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HANDBOOK
Every bit of data you would ever want to know on deals in India
Private Equity In Numbers
In Collaboration With
ERNST & YOUNG
CONTENTSCONTENTS
1
Foreword 2
The Big Picture 4
The Players 9
The Trends 12
The Deals 17
The Exits 50
Copyright © Outlook Publishing (India) Private Limited, New Delhi. All Rights Reserved
No part of this book may be reproduced, stored in a retrieval system or transmitted in any form or means electronic, mechanical, photocopying, recording or otherwise, without prior permission of
Outlook Publishing (India) Private Limited and World Bank.
Printed and published by Maheshwer Peri on behalf of Outlook Publishing (India) Pvt. Ltd. Editor: M Anand. Published from AB-10 Safdarjung Enclave, New Delhi.
COVER DESIGN: MANISH MARWAH
Project EditorDesign
Graphics
Snigdha SenguptaManish MarwahKishore Das
Ernst & Young Team Srikant Krishnan, Ashish Bakhshi, Rushik Patel
FOREWORD OUTLOOK BUSINESS-ERNST & YOUNG
PE’s Here To Stay
2 3
THE GLOBAL financial turmoil and slump in M&A activity has put private equity players on high alert. While private equity
in India has hit its first major hurdle in fi ve years, it’s far from a crisis. The Indian success story remains intact as global sponsors continue to favour In-dia as an investment destination. PE momentum is expected to pick up, however, with due caution.
Compared to 2007, the excitement has abated—the fi rst nine months of 2008 saw PE funds invest $8.5 billion in India, which is half of the $17.2 bil-lion invested in 2007. Yet, investment activity in India is likely to rebound faster than in western markets as the country’s growth drivers are still posi-tive. In addition, as demand picks up and liquidity improves, projects that are on hold are likely to kick-start pent-up investment activity.
When capital markets were buoyant, PE players invested in companies at high valuations. With the recent mar-ket fall, the value of these investments has dipped significantly—in some cases, by 50% or more. This is making PE-VC investors more selective.
The past two years have seen suc-
cessful PE exits and investments. PE houses are now engaging with invest-ee companies more closely to look at cost optimisation, working capital im-provements, etc, which will help the industry ride out the downturn. At the same time, due diligence to screen any new investment opportunity is higher than ever before. Greater efforts are being made to evaluate the business rationale and understand the risks.
That said, with the prevailing low valuations and lack of liquidity, a bulk of the capital requirement in the near-term will be met by private equity, as in the past few months. In addition, while PE houses are expected to evaluate opportunities across sectors, their focus will be on industries that are less likely to be aff ected by the cur-rent economic slowdown.
These are highly volatile, albeit ex-citing times for everyone, including PE funds and entrepreneurs looking to raise capital. We hope you fi nd this publication insightful and that it pro-vides comprehensive information re-fl ecting the PE/VC activity in India. <
Rajiv Memani Country Managing Partner
Ernst & Young
THE BIG PICTURE OUTLOOK BUSINESS-ERNST & YOUNG
55
India In Their Sight
ONE WORD appropriately describes the growth of India’s private equity indus-try: phenomenal. From a
modest $1.05 billion in private equity investments in 2002 to $17.3 billion today, India today brooks no resistance to its position as one the world’s most
attractive private equity investment destinations. Much of the growth has come after 2004, the year when global private equity rediscovered India, and set the pace for a four-year party that has seen this market break records on all fronts—fund-raising, investments and exits.
Today, private equity can lay reason-able claim to playing an important role in India’s growth story, which itself has been fairly spectacular in the last few years. As a percentage of the economy’s GDP (gross domestic product), private equity is a small but no insignifi cant contributor. In 2007, it accounted for an impressive 38% of total FDI (foreign direct investment) infl ows to India.
But more important than the num-bers is the far-reaching impact pri-vate equity has had in helping shape India’s corporate landscape, especially in the small and medium enterprise segment. Notable instances of indus-tries that have been able to fast-track growth to a great extent due to the patronage of private equity include business process outsourcing (BPO), information technology services, niche manufacturing, healthcare, financial services, construction, real estate and infrastructure.
India’s growth has gone hand-in-hand with growth in the overall Asian region. For the last four years, Asia has held global private equity’s attention
Investments By Country2005 2006 2007
Australia 2,348 6,507 14,611China 8,853 10,306 10,874India 2,424 7,520 17,273Indonesia 564 714 517Japan 8,187 11,505 14,708Korea 2,410 1,886 4,459New Zealand 750 2,956 2,733Singapore 4,426 2,077 5,348Taiwan 87 4,001 4,932Thailand 91 3,879 377Other Asia-Pacifi c countries
3,456 11,467 7,123
Total 33,596 62,818 82,955Figures in $ million Source: AVCJ
PE investments in India have grown from a modest $1.05 billion in 2002 to $17.3 billion
THE BIG PICTURE
6
OUTLOOK BUSINESS-ERNST & YOUNG
7
PE Funds Raised
2002 2003 2004 2005 2006 2007
India 160 260 823 2,637 4,859 5,831
Asia 2,991 3,322 11,463 28,010 41,113 50,671
Figures in $ million
12
10
8
6
4 2002 20075.3%
11.5%
India’s share in Asia
2002 2003 2004 2005 2006 2007
India 1,050 865 1,479 2,424 7,520 17,273
Asia 9,112 17,580 19,010 33,596 62,818 82,955
PE Investments Made 25
20
15
10
5
02002 2007
11.5%
20.6%
India’s share in Asia
as a market that has the potential to deliver superior returns compared to mature markets such as the US and Europe. As the region continues to develop, non-leveraged growth investments in still emerging sec-tors and companies promise private equity rich returns for a few more years to come.
Within Asia, India, though still lagging China in terms of fund-raising and invest-ments, has become a
signifi cant contributor. Between 2002 and 2007, it has seen its share double in Asia, both in terms of money raised and investments made. In 2007, India accounted for 20.6% of overall invest-ments made in Asia and 11.5% of funds raised by private equity players
from the continent. While it is true that
the bulk of the money pumped into India, particularly over the last four years, is yet to deliver returns to pri-vate equity investors,
there is no doubt that big money can be made in India. Sample: Warburg Pincus’ $1.9 billion rake-in from a $300 million investment in Bharti Airtel.
At this juncture, the future for Indian private equity looks a tad uncertain. The global financial crisis has cast a long shadow on future fund inflows and the industry’s own ability to show above-aver-age returns. The good news is that India has been there before, and has come out
strong. The 2001 Internet bust all but wiped out the country’s fledgling private equity industry. After the mas-sive investment write-offs seen in the two years that followed the bust, few had imagined that private equity would return to India with such vigour
after 2004. Global private equity
heavyweights such as the Blackstone Group, the Carlyle Group and Kohlberg Kravis Rob-erts now compete for deals with homegrown
90% of PE money comes from abroad.
More local capi-tal is needed
In 2007, PE accounted for 38% of total FDI infl ows
to India
Figures in $ million
2002 2003 2004 2005 2006
PEinvestments 1,050 865 1,479 2,424 7,520
GDP 495,651 575,245 666,305 778,666 873,659
PE Investments Versus GDP 1.00
0.80
0.60
0.40
0.20
02002 2006
0.21%
0.84%
PE as % of GDP
Figures in $ million
PE Investments Versus FDI
2002 2003 2004 2005 2006
PEinvestments 1,050 865 1,479 2,424 7,520
Foreign direct investment 5,035 4,322 6,051 7,722 19,531
40
35
30
25
20
152002 2006
20.85%
37.77%
PE as % of FDI
Figures in $ million
Source: AVCJ Source: AVCJ
8
Funds Raised By Region
* First-half; all fi gures in $ million; Emerging Asia region excludes Japan, Australia & New ZealandSource: Ernst & Young (for US); Emerging Markets Private Equity Association (other regions); AVCJ (India)
2007 2008*US 297,000 141,000Emerging Asia 28,669 26,295China 3,890 11,200India 5,831 3,017Malaysia 25 NASouth Korea 140 NAVietnam 679 NAPan-Asia 19,366 11,000Africa 2,340 1,258North Africa 306Pan-Africa 67Sub-Saharan Africa 1,421South Africa 546Middle-East 5,027 1,140Levant (Syria,Lebanon, Jordan) 117
Pakistan 50GCC (Gulf Cooperation Council) 1,362
MENA 3,498
Multi-Region 4,077 2,739CEE and Russia 14,629 2,537Russia 1,790Poland 146Turkey 1,123Central/Eastern Europe 3,590CIS (Commonwealth of Independent States) 80
South-Eastern Europe 7,900Latin America and Caribbean 4,419 1,289
Brazil 2,510Mexico 182Colombia 231Chile NACentral America and Caribbean 56
Latin America 1,440
players such as ChrysCapital Invest-ment Advisors and ICICI Venture. The industry has seen its fair share of excesses in the past four years (public market deal at high valuations), but its foundations are some-what more stable today than they were in 2000-
01. As the industry prepares to coun-ter yet another phase of uncertainty,
made more uncertain by the fact that nearly 90% of India’s private equity money comes from overseas, it may be time to think seriously about developing local sources of capital. n
THE BIG PICTURE
There are ex-cesses, but the
foundations are more stable than in 2000-01
2007 2008*
OUTLOOK BUSINESS-ERNST & YOUNG
9
IT’S STILL early to rank India’s top 10 private equity players on the basis of performance. Most players, domestic and foreign, have been
investing here for less than a decade, and are yet to complete a single cycle of investments and exits. There have been some clear win-ners who have shown superior returns in their initial funds or in indi-vidual deals—Chrys-Capital, Warburg Pin-cus, Citi Venture Capital International, Actis and
ICICI Venture—but it is still early to name the top investors.
It is, however, possible to identify the most active in terms of investments. Domestic heavyweights ChrysCapital, ICICI Venture and IL&FS Investment Managers have been among the most
prolific, and would be among the top 10 in-vestors, along with a host of global players.
While such domestic funds, along with a handful of global funds (Warburg, Actis, CVCI)
Charge OfThe Foreign Brigade
In 2007, there was just one Indian player in the top 10 by deal value
OUTLOOK BUSINESS-ERNST & YOUNGTHE PLAYERS
10
THE PLAYERS
11
OUTLOOK BUSINESS-ERNST & YOUNG
By deal valueFund manager Firm type Deal value ($ mn)ICICI Venture Funds Bank private equity arm 1,106.5New Silk Route Advisors Independent VC/PE fi rm 443.0IL&FS Investment Managers Independent VC/PE fi rm 324.6Beacon India Advisors Independent VC/PE fi rm 273.2IDFC Private Equity Bank private equity arm 268.8Indivision Investment Advisors Independent VC/PE fi rm 217.0UTI Venture Funds Independent VC/PE fi rm 156.6Zeus Inframanagement Independent VC/PE fi rm 127.5Jacob Ballas Capital Independent VC/PE fi rm 119.3ChrysCapital Management Independent VC/PE fi rm 117.9By number of dealsFund manager Firm type No. of dealsICICI Venture Funds Bank private equity arm 13IDFC Private Equity Bank private equity arm 8Indivision Investment Advisors Independent VC/PE fi rm 8IL&FS Investment Managers Independent VC/PE fi rm 7Kotak Investment Advisors Bank private equity arm 7Nexus India Capital Independent VC/PE fi rm 6Blue River Capital Independent VC/PE fi rm 5Helion Ventures Independent VC/PE fi rm 5Jacob Ballas Capital Independent VC/PE fi rm 5UTI Venture Funds Independent VC/PE fi rm 5
Most Active Domestic Players In 2007
private equity.Among global players to watch are
Asian giant Temasek Holdings, buy-outs specialists such as the Blackstone Group, Kohlberg Kravis Roberts and Providence Equity Partners, and veter-
ans such as Warburg Pincus and Actis, who are priming for a second innings here. The population of homegrown players is also growing, among them Kotak Private Equity, New Silk Route, Indivision and IDFC Private Equity. n
Figures for 2007 Source: AVCJ
Figures for 2007 Source: AVCJ
Most Active International Players In 2007By deal valueFund manager Nationality Firm type Deal value ($ mn)Temasek Holdings Singapore Government affi liate 3,152.2CVC International US Bank private equity arm 2,057.8Goldman Sachs US Bank private equity arm 1,883.0Blackstone Group US Independent VC/PE fi rm 1,136.8India Equity Partners US Independent VC/PE fi rm 1,098.9AIF Capital Hong Kong Independent VC/PE fi rm 1,008.2Macquarie Bank Australia Bank private equity arm 1,000.0Avenue Capital US Independent VC/PE fi rm 717.8Carlyle Asia US Independent VC/PE fi rm 701.0Dubai International Capital UAE Investment company 637.8By number of dealsFund manager Nationality Firm type No. of dealsCVC International US Bank private equity arm 17International Finance Corp. US Industrial development org. 15Sequoia Capital US Independent VC/PE fi rm 9Blackstone Group US Independent VC/PE fi rm 8Temasek Holdings Singapore Government affi liate 8Goldman Sachs US Bank private equity arm 73i Group UK Independent VC/PE fi rm 6IDG Ventures US Corporate venture arm 6New Enterprise Associates US Independent VC/PE fi rm 6SAIF Partners Hong Kong Independent VC/PE fi rm 5SVB India Advisors US Independent VC/PE fi rm 5
laid the foundations of the Indian pri-vate equity industry in 2002-03, the industry has achieved new heights with the rush of new global players in the past four years. They’ve come in
all shapes and sizes, and contributed to spreading private equity’s infl uence across the spectrum of enterprise. Today, there is possibly no sector in the country that has not been touched by
12
OUTLOOK BUSINESS-ERNST & YOUNG
13
in unlisted companies. However, India has been a bit of an exception in this regard. Over the last four years, it has also emerged as a favoured market for PIPEs (private investment in public enterprises). In 2007, PIPEs were right behind unlisted growth deals in terms of funds deployed—$5.9 billion (See table on Page 14).
In PIPEs, private equity investors pick up minority stakes in listed com-panies, either directly or through the secondary market. Most private equi-ty investors term their PIPEs as growth deals as well, since a large number of listed companies in India are relatively young and have the same characteris-tics as comparable unlisted peers. But, traditional PE investors, who prefer un-listed companies at valuations that are not heavily benchmarked against their listed comparables, view PIPEs as risky
where returns de-pend largely on the whims of the public market. In fact, in the current market scenario, where the
Sensex has plummeted dramatically in just six to nine months, many such PIPE deals are now down to 50-70% of their original value, according to Outlook Business research.
As the carnage in the public market continues, private equity is expected
AS THE global financial crisis deepens, one of the saving graces for the India private equity market will be its slant
towards growth investments. India, much like the rest of emerging Asia, is still predominantly a growth mar-ket simply because most sectors in the region are still at their formative stages. That means growth rates are higher—so far, they have averaged 30-40% a year in India—and the po-tential returns for private equity are that much higher.
