Federal Bank 1% 73 Citi Venture Capital Sansera Value not disclosed 7 International Engineering Pvt Ltd N.A. 62 Top 5 PE deals accounted for 61% Indiareit Fund of the Total PE deal values. Advisors Ariisto Realtors N.A. 42 0 20 40

Deal of the Month – Holcim – Ambuja Internal Restructuring

Ambuja Cements acquired stake in Holcim (India) Pvt Ltd, the holding arm of Holcim Ltd for $585 million

About the companies

Ambuja Cements manufactures and sells cement in India and internationally. It primarily offers Portland pozollana cement and ordinary Portland cement. The company was formerly known as Gujarat Ambuja Cements Ltd. and changed its name to Ambuja Cements Limited in April 2007. Ambuja Cements Limited was founded in 1983 and is headquartered in Mumbai, India. Ambuja Cements Limited operates as a subsidiary of Holcim Ltd.

Holcim (India) Pvt Ltd Holcim (India) Private Limited produces and distributes cement and aggregates, concrete and construction material. The company was incorporated in 2002 and is based in New Delhi, India. It is a 100% subsidiary of Holcim Ltd

Transaction Terms: According to the arrangement, in a two-step process, Ambuja Cements will acquire 24% in Holcim (India) for INR 3,500 crore cash - followed by a stock merger between the two. At present, Holcim India directly holds 9.8 per cent stake in Ambuja and 50.01 per cent in ACC. Ambuja Cement would issue its 584 million shares to Holcim Ltd for the balance 76% stake in Holcim India. Eventually, Holcim India’s 9.8% stake in Ambuja Cement will be cancelled.

With this, Holcim's stake in Ambuja Cements will rise from 50.55 per cent to 61.39 per cent. Ambuja, in turn, will buy Holcim's stake in ACC. In other words, once the deal is done, ACC will become a subsidiary of Ambuja Cements.

The transaction is subject to Ambuja’s shareholder and regulatory approvals in India. Ambuja expects to hold a meeting to approve the transaction in fourth quarter of calendar year 2013.

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I. Domestic Deals

Acquisition price Acquirer Target Sector (US$ mn) Deal Type % Stake

HIM Teknoforge Ltd Gujarat Automotive Gears Ltd Automotive 3.60 Majority Stake 55.00%

Increasing stake Swelect Energy Systems Ltd Amex Alloys Pvt Ltd Automotive N.A. to 100.00% 8.00%

Canara Bank Ltd Brickwork Ratings India Pvt Ltd Banking & Financial Services N.A. Minority Stake 10.00%

Increasing stake Shriram Capital Shriram City Union Finance Banking & Financial Services 84.91 to 61.80% 6.85%

Dewan Housing Finance DLF Pramerica Life Insurance Corporation Ltd, Promoters Company Ltd Banking & Financial Services N.A. Majority Stake 74.00%

Mawana Foods Ltd subsidiary of Usha International Ltd Mawana Sugars Ltd FMCG, Food & Beverages 1.36 Majority Stake 65.03%

Lemon Tree Hotels The Clarion Hotel Hospitality 11.64 Majority Stake 50.49%

Kalindee Rail Nirman Engineers Texmaco Rail and Engineering Ltd Ltd Infrastructure Management 4.85 Strategic Stake 24.90%

Rocket Science Technologies- ValueFirst Digital Media Pvt Ltd Buyt.in IT & ITeS 1.00 Minority Stake N.A.

CapitalVia Global Research Ltd DreamGains Financials India IT & ITeS N.A. Acquisition

I. Domestic Deals

Acquisition price Acquirer Target Sector (US$ mn) Deal Type % Stake

Bluelemon Technologies Pvt Ltd- Media, Entertainment & HT Mobile Solutions Ltd Webitude Publishing N.A. Acquisition

Vas Infrastructure Ltd Pushpanjali Drums Pvt Ltd Others N.A. Merger N.A.

