Investment Chronicle

January – March 2017

skpgroup.com Contents INVESTMENT CHRONICLE: January – March 2017

Foreword 03

Quarterly Compass 04

Deal Trends 05

Sectoral Insights 06

Mergers and Acquisitions 08

Equity Investments 11

Private Equity Exits 13

The Indian Terrain 15

Cross-border Transactions 16

SKP Transaction Advisory 17 Acknowledgment Harshal Choudhary Ruchita Rathor Publications 18 Kritika Rathi

Disclaimer: SKP’s Investment Chronicle summarises the list of deals announced based on information available in the public domain and the VCCEdge database. For our analyses, we have referred to information from media reports, the Department of Industrial Policy and Promotion (DIPP), the Reserve Bank of India (RBI) and other government sources. Foreword INVESTMENT CHRONICLE: January – March 2017

We are pleased to present the fifth edition of SKP Investment Chronicle – our Even as investors continue to cautiously evaluate opportunities with a shifting focus quarterly update that focuses on the deal-making landscape in India, comprising on profitability and sustainability, equity investments appear to be gradually moving Mergers and Acquisitions (M&As) and Equity Investments and Exits. In this report, along a growth trajectory. An abundance of funds coupled with viable investment we look at India’s transactions arena in the first quarter of 2017. prospects hopes to bring about an improvement in this segment in 2017. Private equity exits this year are also expected to follow the trends of 2016. Existing 2016 ended by surpassing the milestones of last five years, with M&As witnessing investors are increasingly opting for alternative exit routes as these avenues record high deals on account of consolidation. The first quarter of 2017, armed with reciprocate with returns and liquidity currently unavailable in private markets. the Vodafone-Idea merger, began with breaking these records.

At USD 23 billion from 567 deals, the overall performance of the deal landscape did not deviate much from the momentum set by the previous two quarters. The wave of consolidation and debt reduction driven transactions is expected to continue this year too as market players get ready to secure their position in an increasingly competitive environment.

Deepti Ahuja Senior Partner and Vice President Global Sales, Business Advisory, Indirect Tax and Transfer Pricing SKP Business Consulting LLP

Deal Value Mix USD million Average Average Particulars Movement 2016 Q4 2016 Q1 2017 M&A Deal EInv Deal Mergers & Acquisitions 59,770 20,491 15,997 -22% Value Value Equity Investments 13,360 4,707 5,547 18% USD 70.78 USD 21.01 million Private Equity Exits 6,850 1,048 1,563 49% million Total 79,880 26,246 23,107 -12% Top M&A Top EInv Top PEE Source: SKP analysis Deal value Deal value Deal Value

USD 12.40 USD 1.80 USD 0.19 billion billion billion

Emerging Hot Sector Segment Deal Volume Mix Fintech Telecommuni Particulars 2016 Q4 2016 Q1 2017 Movement* cation Mergers & Acquisitions 918 224 226 1%

Equity Investments 1,212 289 264 -9% Top Top Indian Top FDI Private Equity Exits 245 47 77 64% Outbound State by Inflow by Partner deal value Sector Total 2,375 560 567 1%

Source: SKP analysis Finland Maharashtra Service

* The movement mentioned above is a comparison between Q4 2016 and Q1 2017. M&A EInv M&A - Merger & Acquisitions CAGR CAGR EInv - Equity Investments (4 years) (4 years) PEE - Private Equity Exits 26% 20%

(All figures in USD Million) Overview Mergers And Acquisitions

PEE M&A Outbound Inbound Domestic 277 EInv 1,188 2,738 M&A 2,729 2,437 2,598 1,048 653 4,707 1,563 285 1,055 1,092 5,547

20,431 13,823 2,014 24,635 1,393 1,836 3,381 20,491 1,060615 2,240 631 13,565 15,997 5,197 2,674 149 435 433 721 8,924 1,404 2,298 4,856 4,706 5,720 3,578 1,826 2,965 Q1 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q1 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Equity Investments (EInv) Private Equity Exits Others Venture Capital & Debt Public Equity Private Equity Others Secondary Sale Open Market M&A

661 365 2,180 32 1,061 639 1,676 254 591 180 388 170 661 131 410

145 © 348 67 2017 1,122 434 303 233 31 38 516 BusinessSKP Consulting LLP. 824 1,745 65 40 452 1692 2,885 1,483 468 2,512 978 287 1,306 1118 715 1,419 1,184 745 961 501 250 41 45 Q1 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q1 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

