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AB Electrolux 31 AV Birla Group 86 Accenture 55 AV Metals Inc. 81, 82–3 Active pharmaceuticals ingredients AV Minerals (Netherlands) 82–3 (APIs) 91, 93, 94 Adhingam Trading Private Bao Steel 58 Limited 25 Barr Pharmaceuticals (BRL) 101 Advanta B.V. 17 BASF 14, 98 Advanta India 21, 22 Bear Stearns International acquisitions of 15 Limited 94 Agrawal, Vineet 38, 47, 48 Bensulfuron-methyl 17 Agrochemical Beta Institut 94, 95 classification of 12 Betapharm Arzneimittel GmbH company sales, in 2007, 13 (Betapharm) 91, 94 global agrochemical industry Bharat Aluminium Co. Ltd 79 12–13 Bhattacharya, Debu 80, 84, 87, 88 Agrodan A/s 14, 17 Birla, Kumar Mangalam 76–7, 83 Ag Value Inc. 14, 17 BlueScope Steel Limited 116 (Australia) 51 Akai 29 BMS Laboratories 93 Alcan 77, 88 Brand Finance 115 Alcoa 88 British Wind Energy Association 66 Aleris 85, 86, 88 Brooks, Martha 77 Allianz Group 105 Brunner Mond (BM) 117, 121, Aluminium companies in India 123–4, 126 production, sales and market TCL’s acquisition of 123–5 share of 79 Bt cotton 13 ‘The Aluminium Store’ 77 BTM Consult ApS World Market American Natural Soda Ash Corp Update 69 (ANSAC) 125 Business intelligence (BI) Anglo-Dutch steel company 118 module 21 Anshan-Benxi 58 Business process reengineering Arcelor 2, 53 (BPR) 20 Arcelor-Mittal 54, 56, 57 Areva 71, 105, 107, 108, 110 Calcium chloride liquor 124 Asian economies 40–1 Cathode ray tubes (CRT) TV 25 21 market share for 29–30 Asulam, Trichlorfon & ODM 17 Cequisa 17, 20 Aura 77 Cerexagri 15, 16, 17, 19, 20–1 AVALON 19 Cheminor Drug Ltd (CDL) 91, 93 AV Aluminium Inc. 81, 82 ChrysCapital 74

139 140 Index

Cipla 100 company background 91–3 Citigroup Global Services 118 competition for 101 Citigroup Venture Capital corporate social responsibility International 74 (CSR) of 95 Clifford Chance 95 criticism of deal 97–8 Colour picture tube (CPT) 25, 26 future issues 100–2 Videocon’s acquisition of generic sales of 100 Thomson’s CPT 29 growth of 93–4 Comicrom 117 Indian pharma industry, impact Companhia Siderurgica Nacional on 99–100 (CSN) 1, 3–4 synergistic alliances with Compound Annual Growth Rate companies 93 (CAGR) 14 Convertible Alternative Reference Eagle Corporation Limited 31 Securities () 5 Earnings before interest, Corus Group 3, 54–5, 85, 118, depreciation, taxes and 119, 126 amortization (EBIDTA) 8 acquisition by Tata 1–9, 49, 51 Earnings Before Interest, Taxes, post-merger integration 6 Depreciation and Amortization bidding war between Tata and (EBITDA) 14, 18, 89, 95 CSN for 3–4 East Asian countries, GDP of 40 shareholders of 3–4 Economic Optimization of Crisil 84 Pharmaceutical Care Act 97 Cropserve (Pty) Limited 17 Electrolux Kelvinator Ltd (EKL) 31 Electronics Corporation of Tamil Daewoo Electronics 30 Nadu (ELCOT) 27 117 Enercon GmbH 68, 75 Darak, Rajendra 16 Enterprise resource planning (ERP) Dense soda ash system 19, 21 121, 124 Esparma 100 Devrinol 17, 23 Everlast 77 Devrinol Japan 17 Evofarms 17 Devrinol ROW 17 Dhoot, Venugopal 34 Fast moving consumer goods Docpharma 100 (FMCG) category 37, 41–2 Dow AgroSciences 14 growing Indian market for 41–2 Dr Reddy’s Foundation (DRF) 92 penetration levels 41, 43 Dr Reddy’s Laboratories Limited WCCLG in 42–3 (DRL) 91 FMC Wyoming Corporation 121, Betapharm, acquisition of 94–5 122 claimed synergies, from Ford Motors 126 acquisition 95–7 Foxpro 19, 21 post-acquisition 98–9 ‘Freshfields Bruckhaus Deringer’ 95 reasons for interest in 94 from 3i Group PLC 94–5 Gamesa Corporación biogenerics, business of 101 Tecnológica 68, 111 Index 141