Growth is one of the factors that may just enable India to continue to attract investors through the global slowdown, as investors overseas look to shore up losses in hugely leveraged deals in the US and Western Europe by moving more money to growth mar-kets like India. Leveraged deals are yet to make an appearance here. In growth investments, private equity funds typi-cally take a signifi cant stake—15-20% or more—in relatively young compa-nies (typically, in the small and me-dium enterprise segment). Now, typi-cally, growth investments take place
In Growth We Trust
The maximum money went into unlisted deals, followed by PIPEs
THE TRENDS
THE TRENDS
14
OUTLOOK BUSINESS-ERNST & YOUNG
15
Stage-Wise Investments 2003 2004 2005 2006 2007 2008*
By value ($ million)Bridge loan 0.0 0.0 0.0 0.0 11.3 0.0Buyouts (MBO/MBI/LBO) 126.0 564.9 174.5 1,280.2 967.9 70.0Expansion/growth capital 204.2 468.5 1,168.3 3,074.7 7,096.1 4,166.1Franchise funding 0.0 0.0 0.0 0.0 15.2 0.0Mezzanine/pre-IPO 4.7 7.3 112.2 1,236.0 800.4 442.7PIPE fi nancing 526.7 438.3 910.6 1,290.3 5,581.2 1,028.6Seed/R&D 0.0 0.0 0.0 7.0 31.7 0.0Start-up/early-stage 17.2 0.0 58.4 627.2 2,768.7 1,142.7Turnaround/restructuring 27.2 0.0 0.0 5.1 0.0 0.0Total 906.1 1,479.2 2,423.9 7,520.5 17,272.4 6,850.0By number of dealsBridge loan 0 1 0 0 1 0Buyouts (MBO/MBI/LBO) 4 5 7 7 9 0Expansion/growth capital 25 37 85 160 173 110Franchise funding 0 0 1 0 2 0Mezzanine/pre-IPO 2 2 6 17 31 10PIPE fi nancing 12 17 40 61 65 24Seed/R&D 0 1 0 1 3 1Start-up/early-stage 7 0 6 44 77 32Turnaround/restructuring 1 0 0 1 0 0Total 51 63 145 291 361 177
Buyouts By PE And VC Firms
to return to unlisted growth deals in greater measure. That is not to say that PIPEs will not continue—the cur-rent market levels make them attrac-tive—but investors will be more care-ful about how they negotiate their entry valuations.
A new frontier for Indian private eq-
uity in 2009 will be buyouts, though we may see more of equity-led growth buyouts, rather than the leveraged buyout model in fashion in the West. Till 2005, India had seen all of seven buyouts by private equity or venture capital fi rms. The next year, 2006, saw another seven; 2007 was the best year,
* First-half Source: AVCJ
Data sorted alphabetically by sector for each year; no buyouts in 2008; NA: not available Source: AVCJ
Company PE/VC fi rm Industry Deal value ($ mn)
2005 & beforePunjab Tractors Actis Auto NAVA Tech WABAG India ICICI Venture Engineering &
construction23
Sify Infi nity Capital IT/ITES 63WNS Warburg Pincus ITES NAACC-refractories division ICICI Venture Manufacturing 60Infomedia ICICI Venture Media NAThomas Cook India Dubai Investment Group Travel 1272006 Nirula’s Navis Capital Fast foods 20Flextronics Software Systems
KKR IT services 765
Oriental Containers Navis Capital Packaging 37Nilgiri Dairy Farm Actis Supermarkets 65Patel Roadways Reliance Capital Surface transport 33GPI Textiles Avenue Capital Textiles 44OCM India WL Ross Textiles 372007Airworks India Global Technology Investments Aircraft maintenance 24Phoenix Lamps Actis Auto components 24JRG Securities Baring Private Equity Partners India Financial services 41Sharekhan Citigroup Financial services 118.2Intelenet Global Services Blackstone ITES 200Apollo Hospitals Enterprise-Western Hospital Corp.
One Equity Partners LLC. Medical 81.4
Tebma Shipyard ICICI Venture Shipyard 23Aster Infrastructure New Silk Route Telecom infra. 57Gokaldas Exports Blackstone Textiles & garments 165
THE TRENDS
16
Investments By Industry2003 2004 2005 2006 2007 2008 *
Agriculture/fi sheries 0 0 0 1 1 1Computer-related 6 10 8 15 22 6Conglomerates 0 0 0 0 0 0Construction 1 1 1 8 11 2Consumer products/services 0 3 3 20 7 6Ecology 0 0 0 0 0 0Electronics 1 2 1 6 16 3Financial services 8 4 10 39 72 23Information technology 6 4 19 28 47 24Infrastructure 0 3 4 19 13 6Leisure/Entertainment 1 0 7 4 3 1Manufacturing-heavy 3 6 18 23 13 17Manufacturing-light 1 0 2 4 1 2Media 2 2 0 6 5 2Medical 6 8 20 22 28 15Mining and metals 0 0 0 6 10 3Retail/wholesale 0 3 2 6 9 5Services-non-fi nancial 11 5 3 22 21 15Telecommunications 1 3 8 6 23 11Textiles and clothing 0 2 10 13 11 5Transportation/distribution 3 3 18 34 30 17Travel/hospitality 0 0 7 9 9 8Utilities 1 4 6 11 9 7Total 51 63 147 302 361 179* First-half; fi gures show number of deals Source: AVCJ
with nine buyouts. Investors such as ICICI Venture, Actis,
Warburg Pincus and Blackstone have already experimented with buyouts. If the liquidity crunch in domestic
markets continues, opportunities for buyouts in the form of distressed asset sales and hiving off of non-core busi-nesses could emerge as plum pickings for private equity. n
THE TRENDS
OUTLOOK BUSINESS-ERNST & YOUNG
17
AT THE close of June 2008, the Indian private equity market had seen 1,103 deals since the year 2003.
Incidentally, 2003 itself saw only 51 deals. Over the years, as the number of deals have grown, so have ticket sizes. The average deal ticket size has increased from $25 million in 2006 to $50 million now. Today, $200-300 mil-lion deals frequent the landscape and $1 billion-plus deals are closed once or twice a year.
The 32 pages that follow list all the private equity deals done in India since 2007. These transactions typify the evolution of the Indian private eq-uity industry, from the exotic fringes of investing to the mainstream. In 2007, for example, as many as 23 broad sec-tors saw private equity investment. It’s a trend that has continued in 2008, with companies from 22 sectors get-ting some private equity funding.
The mix of companies that received
funding in these two time periods is a rich and diverse one. There are listed and unlisted companies. There are big and small companies. There are busi-nesses promoted by business houses and by fi rst-generation entrepreneurs. Deals range from $100,000 to $2 bil-lion. It’s about the power of an idea. Have a good idea, will fund. n
From $25 mn to $50 mn
Over the years, as the number of investment deals have grown, so have ticket sizes
THE DEALS OUTLOOK BUSINESS-ERNST & YOUNG
the deals
18
outlook business-ernst & young
19
Investee Amount ($ mn)
Stake (%)
Investors
Agriculture/fisheries
Asian Dhall Industries 7.9 NA SAIF Partners
Computer-related
3D Solid Compression NA NA IDG Ventures India Advisors
AuthorGen Technologies NA NA BOA Consultancy Services
CEON Solutions 0.7 NA GVFL
CG-CoreEl Programmable Solutions
NA NA Xilinx Asia Pacific Pte
Computer Age Manage-ment Services
90.0 NA Advent International Corp./South East Asia Venture Investment (SEAVI)
IBS Software Services 60.0 NA General Atlantic LLC
ICSA (India) 22.0 NA Goldman Sachs (Asia)
Infotech Enterprises 63.9 13.0 General Atlantic LLC
Instant Collaboration Software Technologies
3.0 NA Softbank China & India Holdings
Iteamic NA NA Canbank Venture Capital Fund
iViZ Techno Solutions 2.5 NA IDG Ventures India Advisors
iYogi Technical Services 3.1 NA Canaan Partners; SVB India Advisors
Manthan Software Services/Manthan Sys.
2.0 NA IDG Ventures India Advisors
Manthan Software Services/Manthan Sys.
2.0 NA ePlanet International Advisors
Neilsoft 7.0 NA Trident Capital
Transactions In 2007Novatium Solutions NA NA New Enterprise Associates
RapidRadio Solutions 0.2 NA GVFL
SemIndia Systems 10.0 NA Sequoia Capital India
SFO Technologies 12.2 NA Avenue Capital Group/Avenue Asia Capital Management, LLC
Take Solutions 12.7 9.1 Galleon Partners; Passport Capital LLC
Tejas Networks India 24.2 NA Goldman Sachs (Asia)
Venture Infotek Global 20.0 NA Kubera Advisors
Construction
DivyaSree Developers 100.0 NA TPG-Axon Capital LLC
Escorts Construction Equipment
17.0 NA Darby Asia Investors
IDEB Projects 34.4 27.3 Samsara Capital LLC; SUN-Apollo Real Estate Advisors
Interarch Building Products 25.2 13.3 Indivision Investment Advisors
Jaypee Infratech 815.3 NA ICICI Venture Funds Management Co.
Nagarjuna Construction 150.0 14.5 Blackstone Advisors India
Nitco Tiles 11.5 8.6 Promethean Investments LLP
Oberoi Constructions 152.7 NA Morgan Stanley Real Estate Fund
Paranjape Schemes (Construction)
18.5 10.0 HDFC Venture Capital
Punj Lloyd 198.7 11.0 Avenue Capital Group/Avenue Asia Capital Management, LLC; Blackstone Advisors India; DKR Oasis Management Company LP; Kingdom Capital; Warburg Pincus India
Investee Amount ($ mn)
Stake (%)
Investors
Transactions In 2006: go to page 64Announced deals arranged alphabetically by sector; NA: not available Source: AVCJ
THE DEALS
20
OUTLOOK BUSINESS-ERNST & YOUNG
21
Sanghvi Movers 16.4 10.9 ICICI Venture Funds Management Co.
Soma Enterprise 102.9 NA Indiareit Fund Advisors
Consumer products/services
Amalgamated Bean Coffee Trading (Coffee Day)
86.2 NA Darby Overseas Investments; Deutsche Bank-Mumbai Branch
Bajaj Hindusthan Sugar 15.0 17.5 International Finance Corporation
Goodlife Integrated Fitness Solutions (Calorie Care)
NA NA Culbro, LLC; Helix Investments Advi-sors India
Heritage Foods 8.9 NA Carlyle Asia-India
KS Oils 47.4 19.0 Temasek Holdings Advisors India
Samant Soma Wines/Sula Vineyards
9.0 20.0 Sequoia Capital India
Unibic India NA 20.0 Lighthouse Capital
Vallabhdas Kanji 7.6 NA Argonaut Partners, LLC
Electronics
Avasarala Technologies 20.0 NA AIG Global Investment Corporation
BGR Energy Systems 32.6 4.0 Citigroup Venture Capital International
Diamond Cables 3.4 NA Clearwater Capital Partners, LLC
Electrotherm India 18.6 15.0 ICICI Venture Funds Management Co.
Electrotherm India 10.0 NA International Finance Corporation
Havell’s India 112.1 11.2 Warburg Pincus India
KRYFS Power Components NA 15.0 IDG Ventures India Advisors; Softbank China & India Holdings
Luminous Power Tech. 20.3 NA CLSA Capital Partners
Investee Amount ($ mn)
Stake (%)
Investors
Microqual Techno 10.1 NA BTS Investment Advisors Private; JAFCO Investment (Asia Pacifi c); New Enterprise Associates
Ordyn Technologies 13.9 NA Aureos Advisers India; India Infoline
Perfi nt Engineering Services
3.5 NA Erasmic Venture Fund; IDG Ventures India Advisors
Powerica 50.0 11.0 Standard Chartered Private Equity
Stovekraft 5.6 12.5 SIDBI Venture Capital
Sudhir Gensets 65.0 15.0 GE Commercial Finance; Goldman Sachs (Asia)
Vestas RRB India 55.0 NA Merrill Lynch Global Private Equity
Victory Transformer & Switchgear
18.2 26.0 Reliance Private Equity
Financial services
Aavishkaar Goodwell India Microfi nance Develop-ment Co.
NA NA Beacon India Advisors
AK Capital Services 9.1 13.0 Global Technology Investments, LLC
Anand Rathi Securities 22.7 19.9 Citigroup Venture Capital International
Angel Broking 37.9 12.5 International Finance Corporation
Angel Infi n 37.9 12.5 International Finance Corporation
Apnaloan.com Services 2.2 NA Sequoia Capital India
Asset Reconstruction Company of India
13.7 9.2 Ankar Capital Management, LLC
Bombay Stock Exchange 79.8 8.0 Atticus Management LLC; Caldwell Asset Management Inc; Urbana Corp.
Investee Amount ($ mn)
Stake (%)
Investors
THE DEALS
22
OUTLOOK BUSINESS-ERNST & YOUNG
23
Central Depository Services
4.1 5.0 Croupier Prive Private Equity Partners, LLC
Centurion Bank of Punjab 41.6 5.3 ICICI Venture Funds Management Company
City Union Bank 18.7 12.5 Argonaut Private Equity, LLC; Blue River Capital Advisors (India); FMO (Netherlands Development Finance Company)
Delhi Stock Exchange 10.3 20.0 Kuwait Privatization Project Holding Co.; New Vernon Private Equity; Noor Financial Investment Co.; Passport Capital LLC
Future Capital Holdings 23.5 10.0 Och-Ziff Capital Management Group
HDFC 649.9 5.6 3 Logi Capital
ICICI Bank 598.3 2.9 Dubai International Capital
IDFC 185.9 10.0 Khazanah Nasional Bhd.
India Infoline Investment 76.4 22.5 Orient Global Pte.
India Infoline Marketing 49.8 10.0 Orient Global Pte.
Intellecap 8.6 NA Legatum Global Development
JRG Securities 41.0 64.8 Baring Private Equity Partners India
Karnataka Bank 36.2 5.0 International Finance Corporation
Karvy Stock Broking 44.0 NA International Finance Corporation
Magma Leasing 15.0 NA FMO (Netherlands Development Finance Company)
M&M Financial Services 6.6 1.4 ChrysCapital Management Co.
Mahindra Forgings Mauritius 4.9 10.0 Promethean Investments LLP.
Investee Amount ($ mn)
Stake (%)
Investors
Manappuram General Finance and Leasing
11.8 30.0 India Equity Partners; Sequoia Capital India
Marwadi Shares and Fin. 5.6 15.7 India Investment Partners
Marwadi Shares and Fin. 10.8 19.7 Caledonia Investments Plc.
Multi Commodity Exchange of India
59.5 5.0 GLG Partners LP; Passport Capital LLC
Multi Commodity Exchange of India
50.4 4.6 ICICI Venture Funds Management Company; Kotak Investment Advisors
National Stock Exchange 345.0 15.0 General Atlantic LLC; Goldman Sachs (Asia); SAIF Partners
National Stock Exchange 138.0 6.0 Actis Capital LLP; Citigroup Venture Capital International-India; Morgan Stanley Private Equity Asia Limited
National Stock Exchange 50.0 2.0 Morgan Stanley Private Equity Asia
Phoenix Mills 19.6 2.5 Saffron Capital Advisors; TCK Advis-ers (Trikona Capital)
Prabhudas Lilladher Advisory Services
10.0 2.8 Balyasny Asset Management LP
Religare Enterprises 15.6 5.0 Merrill Lynch Global Principal Inv.
Share Microfi n 24.6 NA India Value Fund Advisors
Shriram Transport Finance Company
82.1 5.7 Infi nite India
SKS Microfi nance 11.3 NA IDFC Private Equity Co.
