investment banking landscape india v4

March 2014

Investment Banking Landscape

India

Strictly Confidential 2

1 SECTION PE/ M&A in India: An overview

Strictly Confidential

M&A/PE Transactions- Over the Years

3

3 6

9

7 10

206 253

373 400 450

-

100

200

300

400

500

-

5

10

15

2009 2010 2011 2012 2013

Value (USD bn) No. of Deals

Source: Merger Market, Grant Thornton

2009 2010 2011 2012 2013

17 25 24 19 23

PE Investments in India

Average Deal Size (US$ million)

All timelines in Calendar years

M&A in India

19

51

30 36 21

210

282 249 280 267

-

50

100

150

200

250

300

0

10

20

30

40

50

60

2009 2010 2011 2012 2013

Value (USD bn) Volume

2009 2010 2011 2012 2013

91 181 119 130 78

Average Deal Size (US$ million)


12%

18%

9%

1% 10%

10% 5%

10%

25%

Total Deal Value: US$ 7 bn Healthcare

TMT

e-commerce

Education

BFSI

Real Estate

FMCG, F&B

Power & Infra

Others

PE Investments Value by Sector (2012) (USD mn) PE Investments Volume by Sector (2012)

M&A/PE Transactions- Industry Share

M&A Value by Sector (2013) (USD mn) M&A Volume by Sector (2013)

19%

2%

20%

5% 4%

14% 5%

31%

0% 0%

Total Deal Value: US$ 36 bn FMCG

Logistics

Healthcare

Professional Services

BFSI

TMT

Power, Mining

Industrials

Leisure

Real Estate

Others

Source: Grant Thornton, Merger Market

9% 3%

14%

12%

7% 15% 5%

30%

2% 2% 1%

Total Deal Count: 267 FMCG

Logistics

Healthcare

Professional Services

BFSI

TMT

Power, Mining

Industrials

Leisure

Real Estate

Others

10%

17%

18%

4%

11% 6%

3%

6%

25%

Total Deal Count: 400 Healthcare

TMT

e-commerce

Education

BFSI

Real Estate

FMCG, F&B

Power & Infra

Others


2 SECTION PE/ M&A in India: Sectors


PE Investments by sector (1/4)

6

PE Investments in Healthcare (2009 2013)

148 320 261 807

1,438

15 23 18

38

73

-

20

40

60

80

-

500

1,000

1,500

2,000

2009 2010 2011 2012 2013

Value (USD mn) No. of Deals

2009 2010 2011 2012 2013

10 14 15 21 20

Average Deal Size (USD mn)

All timelines in Calendar years Source: Grant Thornton

PE Investments in TMT (2009 2012)

188 289

1,033 1,258

32 28

53

68

-

20

40

60

80

-

400

800

1,200

1,600

2009 2010 2011 2012


2009 2010 2011 2012

6 10 19 19



27 94

358 606

4 11

46

72

-

25

50

75

100

-

200

400

600

800

2009 2010 2011 2012


PE Investments in e-commerce (2009 2012)

2009 2010 2011 2012

7 9 8 8


All timelines in Calendar years

PE Investments in Education (2009 2012)

96 175 147

59

7

20 24

17

-

10

20

30

-

50

100

150

200

2009 2010 2011 2012


2009 2010 2011 2012

14 9 6 3



Source: Grant Thornton

Strictly Confidential 8 All timelines in Calendar years

PE Investments in BFSI (2009 2012)

364 594

816 687

26

33 32

45

-

10

20

30

40

50

-

250

500

750

1,000

2009 2010 2011 2012


2009 2010 2011 2012

14 18 26 15


PE Investments in Real Estate (2009 2012)

507 574 1,050

715

17 19 21

25

-

10

20

30

-

500

1,000

1,500

2009 2010 2011 2012


2009 2010 2011 2012

30 30 50 29




Strictly Confidential 9 All timelines in Calendar years

PE Investments in FMCG, F&B (2009 2012)

11 221 121

338 2

6 10

13

-

5

10

15

-

200

400

2009 2010 2011 2012 Value (USD mn) No. of Deals

2009 2010 2011 2012

6 37 12 26


PE Investments in Power & Infra (2009 2012)

788 1,908 1,822

686

21 38

35

24

-

10

20

30

40

-

1,000

2,000

3,000

2009 2010 2011 2012


2009 2010 2011 2012

38 50 52 29




Strictly Confidential All timelines in Calendar years

M&A- Logistics (2009- 2013)