Gandhi, Arun 4 performance evaluation 88–9 Garrison Townsend 15 post acquisition 82–6 GE 69 rationale for 78–81 Gemplex 117 stock market reaction 83–4 General Chemical and Industrial valuation concerns 84–6 Products (GCIP) 113, production capacity 78 119, 123 profit after tax (PAT) of, in market share added by 120 2006 77 TCL’s acquisition of 125–7 subsidiaries General Chemical Group 123 AV Aluminium Inc. 81, 82 GHCL 121, 122 AV Metals Inc. 81, 82 Global agrochemical industry 12 AV Minerals (Netherlands) 82 profile and trends 12 Hind Lever Chemicals (HLCL) 119 Global Wind Energy Council Ltd 43 (GWEC) 62 Hiren Aluminium Ltd 79 Golden 15 Hispano Carrocera 117 Goldwind (Jinfeng) 68 Hydro power Good Earth 117 costs of 65 Granular soda ash 121 Hyundai electronics 29 Green River Basin 121 ‘Group of Four’ (Go4) 15–16 Icona 17, 21 Imperial Chemical Industries (ICI) Hansen Transmissions International 123 NV 70–1, 103, 104–5 INCAT International 117 Suzlon’s acquisition of 70–2, 105 Indian FMCG market 41 achievements 111 Indian Hotels 114, 117, 118 management teams, Indo Maroc Phosphore 117 augmenting 109 Integrated business model 107 post-merger integration 108–9 Intellectual property (IP) 17, 18, 92 rationale for 106 stock markets reaction 110 Jaguar Land 115, 118, 119, valuation and due diligence 125 108 Jamshedpur Harbinger Capital 123 R&D Centre 59 Heumann Pharma 100 Tata Steel in 1, 50 Limited 76, JEMCA 118 77, 79 JFE Steel Corporation 57, 58 background 77–8 Joekels Tea Packers 118 entry into global leaders’ club 81 Jubilant Life Sciences 100 Novelis, acquisition of 81–2 deal financing 82–3 Kerrigan, John 123 due diligence 86 Kim, K. R. 35 funding sources 83 Kohli, Ajay 80–1 future 89–90 opportunities and challenges, Laiwu-Jinan 58 integration of 86–8 118, 119, 125 142 Index

LCD TVs Natural gas 27 global TV shipments for 29 comparison with wind power 66 in India 30 Natural soda ash 121, 122, 123, Legal environment 124, 125, 127 for renewable market 66–7 Nestle 116 Lenacil, Cloradizon 17 New Chemical Entities (NCEs) 101 Leng, Jim 55 New York Stock Exchange (NYSE) Leveraged buyout (LBO) 84, 78, 84, 93 85, 116 Niedermaier, Wolfgang 96, 97 LG electronics 27 Nippon Sheet Glass Co. Ltd 122 Light soda ash 121, 124, 126 Nippon Steel 57, 58 London Metal Exchange (LME) 77, Nirma 121, 122 80, 90 Norilet 91 Longreach 15 Norsk Hydro 88 North America 29, 70, 72, 77, 78, Madras Aluminium Co. Ltd 79 81, 125 Management information system Corus Group shareholders in 3 (MIS) 19 Novartis 101 Martifier 71, 105, 106, 107, 108, 109 Novelis Inc. 76, 87 Matrix Laboratories Ltd 100 acquisition of, by Hindalco 81–2 MAXIMO 19 deal financing 82–3 Merck 100 due diligence 86 Mergers and acquisitions process funding sources 83 104–6 future 89–90 Meridian Healthcare Ltd 93 opportunities and challenges, Millennium Steel 5, 51, 55, 118 integration of 86–8 Million tonnes per annum (MTPA) performance evaluation 88–9 1–2, 122, 124, 125 post acquisition 82–6 Mittal, Lakshmi 2 rationale for 78–81 Mittal Steel 53 stock market reaction 83–4 merging with Arcelor 5, 53 valuation concerns 84–6 Mohan, Madhav 16 background 77–8 Moody’s Investor Services 5 natural hedge for Hindalco 88 MTM Agrochemicals Limited (MTM) production capacity 78 11, 14, 17, 18, 20, 23 Mukherjee, Saion 95 OCI Chemicals 122 Multi-brand strategy of Videocon OCI Wyoming LP. Solvay Chemicals 28–9 121 Multinational corporation (MNCs) Offshore wind power 31, 68, 71 11, 21, 25, 27, 28–9, 35, 36 costs of 66 Muthuraman, Balasubramanian Omez 91–2 4, 59 Omezaprozole 91 Mylan Laboratories (MYL) 101 Onida 27 Onshore wind power National Aluminium Co. Ltd 79 costs of 66 NatSteel 2, 50, 55, 117 Oracle DBMS 19 Index 143