South Indian Bank 37.2 10.2 3i Group Plc
Spandana Sphoorty Inno-vative Financial Services
12.0 NA Blue Ridge Capital LLC; International Finance Corporation; UTI Venture Funds Management Co.
Investee Amount ($ mn)
Stake (%)
Investors
THE DEALS
24
OUTLOOK BUSINESS-ERNST & YOUNG
25
SS Kantilal Ishwarlal Securities/Sharekhan
49.3 NA Avigo Capital Partners
SS Kantilal Ishwarlal Securities/Sharekhan
118.2 85.0 Cornell Capital Partners, LP
State Industrial Corpora-tion of Maharashtra
89.2 36.0 JC Flowers & Co. LLC
The Bank of Rajasthan 24.9 2.6 Indus Capital Advisors (HK)
The Bank of Rajasthan 32.7 NA Avenue Capital Group/Avenue Asia Capital Management, LLC
The Catholic Syrian Bank 8.2 14.0 AIF Capital; Gartmore Investment Management Plc; Siguler Guff & Co., LLC
YES Bank 48.6 5.0 Khazanah Nasional Bhd.
Information technology
Adventity 20.0 NA 3i Group Plc
Undisclosed e-commerce infrastructure company
10.0 NA Indivision Investment Advisors
Anantara Solutions 6.5 NA Christian Wedell; Helion Ventures; SVB India Advisors; Walden Inter-national India/Walden-Nikko India Management Co.
Banyan Netfaqs Pvt (agencyfaqs)
NA NA Seedfund
CE Info Systems (Mapmyindia.com)
2.5 NA Nexus India Capital Advisors
Comat Technologies 4.0 NA Intel Capital
Comat Technologies 10.0 NA Avigo Capital Partners
Investee Amount ($ mn)
Stake (%)
Investors
Connecturf India NA NA Nexus India Capital Advisors
DimDim 2.4 NA Draper Richards; Index Ventures; Nexus India Capital Advisors
Elitecore Technologies 10.3 NA Carlyle Asia-India
Financial Information Network & Operations
6.8 40.0 Intel Capital; International Finance Corporation
Financial Information Network & Operations
4.4 NA Legatum Global Development
Four Interactive (Asklaila) 10.0 NA Lightspeed Venture Partners; Matrix India Asset Advisors; SVB India Advisors
Games2win India 5.5 NA Clearstone Venture Advisors; SVB India Advisors
Games2win India NA NA Nexus India Capital Advisors
Gemini Communications 11.9 11.1 Greater Pacifi c Capital India (P)
i2india Holdings 3.1 100.0 Chris Mathias; Davinder S. Brar; Donald Peck; Graham Wrigley; Imperial Innovations Group Plc
Infrasoft Technologies 27.0 NA Baring Private Equity Partners India
Intelenet Global Services 200.0 100.0 Blackstone Advisors India; Intelenet Global Services-management team
ISGN Technologies 25.0 25.0 New Enterprise Associates (India)
ItzCash Card 10.0 NA Intel Capital; Matrix India Asset Advisors
Komli Media/PubMatic 7.0 NA Blue River Capital Advisors (India); Sequoia Capital India
KPIT Cummins Info. 9.0 NA Passport Capital LLC
Investee Amount ($ mn)
Stake (%)
Investors
THE DEALS
26
OUTLOOK BUSINESS-ERNST & YOUNG
27
Lifetree Convergence 20.0 NA International Finance Corporation
MakeMyTrip (India) 15.0 NA Helion Ventures; SAIF Partners; Sierra Ventures; Tiger Global Management
mChek India Payment Systems
5.0 NA Draper Fisher Jurvetson (DFJ)
Minglebox Comm. 7.0 NA Sequoia Capital India
Myntra Designs NA NA Erasmic Venture Fund; Mumbai Angels
Netmagic Solutions NA NA Nexus India Capital Advisors
Obopay NA NA New Enterprise Associates
Obopay 10.0 NA Promethean Investments LLP; Undis-closed venture capital fi rm(s)
One97 Communications 10.0 27.0 SAIF Partners; SVB India Advisors
Printo Document Services 6.4 NA Sequoia Capital India
RT Outsourcing Services 7.9 NA Motilal Oswal Venture Capital Advisors
Satellier 10.0 NA CLSA Capital Partners
TechProcess Solutions (Billjunction)
NA NA Greylock Partners
techTribe, Inc 5.0 NA Canaan Partners; Miven Venture Partners; The Entrepreneurs’ Fund III
Time Broadband Services NA 40.0 Dubai Ventures
Travis Internet (Ticketvala.com)
2.0 NA Footprint Ventures
VSoft 10.4 NA iLabs
Ybrant Technologies 20.0 13.8 Sansar Capital Management
Investee Amount ($ mn)
Stake (%)
Investors
Ziva Software 1.7 NA Nadathur Holdings and Investments Pvt
Zylog Systems 9.9 NA Argonaut Private Equity, LLC; UTI Venture Funds Management Co.
Infrastructure
Ansal Properties & Infrastructure-2 SPVs
29.4 49.0 IL&FS Investment Managers
B Seenaiah & Company (Projects)
38.4 7.0 Amansa Capital Pte; Infrastructure Development Finance Co.; L&T Capital Company; L&T Infrastructure Finance; Lehman Brothers
BIG India Mall 75.0 NA Lehman Brothers
Business Park Town Plan-ners (BPTP )
78.9 5.0 Citigroup Property Investors
Entertainment World Development
12.2 25.0 ICICI Venture Funds Management Company
Indu Projects 33.9 NA Citigroup Venture Capital International
KMC Constructions 35.0 NA Baring Private Equity Asia Group; ICICI Venture Funds Management Company
Patil Infrastructure Hold. 56.7 26.0 One Equity Partners LLC
Ramky Infrastructure 28.3 13.5 IL&FS Investment Managers; Sabre Capital Worldwide
Sea King Infrastructure/SKIL Infrastructure
500.0 26.0 Future Capital Holdings
Sical Infra Assets 26.0 26.0 Walton Street Capital, LLC
Subhash Projects 61.4 20.0 Citigroup Venture Capital International
Investee Amount ($ mn)
Stake (%)
Investors
THE DEALS
28
OUTLOOK BUSINESS-ERNST & YOUNG
29
Leisure/entertainment
400-room hotel JV NA 49.0 Clearwater Capital Partners, LLC
Manufacturing
ABG Motors 15.0 NA Deutsche Bank Community Develop-ment Group; FMO (Netherlands Development Finance Company); International Finance Corporation
Amtek India 43.2 8.3 Warburg Pincus India
Bajaj Motors 12.0 NA Jacob Ballas Capital India
International Print-O-Pac 12.4 NA Blue River Capital Advisors (India)
MTAR Technologies 65.0 25.0 Blackstone Advisors India
Rolex Ring 40.0 26.0 New Silk Route Advisors
Sona Group 27.3 NA IDFC Private Equity Co.
Manufacturing-heavy
Euro Ceramics 15.3 12.0 Wasserstein & Co., LP
International Tractors 28.4 NA JM Financial Investment Managers
Jai Balaji Industries 69.1 15.0 Citigroup Venture Capital Interna-tional-India; India Equity Partners
Kanoria Chemicals & Industries
5.0 1.6 Baring Private Equity Asia Group; Citi-group Venture Capital International
Promac Engineering 8.2 17.0 Tano India Advisors
Promac Industries 8.0 27.5 Tano India Advisors
Regen Powertech 25.0 33.0 Indivision Investment Advisors
Rubamin 17.3 14.0 ICICI Venture Funds Management Co.
Investee Amount ($ mn)
Stake (%)
Investors
Sahajanand Laser Tech. 1.0 NA Citigroup Venture Capital International
Sigma Electric Mfg 172.0 NA Old Lane, LP
SVIL Mines 37.2 20.0 Citigroup Venture Capital International
Tecpro Systems 2.3 NA Avigo Capital Partners
Time Technoplast 9.1 0.0 Motilal Oswal Venture Capital Advi-sors; Zephyr Peacock Management India
Manufacturing-light
IMP Powers 5.5 23.3 Brescon Corporate Advisors; Motilal Oswal Venture Capital Advisors
Media
Infomedia India 6.0 3.9 ICICI Venture Funds Management Co.
Kreeda Games India 10.0 0.0 Blue River Capital Advisors (India)
Mindworks Global Media Services
NA NA Helion Ventures
Nimbus Communications 124.8 NA 3i India; Cisco Systems Inc; Oman Investment Fund
Out-Of-Home Media (India)/OOH Media
4.0 NA 3i India
Tag Media Network NA NA Intel Capital
UFO Moviez 22.0 NA 3i India
Webchutney Studio 48.6 5.0 Khazanah Nasional Bhd.
Medical
Ankur Drugs & Pharma 5.1 NA Blue Ridge Capital LLC
Investee Amount ($ mn)
Stake (%)
Investors
THE DEALS
32
OUTLOOK BUSINESS-ERNST & YOUNG
33
Real estate
Aparna Constructions 100.0 NA JP Morgan Asset Management
DB Realty 104.0 11.8 IL&FS Investment Managers; Lehman Brothers; TCK Advisers (Trikona Capital)
DLF Assets 400.0 NA DE Shaw India Advisory Services
DLF Assets 200.0 NA Lehman Brothers
Emaar MGF Land 100.0 1.5 JP Morgan Asset Management; undisclosed investor(s)
Indiabulls Real Estate 39.3 5.0 Farallon Capital Management, LLC
Nitesh Estates 51.0 25.0 Och-Ziff Capital Management Group, Inc
Nitesh Estates-hotel properties
120.0 NA Citigroup Property Investors
QVC Realty 100.0 NA IL&FS Investment Managers
Shapoorji Pallonji Group-real estate SPV
290.0 15.0 Sandalwood Capital Partners
Shrachi Developers 25.2 NA Legatum Global Development
Shrachi Realty 25.2 NA Citigroup Venture Capital International
Shriram Properties 100.0 NA Infi nite India
Skyline Constructions and Housing
55.6 NA Goldman Sachs & Co.-Principal Investment Area
Vatika Group 254.8 10.8 Beacon India Advisors; Goldman Sachs (Asia); Wachovia Capital Partners
Retail/wholesale
Brand Marketing India NA NA Matrix India Asset Advisors
Investee Amount ($ mn)
Stake (%)
Investors
Brandhouse Retails 25.0 10.0 ADM Capital
Dovetail Furniture NA NA Erasmic Venture Fund
Fabindia Overseas 11.0 6.0 Wolfensohn & Company, LLC
Flemingo Duty Free Shops 22.7 15.0 Citigroup Venture Capital Interna-tional-India
Gitanjali Lifestyle Products (Primus Retail)
10.4 NA Citigroup Venture Capital Interna-tional; UTI Venture Funds Manage-ment Co.
Sankalp Retail Value Stores (MyDollarStore India)
NA 28.0 Indivision Investment Advisors
Vaibhav Gems 34.5 14.9 Nalanda Capital Pte
Services-Non-Financial
247 Learning Solutions/24x7learning
4.0 NA Capital18
A2Z Group/A2Z Mainte-nance & Engineering
18.5 NA Rand Merchant Bank
Air Works India Engineering
12.7 33.0 CIBC Capital Partners; DA Capital; Norwest Venture Partners
Amoha Education (Veta) 10.1 NA SAIF Partners
Career Launcher India 8.3 NA Gaja Capital Partners
Contests2win India NA NA Nexus India Capital Advisors
Firstsource Solutions 22.4 6.0 Galleon Partners
Firstsource Solutions 42.0 4.5 SUN Group
Gingersoft Media (mGinger)
2.0 NA Draper Fisher Jurvetson (DFJ); IndoUS Capital Advisors
Investee Amount ($ mn)
Stake (%)
Investors
THE DEALS
30
OUTLOOK BUSINESS-ERNST & YOUNG
31
Apollo Health Street 25.0 NA One Equity Partners LLC; Temasek Holdings Advisors India
Apollo Hospitals Ent. 103.5 12.0 One Equity Partners LLC
Apollo Hospitals Ent.-Western Hospital Corp.
81.4 60.0 Apax Partners India Advisers
Arch Pharmalabs 26.6 NA BTS Investment Advisors Private; ICICI Venture Funds Management Company; IL&FS Investment Manag-ers; undisclosed investor(s)
Avesthagen 12.9 10.0 Fidelity Ventures
Avesthagen 5.2 NA Jacob Ballas Capital India
Fortis Healthcare 20.0 3.2 TCK Advisers (Trikona Capital)
Global Hospitals 31.0 25.0 Indivision Investment Advisors
Granules India 6.3 11.5 International Finance Corporation
GVK Biosciences 25.5 NA Sequoia Capital India
HealthCare Global Ent. 4.9 NA Kotak Investment Advisors
Indus Biotech 3.6 NA Kotak Investment Advisors
Intas Biopharma 10.0 NA Kotak Investment Advisors
IOL Chemicals and Pharmaceuticals
7.4 18.5 Sycamore Ventures Pte.
Laser Cosmetics 0.1 20.8 Indiaco (P)/IndiaCo Ventures
Mankind Pharma 24.7 NA ChrysCapital Management Co.
Max Healthcare Institute 74.0 NA International Finance Corporation (IFC)
Medicare Synergie 29.4 NA ICICI Venture Funds Management Co.
Investee Amount ($ mn)
Stake (%)
Investors
MedPlus Health Services 5.2 NA iLabs
Morepen Laboratories 24.4 10.0 Standard Chartered Private Equity
Morepen Laboratories 19.1 15.0 Avenue Capital Group/Avenue Asia Capital Management, LLC
Ocimum Biosolutions 17.0 NA Kubera Advisors
RG Stone Urological Research Institute
10.0 NA ICICI Venture Funds Management Co.
Roshini International Bio Energy Corporation
2.0 20.0 Origo Sino-India Plc
Sai Advantium Pharma 12.5 18.3 ADM Capital
Trivitron Medical Systems 11.5 NA ePlanet International Advisors; HSBC Private Equity (Asia)
Unimark Remedies 28.8 27.0 Citigroup Venture Capital International
Mining and metals
Cairn India 19.7 1.0 International Finance Corporation
Fomento International 10.0 3.0 Origo Sino-India Plc
Garware Offshore Services 27.6 20.0 Sycamore Ventures
Global Coal & Mining 18.8 NA Samara Capital Partners
Great Offshore 40.8 5.0 Carlyle Asia-India
Resurgere Mines and Minerals India
16.1 12.7 Merrill Lynch Global Principal Investments
Sainik Mining and Allied Services
NA NA GVFL
Shiv Vani Oil & Gas Exploration Services
24.5 6.7 Citigroup Venture Capital Interna-tional-India; Government of Singapore Investment Corp. Pte
Investee Amount ($ mn)
Stake (%)
Investors
THE DEALS
34
OUTLOOK BUSINESS-ERNST & YOUNG
35
Hurix Systems 5.1 NA Helion Ventures
MT Educare (Mahesh Tutorials)
12.0 30.0 Helix Investments Advisors India
Pangea3 Global Services 7.0 NA Sequoia Capital India
Quipo Infrastructure Equipment
34.0 31.0 GIC Special Investments Pte; IDFC Private Equity Co.,
Tops Security 42.6 15.8 ICICI Venture Funds Management Company; Indivision Investment Advisors
Va Tech Wabag India 20.0 10.0 GLG Partners LP
Verity Technologies NA 25.6 Indiaco (P)/IndiaCo Ventures
VLCC Healthcare/Vandana Luthra Curls and Curves
11.3 NA Indivision Investment Advisors
Telecommunications
Asianet Satellite Comm. 68.2 NA Providence Equity Partners
Aster Infrastructure 56.5 73.0 New Silk Route Advisors
Aster Tower 35.0 NA Jacob Ballas Capital India
BAG Infotainment 0.9 20.0 Bank of Baroda; IDBI Capital Market Services
Bharti Airtel 2013.5 5.0 Temasek Holdings Advisors India
Bharti Infratel 1,000.0 10.0 AIF Capital (India); Citigroup Venture Capital International; Goldman Sachs (Asia); India Equity Partners; Investment Corporation of Dubai; Macquarie (Hong Kong); Temasek Holdings Advisors India
Investee Amount ($ mn)
Stake (%)
Investors
Cellcast Asia Holdings 5.3 38.9 Canaan Partners
ConnectM Technology Solutions
6.0 100.0 IDG Ventures India Advisors; Sasken Communication Technologies
DigiBee Microsystems 8.6 NA Clearstone Venture Advisors; SIDBI Venture Capital
Digicable Network 10.1 49.0 Ashmore Investment Management; Jagjit Singh Kohli
Dish TV India 63.0 4.9 Indivision Investment Advisors
Global Assets Holding Corporation
141.3 NA Park Holding Finance Corporation; Standard Chartered Private Equity; Technology Infrastructure
Hathway Cable and Datacom
59.1 15.0 ChrysCapital Management Co.