Source: SKP Analysis Sector Insights INVESTMENT CHRONICLE: January – March 2017

Consumer Staples Industrial M&A USD 4 million 12 Deals M&A USD 265 million 31 Deals

Einv USD 60 million 16 Deals Einv USD 414 million 18 Deals

PEE USD 5 million 5 Deals PEE USD 205 million 7 Deals

Consumer Discretionary Information Technology M&A USD 476 million 24 Deals M&A USD 1,290 million 62 Deals

Einv USD 256 million 43 Deals Einv USD 490 million 142 Deals

PEE USD 209 million 10 Deals PEE USD 3 million 18 Deals

Healthcare Telecommunication Bird’s M&A M&A USD 12,645 million 4 Deals Eye View USD 490 million 25 Deals Einv USD 1,003 million 3 Deals Einv USD 300 million 15 Deals

PEE USD 215 million 3 Deals PEE USD 313 million 12 Deals

Energy Materials M&A USD 5 million 3 Deals M&A USD 242 million 22 Deals Einv - -

Einv USD 15 million 2 Deals ©

PEE - - 2017 PEE USD 1 million 2 Deals SKP BusinessSKP Consulting LLP. Financials Utilities M&A USD 311 million 33 Deals M&A USD 270 million 10 Deals Einv USD 2,846 million 21 Deals Einv USD 163 million 4 Deals PEE USD 613 million 19 Deals PEE Undisclosed 1 Deal M&A - Merger & Acquisitions EInv - Equity Investments PEE - Private Equity Exits Source: SKP Analysis Sector Insights INVESTMENT CHRONICLE: January – March 2017

Sectoral Panorama USD million

Q1 2015 Q1 2016 Q4 2016 Q1 2017 Weights Movement in Sector Value Deals Value Deals Value Deals Value Deals Q4 2016 Q1 2017 value*

Consumer Discretionary 1,694 133 2,676 124 1,781 95 941 77 7% 4% -47%

Consumer Staples 495 30 276 34 144 23 69 33 1% 0% -52%

Energy 40 6 1,302 5 11,977 5 5 3 46% 0% -100%

Financials 1,972 92 1,215 79 2,246 61 3,770 73 9% 16% 68%

Health Care 1,126 55 707 54 2,949 43 1,102 52 11% 5% -63%

Industrials 2,278 74 381 81 4,880 66 884 56 19% 4% -82%

Information Technology 2,891 219 3,458 201 1,472 226 1,783 222 6% 8% 21%

Materials 489 37 3,581 32 466 26 257 26 2% 1% -45%

Telecommunication 262 6 657 7 28 4 13,862 10 0% 60% 49,407% ©

Utilities 493 20 68 14 303 11 433 15 1% 2% 43% 2017 SKP BusinessSKP Consulting LLP.

Total 11,739 672 14,320 631 26,245 560 23,107 567 100% 100% -12%

* The movement mentioned above is a comparison between Q4 2016 and Q1 2017

Source: SKP analysis Mergers and Acquisitions INVESTMENT CHRONICLE: January – March 2017

Keeping momentum with the outstanding Major deals have taken place in the The government’s move to abolish the Foreign performance of mergers and acquisitions in 2016, Q1 Telecommunications sector over the past year to Investment Promotion Board is expected to boost 2017 also appears to be off to a good start, with 260 survive the competitive environment brought on by Jio. investments in the country. 2017 will most likely deals amounting to USD 16 billion. Market players have been restructuring their observe M&A as the preferred route for Foreign Direct businesses through consolidation, sale of assets and Investment (FDI) as more transactions are undertaken Following the past trends wherein a few high value deleveraging in a bid to achieve financial stability and for consolidation and sustainability in sectors such as deals significantly raised the aggregate M&A numbers, operational synergies. e-commerce and telecommunications. this quarter’s high deal value is a result of just one such deal – the Vodafone-Idea merger alone accounts Small target exemptions available under the Transactions effecting sale of distressed assets are also for 75% of the total M&A value this quarter. Excluding Competition Act have been extended to mergers and expected to continue. this deal, mergers and acquisitions fell to less than half amalgamations, reducing regulatory burden associated from Q1 2016. with these transactions.

