Dealtracker…
Providing business owners and managers with M&A market insight
M&A – 2007 ACTIVITY
We welcome our readers to the first issue
of Dealtracker in 2007. We believe that the
year is going to see high levels of action in
both M&A and private equity. The M&A
activity in the year 2007 has started with a
significant momentum with a total value of
about USD 37 billion, which is close to
twice the deal value for the full year 2006.
This has been primarily achieved with
some high value M&A deals in
commodities (especially metals) and
telecom.
In our earlier Dealtracker issues in 2005 &
2006, we had covered analyses of several
sectors in the new economy as Information
Technology, Business Process
Outsourcing and Telecom. We are recently
seeing significant growth in M&A activity in
the commodities space. In this issue, we
have analysed M&A deals in commodities
sector over the last 26 months since
January 2005.
M&A IN COMMODITIES SECTOR
The Indian Commodities sector comprises
segments including agro-products, oil &
gas, energy, cement, steel, aluminium &
other metals, coal etc. The growth in this
sector is determined by factors such as
economic growth, international commodity
prices, exports, infrastructure growth, low
cost of manufacturing, cheap and
abundant labor, etc. In the recent past, this
sector has started seriously adopting the
strategy of establishing a global footprint
through inorganic growth in order to
achieve higher capacity over a very short
period of time. Year on year comparison of
M&A deals in commodities sector as given
in the Table 1 shows an increase in deals
in this sector. The trend to use acquisition
© Grant Thornton 2007
Volume I 2007
(especially high value deals) as a growth
strategy has started in 2006 and some Table 1:Year wise details on M&A value in
Commodities ($ Bn)
of them have materialized in early 2007. % of Total
Commodities Deal Value
2005 3.7 25%
The deal value in the commodity sector
2006 3.5 20%
has increased from $ 3.7 billion in 2005 2007 (Jan-Feb) 20.9 57%
to about $ 21 billion in the first two
months of 2007 (Ref: Table 1). The The rationale for inbound deals such as
increase has been from a handful of high Holcim’s investment in Gujarat Ambuja
value deals rather than a general growth in and Ambuja Cements (inbound deals)
the number of deals. Steel has been the were to expand capacity by acquiring
sector garnering the maximum share of companies in India with higher margins at
value at 52% (Ref: Table 2) and most of it attractive valuations.
is from a single deal – Tata Steel’s
acquisition of Corus – which is also The key rationale for outbound deals have
corporate India’s largest acquisition so far. been to make significant strides in the
The second position is occupied by “other international market by making high value
metals” at 21.5%, again, primarily acquisitions. It is notable that in most of
contributed by a single deal – Hindalco’s these large deals, the acquirer has bought
Table 2 – Sub classification of Commodity sector ($ Million)
2005 2006 2007 Total - 26 months
Value % Value % Value % Value %
Energy and oil & gas 2,652.78 57.14% 2,296.56 36.75% 840.75 0.62% 5,790.09 20.55%
Steel 969.34 26.11% 49.21 1.40% 13,688.19 65.34% 14,706.74 52.20%
Cement 4.75 0.13% 958.29 27.30% 0 0.00% 963.04 3.42%
Other Metals 0 0.00% 0 0.00% 6,060.52 28.93% 6,060.52 21.51%
Others 85.81 2.31% 205.98 5.87% 360.89 1.72% 652.68 2.32%
3,712.68 3,510.04 20,950.35 28,173.07
acquisition of Novelis. It is followed by companies with values larger their own
energy and oil & gas sector accounting for revenues. Tata Steel’s acquisition of Corus
over 20% of the deal value. was valued at $ 13 billions while Tata
Steel’s current revenue is about $ 4 billion.
TOP DEALS - COMMODITIES SECTOR The acquisition has enabled Tata Steel to
The top 5 M&A deals in commodities move from the 56th position to the 5th
sector in 2006 and 2007 are provided in position in the international steel industry.
Table 3. Though most of these top deals
are outbound deals there were some large Similarly, Hindalco’s acquisition of Novelis
inbound deals as well. Recently, we are was valued at $ 6 billion while Hindalco’s
seeing outbound deals much larger in revenues are about $ 4 billion. Novelis
number and value compared to inbound processes around 3 million tonnes of
deals. aluminium a year, has a wide international
distribution network and is a market leader
 Table 3 – Top 5 deals in Commodities sector in 2006 and 2007