Narayana Hrudayalaya Dental Axiss Dental Pvt Ltd Clinic Pvt Ltd Pharma, Healthcare & Biotech N.A. Acquisition

Mangalore Chemicals & Fertilizers Increasing stake Zuari Fertilisers & Chemicals Ltd Ltd Plastic & Chemicals 4.55 to 13% 3.00%

Deepak Fertilisers & Mangalore Chemicals & Fertilizers Petrochemicals Corporation Ltd Ltd Plastic & Chemicals 32.55 Minority Stake 24.50% Punjab Chemicals and Crop Protection Ltd - Agro formulation Coromandel Agrico Pvt Ltd division Plastic & Chemicals N.A. Acquisition

DLF's wind turbine unit in Goyal MG Gases Pvt Ltd Karnataka Power & Energy 5.45 Acquisition

SJVN Ltd Buxar Bijlee Company Pvt Ltd Power & Energy N.A. Acquisition Godrej Palm Grove-Godrej Sea Godrej Properties View Properties Real Estate N.A. Strategic Stake 49.90% Godrej Eternia- Godrej Estate Godrej Properties Developers Real Estate N.A. Strategic Stake 49.00% Qualcomm India Pvt. Ltd. - four Indian broadband wireless access Increasing stake Bharti Airtel entities Telecom N.A. to 51.00% 2.00%

II. Inbound Deals

Acquisition price Acquirer Target Sector (US$ mn) Deal Type % Stake

Sansera Streparava Engineering Increasing stake Streparava Holding SPA Pvt Ltd Automotive N.A. to 100.00% 51.00%

Al Dahra International Investment LLC Kohinoor Foods Ltd FMCG, Food & Beverages 22.18 Minority Stake 20.00%

Increasing stake Avis Budget Group Inc Mercury Car Rentals Ltd Hospitality 3.27 to 60.00% 27.00%

CameronTec Intressenter AB E2E Infotech (India) Pvt Ltd IT & ITeS N.A. Acquisition

Increasing stake Fibreweb Geosynthetics Terram India Manufacturing 3.00 to 65.00% 39.00%

Tata McGraw-Hill Education Pvt Media, Entertainment & McGraw-Hill Education Inc Ltd Publishing N.A. Minority Stake N.A.

Sika AG Texsa India Ltd Plastic & Chemicals N.A. Acquisition

III. Outbound Deals

Acquisition price Acquirer Target Sector (US$ mn) Deal Type % Stake

Hero MotoCorp Erik Buell Racing LLC Automotive 25.00 Strategic Stake 49.20%

F M Patong Development Panoramic Universal Ltd Company Ltd Hospitality N.A. Majority Stake 95.00%

Ramky Enviro Engineers Ltd subsidiary of Ramky Enviro Engineers Ltd Enviropacific Services Pty Ltd Infrastructure Management 41.00 Acquisition

Eka Software Solutions Pvt Ltd Matrix Group IT & ITeS 20.00 Acquisition

ONS Interactive Solutions Revosys Corp IT & ITeS N.A. Acquisition

Waaree Group Cesare Bonetti SPA Manufacturing N.A. Acquisition

NutraHealth Ltd unit of Elder Pharmaceuticals Max Healthcare Ltd Pharma, Healthcare & Biotech N.A. Acquisition

Cipla Ltd Cipla Medpro Pharma, Healthcare & Biotech 512.00 Acquisition

Kemwell Biopharma Cirrus Pharmaceuticals, Inc Pharma, Healthcare & Biotech N.A. Acquisition

IV. Mergers & Internal Restructuring Deals

Acquisition price Acquirer Target Sector (US$ mn) Deal Type % Stake

Holcim (India) Pvt Ltd holding Internal Ambuja Cements arm of Holcim Cement 585.00 Restructuring N.A.

Internal Zandu Realty Ltd Emami Realty Ltd Real Estate N.A. Restructuring N.A.

Parsvnath Hessa Developers Pvt Internal Parsvnath Developers Ltd Ltd Real Estate N.A. Restructuring N.A.

V. Private Equity

Investment Value in Investor Investee Sector % Stake US$ mn

Citi Venture Capital International Sansera Engineering Pvt Ltd Automotive N.A. 61.82

Agile Electric Sub Assembly Pvt Ltd- Blackstone Igarashi Motors India Limited Automotive 98.00% 110.00

Baring PE India Manappuram Finance Banking & Financial Services 2.08% 0.33

Everstone Hinduja Leyland Finance Ltd Banking & Financial Services N.A. 33.50

PremjiInvest Tata Capital Banking & Financial Services N.A. 13.64

Lulu Group- Yusuffali M A Federal Bank Banking & Financial Services 0.78% 72.73

Gaja Capital Partners Eurokids International Education N.A. 8.30

India Value Fund Advisors VKL Seasoning & Flavors Pvt Ltd FMCG, Food & Beverages N.A. 40.00