Total Deal Volume Total Deal Value Top Sector Top Region Top Outbound Country 226 USD 15,997 million Telecommunication Maharashtra Finland

Top M&A Deals USD million

Deal Buyer Target Type Value % Sought Sector

1 Idea Cellular Ltd Vodafone India Ltd Domestic 12,400 100 Information Technology

2 Motherson Sumi Systems Ltd PKC Group PLC Outbound 609 100 Information Technology

Tikona Digital Networks Pvt Ltd, 4G Telecommunication 3 Bharti Airtel Ltd Domestic 245 100 Business Services Lloyd Electric and Engineering Ltd, 4 Havells India Ltd Domestic 231 100 Information Technology Consumer Durables Business

Mallinckrodt LLC, Spasticity and Pain 5 Piramal Enterprises Ltd Outbound 203 100 Health Care Management Portfolio

DEAL HIGHLIGHTS The merger between the Indian subsidiary of the British telecom giant Vodafone Group and Aditya Birla Group’s Idea Cellular emerges as the largest deal in a sector flourishing with transactions. Target: Vodafone India Ltd With the advent of Reliance Industries’ Jio, the industry is revolutionising itself, as market Buyer: Idea Cellular Ltd players undertake massive restructuring to battle competition. In one such move, the Vodafone-Idea merger would create the largest telecom company in India, with over 400 SECTOR DEAL VALUE DEAL TYPE million customers and 41% revenue market share. The combined entity, aimed at expanding Telecommunication USD 12,400 million Domestic the pan India mobile network and 3G/4G footprints, would benefit from customer, capex and Services infrastructure synergies. Operational efficiencies to be achieved through the combination would enable the company to service customers with improved quality at competitive prices. % SHARE RATIONALE 100% Domestic consolidation Both Vodafone and Idea will continue to provide services under their respective brands post closure of the transaction.

Acquisition of Vodafone India Ltd and Vodafone Mobile Services Ltd Idea Cellular Vodafone India Shares in combined entity

USD 10.8 billion Valuation USD 12.4 billion

11.5% stake in Indus Towers Ltd Exclusions from Transaction 42% stake in Indus Towers Ltd

26% Post-merger shareholding in combined entity 45.1%

Transaction Structure * Idea will issue equity shares of the combined entity to Vodafone. Remaining shares will be held by public. Shareholding of Idea and Vodafone is to be equalised within 4 years post completion of transaction.

Benefits of Merger

• Larger customer base and revenue share • Vodafone will get a listing in India through shares in Idea, which is already listed • Competitive pricing and operational synergies • Deconsolidation of Vodafone’s large India debt from its parent company • Investment in expansion and operations without assistance of the parent groups

DEAL HIGHLIGHTS Noida based Motherson Sumi Systems Ltd, a prime player in the auto components industry acquired PKC Group plc, a Finnish manufacturer and supplier of wiring harness and Target: PKC Group plc associated components for commercial vehicle and locomotive manufacturers.

Marking its 16th acquisition since 2002, this highly acquisitive company has developed its Buyer: Motherson Sumi Systems Ltd presence globally through inorganic growth.

This deal is expected to be immensely lucrative and open various new avenues for SECTOR DEAL VALUE DEAL TYPE Motherson Sumi in terms of both geographical presence and synergy in product segment. Information USD 609 Million Outbound Technology With 20 manufacturing facilities, PKC Group has growth plans in China to further its existing global presence, which is majorly in America and Europe. Active interest shown by the % SHARE RATIONALE target’s international clients will also provide an opportunity for Motherson to participate in 100% Product and Market expansion the modernisation programme of Indian railways.

DEAL HIGHLIGHTS Adding to the flurry of deals seen in the Indian Telecommunication industry in the last year is the acquisition of Tikona Digital Network’s 4G business by Bharti Airtel. The acquisition, which includes Tikona’s broadband wireless access spectrum and 350 cellular sites in 5 Target: Tikona Digital Networks Pvt Ltd, 4G Business telecom circles, is aimed at strengthening Airtel’s portfolio and improving its capacity to offer Buyer: Bharti Airtel Ltd data, in order to face the increasingly aggressive competition induced by Jio and the Vodafone-Idea merger.