2009 2010 2011 2012 2013

48 37 66 597 67


578 365 530 4,783

468

12 10 8

9

7

-

10

20

-

2,000

4,000

6,000

2009 2010 2011 2012 2013


M&A- FMCG (2009- 2013)

2009 2010 2011 2012 2013

31 62 46 218 168


554 1,682 1,415

5,680

4,025 18

27

31 26

24

-

10

20

30

40

-

2,000

4,000

6,000

2009 2010 2011 2012 2013 Value (USD mn) No. of Deals

M&A Investments by Sector (1/5)

Source: Merger Market



M&A- Healthcare (2009-2013)

1,811 4,427

898 1,401

4,169 18

20

21

28

38

-

15

30

45

-

1,000

2,000

3,000

4,000

5,000

2009 2010 2011 2012 2013

Value (USD mn) No. of Deals Average Deal Size (USD mn)

All timelines in Calendar years Source: Merger Market

M&A- TMT (2009- 2013)

3,791

21,432

7,714

1,948

2,836

33

51

36 30

41

-

20

40

60

-

5,000

10,000

15,000

20,000

25,000

2009 2010 2011 2012 2013 Value (USD mn) No. of Deals Average Deal Size (USD mn)

2009 2010 2011 2012 2013

38 50 52 29 110

2009 2010 2011 2012 2013

115 420 214 65 69



M&A- Industrials (2009- 2013)

2009 2010 2011 2012 2013

50 90 98 51 81


2,247

5,781 5,508

3,371

6,461 45

64

56 66

80

-

30

60

90

-

2,000

4,000

6,000

8,000


M&A- Power, Mining (2009- 2013)

2009 2010 2011 2012 2013

174 613 524 724 72


3,834 12,267 8,388 11,584

1,002

22 20

16

16

14

-

10

20

30

-

4,000

8,000

12,000

16,000

2009 2010 2011 2012 2013





M&A- BFSI (2009- 2013)

2009 2010 2011 2012 2013

54 114 84 86 39


643

2,617 1,505 1,643

784

12

23

18 19 20

-

10

20

30

-

1,000

2,000

3,000


M&A- Professional Services (2009- 2013)

2009 2010 2011 2012 2013

41 17 66 141 31


1278 552

2510

4804

1003.2

31 32 38

34 32

-

10

20

30

40

-

1,500

3,000

4,500

6,000




M&A- Real Estate (2009- 2013)

2009 2010 2011 2012 2013

81 57 64 26 0


1211 1305 1082

441

0

15 23

17 17

4

-

10

20

30

-

500

1,000

1,500

2009 2010 2011 2012 2013





3 SECTION PE/ M&A in India: League Tables


PE League Tables

16

PE League Table (2013)

Rank Company Name Deals

Volume Amount USD mn

1 Unitus Capital 14 NA

2 Intellectual Capital Advisory Services

9 NA

3 Avendus Capital 8 170

4 Mape Advisory

Group 7 NA

4 O3 Capital Global

Advisory 7 95

5 Spark Capital

Advisors 6 911

6 Ernst & Young 5 NA

6 Inga Capital 5 102

7 Masterkey Holdings 4 NA

7 Yes Bank 4 NA

PE League Tables (2012)



1 Ernst & Young Pvt Ltd.

10 743

2 Spark Capital Advisors India Pvt Ltd.

8 260

3 Unitus Capital 7 16

4 Avendus Capital Pvt Ltd.

7 204

5 Yes Bank Ltd. 6 119

5 Intellectual Capital Advisory Services Pvt Ltd.

6 27

6 Masterkey Holdings Pvt Ltd.

5 31

7 o3 Capital Global Advisory Pvt Ltd.

4 304

7 Cipher Capital Advisors Pvt Ltd.

4 72

8 Kotak Mahindra Capital Co. Ltd.

4 265

PE League Tables (2011)



1 Ernst & Young Pvt Ltd.

17 574

2 Avendus Capital Pvt Ltd.

13 511

3 o3 Capital Global Advisory Pvt Ltd.