HFCL Infotel 85.0 40.0 New Enterprise Associates
Hutchison Essar 25.0 NA IDFC Private Equity Co.
INX Media NA NA Kotak Investment Advisors; New Silk Route Advisors; New Vernon Private Equity; SREI Venture Capital; Temasek Holdings Advisors India
LiveMedia NA NA Draper Fisher Jurvetson (DFJ)
NDTV Networks 20.0 NA ComVentures
NetXcell 1.0 NA Ike Lee; Ruderman Capital Mgmt
Reliance Telecom Infrastructure
346.5 5.0 DA Capital; Fortress Capital; Galleon Partners; GLG Partners LP; HSBC Principal Investments; New Silk Route Advisors; Soros Fund Management LLC
Investee Amount ($ mn)
Stake (%)
Investors
THE DEALS
36
OUTLOOK BUSINESS-ERNST & YOUNG
37
Spanco Telesystems 27.5 20.3 JM Financial Investment Managers
Spice Communications/Spice Telecom
30.0 NA ChrysCapital Management Co.; UTI Venture Funds Management Co.
Sri Adhikari Brothers Television Network
7.0 NA Lehman Brothers; Spinnaker Capital Limited
Tata Sky 56.5 10.0 Temasek Holdings Advisors India
Textiles and clothing
Biba Apparels 4.5 NA Future Capital Holdings
Gokaldas Exports 165.0 70.1 Blackstone Advisors India
Koutons Retail India 4.9 NA Draper Fisher Jurvetson (DFJ); Helion Ventures; Nexus India Capital Advisors
KPR Mill 3.0 NA Cargill Ventures
KPR Mill 9.4 5.0 Peterson Partners, Inc
Mudra Lifestyle 3.3 NA SIDBI Venture Capital; SBI
Prateek Apparels 6.8 25.0 SIDBI Venture Capital
Pratibha Syntex 20.2 NA Baring Private Equity Asia Group
Provogue India 33.1 NA Artis Capital Management, LLC; Blackstone Advisors India; Fidelity Investment; Genesis Capital Manage-ment Inc.; Liberty International; New Vernon Private Equity
S.Kumars Nationwide 82.0 10.0 Citigroup Venture Capital International
Spykar Lifestyle 5.0 NA JM Financial Investment Managers; Lok Advisory Services (Lok Capital)
Investee Amount ($ mn)
Stake (%)
Investors
Transportation/distribution
Argentum Motors 51.0 10.0 DE Shaw India Advisory Services; IL&FS Investment Managers; Rand Corporation
BLR India 11.3 31.0 Reliance Private Equity
Chennai Container Terminal NA 25.0 Global Infrastructure Partners
Delhi Assam Roadways Corporation
10.2 NA IDFC Private Equity Co.
DRS Logistics 22.7 NA Kotak Investment Advisors
East India Petroleum 127.5 74.0 Global Infrastructure Partners; Zeus Inframanagement
Everest Kanto Cylinder 22.4 3.5 CLSA Capital Partners; TVG Capital Partners
First Flight Couriers 26.7 27.7 Temasek Holdings Advisors India
Flightraja Travels (VIA) 5.0 NA New Enterprise Associates
Goodearth Maritime 65.8 20.0 IDFC Private Equity Co.
Gujarat State Petronet 30.6 3.9 International Finance Corporation
Innovative B2B Logistics Solutions
6.3 8.0 Sage Capital Advisors
JV with Hindustan Aeronautics-miniature modules for aerospace applications
0.3 26.0 Edgewood Ventures, LLC
Ocean Sparkle 18.0 18.0 India Equity Partners
Pipavav Shipyard 41.2 16.3 Jacob Ballas Capital India; TCK Advisers (Trikona Capital)
Investee Amount ($ mn)
Stake (%)
Investors
THE DEALS
38
OUTLOOK BUSINESS-ERNST & YOUNG
39
Pipavav Shipyard 11.1 NA 2i Capital (India); Industrial Develop-ment Bank of India
Pipavav Shipyard 25.0 NA Citadel Investment Group, LLC
Pipavav Shipyard 50.0 NA Blackstone Advisors India
Rane Holdings 4.7 10.2 Blue River Capital Advisors (India)
Reach (Cargo Movers) 5.0 NA Global Investment House KSC
Reliable Autotech 4.6 17.0 BTS Investment Advisors Private
RSB Group 38.2 NA EIF Managers (Evolvence India); IL&FS Investment Managers
Sical Logistics 24.9 NA Blue Ridge Capital LLC; Tiger Global Management, LLC
SMS Shivnath Infra-structure
NA 48.4 Sequoia Capital India
Tebma Shipyards 21.9 53.0 ICICI Venture Funds Management Company
Welspun Gujarat Stahl 80.0 6.6 3i India
Travel/hospitality
Bharat Hotels 39.4 5.0 Dubai Ventures
GL Hotels 30.5 21.7 Temasek Holdings Advisors India
India Hospitality Corp. 18.4 12.6 Navis Capital Partners
India Hospitality Corp. 75.0 NA Hayground Cove Asset Management; Navis Advisors (India)
Navi Mumbai 5-star hotel 20.0 NA Global Investment House KSC
The Park Hotels 55.0 15.0 Credit Suisse Real Estate Funds
The Pride Hotel 11.4 11.1 Kotak Investment Advisors
Investee Amount ($ mn)
Stake (%)
Investors
Utilities
Adani Power 229.6 8.0 Tano India Advisors
Athena Projects 60.0 NA Tiger Global Management, LLC
Bhilwara Energy 25.8 8.5 Jacob Ballas Capital India; Wachovia Capital Partners
Doshion 8.9 NA IDFC Private Equity Co.
Ind-Barath Power Infra 71.6 30.0 Citigroup Venture Capital Interna-tional; UTI Venture Funds Manage-ment Co.
KVK Energy & Infrastruc-ture
26.0 NA Old Lane, LP
Lanco Amarkantak Power 8.0 5.8 International Finance Corporation
Moser Baer Photo Voltaic 100.0 NA CDC Group Plc; GIC Special Invest-ments Pte; IDFC Private Equity Co; Infrastructure Development Finance Co.
Investee Amount ($ mn)
Stake (%)
Investors
Transactions In 2008 (First-Half)Agriculture/fi sheries
Suminter India Organics NA NA Nexus India Capital Advisors
Computer-related
Bay Talkitec (P) 2.5 NA IndoUS Capital Advisors
Geojit Technologies 14.1 35.0 BNP Paribas India
Miles Software Solutions NA NA Zephyr Peacock Management India
THE DEALS
40
OUTLOOK BUSINESS-ERNST & YOUNG
41
Mistral Software/Mistral Solutions
6.5 NA JAFCO Investment (Asia Pacifi c); Nexus India Capital Advisors
Paymate India 9.0 NA Kleiner Perkins Caufi eld & Byers; May-fi eld; Sherpalo Inc./Sherpalo Ventures
QAI India Ltd 4.0 NA BTS Investment Advisors Private
Construction
Ashoka Buildcon 180.3 15.6 IDFC Private Equity Co.
Coastal Projects 40.1 20.0 Fidelity Ventures; Sequoia Capital India
ECI Engineering and Construction
25.1 NA Sabre Capital Investment Managers
Nagarjuna Construction 50.0 3.2 Blackstone Advisors India
Synergy Property Devel-opment Services
18.0 NA Blackstone Advisors India
Consumer products/services
Amalgamated Bean Cof-fee Trading (Coffee Day)
200.0 20.0 DE Shaw India Advisory Services; Deutsche Bank-Mumbai Branch; JPMorgan Private Capital Asia; Sequoia Capital India
Amalgamated Bean Cof-fee Trading (Coffee Day)
25.0 NA Darby Asia Investors
Jayant Oils and Derivatives
50.0 NA ABN AMRO Bank NV; Citadel Invest-ment Group, LLC; Polygon Investment Partners LLP
Parag Milk Foods 14.1 NA Motilal Oswal Venture Capital Advisors
Paras Pharmaceuticals NA 37.0 Actis Capital LLP
United Pizza Restaurant 127.8 49.0 Kotecha Capital Services
Investee Amount ($ mn)
Stake (%)
Investors
Electronics
Dixon Technologies 9.3 NA Motilal Oswal Venture Capital Advisors
ICOMM Tele 12.4 NA Tano India Advisors
Universal Power Trans-formers
15.0 NA Peepul Capital LLC
Financial services
AU Financiers India NA NA Motilal Oswal Venture Capital Advisors
Centrum Capital 30.0 10.0 Indivision Investment Advisors
Globe Capital Market 41.9 15.0 Citigroup Venture Capital International
Mack Star Marketing 250.0 NA DE Shaw India Advisory Services
Mahindra & Mahindra Financial Services
105.6 11.2 Standard Chartered Private Equity; TPG-Axon Capital LLC
Mahindra & Mahindra Financial Services
4.2 0.6 Standard Chartered Private Equity
MokshaYug Access 2.0 NA Elevar Equity
Prime Securities 14.4 9.5 India Investment Partners; New Vernon Private Equity
Repco Home Finance 27.7 NA Carlyle Asia-India
SatyaVani Homes 10.0 NA Sequoia Capital India
Shriram City Union Finance
65.2 NA Aavishkaar India
SKS Microfi nance 37.3 NA Frontline Strategy
SSKI/Sharekhan 59.3 12.0 SAIF Partners
Unique Affordable Homes-JV of affordable mass housing projects
75.1 NA Warburg Pincus India
Investee Amount ($ mn)
Stake (%)
Investors
THE DEALS
42
OUTLOOK BUSINESS-ERNST & YOUNG
43
Viedea Capital Advisors NA NA BOA Consultancy Services
Information technology
Aujas Networks 3.0 NA IDG Ventures India Advisors
Canvera Digital Technologies
NA NA Draper Fisher Jurvetson (DFJ); Footprint Ventures; Mumbai Angels; undisclosed investor(s)
Consim Info 11.8 NA Canaan Partners; Mayfi eld; Yahoo! Inc
Core Projects and Tech. 3.5 5.0 TGS Investment & Trade
Effort BPO 6.3 NA Motilal Oswal Venture Capital Advisors
Excelsoft Technologies 31.3 35.5 The DE Shaw Group
FutureBazaar India NA 15.0 Kleiner Perkins Caufi eld & Byers; Sherpalo Inc./Sherpalo Ventures
GSS America Infotech 10.2 10.2 Kubera Advisors
InterGlobe Technology Quotient
140.0 35.0 Credit Suisse Private Equity Asia; DBS Capital Investments; Standard Chartered Private Equity
Intrasoft Technologies (123greetings.com)
NA NA Intel Capital
iXiGO.com NA NA BAF Spectrum Pte
Kijiji India NA NA Matrix India Asset Advisors
mKhoj Solutions 7.1 NA Kleiner Perkins Caufi eld & Byers; Sherpalo Inc./Sherpalo Ventures
Netmagic Solutions 20.4 NA Fidelity Fund Management; Nexus India Capital Advisors
Newgen Software Technologies
7.6 NA HSBC Private Equity Advisors (India)
Investee Amount ($ mn)
Stake (%)
Investors
OnMobile Global 30.5 5.8 Bessemer Venture Partners; DPF India Opportunities Fund; Soros Fund Man-agement LLC; Ward Ferry Management
Ortel Communications 15.0 23.0 New Silk Route Advisors
SatNav Technologies 7.0 NA Jacob Ballas Capital India
StudyPlaces Inc 2.0 NA Kleiner Perkins Caufi eld & Byers; Sherpalo Inc./Sherpalo Ventures
Veveo (India) 7.8 NA Norwest Venture Partners
VMukti Solutions NA NA GVFL
Vriti Infocom 2.5 NA Intel Capital
WNS (Holdings) 32.0 5.3 Nalanda Capital Pte
Infrastructure
Futura Infraprojects 40.0 10.0 Frontline Ventures LLC
Totem Infrastructure 7.4 NA Aquarius Investment Advisors (India)
TowerVision India 300.0 NA Morgan Stanley Private Equity Asia
Leisure/entertainment
PVR Pictures 28.3 40.0 ICICI Venture Funds Management Com-pany; JPMorgan Private Capital Asia
Manufacturing-heavy
Anabond 7.0 NA SIDBI Venture Capital
Calcom Cement India 17.3 NA FMO (Netherlands Development Finance Company); German Investment and Development Co. (DEG)
Chiranjjeevi Wind Energy NA 40.0 Dubai Ventures
Himadri Chemicals & Industries
4.5 1.0 Citigroup Venture Capital International
Hinduja Foundries 20.0 8.0 Farallon Capital Management, LLC
Investee Amount ($ mn)
Stake (%)
Investors
THE DEALS
44
OUTLOOK BUSINESS-ERNST & YOUNG
45
HNG Float Glass 5.0 NA International Finance Corporation
Kenersys India NA NA First Reserve Corp.
Mahindra & Mahindra 172.4 3.7 Goldman Sachs (India) LLC
Maithan Ispat 18.5 NA IL&FS Investment Managers; ORIX Corp.
Meghmani Finechem 11.5 25.0 International Finance Corporation
Saravana Global Energy 25.0 NA MPM Capital LP
Servomax India 3.5 NA D.E. Shaw India Advisory Services
Shakti Pumps (India) 0.2 9.1 Mayfi eld
Sharda Worldwide Exports
21.5 NA Subhkam Ventures
Shri Kamdhenu Electronics
0.0 26.0 India Hydro Investments; Power Infrastructure India; SMH Power Investments
Tecpro Systems 6.1 3.9 Credit Suisse Private Equity Asia
Uniparts India 20.4 NA AIG Global Investment Corporation (Mauritius)
Manufacturing-light
Kitply Industries 30.1 NA NA
Lizer Cylinders 10.0 NA Rand Merchant Bank
Media
Anil Printers 7.4 NA Tano India Advisors
New Horizon Media NA NA Beacon India Advisors; Emergic Venture Capital
Medical
Apollo Hospitals Enterprises 13.9 1.9 Apax Partners India Advisers
Investee Amount ($ mn)
Stake (%)
Investors
BioPlus Life Sciences 31.0 NA AIF Capital (India)
Centaur Group 7.0 NA SIDBI Venture Capital
Century Pharma. NA NA GVFL
DM Healthcare 51.1 26.0 India Value Fund Advisors
Gland Pharma 30.4 NA 3 Logi Capital
HealthCare Global Ent. 20.0 NA PremjiInvest
Parabolic Drugs 7.0 NA BTS Investment Advisors Private
Quality Care India 22.8 19.0 Ashmore Investment Management
Roshini International Bio Energy Corporation
18.0 22.5 Abrax Limited Partnership; Origo Sino-India plc.; Professional Offshore Opportunity Fund
Sahyadri Hospitals 35.5 NA Baring Private Equity Partners India
Sai Advantium Pharma 20.0 12.0 ICICI Venture Funds Management Co.