On securing airwaves in only 4 of the 22 circles in the 2010 auctions, Bharti Airtel began SECTOR DEAL VALUE DEAL TYPE Telecommunication USD 245 Million Domestic acquiring companies with 4G spectrum, Tikona being its fifth such acquisition. It is expected Services to commence 4G services in these 5 acquired circles (in Gujarat, Uttar Pradesh, Himachal Pradesh and Rajasthan) immediately on closure of the transaction. % SHARE RATIONALE 100% Asset acquisition

After the total deal value almost doubling in the Although investors may continue to be cautious with global economic and political situation will largely previous quarter from Q3 2016, Equity Investments deployment, abundant access to funds may boost determine deployment of funds. are inching towards growth and rebuilding the market, investments this year. Increase in exits in the previous displaying a further ~20% growth in the current year is expected create room for new qualitative quarter. Usually dominated by Private Equity investment opportunities. Government initiatives like investments, this quarter witnessed transactions in the National Investment and Infrastructure Fund, Public Equity take a lead. Make-In-India and Startup India aim to encourage investors and aid financing. Financial services and The surge in value is driven by big ticket transactions. healthcare are expected to lead private equity Sectors such as Information Technology, Financials investments, with financial and health technology and Telecommunications observed the most amount expected to attract more funding through venture of activity. Secondary sales by existing PE investors as capital. However, macro factors such as well as promoters have formed part of several large implementation of economic reforms and clarity in deals, with an aim to reduce debt.

Total Deal Volume Total Deal Value Top Sector Emerging Sector Top Region 264 USD 5,547 million Financials Telecommunication Services Haryana

Top Equity Investment Deals USD million

Deal Investor Target Type Value % Sought Sector

1 GIC Pte Ltd DLF Cyber City Developers Ltd Real Estate 1800 40 Financials

KKR India Advisors Pvt Ltd, CPP Telecommunication 2 Bharti Infratel Ltd Public Equity 946.4 10.3 Investment Board Services CPP Investment Board, Quebec Deposit 3 Kotak Mahindra Bank Ltd Public Equity 338.8 1.5 Financials and Investment Fund

4 Blackstone Advisors India Pvt Ltd L and T Seawoods Ltd Real Estate 211.5 NA Financials

5 True North Managers LLP KIMS Healthcare Management Ltd Private Equity 200 NA Health Care

DEAL HIGHLIGHTS Singapore based firm, GIC Pte Ltd has acquired 40% stake in DLF Cyber City Developers Limited for USD 1,800 million. DLF Limited continues to own the balance 60%. The money raised through sale of stake will be utilised to reduce debt of the parent Target: DLF Cyber City Developers Ltd company. DLF Ltd’s debt at the end of the third quarter of 2016 stood at USD 3,670 million approximately. Apart from selling stake, the company also sold its non-core Investors: GIC Pte Ltd assets and underwent restructuring to reduce its debt.

The debt reduction will be a two step transaction. Out of USD 1,800 million, ~USD 1500 SECTOR DEAL VALUE DEAL TYPE million will be used to issue preferential shares of DLF limited to promoters. The Finance USD 1,800 Million Real Estate company will further raise ~USD 450 million from institutional investors also through issue of preferential shares of DLF limited. These fundraising activities are expected to reduce the debt of DLF Limited partially. % SHARE RATIONALE 40% Debt Reduction GIC’s first collaboration with DLF was its investment in DLF Developers Limited in 2015 and both companies have indicated interest since that time in future collaborations.

Bharti Airtel, India’s largest telecom provider, has been undertaking deals with a view to DEAL HIGHLIGHTS strengthen its position in the increasingly competitive market. In addition to acquiring Tikona’s 4G spectrum business, the company has sold 10.3% stake in its telecom tower Target: Bharti Infratel arm Bharti Infratel to a consortium of investors comprising KKR India Advisors Pvt Ltd and CPP Investment Board, despite lower valuation. Investors: KKR India Advisors Pvt Ltd, CPP Investment Board The proceeds from the sale may be used to repay debt and invest in strengthening infrastructure in order to counter competition. The return of long term investors such as SECTOR DEAL VALUE DEAL TYPE KKR echoes the confidence they have in the country’s future growth and its telecom Telecommunication USD 946.4 Million Public Equity infrastructure segment. Services While Bharti Airtel chose not to sell a controlling stake in the company, it may consider to % SHARE RATIONALE do so at a better valuation in the future. As margins grow smaller and competition soars, Debt Reduction 10.3% Indian companies are divesting their infrastructure arms to fall in line with global practices, wherein telecom towers are owned and maintained by individual tower companies.