9 185

4 Intellectual Capital Advisory Services Pvt Ltd.

6 45

5 Unitus Capital 6 58

6 Spark Capital Advisors India Pvt Ltd.

5 174

7 Viedea Capital Advisors Pvt Ltd.

4 10

8 Veda Corporate Advisors Pvt Ltd.

4 89

8 JM Financial Consultants Pvt Ltd.

4 182

9 Edelweiss Financial Services Ltd.

3 172

Foreign banks

Source : VCC Edge


M&A League Tables

17 Source : Thomson Reuters

M&A League Table (2013)



1 Ernst & Young LLP 46 1,633

2 ICICI Bank Ltd 15 316

2* Kotak Mahindra 15 903

4 Translink Corp Fin 12 101

5 Axis Bank Ltd 11 702

6 PwC 10 392

7 IMAP 9 134

8 Goldman Sachs 8 1,867

9 KPMG 7 547

9* Morgan Stanley 7 2,344

11 Rothschild 6 159

11* Citi 6 4,243

11* Grant Thornton 6 62

11* Deloitte 6 295

11* Avendus Capital 6 196

16 Deutsche Bank 5 504

16* BDO 5 133

16* Singhi Advisors Ltd 5 3

16* Ambit 5 198

20 JM Financial Group 4 124

M&A League Tables (2012)




2 KPMG 22 7,105

3 Ambit Corporate

Finance 19 1,837

4 Morgan Stanley 17 7,147

4* Citi 17 7,846

6 Goldman Sachs &

Co 16 13,977

7 BMR Advisors 15 295

8 Kotak Mahindra Bank

Ltd 14 1,647

9 Deloitte 13 765

10 Yes Bank Ltd 12 163

11 Barclays 11 6,339

12 Avendus Capital Pvt

Ltd 10 288

13 PricewaterhouseCoo

pers 9 1,651

14 JM Financial Group 8 1,624

14* Clairfield

International 8 115


16* BDO 7 41

18 JP Morgan 6 4,642

18* Globalscope 6 103


M&A League Tables (2011)




2 Avendus Capital Pvt

Ltd 21 1,916

3 PricewaterhouseCoo

pers 16 250

4 KPMG 15 365

5 Kotak Mahindra Bank

Ltd 12 741

5* IMAP 12 405

7 Yes Bank Ltd 9 474


8*

Challenge

Consultancy

Services

8 19

8* Deloitte 8 968

11 HSBC Holdings PLC 7 2,239

11* Ambit Corporate

Finance 7 1,001

11* Clairfield

International 7 23

11* BMR Advisors 7 7

11* GCA Savvian Group

Corp 7 142

16 Morgan Stanley 6 10,358

16* Lazard 6 882

16* Citi 6 1,343


16* Axis Bank Ltd 6 880

Foreign banks


Competitors

18

Competitor Analysis

Name Revenue

(INR mn) (IB) M&A PE Restructuring ECM Brokerage

Asset Mgmt.

Major Deals

Avista Advisory NA a a a a

Annapurna Studios (Project Finance) Adlec Power acquisition by Novateur

Electrical & Digital. Velankani Technology (Real estate

equity investment)

Avendus Capital 741 (FY 13) a a a a a

Pilani Softlabs Ltd. (Acquisition), Transpole Logistics acquired by

Everstone Capital Advisors. Pennar Eng. Building Systems (Equity

Placement- INR 500mn) Komli Media India acquired by Investor

Group for USD 30 Mil.

BMR Advisors 238 (FY 13) a a a a

ITC Ltd (acquisition of Engg biz. Of Wimco Ltd.)

Digicomp Solutions Ltd. (majority stake sale(53%))

NxtGen Datacenter & cloud( equity placement)

Ambit Corporate Finance

500 (FY 13) a a a a a

Adlec Power acquisition by Novateur Electrical.

Certica Capital Ltd. (stake acquisition in TTK Prestige Ltd.)

Hassad Foods Co. (majority stake acquisition- Bush Foods Overseas)

Bayer CorpScience acquisition

KPMG India 1,468 (FY 12) a a a

Meenakshi energy acquisition by GDF Suez

Toshiba Corp (Acquisition- Vijay Electricals(INR 1276mn))

Vijai Electricals acquisition by Toshiba Transmission.

Prizm Payments Services Ltd. Acquisition by Hitachi.

Source: MCA, VCC Edge, Kvezar, Thomson Reuters


Competitors

19

Competitor Analysis

Name Revenue


Asset Mgmt.