Pacific Hydro 74 valuation and due diligence Pearl Group 117 107–8 Per capita consumption, in India Rhodia Pharma 100 41, 42 Ritz-Carlton Hotel 118 Perlecan Pharma 93 Rohra, Anil 16 Petrocon India Limited 32 Rolled products business 88 93 Rothschild 95 Philips 25, 27 Phillips McDougall Agroservices 12 Sal Oppenheim 94 hotel 117 Samsung 25, 27 Plant growth factors (PGFs) 23 Sansui 29 Plant growth regulators (PGRs) Santoor soap 38, 39, 43, 45, 47 11, 23 Sara Lee 116 Plasma TVs 29 Satyam Infoway (Sify) 21 Pohang Iron and Steel Company Saurashtra Chemicals 122 (POSCO) 57–8 Sawyer, Steve 62 Poland, manufacturing in 34 Searles Valley 122 Prasad, G. V. 93, 96, 101–2 Shasun Chemicals 100 Premji, Azim 40 Shroff, Jai 16 ‘Production tax’ concept 104 Shroff, R. D. 10 Propanil 17 Shroff, Vikram 16 Protectors 12 Siemens 69 acquisitions by 69 Ranbaxy 21, 93, 94, 97, 100 Soda ash 113, 115, 119, 120–1, Ravva Oil and Gas 27, 32 123–7 Raye, Aumit 89 competition in industry 121–3 Reddy, Anji 91 Sodium bicarbonate 123, 124, 126 Reddy, Satish 93, 96, 99 Solvay Chemical Inc. 120, 121, Renewable market 66 122, 125 legal environment for 66–7 Sony 27, 30 Renewable Obligation, in UK 67 South-East Asian countries, GDP Renewable Portfolio Standard (RPS) of 40 104 Specialty drugs 93 in US, 67 Srivastava, K. R. 16, 21 Reposo S. A. 17, 20 Standard and Poor’s rating REpower (Germany) 70–2, 103, service 5 104 Starwood Group 117 achievements 111–12 Stauffer Chemicals 10 Suzlon’s acquisition 105–6 Steel industry, overview of 2, 49, dealing with stakeholders 110 52–4, 57, 60 management teams, Steel prices, in India 53 augmenting 109 Stimulants 12 post-merger integration 108–9 Suedwind 70 rationale for 106, 107 Sumitomo Corp. 122 stock markets reaction Supertin, Vendex 17 110–11 Surflan 17 144 Index

Suzlon Energy Ltd 61, 103, 112 Synthetic soda ash 119, 120, 121, achievements 111–12 122, 124, 127 acquisition of Hansen Transmissions and REpower Tanti, Tulsi 61, 103, 105, 107, 108, 70–2, 105–6 109, 110, 111 dealing with stakeholders 110 about acquisitions 70 management teams, ambitions of 61 augmenting 109 emphasis post-merger integration 108–9 on innovation 63 rationale for 106–7 research and development 64 stock markets reaction 110–11 vision 70 valuation and due diligence see also Suzlon Energy Ltd 107–8 Target Research 100 backward integration 72–4 Tata, Jamsetji 1 business strategy 62 Tata, Jehangir Ratanji Dadabhoy in China 73 50, 116 company background 61–2, Tata, Ratan 4, 5, 8, 55, 60, 113, 103–4 116, 118, 127 competitive advantage of 64 Tata Chemicals (TCL) 50, 113, dilemma 74–5 115, 117 global market share of 69 Brunner Mond (BM) acquisition headquarters in 69 123–5 innovation, on research and competition in soda ash development 64 industry 121–3 leading players and continuing the tradition 120 competitors 67–9 General Chemical Industrial M&A as a technology Products (GCIP) acquisition development strategy 118, 119, 120, 125–7 104–6 soda ash manufacturing 120–1 market share in India 69 118 operations of 69–70 115, 117 out-of-India sales 74 Tata Consulting Services (TCS) performance of 74–5 50, 115 post acquisitions 73 Australian Financial Network product portfolio 63–4 Services, acquisition of 117 research and development Citigroup Global Services, activities 73 acquisition of 118 risks and challenges 75 Pearl Group, acquisition of 117 wind energy Tata–Corus merger 1, 8–9, 49 benefits of 64–5 acquisition process 4 economic perspective and background 2–3 growth trends in 65–6 bidding 4 global distribution, of wind competitors 57–8 market 62, 63 deal, issues and challenges of legal environment 66–7 54–7 market 62–3 deriving synergies 7–8 SWAL Corporation 17, 18, 19 in Europe 51, 59 Index 145