Reaching a five year high at USD 6.8 billion, private A wave of consolidation in the industry as well as exit. equity exits in 2016 observed the emergence of mergers foreign investors opting for inorganic route to enter the Healthcare and financials have yet again surfaced as top and acquisitions and open market sales as preferred Indian market are fuelling exits through mergers and sectors where investors have achieved returns, while routes of exit. Q1 2017 has followed stead with 77 exit acquisitions. sectors such as manufacturing and infrastructure have deals clocking USD 1.56 billion. Largely filling the gap in Q1 2017, however, were open not proven easy to exit. However, regulatory Investors who initially made investments at high market sales, accounting for more than 80% of the developments in FDI policy, Real Estate Investments valuations have observed the values go down industry- value of exits. Investors are opting for exits through Trusts and Infrastructure Investment Trust regimes may wide in recent times. With a gradual stabilisation of secondary and open market sales as they continue to brighten the horizon for investors. aggressive valuations and financial investors adopting a bring better returns and liquidity in comparison to the cautious approach in laying further bets, existing private market. A number of private equity backed investors are heavily relying on other exit routes to tap companies are expected to line up IPOs this year as desired multiples. investors increasingly look towards capital markets to

Total Deal Volume Total Deal Value Top Sector Emerging Sector Top Region 77 deals USD 1,563 million Financials Healthcare Maharashtra

Top Equity Investment Deals USD million

Deal Seller Target Type Value % Sought Sector

Telecommunication 1 Providence Equity Partners LLC Idea Cellular Ltd Open Market 192.63 3.33 Services

2 Khazanah Nasional Berhad Apollo Hospitals Enterprise Ltd Open Market 160.06 6.07 Health Care

3 Carlyle Asia Growth Partners III LP Edelweiss Financial Services Ltd Open Market 129.81 8.19 Financials

4 Norwest Venture Partners X LP IndusInd Bank Ltd Open Market 125.49 1.26 Financials

5 Hero MotoCorp Ltd GIC Pte. Ltd Open Market 113.58 1.21 Consumer Discretionary

DEAL HIGHLIGHTS Private Equity firm Providence Equity Partners LLC sold its remaining stake in Idea Cellular for USD 192.6 million to multiple investors through open market transaction.

Target: Idea Cellular Ltd The investment in Aditya Birla Group’s Idea was made 10 years back for 15% of the company at USD 400 million, and the stake was subsequently diluted as Idea went Seller: Providence Equity Partners LLC through an IPO. After selling 2.4% stake in 2014 and 3.47% in 2016, the PE investor has now sold its remaining stake in the telecom service provider. The value of its investment in local currency doubled over the last decade and earned the firm an internal rate of SECTOR DEAL VALUE DEAL TYPE Telecommunication USD 192.6 Million Open Market return of over 10%. Services The PE firm’s investments are focused in the telecom, media and technology sectors. This % SHARE RATIONALE exit could be a step towards swapping its stake in Aditya Birla Telecom Ltd for an 3.33% Execute complete exit investment in Indus Towers Ltd.

Integrated (Mauritius) Healthcare Holding Ltd (IHH), an affiliate of the Malaysian DEAL HIGHLIGHTS sovereign wealth fund Khazanah National Berhad, has partially exited its investment in the country’s largest hospital operator, Apollo Hospitals Enterprise Ltd by selling 6.05% Target: Apollo Hospitals Enterprise Ltd stake through open market transaction. It continues to hold 4.78% stake. In addition to Seller: Khazanah Nasional Berhad the remaining stake, IHH also continues to run two hospital assets in a joint venture with Apollo.

The investment, initially made by Khazanah in 2005 and 2008, was transferred to IHH in SECTOR DEAL VALUE DEAL TYPE Healthcare USD 160.06 Million Open Market 2011. The investor has made around five times of the initial investment and an internal rate of return of 20%.

% SHARE RATIONALE While the exit enables Khazanah to recover its principal and maximise returns to 6.07% Focus on own business shareholders, it will also allow the investor to concentrate on its independently owned businesses in India, such as IHH’s majority holding in Continental Hospitals and Global Hospitals.