Acquisition % Stake
Acquirer Target Sector (Mn US $) Bought
2006
Holcim Gujrat Ambuja Cements Ltd. Cement 470.00 14.80%
Essar group Essar Oil Limited Oil & gas 760.81 66.88%
Aban Lloyd Chiles Offshore
Limited Sinvest ASA Oil & gas 446.00 33.76%
Chevron Corporation Reliance Petroleum Limited Oil & gas 300.00 5.00%
Oil and Natural Gas Corporation
(through ONGC Videsh Limited) Omimex de Columbia Oil & Gas 425.00 50.00%

2007
Hindalco Industries Novelis Inc Aluminium 6,000.00 Acquisition
Rain Commodities GLC Carbon Canada Inc Commodities 360.89 73.56%
Holcim Ambuja Cement India Limited Cement 117.00 11.00%
Guru Gobind Singh Refineries Ltd
Mittal Investments (GSSRL - HPCL's Bhatinda Refinery) Oil & Gas 711.11 49.00%
Tata Steel Corus Steel 13,650.00 Acquisition

in the flat rolled product segment with 19%
market share.
One of the reasons for such high value
deals is the tremendous increase in
confidence and support shown by banks
and financial institutions in these Indian
companies. Many of the large outbound
acquisitions are leveraged buyouts.
We believe that several other Indian
companies in the steel, metal, energy and
other sectors are exploring large
international acquisitions. We expect to
see more activity in M&A in the commodity
sector in the current year and moving
forward.
significant inbound deals during the last 2
months have been Vodafone’s acquisition
of Hutch’s stake in Hutchinson Essar and
Mittal Investments stake in Guru Gobind
Singh Refineries.
PRIVATE EQUITY
There have been 74 private equity deals
during the first 2 months of 2007 with an
announced value of $ 2.19 billion.
A list of M&A and private equity deals for
the first two months in 2007 are provided
in the following pages.
Sectorwise Break up- PE deals by value Jan-Feb 2007
SECTORAL BREAK UP OF M&A AND
PRIVATE EQUITY DEALS IN JANUARY
AND FEBRUARY 2007
The graphs below represent the range of
sectors in which investments have been
made through strategic M&A and private
equity respectively in January and
February 2007. The sectors garnering the
maximum investment for this period in
M&A is Steel sector with 37% and
Telecom with 35%. The other key sectors
getting a significant share in M & A is
Aluminium with the single largest deal of
Hindalco’s acquisition of Novelis.

FIRST TWO MONTHS IN 2007

M&A DEALS Telecom Others Banking &
Autom otive
There were 102 M&A deals with a total 3% 9% Financial
3%
value of about $ 36.80 billion in January Services
Real Estate & 14%
and February 2007 as against 480 deals
Infrastructure
with a value of $ 20.30 in 2006. Of these, Hotel
Managem ent
the number of domestic deals has been 41 5%
20%
Sectorwise Break up- M&A deals by value Jan-Feb 2007
with a value of $ 0.62 billion. The number
of inbound cross border deals has been 21
with a value of $ 15.18 billion and the
IT & ITeS Media &
number of outbound cross border deals Oil & Gas
2% Entertainm ent Others IT & ITeS
was 40 with a value of $ 21 billion. 2%
Construction 22% 4% 24%
4%
There have been some significant
outbound acquisitions by Indian Alum inium
companies in the first 2 months of 2007, 16%
the largest being the Tata-Corus deal. Tata Steel
Steel has announced acquisition of the 37%

Anglo-Dutch steel maker Corus for $ 13.65

billion. The other significant outbound
Telecom
deals during the last two months have 35%
been Hindalco’s acquisition of Novelis and
Aban Lloyd’s stake in Sinvest. The most

© Grant Thornton 2007

ABOUT GRANT THORNTON
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M +91-9810034213
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© Grant Thornton 2007