Quadria India Capricorn Food Products India Ltd FMCG, Food & Beverages N.A. 10.00

Arisaig Partners Westlife Development Ltd Hospitality 3.47% 30.00

National Collateral Management Services Rabo Equity, IFC, IFFCO Ltd IT & ITeS N.A. 10.00

Temasek Just Dial Pvt Ltd IT & ITeS N.A. 7.00

V. Private Equity

Investment Value in Investor Investee Sector % Stake US$ mn

Kalaari Capital Robosoft Technologies Pvt Ltd IT & ITeS N.A. 3.70

Jungle Ventures, LionRock Capital, Unitus Seed Fund Milaap Social Ventures IT & ITeS N.A. 1.10

UK-based angels Cashkaro IT & ITeS N.A. 0.82

Angel Funding Knimbus Online Pvt Ltd IT & ITeS N.A. 0.55

MaxHeap Technologies- Accel India, Tiger Global Management Commonfloor.com IT & ITeS N.A. 7.50

VentureNursery Klip.in IT & ITeS N.A. N.A.

Angel Funding Flat Dot To Technologies Pvt Ltd IT & ITeS N.A. N.A.

Angel Funding Zing Ecommerce Pvt Ltd-IndusDiva.com IT & ITeS N.A. N.A.

Naspers, Tiger Global, Accel Partners, ICONIQ Capital. Flipkart Online Services IT & ITeS N.A. 200.00

Tata Capital Innovations Fund Anoosmar Technologies Pvt Ltd- Vaultize IT & ITeS N.A. N.A.

Angel Funding ZoomCar India Pvt Ltd IT & ITeS N.A. 0.04

PowerStores E-Commerce Pvt Ltd- Unnammed Investor PowerStores IT & ITeS N.A. 2.00

V. Private Equity

Investment Value in Investor Investee Sector % Stake US$ mn

Orios Venture Partners, India Internet Group, Blume Ventures, Indian Angel Xerico Technologies Pvt Ltd- investors SnapLion.com IT & ITeS N.A. N.A.

BigFoot Retail Solutions Pvt Ltd- 5ideas Startup Superfuel, 500 Startups KartRocket.com IT & ITeS N.A. N.A.

Intelligent Shoppro Pvt Ltd- Angel Funding TheShoppingPro.com IT & ITeS N.A. 0.04

Kalaari Capital, Inventus Capital BEBB India Pvt Ltd- Power2SME IT & ITeS N.A. 6.00

Tandem Capital's Habit Fund III Shoptimize IT & ITeS N.A. N.A.

Snapdeal founders Zumbl Services Pvt Ltd- Zumbl.com IT & ITeS 100% 0.02

CLSA Capital Partners Luminous Water Technologies Pvt Ltd Manufacturing N.A. 9.20

Media, Entertainment & Providence Equity, Macquarie Bank Hathway Cable & Datacom Ltd Publishing 2.60% 20.00

Matrix Partners Centre for Sight Pvt Ltd Pharma, Healthcare & Biotech N.A. 5.00

StanChart PE Fortis Healthcare Ltd Pharma, Healthcare & Biotech N.A. 13.50

Shead Holdings, Xcode Life Sciences Pvt Ltd Pharma, Healthcare & Biotech N.A. 0.18

Tata Capital Innovations Fund Pluss Polymers Pvt Ltd Plastic & Chemicals N.A. 2.73

V. Private Equity

Investment Value in Investor Investee Sector % Stake US$ mn

Xander Finance Century Real Estate Holdings Pvt Ltd Real Estate N.A. 8.91

ASK Property Investment Advisors Residential project of ATS group Real Estate N.A. 26.73

Indiareit Fund Advisors Ariisto Realtors Real Estate N.A. 42.00

Omkar Realtors & Developers at Reliance Capital PMS Bhoiwada Real Estate N.A. 13.30

V Raheja - Residential project located at Aditya Birla Real Estate Fund Andheri Real Estate N.A. 12.50

Baring Private Equity Vardhman Textiles Ltd Textile & Apparels 2.00% 5.00

Page Industries, Nalanda Capital Lovable Lingerie Ltd Textile & Apparels 5.00% 4.55

VI. QIP

Investment Value in Investor Investee Sector % Stake US$ mn

Unnammed Investor Sundaram-Clayton Ltd Automotive N.A. 6.74

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.

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