Top five states by transactions (Domestic + Inbound Deals) Haryana Delhi M&A USD 467 million 16 deals M&A USD 573 million 18 Deals PEI USD 2,937 million 20 deals PEI USD 161 million 26 Deals PEE USD 116 million 8 Deals PEE USD 308 million 8 Deals Top Sectors Top sectors 15 deals 10 deals 4 deals 17 deals 13 deals 6 deals 3 deals 5 deals 5 deals 4 deals

Maharashtra

M&A USD 13,023 million 50 Deals

PEI USD 1,138 million 70 Deals

PEE USD 577 million 20 Deals Tamil Nadu Top Sectors M&A USD 112 million 13 deals

48 deals 30 deals 18 deals PEI USD 69 million 11 deals

14 deals 9 deals PEE USD 359 million 10 deals Top Sectors

8 deals 5 deals 4 deals Karnataka 7 deals 4 deals M&A USD 130 million 24 deals

PEI USD 546 million 52 deals

PEE USD 50 million 12 deals

Top Sectors

48 deals 16 deals 4 deals Materials Financials Utilities Consumer Staples

5 deals 9 deals IT & ITES Healthcare Industrials Consumer Discretionary Source: SKP analysis

FINLAND THE UNITED KINGDOM PORTUGAL

Motherson Sumi Systems Ltd acquired PKC Piramal Enterprises Ltd acquired Aurobindo Pharma Ltd acquired Generis Group PLC Mallinckrodt LLC, Spasticity and Pain Farmaceutica S.A. Management Portfolio Deal value: USD 609 Million % Sought: 100 Deal value: USD 143 Million % Sought:100 Deal value: USD 203 Million % Sought: 100 Sector: Information Technology Sector: Healthcare Sector: Healthcare Motherson Sumi System Ltd, a prominent player in the Aurobindo Pharma acquired Generis through its auto component industry with a history of growing Piramal’s critical care business, a leading global player in subsidiary Agile Pharma BV Netherlands. With this inorganically globally, acquired PKC Group PLC. This the hospital generics segment and world's third largest acquisition, Aurobindo will be able to strengthen its deal, aimed at achieving growth through synergies in producer of inhaled anaesthetics, acquired the drugs position as a top player in the Portugese generics terms of both geographic presence and product portfolio for spasticity and pain management from market with Generis‘s well recognised brand and development, marks Motherson Sumi‘s 16th Mallinckrodt LLC. This is Piramal Group’s seventh addition strong product portfolio. acquisition. It also presents an opportunity for to the list of acquisitions in the pharma sector for niche The Aurobindo group will hold a huge share in the Motherson to participate in mordernisation capabilities and manufacturing facilities. The deal, a step generic pharmaceutical market with a portfolio of programme of Indian Railways. towards Piramal’s plans to separate and list its financial 271 generic products. Aurobindo has been focusing services and pharmaceuticals business, will help the on expanding its reach in Europe since 2006 through company gain market share in the US pharma market and various acquisitions. increase its presence in Europe.

CANADA TURKEY Top countries by deal volume USD Sector Country Volume The Hi-Tech Gears Ltd acquired Teutech Mahindra and Mahindra Ltd acquired Hisarlar (million) Industries Inc Inc USA 9 8 Deal value: USD 44 Million % Sought: 100 Deal value: USD 19Million % Sought: 75.1 Singapore 4 NA Sector: Consumer Discreationary Sector: Industrials

Teutech Industries Inc has joined Hi Tech Gears, a M&M has taken one more step towards achieving its global UK 3 203 manufacturer of a wide range of auto components. vision by acquiring stake in Hisarlar Inc. The acquisition Through this merger, Teutech Industries would be able will help M&M to enter Europe and CIS market. Also, to expand its global presence and achieve its target of Hisarlar’s network in Turkey will help M&M to build its being a globally recognised organisation. brand and eventually launch tractors in the Turkey market. The company is also planning to enter into Brazil and Egypt markets this year. Source: SKP analysis © 2017 SKP Business Consulting LLP. 16 SKP Transaction Advisory INVESTMENT CHRONICLE: January – March 2017

Since inception, our founders have emphasised on professional Set and Partner Initial Valuation Binding Due standards and personalised service; define the identification handshake Term Sheet Diligence objective and we continue to reflect this progressive mind-set by offering customised solutions to our clients across diverse industries with quality, integrity and respect.