Major Deals

Grant Thornton India LLP

NA a a a a

Aujus Network acquisition by Investor Group

Mewar Orthopedic Hospital Ltd. ( minority stake sale- Matrix Partners)

Mahindra Forgings (acquisition) Shree Shubham Logistics (acquisition)

Mape 170 (FY13) a a a a

Global Investment House ( Consolidation of stake- PVP star hotels Ltd.)

Elgi Equipment (acquisition- Pattons Inc.) Electroica Machine Tools ( sale to HMP

Poddar Group)

ICICI Securities Ltd.

2,327 (FY13) a a a a a

Investor group acquires Intec worldwide, Pantec worldwide

Tech Mahindra acquires MES Mahindra Investments Pvt ltd. (majority

stake acquisition) Kalindee Rail Nirman Engineers

(acquisition)

Equirus 79 (FY13) a a a a

Ortel Communications (IPO) L&T Finance Holdings (acquisition- FCL

(INR 1200mn)) Wolfensen, Tano TVS Shriram (minority

stake acq. DCB)

Ernst & young LLP 73 (FY13) a a a a

Jey Airways acquisition by Etihad. Saint Gobain and Grindwell Norton

merger. Landmark acquisition by Trent. Bush Foods Overseas Pvt. Ltd.

(acquisition).



Competitors

20

Competitor Analysis

Name Revenue


Asset Mgmt.

Major Deals

Deloitte India 5 (FY12) a a a a

Foursoft Limited acquired by Transport IT Solutions.

Aditya Birla Nuvo Carbon and SKI Carbon Black (Pending sale transaction)

Central Investigation Security acquisition by OCS Group.

PwC 12,055 (FY13) a a a

OMNESYS Technologies Ltd. (acquired- Thomson Reuters Corp)

Ratnakar Bank Ltd. (operations acquisition- RBS)

Star Alubuild Pvt. L:td. (acquisition)

Allegro Advisors 222 (FY 13) a a a a a

Talent Sprint (Acquisition- AXOM), IPG (acquisition- Weber Shandwick)

Manipal Hospitals (PE raising- India Value fund)

Veda Corporate Advisors

100 ( FY 13) a a a

Rainbow Children's Medicare (PE raising- CDC, Abraj Group)

Ashirwad Pipes (majority stake sale- Aliaxis (M&A))

DM Healthcare (PE Raising- Olympus Capital)

JM Financial 4,291 (FY13) a a a a a a

Cavin Care (minorty stake sale- ChrysCapital Mgmt Co.),

Repco Home Fin. Ltd. (minorty stake sale- Creador I LLC)

Dutch US Holdings BV (stake consolidation- Orient Refractories Ltd.)



Competitors

21

Competitor Analysis

Name Revenue


Asset Mgmt.

Major Deals

O3 Capital 112 (FY 12) a a a a a a

Milltec Machinery Ltd. (Multiple Equity ) Adler (acquired- Smith & nephew) Jain Heights (structured finance -

Reliance)

Motilal Oswal Financial Services Ltd.

78 (FY13) a a a a a a

My Home Industries Ltd. (acquisition- Shree Jayajyothi Cements Ltd.- INR 14,000mn))

Castrol (Capital Structuring ), Karaikal Port Pvt Ltd. (Pvt placement INR

1300mn)

Singhi Advisors 130 (FY13) a a a a

Hydro S&S Industries Ltd. (majority stake sale- Kingfa Sci & tech Co. ltd.)

YKK Holding Asia Pte (acquisition- Al extrusion biz.- Bhoruka Al Ltd.)

Picked up 15% stake in UK based IB firm Mergers-Alliance for cross border deals

Lodha Capital Markets Ltd.

36 (FY13) a a

Monshee Fine Foods acquisition by South Assia Gastronomy.

New Silk Route PE (acquisition- 51%- Moshe's Fine foods Pvt Ltd.),

Bookmyshow.com to Network 18 Partnership of Costa Coffee to Devyani

SMC Capital 72 (FY13) a a a a

Coromandel Int. Ltd. (majority stake acquisition- Liberty Phosphates)

New Silk Route (Pvt Placement (INR 1750mn) - VRL Logistics ltd.)

Usher Eco Pvt Ltd. (IPO)

Source: MCA, VCC Edge, Kvezar


Competitors

22

Competitor Analysis

Name Revenue


Asset Mgmt.

Major Deals

Spark 303 (FY13) a a a

Kids Clinic Pvt. Ltd acquisition by Investor Group.