I. Domestic Deals

Acquisition %
Acquirer Target Sector price in Deal Type Stake
million US $ Bought
JANUARY
Pioneer Investcorp Infinity.Com Financial Banking &
Limited Securities Limited Financial Services N.A Majority Stake 51.00%
Cosmos Co-operative Manasa Co-operative Banking &
Bank Bank Financial Services N.A Merger N.A
Shiva Fertilizers Parvati Fertilizers
Limited Limited Chemicals N.A Merger N.A
Pidilite Industries Pagel Concrete
Limited Technologies Pvt. Ltd. Chemicals N.A Majority Stake 75.00%
VIP Industries Ltd. Blow Plast Limited FMCG N.A Merger N.A
Champagne Indage Seabuckthorn Indage
Limited Limited (SIL) Food & Beverages N.A Majority Stake 52.63%
Kwality Resorts and
GL Hotels Limited Hospitality Hospitality N.A Acquisition
Fabmall.com Indiaplaza.com IT & ITeS N.A Acquisition
Tech Mahindra iPolicy Networks India IT & ITeS N.A Acquisition
Satyam Computer
Services Limited Nipuna IT & ITeS 40.00 Merger N.A
Banking solutions
Accel Frontline division of Telesis
Limited Global Solutions IT & ITeS N.A Acquisition

JK Cement Limited Nihon Nirmaan Limited Manufacturing 9.33 Acquisition

Nicholas Piramal
India Limited’s
diagnostic lab chain Pharma &
Wellspring Jhankaria Imaging Healthcare N.A Majority Stake 70.00%
Ranbaxy Laboratories Krebs Biochemicals & Pharma &
Limited Industries Ltd Healthcare 88.04 Minority Stake 14.90%
Real Estate &
DMC International Infrastructure
Limited Jaaydaad.com Management 0.89 Minority Stake 10.00%
The Aditya Birla Trinethra Super Retail
group Limited Retail N.A Acquisition
Rawmet Ferrous
Tata Steel Industries Steel 9.18 Acquisition
Increasing stake
Bharti Airtel Network i2i Telecom 110.00 to 100% 50.00%
S.Kumars Brandhouse Retails Textile &
Nationwide Limited Limited (BHRL) Apparels 2.88 Acquisition
Goa Carbon Limited Paradeep Carbons Ltd Oil & Gas N.A Merger N.A
A K Capital Services A K Capital Retail Increasing stake
Limited Limited Retail N.A to 100% 60.00%
domestic non-oncology
formulation business of Pharma &
Alembic India Limited Dabur Pharma Healthcare 35.33 Acquisition

© Grant Thornton 2007

 Acquisition %
Acquirer Target Sector price in Deal Type Stake
million US $ Bought
FEBRUARY
Anand Automotive
Behr India Limited Systems Automotive 17.00 Strategic Stake N.A.
Bombay Burmah Electromags
Trading Corporation Automotive Products
Ltd Private Limited (EAPL) Automotive 12.22 Acquisition
ICI India's auto refinish
Asian Paints Ltd business Automotive 11.56 Acquisition
Sundaram Finance Sundaram Home Banking &
Limited Finance Ltd. Financial Services N.A. Increasing stake 25.00%
Shamrao Vithal Co-
operative Bank Ltd Bangalore Cooperative Banking &
(SVCB) Bank Ltd Financial Services N.A. Acquisition
Rain Commodities Rain Calcining Ltd Cement N.A. Merger N.A.
Revathi Equipment Potential Service
Limited Consultants Pvt. Ltd. Engineering 6.67 Minority Stake 40.00%
VVF Limited Colgate plant in Kansas FMCG N.A. Acquisition
BT Telecom India i2i enterprises IT & ITeS N.A. Acquisition
MindTree Consulting An IC (integrated
Limited circuit) design company IT & ITeS N.A. Acquisition
Nexxoft Infotel Ltd eZeesoft Private Ltd IT & ITeS N.A. Acquisition
Zensar Technologies Increasing stake
RPG group Ltd IT & ITeS 37.33 to 60% 29.50%
PVP Enterprises Software Solution
Private Limited Integrated (SSI) Limited IT & ITeS 136.44 Majority Stake 51.00%
Six Dee Telecom
ORG Informatics Solutions IT & ITeS 0.59 Minority Stake 17.94%
GMR Hyderabad
International Airport
Ltd (a unit of GMR
Infrastructure Cadence Cargo Private
Limited) Limited Logistics N.A. Majority Stake 51.00%
Real Estate &
Infrastructure
SAAG RR Infra Techni Bharathi Ltd Management N.A. Majority Stake 60.00%
Textiles &
Chiripal Group Arunodaya Mill Apparels 7.78 Acquisition
Krishna Glass Pvt. Soma Textiles & Textiles & Increasing stake
Ltd Industries Ltd Apparels N.A. to 14.53% 11.20%
Indian Tourism
Infrastructure Ltd Gem Tours & Travels
(ITIL) Pvt Ltd Tours & Travels 88.89 Acquisition