Vaatsalya Healthcare Solutions
1.5 NA Aavishkaar India; Seed Advisors/Seed-fund
Vikram Hospital & Heart Care
24.0 NA ICICI Venture Funds Management Company
Mining and metals
Asian Oilfi eld Services 7.3 21.4 Samara Capital Partners
Fomento International 20.0 6.0 Origo Sino-India Plc
Punj Lloyd Upstream 30.0 12.0 International Finance Corporation
Real estate
DLF Assets 450.0 NA Symphony Capital
Entertainment World Developers
18.5 4.0 ICICI Venture Funds Management Co.
Golden Gate Properties 70.0 NA RREEF Alternative Investments
Investee Amount ($ mn)
Stake (%)
Investors
THE DEALS
46
OUTLOOK BUSINESS-ERNST & YOUNG
47
Indore Entertainment 37.6 14.0 ICICI Venture Funds Management Co.
Maytas Properties 153.3 NA Infi nite India Investment Management
Ramprastha Promoters and Developers
80.0 40.0 Deutsche Bank AG-Hong Kong Branch
Vaishnavi Group 28.0 NA Actis Capital LLP
Retail/wholesale
Convergem Comm. 35.7 50.0 Future Ventures India
Footmart Retail (India) 1.5 NA Future Ventures India
Mahindra First Choice 18.6 10.0 Phi Advisors
Nahar Retail 29.7 NA Sequoia Capital India
Services-non-fi nancial
Andromeda Marketing 70.0 74.0 Navis Advisors (India)
Deepak Cables 18.6 NA UTI Venture Funds Management Co.
Educational Initiatives NA NA Footprint Ventures; IFMR Trust; Novak Biddle Venture Partners
Emergent Ventures India 10.0 NA IDFC Private Equity Co.
Everonn Systems India 22.5 NA Blackstone Advisors India; Deutsche Securities Asia-Singapore Branch; New Vernon Private Equity
Ikya Human Capital 8.0 NA India Equity Partners Advisors
Infosys Investment Research Center
NA NA 3i Asia Pacifi c plc.; Infosys BPO
Laqshya Media 64.3 15.0 Warburg Pincus India
Osian’s-Connoisseurs of Art
19.6 9.4 Abraaj Capital
Percept 16.3 10.0 Indivision Investment Advisors
Investee Amount ($ mn)
Stake (%)
Investors
Security and Intelligence Services India
114.2 14.0 IDFC Private Equity
Shriram EPC 3.5 1.1 Asiabridge Fund I LLC; Bessemer Venture Partners; ChrysCapital Management Co.; ICICI Venture Funds Management Company
Sterling & Wilson Elec. 46.6 NA Goldman Sachs (India) LLC
Tessolve Services NA NA QUALCOMM Ventures
Updater Services (P) 25.4 40.0 ICICI Venture Funds Management Co.
Telecommunications
Aditya Birla Telecom 640.0 20.0 Providence Equity Partners
Bharti Infratel 250.0 2.5 KKR Asia
Essel Shyam Comm. 22.0 NA Kubera Advisors
Independent News Services (India TV)
25.5 20.0 Shyam Equities
Lehren Entertainment NA NA NA
Midas Communication Technologies
3.0 NA Argonaut Private Equity, LLC
Times Innovative Media 51.0 16.6 Goldman Sachs (Asia); Lehman Bros
TV18 Home Shopping Network /HomeShop18
10.0 25.0 SAIF Partners
Zoom Entertainment 30.0 25.0 Merrill Lynch Global Private Equity
Textiles and clothing
Arrow Webtex 34.0 15.0 ICICI Venture Funds Management Co.
Genesis Colors 25.9 20.0 Mayfi eld; Sequoia Capital India; SVB India Advisors
Koutons Retail India 5.0 2.0 PremjiInvest
Investee Amount ($ mn)
Stake (%)
Investors
THE DEALS
48
OUTLOOK BUSINESS-ERNST & YOUNG
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Provogue India 78.6 NA Acacia Capital Partners; Altima Partners LLP; Dharmayug Invest-ment; Genesis Capital Management Inc; Liberty International; Network 18 Fincap Pvt; New Vernon Private Equity; T Rowe Price
Reid & Taylor (India) 209.6 25.4 GIC Special Investments Pte
Transportation/distribution
Allcargo Global Logistics (Allcargo Movers)
61.1 10.4 Blackstone Advisors India
Cleartrip Travel Services 18.5 NA DAG Ventures; Draper Fisher Jurvetson; Kleiner Perkins Caufi eld & Byers; Kotak Mahindra Group; Sherpalo Inc./Sher-palo Ventures
Corrtech International 15.8 NA Axis Private Equity
DRS Warehousing Corp. 98.9 70.0 Merrill Lynch Global Private Equity
Elbee Express 4.1 35.0 Clearstone Venture Advisors
Harish Chandra India 29.5 25.0 Axis Private Equity
Kinetic Engineering 6.4 14.5 AIG Global Investment Corporation (Mauritius)
Mahindra Forgings NA 3.3 Promethean Investments LLP
Om Logistics 15.2 NA Merrill Lynch Global Private Equity
Pipavav Shipyard 8.1 0.7 Deutsche Bank-Mumbai Branch; Galleon Management, LP
QuikJet Cargo NA NA Tata Capital
Seaways Shipping 28.3 22.0 Amitayus Investments LLC
Shriram SEPL Composites
NA 26.0 New Vernon Private Equity
Investee Amount ($ mn)
Stake (%)
Investors
Titagarh Wagons 6.6 2.4 Blackstone Advisors India; JP Morgan-Principal Investments Management
TVS Logistics Services 25.1 NA Goldman Sachs (Asia)
Wilson Sandhu Logistics 10.0 NA Blue River Capital Advisors (India)
Travel/hospitalityCicada Resorts 10.0 NA PremjiInvest
Eastern International Hotel/EIH
14.2 1.4 Promethean Investments LLP.
Kaati Zone NA NA Erasmic Venture Fund
Lemon Tree Hotels 30.0 5.9 Kotak Investment Advisors; Shinsei Bank
Mahindra Holidays & Resorts India
10.1 1.0 Jacob Ballas Capital India
Neesa Leisure 17.7 NA Axis Private Equity
Speciality Restaurants 23.0 20.0 Farallon Capital Management, LLC; LNM Internet Ventures
UtilitiesACME Tele Power 100.8 3.4 Jackson Heights Investments; Monsoon
Capital LLC
Bhoruka Power Corp. 17.9 NA Darby Asia Investors
KLG Power 50.1 20.0 TPG Growth, LLC
Shree Maheshwar Hydel Power
24.0 NA Henderson Equity Partners
Soham Renewable Energy India
15.2 NA Columbia Pacifi c Management Inc.; Odyssey Capital; Sequoia Capital India; Silicon Valley Bank; Vinod Khosla of Kleiner Perkins Caufi eld & Byers
Sophia Power 403.8 37.5 DE Shaw India Advisory Services
Investee Amount ($ mn)
Stake (%)
Investors
Announced deals arranged alphabetically by sector; NA: not available Source: AVCJFor information on deals announced in 2006, log on to outlookbusiness.com
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The year 2009 will be a sombre one for private equity in India on various counts. The most important of them all: exits, or
rather, the absence of exits. The period 2008-10 was tipped to be a mega exit period for a majority of players, nota-bly those who had started investing in 2003-04.
With the capital market in shambles, exits that were lined up via initial public offerings (IPOs) are likely to get postponed by a few years, which will have an impact on the long-term returns on these investments. Simi-larly, trade sale exits, which essentially mean the sale of holdings to strategic buyers or other private equity firms, have also slowed down significantly. already, players have started marking down their exit return expectations from the average 30-35% touted so far to 20-22%.
Going forward, trade sales are likely to dominate, as they have so far, more so because there is a whole bunch of new players in the market who will be looking to enter companies where existing investors may be looking for an exit. Valuations, needless to say, will be a big factor in such deals. n
In Limbo
2002
182
2003 2004 2005 2006 2007
218667
4,684
2,163 1,871
Value ($mn)
Trade Sale Exits
2002
10
2003 2004 2005 2006 2007
19 2132
4254
Number of deals
2002
218
2003 2004 2005 2006 2007
52 369
1,123
3,051
1,989Funds raised ($mn)
PE-Backed IPOs
2002
2
2003 2004 2005 2006 2007
2
913
2126
Number of IPOs
IPO exits compared well with trade sales in the last two years. But now, IPO exits will get tougher
Source:AVCJ
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Trade Sale Exits In 2007Investee Amount ($ mn) Deal stake (%) Seller(s) Acquirer(s)/investor(s)Computer-relatedAnupam Global Soft Ltd. NA 100 GVFL Ltd. (India) Anupam Group of Industries (India)Educomp Solutions Ltd. 0.7 0.6 Gaja Capital Partners (India) Undisclosed Investor(s) (India)MosChip Semiconductor Technology, Ltd. NA 1.6 UTI Venture Funds Management Co., Ltd. (India) Undisclosed Investor(s) (India)
Neilsoft Ltd. 7.0 NA GVFL Ltd. (India) Trident Capital (US)Neilsoft Ltd. 1.0 NA GVFL Ltd. (India) Neilsoft Ltd. (India)ConstructionNagarjuna Construction Co., Ltd. 16.4 2.1 ICICI Venture Funds Management Co. Ltd. (India) Undisclosed Investor(s) (India)Punj Lloyd Ltd. 54.5 2.2 Standard Chartered Private Equity Ltd. (India);
Temasek Holdings Advisors India Pvt. Ltd. (India)Undisclosed Investor(s) (China (PRC))
Consumer products/servicesGodrej Beverages and Foods Ltd. 53.9 51.0 Godrej Industries Ltd. (India); IL&FS Investment
Managers Ltd. (India); Mr A. Mahendran (India)The Hershey Company (US)
MTR Foods Ltd. 100.0 NA Aquarius Investment Advisors (India) Pvt. Ltd. (India); JP Morgan Partners Advisers Pte Ltd. (Singapore); MTR Foods Ltd. (India)
Orkla ASA (Norway)
ElectronicsSamtel Color Ltd. 0.9 3.3 ICICI Venture Funds Management Co. Ltd. (India) Undisclosed Investor(s) (India)Financial servicesFederal Bank Ltd. 10.6 2.2 International Finance Corporation (IFC) (India) Undisclosed Investor(s) (India)SS Kantilal Ishwarlal Securities Pvt. Ltd./Sharekhan Ltd.
118.2 85.0 General Atlantic LLC (India); HSBC Private Equity Advisors (India) Pvt. Ltd. (India); Intel Capital (India); S S Kantilal Ishwarlal Securities Pvt. Ltd./Sharekhan Ltd.-Morakhias (India)
Citigroup Venture Capital International-India (US)
SS Kantilal Ishwarlal Securities Pvt. Ltd./Sharekhan Ltd.
49.3 NA NA Citigroup Venture Capital International-India (US)
Data arranged alphabetically by sector; NA: not available Source: AVCJ Trade Sale Exits In 2007: go to page 80
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Weizmann Homes Ltd. 20.0 100.0 Asian Finance and Investment Corporation Ltd. (Singapore); Weizmann Homes Ltd. (India)
AIG Capital India Pvt. Ltd. (India)
Information technologyConnecturf India Pvt Ltd. NA NA eVentures India (India) Nexus India Capital Advisors Pvt. Ltd.
(India)Games2win India Pvt. Ltd. NA NA eVentures India (India) Nexus India Capital Advisors Pvt. Ltd.
(India)Global Vantedge Pvt. Ltd. 22.7 NA ChrysCapital Management Co. (India); Global
Vantedge Pvt. Ltd. (India)Aegis Communications Group, Inc (US)
IceNet.Net Ltd. NA 100.0 GVFL Ltd. (India); IceNet.Net Ltd. (India) YOU Telecom India Pvt Ltd. (India)Netmagic Solutions Pvt. Ltd. NA NA eVentures India (India) Nexus India Capital Advisors Pvt. Ltd.