Hinduja Leyland Finance acquisition by Everstone Capital Advisors.

Omni Hospitals (PE placement- USD 10mn)

CSS Corp (M&A- USD 270mn)

Anand Rathi 350 (FY13) a a a a Robosoft Technologies (1st round

funding- Kalaari Capital, USD 4mn) PGC Textile Corp (Buy side, M&A, 2012)

Edelweiss Financial services Ltd.

311 (FY13) a a a a

Janalakshmi Fin. Services acquisition by Investor Group.

Datamatics Digital Publishing (M&A) Coastal Projects Ltd. (asset sale) Terumo Penpol (stake sale- Terumo

Corp.)

Lazard India Ltd. 350 (FY13) a a a a a Lafarge India (minority stake sale- Baring

Pvt Equity, INR 1417mn)



Competitors

23

Competitor Analysis

Name Revenue


Asset Mgmt.

Major Deals

Intellectual Capital Advisory

204 (FY13) a a a

Punjab Renewable energy systems (PE funding, responsibility ventures I)

Gramco Infratech(PE funding Samridhi Fund, 2.35)

Masterkey Holdings

37 (FY13) a a a

Strand life sciences (PE funding, Burrill venture capital, USD 10mn)

Perfint healthcare (PE funding, Norwest , USD 11mn)

Unitus Capital 60 (FY13) a a a

Inopen Technologies acquisition by Benesse Social Investment.

Janalakshmi Fin. Services (PE funding Citi venture capital growth fund 2, India financials inclusion fund, USD 57 mn)

Satin Creditcare Network(minority stake, shorecap international ltd., microvest (USD 8mn)),

Cipher Capital Advisors Pvt Ltd

60 (FY12) a a a

Marck Biosciences (PE funding, Tata Capital Healthcare fund)

Vasudev Adigas Fast food (PE funding, New silk route advisors , USD 38mn)

Sahyadri Hospitals (PE funding, India Infrastructure fund, IDFC, USD 33 mn)

Viedea Capital Advisors Pvt Ltd

3.5 (FY13) a a a

Talent sprint (acquisition- Axiom academy)

Glocal Healthcare Systems (PE funding, Elevar Equity Advisors, USD 3mn)



Competitors Summary

24

Classification into 3 categories:

Category A (Revenues greater than INR 500mn) - Avendus Capital, Ambit Corporate Finance, ICICI Securities Ltd., Ernst & Young Merchant Banking Services, JM Financial, KPMG India

Category B (Revenues between INR 250 mn and 500mn) - Mape Advisory, Equirus Finance, Deloitte Corporate Finance Services, PwC India, O3 Capital, Anand Rathi Financial Services, Edelweiss Financial Services, Lazard India

Category C (Revenues less than INR 250mn) - Avista Advisory, BMR Advisors, Grant Thornton India, Allegro Corporate Finance Advisors, Veda Corporate Advisors, Motilal Oswal Financial Services, Singhi Advisors, Lodha Capital Markets, SMC Capital, Spark Capital, Intellectual Capital Advisory Services, Unitus Capital, Masterkey Holdings, Cipher Capital Advisors, Viedea Capital Advisors


4 SECTION Annexure: PE/M&A- Major Transactions in India


M&A Major Transactions (1/3)

Date Asset Sector Buyers Size

(INR Mil.)

Dec-13 Astrazeneca/Bristol Myers US Diabetes Alliance

Pharma Astrazeneca PLC 255,758

Mar-13 Reliance Jio Infocomm Limited Telecom AT&T Inc 190,400

Jun-13 Cooper Tire & Rubber Company Auto Apollo Tyres Limited 145,675

Feb-13 Rovuma-1 Oil & Gas ONGC Videsh Limited 134,238

Mar-13 Agila Specialties Private Limited Pharma Mylan Inc 94,098

Nov-13 Vodafone India Limited Telecom Vodafone Group Plc 89,000

Jan-13 The Dhamra Port Company Limited

Infrastructure Adani Group 54,540

Oct-13 Kineta Power Plant Project (Krishnapatnam )

Metals/Minerals and Mining Jindal Steel & Power Limited 50,000

Sep-13 Jaypee Cemenr - Gujarat Unit Basic Industries Ultratech Cement Limited 40,000