II. Cross Border Deals - Outbound

Acquisition
%
Acquirer Target Sector price in Deal Type
Stake
million US $
JANUARY
Setco Automotive
(through Setco’s UK
subsidiary Setco Haldex Brake
Automotive N.A. Inc) Products Corporation Automotive 4.90 Acquisition

© Grant Thornton 2007

 Acquisition
%
Acquirer Target Sector price in Deal Type
Stake
million US $
Aban Offshore (through
its Singapore-based Increasing
subsidiary Aban stake to
Singapore Pte Limited) Sinvest ASA Energy 128.89 50.01% 10.01%
VVF Limited Teo Corp FMCG N.A Acquisition
ORG Informatics Ltd DGIT Solutions IT & ITeS N.A Acquisition
Capco Capital Markets
i-flex solutions Limited Company Pte Ltd IT & ITeS N.A Acquisition
Firstsource Solutions
Ltd. BPM Inc IT & ITeS N.A Acquisition
Teledata Informatics
Ltd. Soltius Pte. Limited IT & ITeS 45.00 Acquisition
SubexAzure Limited Syndesis Limited IT & ITeS 164.50 Acquisition
Action Construction
Equipment Limited Romanian company Manufacturing 2.15 Majority Stake 74.00%
Pharma &
Dabur Pharma Limted Biosciences Co Ltd. Healthcare N.A Acquisition
NatSteel Asia NatSteel (Xiamen) Steel 19.36 Majority Stake 50.00%
NatSteel Trade
NatSteel Asia International Steel 6.54 Stake 40.00%
Increasing
NatSteel Asia NatSteel Vina Steel 3.11 stake to 56.5% 22.60%
Kavveri Telecom
Products Limited Til-Tek Antenna Inc Telecom 2.50 Acquisition
Textiles &
Himatsingka Seide Giuseppe Bellora SpA Apparels N.A Majority Stake 70.00%
Tata Steel Corus Steel 13,650.00 Acquisition
Gulf Jyoti
Exim Bank of India International LLC Power 0.75 Minority Stake 10.00%
UK based security
TopsGrup company Security 130.00 Acquisition

Acquisition
Acquirer Target Sector price in Deal Type % Stake
million US $
FEBRUARY
Joint venture of Strides
Arcolab and Iceland Pharma &
based Invent Farma Farma Plus Healthcare N.A. Acquisition
Varroc group Imes SpA Automotive N.A. Acquisition
Suzlon Energy REpower Systems
Limited AG Power & Energy N.A. Acquisition
Best Manufacturing Textiles &
GHCL Limited Group Apparels 35.00 Acquisition
Hindalco Industries Novelis Inc Aluminum N.A. Acquisition
Jain Irrigation Systems
Limited Aquarius Brands Inc Manufacturing 21.50 Acquisition
Bukh-Farymann
Diesel GmbH (Bukh-
Greaves Cotton Limited Farymann) Automotive 5.59 Acquisition

© Grant Thornton 2007

 Acquisition
Acquirer Target Sector price in Deal Type % Stake
million US $
Endurance Nuova Renopress Metals Acquisition
Technologies Private
Limited Amann Druckguss Metals 60.52 Acquisition