EV/EBITDA 56 local and global production 2 financing 5, 6 recognition for 52 funding structure 85 steel deals 1997–2006 54 future 58–60 Tata Tea 50, 114, 115, 116, 117, Global steel ranking 54 118 initial offer 3 117 post-merger integration 6–7 Teleglobe International 117 production capacity of 57 Tertia Edusoft Gmbh 118 rationale 3–4 Tetley 116, 118, 119 raw material self-sufficiency, Thomson SA 25, 30–1, 31–2, 33 increasing 55 3i Group PLC (3i) 91 reasons for 2–3 Tiscor 50 steel industry overview 52–4 Tiscrom 50 stock market reactions, after Limited acquisition 8 100 valuation and due diligence 4–6 Toshiba 29 Trigenesis 93 acquisition deluge 117–19 Trimethyl phosphate (TMP) 10 acquisition of so many companies TRIPS (Trade Related Aspects of 127–8 Intellectual Property Rights) business operations of 114 agreement 92 company background 49–52, Trona 121, 125 113–15 growth through Uberoi, Raman 84 acquisitions 115–17 Unicorn 15 inorganic expansion of, in Europe United Phosphorus Ltd (UPL) 10 and America 115 acquisitions of 17 major companies of 114 approach 15–18 Tata Industries 50 as business process 23–4 Tata Interactive 118 versus strategic alliances 23 50, 114, 115, 117, administrative costs of 22 118, 119, 125 Cerexagri acquisition 15, 16, 19, 5 20–1 Tata Steel 1, 50, 115, 117, 118 company background 10–12 agreement with BlueScope Steel global acquisitions 14–15 Limited 51 position of, in global market background 1–2 (in 2007) 12–13 bidding up with Companhia growth model 14 Siderurgica Nacional (CSN) 1 integration for Corus 3–4 divestiture and retention 23 Corus deal, see Tata–Corus merger information technology financial performance 51 approach 19–21 foreign acquisitions 2 manufacturing approach 21–3 global acquisitions 2 ‘soft’ approach 18–19 inspiration for 2 international business greenfield projects 50 (in 2001) 20 international acquisitions 50–1 international subsidiaries 20 146 Index

United Phosphorus Ltd (UPL) – in 30 continued Petrocon India Limited, IT strategy 20 amalgamation of 32 manufacturing sites in 11 post-merger integration 32–4 products of 11 professional management 35 strategy 13–14 rationale 29–31 subsidiary offices of 11 valuation and due diligence 31–2 Unza Holdings 39, 40, 45 Unza India Inc., Wipro’s acquisition Western India Vegetable Products of, see Wipro’s acquisition of Limited 37 Unza India Inc. Wind energy US Eight O’Clock Coffee Company benefits of 64–5 118 economic perspective and growth US Tyco Global Networks 117 trends in 65–6 global distribution 62, 63 Varin, Phillippe 3, 56 legal environment 66–7 Vestas 67, 75, 111 market 62–3, 65 Videocon 25, 35–6 new players, involvement of 66 acquisition structural changes of 66 of AB Electrolux 31 Wind turbine generators (WTG) of Daewoo Electronics 30 63, 65, 103, 106 of Eagle Corporation 31 Wipro Consumer Care and Lighting of Electrolux Kelvinator Ltd 31 (WCCLG) 47 of Thomson’s CPTs 29, 30–1 acquisitions in 2003–7 39 background 25–8 B2B institutional lighting business strategy 28–9 profile 38 in China 30 in FMCG space 42–3 colour television market, market furniture division of 39 share in 27 post-acquisition of Unza competition with MNCs 28–9 Holdings 38–9 core activities 26 product portfolio of 38 distribution network within Wipro Limited India 28 acquisition strategy of 40 domestic market 28 business segments of 38 family-based management 34–5 company background 37–8 in glass shell industry 26–7 compounded annual growth rate global business activities 35 (CAGR) of 37–8 in Italy 31 growth through acquisitions low-cost manufacturing 30 39–40 major events 26 Wipro’s acquisition of Unza India in Mexico 30 Inc. 37, 38–9, 47–8 multi-brand strategy 28–9 cultural fit 44 advantages and human resources and disadvantages 29 management-related in oil and gas production and reasons 44 exploration 27–8 financial fit 44–5 in Poland 30, 34 profitable operations of Unza 44 Index 147

valuation and due strategic fit 40–4 diligence 45 economic reasons 40–2 post-acquisition assimilation 45 marketing reasons 42–3 financial reporting 46 operational reasons 43–4 human resource Wockhardt 100 assimilation 45 marketing activities, Zeneca 14 assimilation of 46–7 Zocor 100