(India)NIIT Ltd. 48.4 10.0 Intel Capital (India) Undisclosed Investor(s) (India)RelQ Software Pvt. Ltd. 40.0 100.0 Acer Technology Ventures Asia Pacific (India);
ICICI Venture Funds Management Company Ltd. (India); Karnataka Asset Management Co. Pvt. Ltd (KAMCO) (India); RelQ Software Pvt. Ltd. (India)
Electronic Data Systems Corp. (US)
InfrastructureGammon Infrastructure Projects Ltd. 17.9 3.5 Och-Ziff Capital Management Group, Inc (US) Gammon Cooling Towers Ltd. (India)Leisure/entertainmentMadhouse Media Pvt. Ltd. NA 100.0 BOA Consultancy Services Pvt. Ltd. (Band of
Angels) (India); Madhouse Media Pvt. Ltd. (India); Mumbai Angels (India)
Seventymm Services Pvt. Ltd./Karod-pati Marketing Pvt. Ltd., (India)
PVR Ltd. 3.2 3.7 ICICI Venture Funds Management Co. Ltd. (India) Undisclosed Investor(s) (India)Manufacturing-heavyACE Refractories Ltd 136.0 99.0 ICICI Venture Funds Management Co. Ltd. (India) Calderys (France)Colortek India Ltd. NA NA GVFL Ltd. (India) Undisclosed Investor(s) (India)Sintex Industries Ltd. 256.4 25.0 Warburg Pincus India Pvt. Ltd. (India) Undisclosed Investor(s) (India)MediaInfomedia India Ltd. 105.6 79.0 ICICI Venture Funds Management Co. Ltd. (India);
Undisclosed investor(s) (India)Television Eighteen India Ltd. (India)
Investee Amount ($ mn) Deal stake (%) Seller(s) Acquirer(s)/Investor(s)
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Miditech Pvt. Ltd. NA 26.0 ICICI Venture Funds Management Co. Ltd. (India) Turner Broadcasting System Asia Pacific Inc (US)
Medical
Apollo Hospitals Enterprises Ltd. 30.3 5.3 Temasek Holdings Advisors India Pvt. Ltd. (India) Undisclosed Investor(s) (India)
Aurobindo Pharma Ltd. 23.2 2.5 Standard Chartered Private Equity Ltd. (India) Undisclosed Investor(s) (India)
Unichem Laboratories Ltd. 2.6 NA New Vernon Private Equity Ltd. (India) Undisclosed Investor(s) (India)
Retail/wholesale
Subhiksha Trading Services Ltd. 18.6 5.0 ICICI Venture Funds Management Co. Ltd. (India) Prudential ICICI Asset Management Co., Ltd. (India)
Trinethra Pvt. Ltd. 76.8 90.0 India Value Fund Advisors Pvt. Ltd. (India) Aditya Birla Group (India)
Services-non-financial
Contests2win India NA NA eVentures India (India) Nexus India Capital Advisors Pvt. Ltd. (India)
Firstsource Solutions Ltd. 52.6 14.0 ICICI Bank Ltd. (India); ICICI Venture Funds Management Co. Ltd. (India)
Metavante Corporation (US)
Firstsource Solutions Ltd. 22.4 6.0 ICICI Bank Ltd. (India); ICICI Venture Funds Management Co. Ltd. (India)
Galleon Partners (US)
Firstsource Solutions Ltd. 42.0 4.5 Sequoia Capital India (India) SUN Group (Russia)
MeritTrac Services Pvt. Ltd. 12.9 70.0 HSBC Private Equity Advisors (India) Pvt. Ltd. (India); MeritTrac Services Pvt. Ltd. (India)
Manipal Education and Medical Group India Pvt. Ltd. (India)
Quality Engineering and Software Technologies LLC (QuEST)
NA NA Carlyle Asia-India (India) Quality Engineering and Software Technologies LLC-Promoters (India)
Telecommunications
ACL Wireless Ltd. 12.3 30.0 Inter-Asia Venture Management Ltd. (Singapore) Naspers Ltd. (South Africa)
Jagran TV Pvt. Ltd. 5.1 10.0 New Vernon Private Equity Ltd. (India) Global Broadcast News Ltd. (India)
Music Broadcast Pvt. Ltd./ Radio City NA 20.0 India Value Fund Advisors Pvt. Ltd. (India) Star Group Ltd. (Hong Kong)
NEW Delhi Television Ltd. (NDTV) NA 7.7 General Atlantic LLC (India) Prannoy Roy and Radhika Roy (India)
YOU Telecom India Pvt Ltd. NA 5.0 Citigroup Venture Capital International (India) Bennett, Coleman & Co., Ltd. (India)
Investee Amount ($ mn) Deal stake (%) Seller(s) Acquirer(s)/Investor(s)
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Textiles and clothingSangam India Ltd. 3.2 4.9 ICICI Venture Funds Management Co. Ltd. (India) Undisclosed Investor(s) (India)Sangam India Ltd. NA 2.0 ICICI Venture Funds Management Co. Ltd. (India) ICICI Bank Ltd. (India)Welspun India Ltd. 5.0 4.3 ICICI Venture Funds Management Co. Ltd. (India) Undisclosed Investor(s) (India)Transportation/distributionDeccan Aviation Ltd. 7.3 3.4 ICICI Venture Funds Management Co. Ltd. (India) Undisclosed Investor(s) (India)Deccan Aviation Ltd. 104.6 20.0 Deccan Aviation Ltd. (India); ICICI Venture Funds
Management Co. Ltd. (India)Kingfisher Radio Ltd. (India); United Breweries Group (UB Group) (India)
Gateway Distriparks Ltd. 8.9 2.6 ICICI Venture Funds Management Co. Ltd. (India) ICICI Bank Ltd. (India); Undisclosed Investor(s) (India)
Ocean Sparkle Ltd. 18.0 18.0 APIDC Venture Capital Ltd. (India) India Equity Partners (India)Punjab Tractors Ltd. 215.5 43.5 Actis Capital LLP. (India); Burman Family (India) Mahindra & Mahindra Ltd. (India)Travelport 75.0 100.0 The Blackstone Group L.P. (US) Intelenet Global Services Pvt. Ltd.
(India)Travel/hospitalityThe Mars Hospitality Group-Mars Res-taurants and SkyGourmet Catering
91.6 100.0 Navis Capital Partners (Malaysia); Undisclosed Investor(s) (India)
India Hospitality Corp. (India)
Trade Sale Exits In 2008 (First-Half)st-half)Financial servicesGlobal Trade Finance Pvt. Ltd. 133.9 91.0 Exim Bank (India); First International Merchant
Bank Plc (Malta); IFC (India)State Bank of India (India)
Shriram Transport Finance Company Ltd. 35.3 10.0 ChrysCapital Management Co. (India) JP Morgan Securities Pvt. Ltd. (India)Information technologyAztecsoft Ltd. 28.9 32.6 e4e India (India) MindTree Consulting Pvt. Ltd. (India)Excelsoft Technologies Pvt. Ltd. 31.3 35.5 UTI Venture Funds Management Co. (India) The DE Shaw Group (US)OnMobile Global Ltd. 30.5 5.8 Argo Global Capital (Hong Kong); H&Q Asia Pacific
Venture Management Pte Ltd. (Singapore); Polygon Investment Partners LLP (UK); Satwik Venture Capital Partners (US)
Bessemer Venture Partners (US); DPF India Opportunities Fund (Canada); So-ros Fund Management LLC (US); Ward Ferry Management Ltd. (Hong Kong)
Investee Amount ($ mn) Deal stake (%) Seller(s) Acquirer(s)/Investor(s)
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InfrastructurePetronet LNG Ltd. NA 5.2 Asian Development Bank (Philippines) LN Mittal Group (India)Services-non-financial Updater Services (P) Ltd. 25.4 40.0 New Vernon Private Equity Ltd. (India) ICICI Venture Funds Management
Company Ltd. (India)TelecommunicationsIdea Cellular Ltd. 23.5 NA Macquarie Investment Management Ltd.
(Australia)Undisclosed Investor(s) (India)
Transportation/distributionTitagarh Wagons Ltd. 6.6 2.4 Frontline Strategy (India); Titagarh Wagons-pro-
moter (India)Blackstone Advisors India Pvt. Ltd. (US); JP Morgan-Principal Investments Management (US)
IPOs Backed By PE Funds And VCs 2007Issuer Size ($ mn) PE/VC shareholder(s)Autoline Industries Pvt. Ltd.
17.0 Duke Equity Partners
Binani Cement Ltd. 37.9 Credit Suisse Private Equity Asia; JP Morgan Special Situations Asia
Consolidated Construction Consortium Ltd.
47.6 EIF Managers Ltd. (Evolvence India); UTI Venture Funds Management Co., Ltd.
Dhanus Technolo-gies Ltd.
28.9 Sourabh Venture Capital Trust; Volrado Ventures Partners
DQ Entertainment Ltd. 54.1 IL&FS Investment Managers Ltd.; iLabs Ltd.; International Finance Corporation (IFC); TDA Capital Partners, Inc.
Edelweiss Capital Ltd. 174.2 Americorp Ventures Ltd.; Galleon Management, L.P.; Government of Singapore Investment Corp. Pte Ltd. (GIC); Greater Pacific Capital India (P) Ltd.; Lehman Brothers; Sequoia Capital India
Everonn Systems India Ltd.
12.4 ST Asset Management Ltd.
Firstsource Solutions Ltd.
100.5 Galleon Management, L.P.; ICICI Venture Funds Management Co. Ltd.; Temasek Holdings Advisors India Pvt. Ltd.; WestBridge Capital Partners LLC
Fortis Healthcare Ltd. 121.1 Blue Ridge Capital LLC.; Soros Fund Management LLC; TCK Advisers Pvt. Ltd. (Trikona Capital)
Genpact 494.1 General Atlantic LLC; Oaktree Capital Management, LLC
Global Broadcast News Ltd.
23.9 IL&FS Investment Managers Ltd.
Issuer Size ($ mn) PE/VC shareholder(s)
Investee Amount ($ mn) Deal stake (%) Seller(s) Acquirer(s)/Investor(s)
Dataarrangedalphabeticallybysector;NA:notavailable Source:AVCJ
PEinvestorsarecurrentlyinvestedinthesecompaniesandcanexitaftertheoneyearlock-in Source:AVCJ
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Idea Cellular Ltd. 481.6 2i Capital (India) Pvt. Ltd.; Citigroup Venture Capi-tal International-India; Sequoia Capital India
Jyothy Laboratories Ltd.
77.0 Actis Capital LLP.; CLSA Capital Partners
K.S. Oils Ltd. 31.4 Baring Private Equity Partners India Pvt. Ltd.; Citigroup Venture Capital International-India
Kaveri Seed Co., Ltd. 17.2 India Emerging Capital Pvt. Ltd.Koutons Retail India Ltd.
36.9 Argonaut Private Equity, LLC; Passport Capital LLC; UTI Venture Funds Management Co., Ltd.
KPR Mill Pvt. Ltd. 32.3 Argonaut Private Equity, LLC.; Blue River Capital Advisors (India) Pvt. Ltd.; Brandot International Ltd.; Peterson Partners, Inc.
Meghmani Organics Ltd.
25.2 Electra Partners Asia Pvt. Ltd.
MindTree Consulting Pvt. Ltd.
53.9 Capital International, Inc.; Global Technology Ventures Ltd.; Templeton Asset Management (India) Pvt Ltd.
Motilal Oswal Financial Services Ltd.
60.5 Bessemer Venture Partners; New Vernon Private Equity Ltd.
Mudra Lifestyle Ltd. 19.5 SIDBI Venture Capital Ltd.Mundra Port & SEZ (MPSEZ)
451.2 3i India Pvt. Ltd.; GIC Real Estate Pte. Ltd.
Religare Enterprises Ltd.
35.7 Merrill Lynch Global Principal Investments
Spice Communica-tions/Spice Telecom
128.8 Lehman Brothers Private Equity; Spinnaker Capital Limited
Supreme Infrastruc-ture India Ltd.
9.6 Hexagram Investment Advisors Pvt. Ltd.
Suryachakra Power Corporation Ltd.
16.8 Opulent Venture Capital
Take Solutions Ltd. 37.2 Galleon Management, L.P.; Passport Capital LLC
Zylog Systems Ltd. 30.6 Argonaut Private Equity, LLC; Magnus Capital Corporation Limited; UTI Venture Funds Management Co., Ltd.
2008 (First-Half)BGR Energy Systems Ltd.
111.3 Citigroup Venture Capital International-India
Future Capital Holdings Ltd.
125.5 Och-Ziff Capital Management Group LLC; Soros Fund Management LLC
Future Capital Holdings Ltd.
NA Och-Ziff Capital Management Group LLC; Soros Fund Management LLC
Gammon Infrastruc-ture Projects Ltd.
69.3 Och-Ziff Capital Management Group LLC
Gokul Refoils and Solvent Ltd.
32.9 Granite Hill Capital Partners, LLC
GSS America Infotech Ltd.
35.0 IL&FS Investment Managers Ltd.; Kubera Advisors Pvt. Ltd.
IRB Infrastructure Developers Ltd.
237.9 Deutsche Bank-Mumbai Branch; Goldman Sachs (Asia) Ltd.; Merrill Lynch Corporate Principal Investments Group
OnMobile Global Ltd. 120.8 Argo Global Capital; Bessemer Venture Partners; Deutsche Bank-Mumbai Branch; DPF India Op-portunities Fund; Gilbert Global Equity Partners, LLC; Goldman Sachs (Asia) Ltd.; Greenoaks Ventures; H&Q Asia Pacific Venture Management Pte Ltd.; Paul Harris Mana
Shriram EPC Ltd. 37.8 Argonaut Private Equity, LLC; Bessemer Venture Partners; Galleon Management, L.P.; New Vernon Private Equity Ltd.; UTI Venture Funds Management Co., Ltd.
Titagarh Wagons Ltd. 32.0 2i Capital (India) Pvt. Ltd.; Blackstone Advisors India Pvt. Ltd.; ChrysCapital Management Co.; JP Morgan - Principal Investments Management; Strategic Ventures Fund (Mauritius) (SVFML)
Issuer Size ($ mn) PE/VC shareholder(s) Issuer Size ($ mn) PE/VC shareholder(s)
PEinvestorsarecurrentlyinvestedinthesecompaniesandcanexitaftertheoneyearlock-in Source:AVCJForinformationonexitsannouncedin2006,logontooutlookbusiness.com
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Transactions In 2006
Announced deals arranged alphabetically by sector; NA: not available Source: AVCJ
Agriculture/FisheriesSuguna Poultry Farms 11.0 NA Temasek Holdings Advisors India Computer-relatedFlextronics Software Systems
900.0 85.0 Kohlberg Kravis Roberts & Co.; Sequoia Capital India
Geometric Software Sol. 10.1 6.4 ICICI Venture Funds Mgmt. Comp. Guruji.com Software 7.0 NA Sequoia Capital IndiaHarbinger TechAxes NA NA Rajasthan Asset Management Co.Ilantus Technologies 2.0 NA Pequot Capital Management, Inc.Indium Software (India) 1.0 NA SIDBI Venture Capital Insilica Semiconductors India
18.0 NA Crossbow Ventures; Dow Corporate Venture Capital; Flextronics Interna-tional Singapore Pte; Intel Capital; NewPath Ventures LLC
Kenati Technologies NA NA TCK Advisers (Trikona Capital)Paymate India 5.0 NA Kleiner Perkins Caufield & Byers; Sher-
palo Inc./Sherpalo VenturesProteans Software Sol. NA NA Karnataka Asset Management Co. Shriram EPC 22.6 33.0 ChrysCapital Management Co.Shriram EPC 10.0 NA Bessemer Venture PartnersSkelta Software 1.5 NA Baring Private Equity Partners India SSI 3.0 5.2 Blackstone Advisors India Tejas Networks India 20.0 NA Battery Ventures, LP; Gururaj
Deshpande; Intel Capital; Mayfield; Sandstone Capital; SUN Technologies
VMLogix 3.5 NA Bain Capital Partners, LLC
Investee Amount ($ mn)
Stake (%)
Investors ConstructionConsolidated Construction Consortium
27.2 22.0 EIF Managers (Evolvence India); UTI Venture Funds Management Co.
Indiabulls Infrastructure 3.4 60.0 Farallon Capital Management, LLCKapstone Constructions 18.7 16.0 Citigroup Venture Capital International-
IndiaLok Housings & Construc-tion
1.5 NA H&M Global Selection India Pte; Jina Ventures Inc.
Sanghvi Movers 28.8 23.0 General Atlantic LLCSobha Developers 6.6 NA SKS Microfinance-borrowers; Unitus
Investment Management Co.; Vinod Khosla of Kleiner Perkins Caufield & Byers; Vistaar Technologies-Ravi Reddy and Sandeep Tungare
Supreme Infra. India 1.6 9.6 Hexagram Investment Advisors Consumer products/servicesAmalgamated Bean Coffee Trading Co. (Coffee Day)
5.0 NA International Finance Corporation
Amalgamated Bean Coffee Trading Co. (Coffee Day)
20.4 NA Sequoia Capital India
Amalgamated Plantations 7.8 19.0 International Finance Corporation Bakers Circle NA 26.0 ChrysCapital Management Co.Capital Foods 3.0 33.0 Indivision Investment Advisors Cremica Group 10.8 10.0 Goldman Sachs (Asia) Eastern Condiments 10.1 15.0 IL&FS Investment Managers Gayatri Sugar Complex NA 30.0 Clearwater Capital Partners, LLCGodrej Tea 13.6 40.0 IL&FS Investment Managers KS Oils 20.0 16.1 IDFC Private Equity Co.