Ybrant Technologies AdDynamix IT & ITeS 10.00 Acquisition

Aegis BPO (Essar
Global company) Global Vantedge IT & ITeS 22.22 Acquisition
Zensar Technologies
(through Zensar
Technologies Inc, USA) ThoughtDigital LLC IT & ITeS 24.90 Acquisition

HOV Services BPO Lason IT & ITeS 148.00 Acquisition

Increasing
Aban Offshore Sinvest Oil & Gas N.A. stake to 97% 57.00%
Optical Media and
Moser Baer India Technology (OM&T)
Limited B.V. Electronics N.A. Majority Stake 80.00%
GLC Carbon Canada
Rain Commodities Inc Commodities 360.89 Majority Stake 73.56%
Real Estate &
Valecha Engineering Koon Holdings Infrastructure
Limited Limited Management N.A. Majority Stake 60.00%
Pharma &
Reliance Life Sciences GeneMedix Plc Healthcare 28.80 Majority Stake 74.00%
Gitanjali Gems Limited
(through its subsidiary Tri-Star Worldwide
Gitanjali USA Inc) LLC Gems & Jewelry N.A. Majority Stake 70.00%
Teledata Informatics
Ltd eSys Technologies IT & ITeS 105.00 Majority Stake N.A.
Bombay Rayon Textiles &
Fashions Ltd DPJ Clothing Ltd Apparels 2.90 Majority Stake 70.00%

Autoline Stokota Automotive 14.84 Majority Stake 51.00%

III. Cross Border Deals – Inbound

Acquisition
Acquirer Target Sector price in Deal Type % Stake
million US $
JANUARY
The European Bank
for Reconstruction & Banking & Minority
Development Zao Srei Leasing Financial Services 8.89 Stake 15.00%
Standard Chartered
UBS Global Asset Asset Management Banking &
Management Company Financial Services 117.78 Acquisition
Ambur-based sick
Annabelle leather footwear unit FMCG 1.02 Acquisition
GCI Solutions
Private Ltd IVL India IT & ITeS N.A Acquisition
The Star group & Music Broadcast Pvt Media & Minority
India Value Fund Ltd Entertainment N.A Stake 20.00%

© Grant Thornton 2007

 Acquisition
Acquirer Target Sector price in Deal Type % Stake
million US $
FEBRUARY
Valyd Software
EMC Corporation Private Limited IT & ITeS N.A. Acquisition

Vodafone Hutchison Essar Telecom 12,596.00 Majority Stake 67.00%

Orkla MTR Foods Food & Beverages 100.00 Acquisition

Daewoo Motor's Acquisition
India Factory Crosslinks Finelease Automotive 170.00 (asset sale)
Active Pharmaceutical
Ingredient(API) -
[division of Sanmar
Specialty Chemicals,
subsidiary of the
Chennai based Sanmar Pharma &
Actavis Group Group] Healthcare N.A. Acquisition
Increasing
stake to
Oracle Corporation i-Flex IT & ITeS N.A. 82.92% 28.03%
Encora Group Meritos Technologies IT & ITeS N.A. Merger
Pioneer Global Asset
Management (part of
Italian banking group BOB Asset Banking &
Unicredito) Management Limited Financial Services N.A. Majority Stake 51.00%
Automotive
Stampings &
Assemblies Ltd
(subsidiary of Tata
Gestamp Servicios AutoComp Systems
SL Ltd - TACO) Automotive N.A. Stake 37.50%
Inga Advisors Private Banking &
Collins Stewart Ltd Financial Services N.A. Majority Stake 50.00%
Guru Gobind Singh
Refineries Ltd
(GSSRL - HPCL's
Mittal Investments Bhatinda Refinery) Oil & Gas 711.11 Stake 49.00%
Sony Pictures FrameFlow -
Imageworks (SPI) Imageworks India IT & ITeS 5.00 Majority Stake 51.00%
Volvo Construction Ingersoll Rand's Road
Equipment (CE) development division Construction 1,300.00 Acquisition
Ambuja Cement India Increasing
Holcim Limited (ACIL) Manufacturing 117.00 Stake to 78% 11.00%
TVS Electronics's
Incap Corporation Tumkur unit Manufacturing N.A. Acquisition
Godrej Beverages &
Hershey Foods Food & Beverages 54.00 Majority Stake 51.00%