Stemming from our client’s needs, we provide services that address all aspects relevant to a business right from conceptualisation to Post- acquisition Transaction Regulatory Final Transaction Final implementation and continuance. integration and Closure clearances handshake structuring negotiation implementation (definitive of harvesting agreement) synergies

Investment Chronicle: July- Investment Chronicle 2016 September 2016 Investment Chronicle: Q1 2016

Other Publications

Medical Device Monitor Doing Business in India Union Budget 2017 Global Expansion Updates

We are a long established and rapidly growing professional services group located in six major cities across India, with India desks in Chicago, Toronto and Dubai. We specialise in providing sound business and tax guidance and accounting services to international companies that are currently conducting or initiating business in India as well as those expanding overseas.

Besides consulting on entry strategies, implementing business set-up and M&A transactional support, we assist clients with assurance, domestic and international tax, transfer pricing, corporate services, and finance and accounting outsourcing matters, all under one roof.

Today, we serve over 1,200 clients including multinationals, listed companies, privately held and family-owned businesses from over 45 countries. Over the years, we have always emphasised the importance of SKP 360° professional standards and personalised service; and we continue to We look at ourselves as your partner and not just a reflect this progressive mind-set by serving our clients with integrity, service provider. We strive to learn every client’s delivering high quality, innovative results. unique challenges by providing personalised attention, which enables us to arrive at relevant and This focus is also witnessed in our Corporate Social Responsibility innovative solutions. activities. We firmly believe that social responsibility is about contributing beyond a mere monetary donation – it truly is a We explore and examine all aspects of a situation, responsibility. At SKP, we focus on getting involved and here too, we’re often delving into issues beyond the defined scope always seeking innovative solutions to help the less fortunate as we of work. With our collaborative approach, we are believe it is a privilege to have the opportunity to make a difference. dedicated to ensuring that you receive our support throughout the business lifecycle.

We are your 360-degree-solution-providing partner.

Mumbai New Delhi Toronto 19, Adi Marzban Path B-376 269 The East Mall Ballard Estate, Fort Nirman Vihar Toronto, ON M9B 3Z1 Mumbai 400 001 New Delhi 110 092 Canada T: +91 22 6730 9000 T: +91 11 4252 8800 T: +1 647 707 5066

Pune Chennai Chicago VEN Business Centre 3, Crown Court 2917 Oak Brook Hills Road Baner–Pashan Link Road 128 Cathedral Road Oak Brook Pune 411 021 Chennai 600 086 Chicago, IL 60523 T: +91 20 6720 3800 T: +91 44 4208 0337 T: +1 630 818 1830

Hyderabad Bengaluru Dubai 6-3-249/3/1 SSK Building 312/313, Barton Centre Emirates Financial Towers Ranga Raju Lane, Road No. 1, Mahatma Gandhi Road 503-C South Tower, DIFC Banjara Hills, Hyderabad 500 034 Bengaluru 560 001 PO Box 507260, Dubai, UAE T: +91 40 2325 1800 T: +91 80 4277 7800 T: +971 50 512 5066 skpgroup.com [email protected] Subscribe to our alerts

linkedin.com/company/skp-group The contents of this newsletter are intended for general marketing and informative purposes only and should not be construed to be complete. This brochure may contain information other than our services and credentials. Such information should neither be considered as an opinion or advice nor be relied upon as being comprehensive and accurate. We accept no liability or responsibility to any twitter.com/SKPGroup person for any loss or damage incurred by relying on such information. This brochure may contain proprietary, confidential or legally privileged information and any unauthorised reproduction, misuse or disclosure of its contents is strictly prohibited and will be unlawful. facebook.com/SKPGroupIndia SKP Business Consulting LLP is a member firm of the “Nexia International” network. Nexia International Limited does not deliver services in its own name or otherwise. Nexia International plus.google.com/+SKPGroup Limited and the member firms of the Nexia International network (including those members which trade under a name which includes the word NEXIA) are not part of a worldwide partnership. For the full Nexia International disclaimer, please visit www.skpgroup.com. youtube.com/c/SKPGroup © 2017 SKP Business Consulting LLP. All rights reserved.