Dec-13 Ophir Energy Tanzania Block Oil & Gas GAIL (India) Limited 37,338

Oct-13 Parque das Conchas (Block BC-10), Brazil

Oil & Gas ONGC Videsh Limited 32,170

Oct-13 Canadian High Commission Building (UK)

Real Estate Lodha Builders 31,200

Sep-13 Neotel (Pty) Limited Telecom Vodacom (Pty) Limited 30,905

Mar-13 GMR Energy Singapore Pte Ltd Energy FPM Power 29,070

Sep-13 Virgo Valves & Controls Limited Engineering / Capital Goods Emerson Process Management Chennai Limited 28,197

Oct-13 Quality Healthcare Asia Limited Healthcare Bupa 21,712

May-13 Non Core Asset Cleantech - 21,496




(INR Mil.)

Jul-13 Quest Diagnostic India Private Limited

Healthcare DHR Holding India Private Limited

20,313

Dec-13 Elder Pharma Pharma Torrent Pharmaceuticals Limited, 20,040

Nov-13 Shriram Capital Limited BFSI Piramal Enterprises Limited 19,000

Jul-13 Bharti Airtel Limited Telecom SINGAPORE TELECOMMUNICATIONS LIMITED. 18,591

May-13 Land Real Estate Gaursons India Limited 15,000

Apr-13 Aditya Birla Nuvo (Carbon Black) Basic Industries SKI Carbon Black (India) Private Limited 14,510

Jul-13 Sree Jayajothi Cements Limited Basic Industries My Home Industries Limited 14,000

Dec-13 Tulip Star Hotels Ltd. Hospitality - 13,150

Jul-13 FIM Limited BFSI Indiabulls Real Estate Limited 11,720 Dec-13 Atria Mall Real Estate - 10,000

May-13 Real Estate Infrastructure - 10,000

Nov-13 Singapore Mercantile Exchange Pte Ltd.

BFSI ICE Singapore Holdings Pte. Ltd 9,395

Sep-13 Southern Projects Real Estate Shriram Properties Private Limited 9,000

Sep-13 Radico Khaitan Limited Food & Beverage Suntory Holdings 8,700

Mar-13 Ashirvad Pipes Basic Industries Aliaxis Group S.A 8,066

Nov-13 Shantha Biotechnics Limited Pharma Sanofi Aventis 7,550

Dec-13 Budhil Hydro Power Project Energy CESC Limited 7,500

Jun-13 CIE Automotive S.A. Auto Mahindra & Mahindra Limited 7,400




(INR Mil.)

Mar-13 Bush Foods Overseas Private Limited

Agro/FoodStuff Hassad Food Company 7,343

Dec-13 Trent Hypermarket Limited Retail TESCO 6,831

Dec-13 Meenakshi's Power Plant Project (Krishnapatnam )

Infrastructure GDF Suez

6,500

May-13 DLF's - Hyderabad Property Real Estate Suvarnabhoomi Developers Private Limited

6,500

Dec-13 Leighton Welspun Contractors Private Limited

Engineering / Capital Goods Welspun Corp Limited 6,131

Feb-13 ING Vysya Life Insurance Company Limited

BFSI Exide Industries Limited 5,500

Apr-13 Alti SA IT/ITES/Technology Tata Consultancy Services Limited 5,330

Sep-13 Fortis Hoan My Corporation Healthcare Viva Holdings 5,098

May-13 Viceroy Chennai Project Division Hospitality Ceebros Property Development Private Limited

4,800

Dec-13 Opus Capital Markets Consultants LLC

Outsourcing Wipro Limited 4,677


PE Major Transactions (1/3)


(INR Mil.)

Dec-13 State Bank of India BFSI - 115,750

May-13 Bharti Airtel Limited Telecom Qatar Foundation Endowment 66,960

Dec-13 Videocon Industries Limited Consumer Goods - 50,000

Nov-13 India Infrastructure Finance Company Limited BFSI European Investment Bank (EIB), Japan International Cooperation Agency, French Development Agency

47,693

Jan-13 Jaiprakash Power Ventures Limited Energy - 35,000

Apr-13 Alliance Tire Group Auto Kohlberg Kravis Roberts 25,794

Aug-13 Hexaware Technologies Limited Outsourcing Baring Private Equity Asia Limited 24,940

Feb-13 SEZ & IT Project Infrastructure Blackstone Group 23,690

Jun-13 RMZ Corp Holdings Private Limited Real Estate Qatar Investment Authority 17,823