© Grant Thornton 2007

Private Equity Deals

Investment
Investors Investee Sector % stake Value in
millions US$
JANUARY
Core Projects and
Morgan Stanley Technologies Limited IT & ITeS 4.03% 3.53
Core Projects and
Deutsche Bank Technologies Limited IT & ITeS 2.59% 2.27
Core Projects and
Grants Investments Technologies Limited IT & ITeS 3.46% 3.03
Band of Angels (Delhi), Media &
Mumbai Angels and others Madhouse Media Entertainment N.A 0.23
Bennett, Coleman &
Company Limited LifeCell Scientific Research N.A N.A
Real Estate &
Infrastructure
Indivision Capital BE Billimoria Management 26.00% 16.67
Government of Singapore
Investment Corporation
(GIC), Galleon Partners & Banking & Financial
other financial investors Edelweiss Capital Services 20.00% 90.00
Firstsource Solutions Banking & Financial
Metavante Limited Services 14.00% N.A
Firstsource Solutions Banking & Financial
Galleon Partners Limited Services 5.84% N.A
Centurion Bank Of Banking & Financial
ICICI Venture Funds Punjab Services 5.32% 40.89
Media &
Temasek Holdings Tata Sky Entertainment 10.00% 55.56
Helion Venture Partners Gridstone Research Research N.A N.A
Merrill Lynch Pioneer Embroideries Textiles & Apparels 0.73% N.A
Banking & Financial
NYSE Group National Stock Exchange Services 5.00% 115.00
Banking & Financial
Goldman Sachs National Stock Exchange Services 5.00% N.A
Softbank Asian Banking & Financial
Infrastructure Fund National Stock Exchange Services 5.00% N.A
Banking & Financial
General Atlantic National Stock Exchange Services 5.00% N.A
Media &
3i Group UFO Moviez Entertainment N.A 22.00
BAG Infotainment Pvt Media &
IDBI Limited Ltd Entertainment 10.00% 0.45
BAG Infotainment Pvt Media &
Bank of Baroda Ltd Entertainment 10.00% 0.45
Asian Dhall Industries
SAIF Partners Limited Food & Beverages N.A 8.00
Metdist Group and Trinity Fortis Healthcare Limited Pharma &
Capital (FHL) Healthcare N.A 12.44
Oak Hill Capital
Partners,GenNx360, Knox Vertex Data Science
Lawrence International Limited IT & ITeS N.A 426.20

© Grant Thornton 2007

 Investment
Investors Investee Sector % stake Value in
millions US$
Xilinx Inc CG CoreEL IT & ITeS N.A N.A
B.A.G Infotainment Media &
Sameer Gehlaut Private Limited Entertainment 25.00% 5.70
Citigroup Venture
International Growth
Partnership Mauritius ICSA India Limited IT & ITeS 14.00% 30.00

Goldman Sachs ICSA India Limited IT & ITeS N.A 22.00

Mayfield Tejas Networks IT & ITeS N.A N.A
Banking & Financial
Mayfield Seedfund Services N.A N.A
Banking & Financial
Sierra Ventures Seedfund Services N.A N.A
Norwest Venture Partners, Banking & Financial
CIBC Capital & DA Capital Adventity Services N.A 20.00
New York Life Investment
Management India Fund Trianz IT & ITeS N.A 14.00
Blue River Capital International Print-o-Pac Packaging N.A 12.22
3i, Cisco and Oman Media &
International Fund (OIF) Nimbus Communications Entertainment N.A 125.00
Real Estate &
Infrastructure
Morgan Stanley Real Estate Oberoi Constructions Management 10.70% 150.00
Real Estate &
Sabre-Abraaj Private Equity Ramky Infrastructure Infrastructure
Fund I Limited Management 8.10% 16.67
Real Estate &
Ramky Infrastructure Infrastructure
IL&FS Investment Limited Management 5.40% 11.11
Citigroup Venture Capital Real Estate &
International Mauritius Indu Projects Limited Infrastructure
Limited (CVCIML) (IPL) Management 9.00% 33.33