Investee Amount ($ mn)
Stake (%)
Investors
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Investee Amount ($ mn)
Stake (%)
Investors
Mason & Summers Alcobev NA 6.0 GEM India AdvisorsMcLeod Russel India 4.0 2.7 Capital International, Inc.McLeod Russel India 3.4 2.5 Capital International, Inc.Mrs. Bector’s Food Specialities
16.5 NA Undisclosed venture capital firm(s)
Nilgiris Dairy Farm 64.7 65.0 Actis Capital LLP; GIC Special Invest-ments Pte; NC Venugopal
Nutrine Confectionery Company
54.1 100.0 Godrej Beverages and Foods; IL&FS Investment Managers
Paras Pharmaceuticals 42.0 23.0 Actis Capital LLPParas Pharmaceuticals 12.0 NA Sequoia Capital IndiaTata Tea-North Indian Plantation Operation
NA 40.0 Infrastructure Leasing & Financial Services; International Finance Corp.
Vallabhdas Kanji 6.0 NA UTI Venture Funds Management Co.ElectronicsDiamond Cables 5.1 14.9 Clearwater Capital Partners, LLCFCI OEN Connectors 11.6 20.0 Bain Capital Partners, LLCGenus Overseas Electron-ics
11.0 15.3 ChrysCapital Management Co.
Ravin Cables 5.8 19.0 Tano India Advisors; Temasek Holdings Advisors India
Su-Kam Power Systems 10.1 20.0 International Finance Corporation Universal Power Trans-formers
2.0 NA H&M Global Selection India Pte; Jina Ventures Inc.
Financial servicesBajaj Auto Finance 10.2 5.0 Indivision Investment Advisors Centurion Bank of Punjab 55.6 NA Citigroup Venture Capital International-
India; EIF Managers (Evolvence India); India Value Fund Advisors
Investee Amount ($ mn)
Stake (%)
Investors
Development Credit Bank 7.9 14.1 Amtel Finance; Satpal Khattar, private investor
Dove Finance NA 80.0 Temasek Holdings Advisors India Dove Finance NA 18.0 Temasek Holdings Advisors India Federal Bank 40.0 7.8 International Finance Corporation IL&FS 100.4 10.0 TCK Advisers (Trikona Capital)India Infoline 11.2 5.0 Farallon Capital Management, LLCIndiabulls Buildcon 3.2 36.0 Farallon Capital Management, LLCIndiabulls Credit Services 20.1 NA LNM Internet VenturesIndiabulls Credit Services 20.4 8.2 Farallon Capital Management, LLCIndiabulls Housing Finance 25.4 NA Farallon Capital Management, LLC;
Karrick Indiaideas.com/Billdesk 7.5 NA Iris CapitalIT park project in Pune 32.7 NA New Vernon Private Equity; Vascon
Engineers
JM Financial 17.8 4.2 Blue Ridge Capital LLC; Tiger Global Management, LLC
Kotak Mahindra Bank 95.0 4.5 Clearwater Capital Partners, LLCMahindra & Mahindra Financial Services
13.4 4.2 ChrysCapital Management Co.
MAPE ADMISI Securities NA 100.0 ADM Investor Services International Limited; MAPE Advisory Group; Para-cor India Investments
MAS Financial Services 1.5 NA Caspian Advisors Private Limited Motilal Oswal Financial Services
27.8 9.3 Bessemer Venture Partners; New Vernon Private Equity
Parsec Interact 3.3 NA Baring Private Equity Partners India Reliance Asset Reconstruc-tion
0.0 21.0 Blue Ridge Capital LLC; Soros Fund Management LLC
the deals
68
outlook business-ernst & young
69
Investee Amount ($ mn)
Stake (%)
Investors
Shriram City Union Finance 14.3 10.0 Reliance Private EquitySKS Microfinance 2.3 NA SIDBI Venture Capital SS Kantilal Ishwarlal Securities/Sharekhan
32.4 15.0 Tano India Advisors
Ujjivan Financial Services 0.3 24.0 Unitus Investment Management Co.UTI Bank 79.8 4.9 ChrysCapital Management Co.Vascon Engineers 30.2 NA HDFC Venture Capital Vivek Hire Purchase and Leasing
NA 75.0 AIG Global Investment Corporation (Mauritius)
Information technologyAllsec Technologies 25.4 27.7 Carlyle Asia-IndiaAutomotive Exchange NA 30.0 SeedfundBharatMatrimony.com 8.7 NA Canaan Partners; Yahoo! Inc.Cellebrum.Com 15.0 NA Lehman BrothersCybernet Software Systems 22.5 NA SAIF PartnersDhanus Technologies 3.9 NA Sourabh Venture Capital Trust; Volrado
Ventures PartnersFour Interactive (Asklaila) 2.0 NA Matrix India Asset Advisors Hexaware Technologies 67.9 15.0 General Atlantic LLCIMImobile 10.0 NA Citigroup Global Investments (CGI)Indiabulls.com/Indiabulls Financial Services
105.9 10.7 Clearstone Venture Advisors; State Bank of India
Info Edge (Naukri.com) 6.0 NA Abu Dhabi Investment AuthorityIntegra Software Services NA NA Baring Private Equity Partners India JiGrahak Mobility Solutions 2.2 NA New Vernon Private Equity KMG Infotech 2.4 10.0 Citigroup Venture Capital International-
IndiaKnowcross/Triton NA NA SIDBI Venture Capital
Investee Amount ($ mn)
Stake (%)
Investors
KPIT Cummins Infosystems 2.4 2.9 Argonaut Private Equity, LLC; UTI Venture Funds Management Co.
MakeMyTrip 13.0 NA Helion Ventures; SAIF Partners; Sierra Ventures
MakeMyTrip NA NA Gabriel Venture PartnersMicroland 11.0 NA Cargill Ventures; Intel Capital; JAFCO
Investment (Asia Pacific); Trident Capital
Nanocast R&D (India)/Nanocast Labs
2.7 NA ComVentures
OnMobile 27.8 NA Deutsche Bank-Mumbai Branch; Gold-man Sachs (Asia); Polygon Investment Partners LLP
People Infocom Ptv./mauj.com
10.0 NA Intel Capital; Sequoia Capital; West-Bridge Capital Partners LLC
People Interactive/Shaadi.com
8.0 NA WestBridge Capital Partners LLC
Quatrro BPO Solutions (P) 100.0 NA Olympus Capital Holdings AsiaSulekha.com 10.0 NA Norwest Venture PartnersTELiBrahma Convergent Communications
NA NA Karnataka Asset Management Co.
TutorVista 2.0 NA Sequoia Capital India
TutorVista 10.8 NA Lightspeed Venture Partners; Sequoia Capital India; Silicon Valley Bank
TV 18 Home Shopping Network
NA 100.0 SAIF Partners; Television Eighteen India
Ugenie 5.0 NA BlueRun Ventures; Sierra VenturesInfrastructureAnsal IT City & Parks NA 33.0 HDFC Venture Capital Ashoka Buildcon 21.5 NA IDFC Private Equity Co.
the deals
70
outlook business-ernst & young
71
Investee Amount ($ mn)
Stake (%)
Investors
B Seenaiah & Company (Projects)
33.3 19.0 New Vernon Private Equity; Tiger Veda; Touradji Capital Management
Gayatri Projects 5.7 15.0 2i Capital (India); IL&FS Investment Managers
GMR Industries 21.6 10.3 Citigroup Venture Capital International-India
GMR Infrastructure 55.5 2.9 ICICI Venture Funds Magmt. Comp. GMR Infrastructure NA 4.3 IDFC Private Equity GMR Infrastructure 21.6 1.3 Citigroup Venture Capital International-
IndiaGMR Infrastructure 15.6 0.8 Soros Fund Management LLCIL&FS Transportation Networks
9.0 2.5 Infrastructure Leasing & Financial Ser-vices; TCK Advisers (Trikona Capital)
IL&FS Trikona Infra. 100.0 100.0 Intel CapitalIndiabulls Infrastructure Development
100.4 13.3 Farallon Capital Management, LLC
Intelligent Infrastructure 6.5 50.0 New Vernon Private Equity International Recreation Parks
16.7 10.0 IDFC Private Equity
L&T Infrastructure Hold-ings/L&T Infrastructure Dev.
122.1 21.6 IDFC Private Equity Co.; JP Morgan Partners Advisers Pte
L&T Urban Infrastructure 20.7 NA HDFC Venture Capital; Housing Development Finance Corp.
Navayuga Engineering 44.4 NA 3i India New Delhi airport moderni-sation project
5.1 8.0 IDFC Private Equity Co.
RR Skyline Project 45.0 100.0 Old Lane, LP; RR IndustriesITESCelunite, Inc. 30.0 100.0 Garnett & Helfrich Capital
Investee Amount ($ mn)
Stake (%)
Investors
Cleartrip Travel Services 5.0 NA Kleiner Perkins Caufield & Byers); Sherpalo Inc./Sherpalo Ventures
Cleartrip Travel Services 8.0 NA DAG Ventures; Kleiner Perkins Caufield & Byers; Sherpalo Inc./Sherpalo Ventures
Leisure/entertainmentMadhouse Media 0.2 NA BOA Consultancy Services (Band of
Angels); Mumbai AngelsReal Image Media Tech. 6.7 NA Intel CapitalSeventymm Services/Kar-odpati Marketing
7.0 NA Clearwater Capital Partners, LLC; undisclosed investor(s)
ManufacturingAcme Tower NA NA ACME Tele Power, Indivision Invest-
ment Advisors Action Construction Equipment
2.9 NA ICICI Venture Funds Management Company
Amtek Auto 63.2 9.0 Warburg Pincus India Amtek India 41.2 14.0 India Equity Partners; New Vernon
Private Equity Atul 7.5 NA International Finance Corporation Aurangabad Electricals 10.2 NA Blue River Capital Advisors (India) Autoline Industries 2.4 25.4 Duke Equity PartnersBhushan Power & Steel 33.7 10.0 Baring Private Equity Asia GroupBinani Cement 32.6 10.1 Credit Suisse Private Equity AsiaEMI Transmission 10.8 23.0 Temasek Holdings Advisors India Everest Kanto Cylinder 20.0 9.7 CLSA Capital PartnersInternational Cars & Motors 22.6 10.0 3i India Jamna Auto Industries 8.9 26.7 International Finance Corporation Kinetic Engineering 2.5 NA INC3 Ventures, LLC
the deals
72
outlook business-ernst & young
73
Investee Amount ($ mn)
Stake (%)
Investors
Kinetic Motor 21.0 10.0 Clearwater Capital Partners, LLCPhoenix Lamps 37.3 46.1 Actis Capital LLPPhoenix Lamps 23.2 20.0 Actis Capital LLPThe REVA Electric Car Company
20.0 NA Draper Fisher Jurvetson (DFJ); Global Environment Fund Corp.
Manufacturing-heavyContinental Carbon India 2.0 NA International Finance Corporation Dalmia Cements Bharat 30.0 11.0 Actis Capital LLPDynaspede Integrated 6.7 100.0 Kotak Investment Advisors GPT Steel Industries NA 15.0 AIF Capital (India) Himadri Chemicals & Industries
23.1 15.0 Citigroup Venture Capital International-India
Indo Shell Mould 3.5 NA Kleiner Perkins Caufield & Byers; Sher-palo Inc./Sherpalo Ventures
International Tractors 45.3 10.0 3i India Jindal Poly Films 12.7 6.7 Helion Ventures LG Balakrishnan & Bros 5.0 6.6 International Finance Corporation Maxop Engineering NA NA Zephyr Peacock Management India Oriental Containers 32.6 70.0 Navis Capital PartnersPSL 5.0 NA International Finance Corporation Saurashtra Cement 23.3 23.0 BOA Consultancy Services (Band of
Angels)Tecpro Systems 0.1 NA Avigo Capital Partners TurboTech Precision Engineering
0.6 NA International Finance Corporation (IFC)
Uma Precision 4.0 NA H&M Global Selection India Pte; Jina Ventures Inc.; ST Asset Management
Virgo Engineers 9.8 NA Tano India Advisors
Investee Amount ($ mn)
Stake (%)
Investors
Manufacturing-lightJK Paper 11.3 10.0 SAIF PartnersMoja Shoes NA NA Tano India Advisors Parksons Packaging 25.0 25.0 ChrysCapital Management Co.Textrade International Pvt 9.7 26.0 Reliance Private EquityMedia18 Holdings Cyprus NA NA SAIF PartnersA&M Publications 13.1 18.0 DE Shaw India Advisory Services Amar Ujala Publications 13.1 18.0 DE Shaw India Advisory Services Dainik Bhaskar Group/Writ-ers and Publishers
33.9 7.0 Warburg Pincus India
E-City Entertainment 22.6 26.0 IL&FS Investment Managers Just Dial Service NA NA SAIF PartnersWeb18 Caymans 10.0 NA Tracer Capital ManagementMedicalAdd Life Medical Institute/Sterling Hospitals
15.5 41.0 Actis Capital LLP
Arch Pharmalabs 21.7 NA ICICI Venture Funds Management Company
Celestial Biologicals 0.4 NA GVFL Claris Lifesciences 20.0 NA Carlyle Asia-IndiaElder Pharmaceuticals NA 4.5 Citigroup Venture Capital International-
IndiaEmcure Pharmaceuticals 50.0 NA Blackstone Advisors India Fortis Healthcare 33.3 NA Blue Ridge Capital LLC; Soros Fund
Management LLCFortis Healthcare 6.6 1.0 TCK Advisers (Trikona Capital)Fulford India 2.8 7.0 Goldman Sachs (Asia) Glenmark Pharmaceuticals 27.0 NA Paul Capital Partners
the deals
74
outlook business-ernst & young
75
Investee Amount ($ mn)
Stake (%)
Investors
Grandix Pharmaceuticals 2.0 30.0 Agnus; Xenox
HealthCare Global Enterprises
10.9 NA IDFC Private Equity Co.
Intas Pharmaceuticals 11.8 12.5 ChrysCapital Management Co.
JB Chemicals & Pharma-ceuticals
10.0 4.6 Clearwater Capital Partners, LLC
Kopran 13.1 NA BOA Consultancy Services (Band of Angels)
Manipal Health Systems 19.6 NA IDFC Private Equity Co.
Morepen Laboratories 48.0 40.0 Deutsche Bank-Mumbai Branch; Sabre Capital Worldwide; Spinnaker Capital Ltd
Napo India 3.0 9.0 IL&FS Investment Managers
Ocimum Biosolutions 3.9 20.0 International Finance Corporation
Unichem Laboratories 12.6 5.2 New Vernon Private Equity
Unimark Remedies 9.0 NA International Finance Corporation
VLife Sciences Tech. NA NA Kotak Investment Advisors
Mining and metals
Aryan Coal Benefications 66.0 NA Warburg Pincus India
Deccan Gold Mines 6.2 26.0 SUN Group
Dolphin Offshore Enter-prises
15.0 21.0 Clearwater Capital Partners, LLC
Garware Offshore Services 6.5 2.8 Sycamore Ventures
Garware Shipping Corpora-tion
3.4 12.6 Sycamore Ventures
Reliance Petroleum 12.8 0.3 ICICI Venture Funds Management Company
Investee Amount ($ mn)
Stake (%)
Investors
Real estateAlpha G:Corp Development 65.2 NA Morgan Stanley Real Estate FundBE Billimoria & Co. 12.0 26.0 GEM India AdvisorsEmaar MGF Land 41.0 NA EIF Managers (Evolvence India)Jubilee Hill Landmark Projects
75.6 NA ICICI Venture Funds Management Company; Nagarjuna Construction Co.; Satyam Computer Services
Lodha Group 60.0 NA JP Morgan Asset ManagementMantri Developers Ptv. 67.9 NA Morgan Stanley Real Estate Fund
Nitesh Estates 100.0 NA Siachen CapitalRetail/wholesaleDigital Shoppy 3.9 NA IL&FS Investment Managers Home Solutions Retail India 26.4 21.0 ICICI Venture Funds Management
Company; Kotak Investment Advisors MobileNXT Teleservices 5.0 NA Undisclosed investor(s)Nirulas Corner House 19.6 NA Navis Capital PartnersRedington Group/Redington (India)
15.2 11.0 ChrysCapital Management Co.