May-13 Shriram Transport Finance Company Limited BFSI Piramal Enterprises Limited 16,520

Nov-13 Indian Overseas Bank BFSI Life Insurance Corporation of India 16,260

Jun-13 CSS Corp Private Limited IT/ITES/Technology Partners Group 16,119

Dec-13 Hines India Real Estate Private Limited Real Estate Abu Dhabi Investment Authority 15,303

Jul-13 Mohan Breweries And Distilleries Limited Food & Beverage Exhilway 15,000

May-13 Lafarge India Private Limited Basic Industries Baring Private Equity Asia Limited 14,000




(INR Mil.)

Sep-13 Gland Pharma Limited Pharma Kohlberg Kravis Roberts 13,192

Apr-13 Kotak Mahindra Bank Limited BFSI Heliconia Private Limited 12,960

Aug-13 Shriram City Union Finance Limited BFSI TPG Growth 12,073

Jun-13 Flipkart Online Services Private Limited IT/ITES/Technology Tiger Global Management LLC, Accel Partners,Naspers Limited, South Africa

12,014

Aug-13 Krishnapatnam Port Company Limited Infrastructure SBI Macquarie, Morgan Stanley Infrastructure Partners

12,000

Jun-13 Shriram Venture Limited BFSI Blackstone Group Technologies Private Limited,Temasek Holdings

11,940

Mar-13 Bharti Airtel DTH Media - 10,942

Mar-13 Financial Software & Systems Private Limited IT/ITES/Technology - 10,888

Feb-13 Apollo Hospitals Enterprise Limited Healthcare Oppenheimer Funds Inc 10,168

Jun-13 HCC Real Estate - 247 Park Real Estate Blackstone Group 10,010

Jun-13 Mumbai Business Park Real Estate Blackstone Group 10,000

Feb-13 ONE BKC (Wadhwa Group) Real Estate Morgan Stanley Real Estate Fund 9,964

Oct-13 Flipkart Online Services Private Limited IT/ITES/Technology Tiger Global Management LLC, Morgan Stanley Investment Management Private Limited, VULCAN INC,SOFINA S.A.,Dragoneer Investment Group

9,870

Oct-13 Indian Overseas Bank BFSI - 9,000

Jul-13 Shriram Gateway SEZ Real Estate - 8,873

Nov-13 IDBI Bank Limited BFSI - 8,595




(INR Mil.)

Mar-13 Samvardhana Motherson International Limited Auto - 8,211

Mar-13 Greenko Group PLC Cleantech GIC Special Investments Pte Limited 8,166

Dec-13 Sew Navayuga Barwani Tollways Private Limited Infrastructure Uniquest Infra Ventures Private Limited, Uniquest Infra Ventures Private Limited

7,800

Jun-13 ReNew Power Ventures Private Limited Energy Goldman Sachs India Fund 7,646

Oct-13 Shriram Gateway SEZ Real Estate Xander Real Estate Partners 6,900

Sep-13 Den Networks Limited Media Goldman Sachs India Fund 6,897

Sep-13 Allied Blenders & Distillers Private Limited Food & Beverage Carlyle Group,TPG Capital 6,422

Sep-13 KKR India Financial Services Private Limited (Co) BFSI The Teacher retirement System of Texas 6,379

Dec-13 Emcure Pharmaceuticals Limited Pharma Bain Capital Advisors India Private Limited 6,181

Jan-13 Residential Projects Real Estate Lodha Developers Limited,Paranjape Schemes Construction Limited,Sterling Developers Private Limited

6,009

Sep 13 Shriram Properties Private Limited Real Estate Tata Realty and Infrastructure Limited 6,000

Oct -13 PCR Investments Limited BFSI Kohlberg Kravis Roberts 5,500

Mar -13 Sree Jayajothi Cements Limited Basic Industries Blackstone Group 5,500

Feb 13 Indian Real Estate Real Estate K Raheja Group 5,846

Apr - 13 Green Infra Limited Energy Piramal Enterprises Limited 5,000


Thank You

Contact person:

Sanjay Bansal

Founder & Managing Partner

Tel: +91-124-442 4477

Mob: +91 98110 10810

Email: [email protected]

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value usd mn

pe investments value

usd mn pe investments

confidential pe investments

deals pe investments

calendar years pe investments

grant thornton pe investments

usd mn ma volume