CLSA Capital Partners Sanghvi Movers Automotive 10.92% 16.13

Reliance Capital BLR India Logistics 31.00% 11.11

New Vernon, Blackstone,
Fidelity, Genesis Capital,
Artis Capital and Liberty
International Provogue Textiles & Apparels N.A 32.50
Citigroup Global Markets Bombay Rayon Fashions
(Mauritius) Private Limited Limited Textiles & Apparels 5.12% N.A
SIDBI Venture Capital &
SBI Mudra Lifestyle Limited Textiles & Apparels N.A 3.20
Eenadu group owned
byUshodaya Enterprises Media &
Blackstone group Limited (UEL) Entertainment 26.00% 275.00
Vandana Luthra Curls and
Blackstone group Curves (VLCC) Healthcare 22.00% 22.00
Avestha Gengraine
Daninvest Technologies Pvt Ltd Biotech 4.00% 5.81

© Grant Thornton 2007

 Investment
Investors Investee Sector % stake Value in
millions US$
Avestha Gengraine
Fidelity International Technologies Pvt Ltd Biotech 10.00% 12.90
Avestha Gengraine
Groupe Limagrain Technologies Pvt Ltd Biotech N.A 6.45
Bennett, Coleman & Company Avestha Gengraine
Limited Technologies Pvt Ltd Biotech N.A N.A
Real Estate &
Manjeera Construction Infrastructure
Trinity Capital, UK Company Limited Management 49.00% N.A

Clearstone Venture Partners DGB Microsystems Manufacture N.A 5.00

SIDBI Venture Capital DGB Microsystems Manufacture N.A 3.50
Pipavav Shipyard
Trinity Capital Limited Shipping 10.43% 23.11
California & Hong Kong based
venture groups Q-Tech IT & ITES N.A 2.50
Bennett, Coleman & Company
Limited SatNav Technologies IT & ITES N.A N.A
Nederlandse
FinancieringsMaateschappijvoor Banking & Financial
Ontwikkelingsladen NV Bellwether Microfinance Services N.A 2.40

Investment
Investors Investee Sector % stake Value in
millions US$
FEBRUARY
International Tractors
JM Financial India Fund Limited (ITL) Automotive N.A. 27.78

JM Financial India Fund Sona Group Automotive N.A. 26.67

BNP Paribas Arbitrage Fund Spicejet Aviation 5.43% 15.11
Bellwether Banking &
FMO Microfinance Fund Financial Services 18.60% 2.40
Bombay Stock Banking &
Deutsche Borse AG Exchange Limited Financial Services 5.00% 42.00
Halbis Capital Management
(part of HSBC Global
Investment Funds - Mauritius) Ruchi Soya Industries FMCG 2.89% N.A.
Citigroup Property Investors Nitesh Estates' luxury
(CPI) hotels Hotel N.A. 120.00
2.30%(increasing
Citigroup Global Jain Irrigation Irrigation stake to 6.00%) N.A.
Bennett, Coleman &
Company Limited (BCCL) SatNav Technologies IT & ITeS N.A. N.A.
RapidRadio Solutions
GVFL Ltd Private Limited IT & ITeS N.A. 0.18
Bennet & Coleman YOU Telecom India IT & ITeS 5.00% N.A.
Bangalore-based
Evolvence India Life Sciences contract research Pharma &
Fund (EILSF) organisation Healthcare N.A. 10.00

© Grant Thornton 2007

 Investment
Investors Investee Sector % stake Value in
millions US$
Ansal Properties and Real Estate &
IL&FS Investment Managers Infrastructure (APIL) Infrastructure
(IIML) SPVs Management 49.00% 28.89
Real Estate &
IDEB Projects Private Infrastructure
Samsara Capital LLC Limited Management N.A. 32.00
Real Estate &
DivyaSree Developers Infrastructure
TPG-Axon Capital Private Limited Management Minority stake 100.00
Real Estate &
Och-Ziff Capital Management Infrastructure
Group Nitesh Estates Management 25.00% 51.00
Asianet Satellite
Providence Communications Telecom Minority Stake 66.67

Peterson Partners KPR Mills Textiles & Apparels N.A. 3.00

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