Vishal Retail 8.6 10.0 Burman Family; Gaja Capital Partners; Housing Development Finance Corp.; Reliance Group
Services-Non-financial247 Learning Solutions P. /24x7learning
10.0 NA Karnataka Asset Management Co.
Accutest Research Laboratories
4.0 NA Aureos Advisers India
Andromeda Marketing 6.0 NA NSD FinanceBerggruen Education 12.0 NA Berggruen Holdings, Inc.Brickworks India NA NA Karnataka Asset Management Co.
the deals
76
outlook business-ernst & young
77
Investee Amount ($ mn)
Stake (%)
Investors
Carzonrent India 7.0 NA Sequoia Capital IndiaDigital Music India (vJive) 4.5 NA Matrix India Asset Advisors EBS Worldwide Services 5.4 NA EIF Managers (Evolvence India);
IL&FS Investment Managers Everonn Systems India 3.0 NA ST Asset Management Firepro Systems 12.0 15.0 AIG Global Investment Corporation
(Mauritius) Laqshya Media 10.0 NA UTI Venture Funds Management Co.Manipal Universal Learning 70.0 NA Capital International, Inc.; IDFC Private
Equity Co. Metropolish Health Services
7.8 18.0 ICICI Venture Funds Management Company
Osian’s-Connoisseurs of Art
2.5 5.0 Venus Capital Management
PharmArc Analytic Solu-tions
10.0 NA Baring Private Equity Partners India
Praj Industries 26.3 10.0 Berjis Desai; Marubeni Corp.; Pramod Chaudhari; Shashank Inamdar; Vinod Khosla of Kleiner Perkins Caufield & Byers
Sanshadow Consultants NA NA Clearwater Capital Partners, LLC; Olympus Capital Holdings Asia; Voyager Venture Partners, LLC
SIRO Clinpharm NA 30.0 UTI Venture Funds Management Co.Updater Services 10.0 NA New Vernon Private Equity Vignani Technologies 4.0 NA Intel Capital; JAFCO Investment (Asia
Pacific) ; KT Venture Group, LLCTelecommunicationsGlobal Broadcast News 8.9 9.0 IL&FS Investment Managers
Investee Amount ($ mn)
Stake (%)
Investors
Idea Cellular 1028.0 34.5 2i Capital (India), ChrysCapital Man-agement Co., Citigroup Venture Capital International-India, GLG Partners LP; Macquarie Investment Management; NSS Ventures; Providence Equity Partners; Sequoia Capital India; Spin-naker Capit
Iqara Telecom (BG Broadband)
NA 100.0 Citigroup Venture Capital International-India
Tata Teleservices 339.4 9.9 Temasek Holdings Advisors India Tracmail (India) NA 100.0 HandsOn Ventures, LLCTextiles and clothingEastern Silk Industries 11.4 NA New Vernon Private Equity Genesis Colors Ptv. NA NA JM Financial Investment Managers GPI Textile 43.1 100.0 Avenue Capital Group/Avenue Asia
Capital Management, LLCKoutons Retail India 5.9 4.5 Warburg Pincus India Koutons Retail India 16.4 NA UTI Venture Funds Management Co. KPR Mill 23.6 11.0 International Finance Corporation Lilliput Kidswear 10.0 24.0 Indivision Investment Advisors OCM India 37.2 100.0 WL Ross & Co. Shri Lakshmi Cotsyn 3.6 10.0 KSK Energy Ventures SP Apparels 7.7 10.7 Kotak Investment Advisors Spentex Industries 1.4 2.0 Jacob Ballas Capital India Sports Station Group 5.0 0.0 BNP Paribas Singapore; Goldman
Sachs (Asia); Istithmar PJSR; Tata Group; TATA Investment Corp.; undis-closed investor(s)
V&S International 6.7 NA SIDBI Venture Capital
the deals
78
outlook business-ernst & young
79
Investee Amount ($ mn)
Stake (%)
Investors
Transportation/distributionAllcargo Global Logistics (Allcargo Movers)
13.4 5.4 New Vernon Private Equity
Delhi Jagson Airlines 24.8 15.0 Undisclosed investor(s)Direct Logistics India 2.2 NA SIDBI Venture Capital DTDC Courier & Cargo 15.8 44.0 Reliance Private EquityEndurance Technologies 32.3 NA Standard Chartered Private Equity Expressit Logistics Worldwide
1.4 NA SIDBI Venture Capital
Gateway Distriparks 27.1 5.2 ICICI Venture Funds Management Company
Gati 17.6 NA AMP Capital Investors Mundra Port & SEZ 100.0 NA 3i India; GIC Real Estate Pte Ramakrishna Forgings 5.0 15.0 UTI Venture Funds Management Co. RSB Group 7.7 NA International Finance Corporation SpiceJet 67.4 25.0 Citigroup Venture Capital International-
IndiaTitagarh Wagons 15.0 10.0 ChrysCapital Management Co.Travelguru 10.0 NA WestBridge Capital Partners LLCTravelguru 15.0 NA Battery Ventures, LP; Sequoia Capital
IndiaVarun Shipping 2.5 NA IL&FS Investment Managers Yatra Online 5.0 100.0 Norwest Venture Partners; Reliance
Technology Ventures Ltd; Television Eighteen India
Travel/hospitalityBerggruen Hotels 100.0 NA Berggruen Holdings, Inc.Dynamix-Balwas Group-hotel business
44.9 NA IL&FS Trikona Capital
Announced deals arranged aphabetically by sector; NA: not available Source: AVCJ
Investee Amount ($ mn)
Stake (%)
Investors
Lemon Tree Hotels 45.6 27.0 Warburg Pincus India Lemon Tree Hotels 6.9 NA Kotak Investment Advisors Moods Hospitality (Yo! China)
5.6 NA Matrix India Asset Advisors
Red Fox Hotels 15.2 NA Warburg Pincus India Red Fox Hotels 0.4 NA Kotak Investment Advisors Sayaji Hotels 13.0 NA ADM Capital; Brescon Corporate Advi-
sors; Toro ManagersTristar Hotels NA NA Undisclosed venture capital firm(s)UtilitiesAuro Mira Energy 0.0 NA Baring Private Equity Partners India Central Uttar Pradesh Gas 2.6 20.0 Asian Development BankCESC NA 2.0 Government of Singapore Investment
Corp. Pte; Nomura Asset Manage-ment Co.
Chamoli Hydro NA NA KSK Energy Ventures Krishna Godavari Gas Network
59.1 50.0 Argonaut Private Equity, LLC; Blue River Capital Advisors (India); Brandot International
KVK Energy & Infrastruc-ture
7.6 NA KSK Energy Ventures
Lanco Amarkantak Power 15.9 11.8 German Investment and Develop-ment Co.
Naturol BioEnergy NA NA SIDBI Venture Capital; UTI Venture Funds Management Co.
Shalivana Projects NA NA Matrix India Asset Advisors Techno Electric & Engineer-ing Company
13.8 15.9 Citigroup Venture Capital International-India
Vijai Electricals 25.8 NA 3i India
the exits
80
outlook business-ernst & young
81
Trade Sale Exits In 2006
Computer-related
Progeon Ltd. 115.0 23.0 Citigroup Venture Capital International - India (India)
Infosys Technologies Ltd. (India)
Scicom Technologies Pvt. Ltd. 0.3 NA GVFL Ltd. (India) Scicom Technologies Pvt. Ltd. (India)
Consumer products/services
Maharashtra Dairy Products Manufactur-ing Co
NA 40.0 Bain Capital Partners, LLC. (US); Carlyle Asia - India (India); Thomas H. Lee Partners, L.P. (US)
Ghai Enterprises (India)
Saraf Foods Ltd. 1.0 49.0 GVFL Ltd. (India) Saraf Foods Ltd. (India)
Electronics
Celetronix International 180.0 100.0 Alta Partners (US); Baring Private Equity Partners India Pvt. Ltd. (India); Celetronix International (India); Charterhouse Group International Inc. (US); Golden Gate Capital (US); New Enterprise Associates (US);
Jabil Circuit Inc. (US)
Havell’s India Ltd. NA NA CLSA Capital Partners (Hong Kong) Undisclosed Investor(s) (India)
Samtel Color Ltd. 0.8 2.3 ICICI Venture Funds Management Company Ltd. (India)
Undisclosed Investor(s) (India)
Financial services
IL&FS Investment Managers Ltd. 2.4 3.1 International Finance Corporation (IFC) (India) Undisclosed Investor(s) (India)
India Infoline Ltd. 4.5 2.8 Intel Capital (India) Undisclosed Investor(s) (India)
Infrastructure Develop. Finance Co., Ltd. 58.5 3.8 Asian Development Bank (Philippines) UBS Securities India Pvt. Ltd. (India)
Infrastructure Leasing & Financial Services Ltd (IL&FS)
NA 6.2 International Finance Corporation (IFC) (India) IL&FS Employees’ Welfare Trust (India)
S S Kantilal Ishwarlal Securities Pvt. Ltd./Sharekhan Ltd.
32.4 15.0 Carlyle Asia - India (India) General Atlantic LLC (US)
TTK Healthcare Services Pvt. Ltd. NA 26.0 India Value Fund Advisors Pvt. Ltd. (India) Swiss Re (Switzerland)
Investee Amount ($ mn) Deal stake (%) Seller(s) Acquirer(s)/investor(s)
the exits
82
outlook business-ernst & young
83
Investee Amount ($ mn) Deal stake (%) Seller(s) Acquirer(s)/investor(s)
Information technology
Accel Frontline Limited 1.6 9.0 ICICI Venture Funds Management Company Ltd. (India); Intel Capital (India)
Frontline Technologies Corporation Ltd. (Singapore)
Accel Frontline Limited 1.1 3.5 ICICI Venture Funds Management Company Ltd. (India)
Frontline Technologies Corporation Ltd. (Singapore)
Cybernet Software Systems Pvt. Ltd. 22.5 NA Baring Private Equity Partners India Pvt. Ltd. (India)
SAIF Partners (Hong Kong)
Flextronics Software Systems - BPO NA 100.0 Kohlberg Kravis Roberts & Co. (KKR) (US) Quatrro BPO Solutions (P) Ltd. (India)
Info Edge (India) Pvt. Ltd. (Naukri.com) 17.8 5.0 ICICI Venture Funds Mgmt. Company Ltd. (India) Fidelity Investment (US)
MphasiS BFL Ltd. 367.4 51.3 Baring Private Equity Partners India Pvt. Ltd. (India); Public shareholders (India)
Electronic Data Systems Corp. (US)
Omnitech Infosolutions Ltd. 1.2 NA Canbank Venture Capital Fund Ltd. (India) Omnitech Infosolutions Ltd. (India)
Webshastra Pvt. Ltd. NA 100.0 Warburg Pincus India Pvt. Ltd. (India); Webshastra Pvt. Ltd. (India)
Position2 (US)
World Network Services/WNS Global Ser. 30.0 11.1 Warburg Pincus, LLC (US) Undisclosed Investor(s) (US)
Infrastructure
Gammon India Ltd. 97.3 7.0 ChrysCapital Management Co. (India) Undisclosed Investor(s) (India)
Simplex Infrastructure Ltd. 29.0 7.5 ChrysCapital Management Co. (India) Undisclosed Investor(s) (India)
Leisure/entertainment
PVR Ltd. 10.8 9.0 ICICI Venture Funds Management Company Ltd. (India)
OppenheimerFunds, Inc (US)
Manufacturing-heavy
India Cements Ltd. 48.8 5.8 ADM Capital (Hong Kong) Undisclosed Investor(s) (India)
Micro Inks Ltd. 75.1 20.0 ChrysCapital Management Co. (India) Huber Group (Germany)
Medical
Glenmark Pharmaceuticals Ltd. 66.9 6.7 Actis Capital LLP. (India) HSBC Global Investment (India)
Grandix Pharmaceuticals Ltd. NA 100.0 Agnus (US); Grandix Pharmaceuticals Ltd. (India); Xenox (US)
Actavis Group (Iceland)
the exits
84
outlook business-ernst & young
85
Intas Pharmaceuticals 11.8 12.5 ICICI Venture Funds Mgmt. Company Ltd. (India) ChrysCapital Management Co. (India)
Matrix Laboratories Ltd. 530.1 51.5 N. Prasad (India); Newbridge Capital India (India); Spandana Foundation (India); Temasek Holdings Advisors India Pvt. Ltd. (India)
Mylan Laboratories Inc. (US)
Retail/wholesale
OyzterBay 9.1 100.0 ICF Ventures Pvt. Ltd. (India); OyzterBay (India) Rajesh Exports Ltd. (India)
Telecommunications
ITFinity 15.0 100.0 Ashish Dhawan (India); Edelweiss Capital (India); Luis Miranda (India); Naren Gupta-Private Investor (India); Rajat Gupta-Private Investor (India); Rajesh TS Reddy (India)
OnMobile (India)
Parsec Technologies (India) Ltd NA 20.0 GVFL Ltd. (India) Parsec Technologies (India) Ltd (India)
Spice Communications Ltd./Spice Telecom
178.9 49.0 Ashmore Investment Management Ltd. (UK); Deutsche Bank AG (Germany)
Telekom Malaysia Bhd. (Malaysia)
Tracmail (India) Pvt. Ltd. NA 100.0 IEP Milestone LLC (US); The VIEW Group L.P. (US) HandsOn Ventures, LLC (US)
Tracmail (India) Pvt. Ltd. 3.7 30.0 HandsOn Ventures, LLC (US) HOV Services Ltd. (India)
Transportation/distribution
DGP Hinoday Industries Ltd. NA 66.0 DG Piramal Group (India); JP Morgan Partners Advisers Pte Ltd. (Singapore)
Mahindra & Mahindra Ltd. (India)
Gujarat State Petronet Ltd. 20.5 4.4 IDFC Private Equity Co., Ltd. (India) Franklin Templeton Group (US); HSBC Global Investment (India)
Travel/hospitality
Hotel Leela Venture / Leela Hotels Ltd. 48.2 8.1 IDFC Private Equity Co., Ltd. (India) Capital International, Inc. (US); JM Morgan Stanley Ltd. (India); Nomura Group (Japan)
Sansara Hotels India Pvt. Ltd. 5.0 90.0 HDFC Venture Capital Ltd. (India); Portman Hold-ings LLC (US)
Citigroup (US)
Utilities
Suzlon Energy Ltd. 176.3 NA Citigroup Venture Capital International - India (India) Undisclosed Investor(s) (India)
Investee Amount ($ mn) Deal stake (%) Seller(s) Acquirer(s)/investor(s)
Data arranged alphabetically by sector; NA: not available Source: AVCJ
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