Private Equity Landscape India - Rajiv Memani

Private Equity Landscape in India

13 August 2008

Page 2

Private Equity in India – Growth over the years

$6,731

$774

$2,300$1,750$1,500$1,800

$7,460

$16,151

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

2001 2002 2003 2004 2005 2006 2007 2008*

US $

Mill

ion

Source : IVCA ( upto 2002 ) , Venture Intelligence, AVCJ , TSJ Media & IndustryCurrency = USD million * = YTD (June 30, 2008)

Source: An Indispensable Guide to Equity Investment in India, Evalueserve, September 2007

► Total deals were 170 in H1 of 2008 as against 163 during corresponding period of 2007

► Excluding PIPE deals the total PE investments amounted to $5.70bn for H1’08 as compared to $4.95bn for H1’07

► Average deal size was $40m for H1’08, and excluding PIPE deals the average deal size was $34.5m

► Average deal size was $43m for YTD 2007 as against $25m for 2006

► Excluding PIPE deals the average deal size was $31m for 2007 as against $25m for 2006

Page 3

PE Investments – Indian Market vs. Other emerging Markets

The bullish industry story is also reflected in the heightened interest shown by Global Private Equity majors.

Source : AVCJ, * Restated, Currency = USD millions

Source: Asian Venture Capital Journal-Asia e-letters

$ 2006* 2007 %ChangeAustralia $ 16507.32 14610.99 89%

China $ 10305.85 10873.67 106%

India $ 7416.46 18278.84 246%

Indonesia $ 713.95 517.09 72%

Japan $ 11505.28 14708.03 128%

Korea $ 1886.13 4458.74 236%

New Zealand $ 2955.52 2733.05 92%

Singapore $ 2076.62 5347.87 258%

Taiwan $ 4000.88 4932.04 123%

Thailand $ 3879.25 376.61 10%

Total (Includes other Asia Pac Countries)

$ 61247.25 76836.93 125%

Investment Breakdown Country-wise — 2007

Amt invested(USD Million)

No. of Deals

India $ 18278.84 352

Japan $ 14708.03 366

Australia $ 14610.99 148

China $ 10873.67 438

Malaysia $ 5442.74 26

Singapore $ 5347.87 43

Taiwan $ 4932.04 38

Hong Kong $ 2866.32 45

New Zealand $ 2733.05 54

Vietnam $ 683.50 57

Indonesia $ 517.09 8

Thailand $ 376.61 13

Page 4

Highlights of PE Investments in India vs. Other Emerging Markets

Investment Breakdown Country-wise in Q108

Amt invested (USD million)

No. of Deals

India $ 4113 102

Australia $ 1313 20

China $ 2966 70

Japan $ 7215 57

• From occupying the fourth position in terms of deal value in 2006, India became first in the 2007 and also outpaced Australia, which hitherto had garnered maximum PE investments in terms of deal volume

• In the first quarter of 2008, India continued to remain on the top slot in terms of number of deals

Source: Asian Venture Capital Journal-Asia and India e-letters


Amt invested No.of Deals

Australia $ 14610.99 148

India $ 18278.84 352

Japan $ 14708.03 366

China $ 10873.67 4383217416.46$India

33210305.85$China

27711505.28$Japan

10616507.32$Australia

No. of Deals

Amt invested


Page 5

PE Investments in India – On a Growth Path

► Funds raised for India as a percentage of funds raised for Asia has been rising, highlighting increasing attractiveness of India as an investment destination

► PE Investments in India as a percentage of investments in Asia have also been on the rise. India has been on top among the other Emerging markets in terms of PE investments during 2007

0

10000

20000

30000

40000

50000

60000

2003 2004 2005 2006 2007 1H2008

Funds Raised in Asia Funds Raised in India

11.6%

6.8%

11.1%

11.8%

7.8%

0

20000

40000

60000

80000

100000

120000

2003 2004 2005 2006 2007 1H2008

Asia Investments India Investments

5%8.1%

6.5%

11.7%

20.4%

Funds raised in India as a % of Funds raised in AsiaCurrency: USD million

India investments as a % of Asia InvestmentsCurrency: USD million

Source: An Indispensable Guide to Equity Investment in India, Evalueserve, September 2007; AVCJ

15.3%20.7%

Page 6

Private Equity Funds Pouring in India

PE Firm Fund Size Target Sector(s)Cleartrade USD 12 billion Power & Infrastructure

Red Fort Capital USD 1.50 billion Real Estate

Kotak Investment Advisor USD 1 billion Infrastructure

Clear Investments & PFC USD 1 billion Infrastructure

Vision Global India Fund USD 1 billion Infrastructure

3i Capital USD 1.20 billion Infrastructure

Indiareit Fund Advisors USD 800 million Real Estate

Funds Launched or Announced in H1 of 2008

Source: Factiva

Page 7

Private Equity Funds Pouring in India

PE Firm Fund Size Target Sector(s)Citigroup and Blackstone USD 5 billion Infrastructure

ICICI Bank USD 2 billion Infrastructure

Chrys Capital USD 1.25 billionInfrastructure, Technology, Pharmaceuticals, and Financial services

3i Capital USD 1 billion Infrastructure

Actis Advisors USD 1 billion Generic

IL&FS Investment Managers (IIML) USD 1 billion Real Estate

Baring Private Equity Partners USD 400–500 million Generic

Fire Capital USD 500 million Real Estate

Sequoia Capital IndiaUSD 500 millionUSD 300 million

Growth CapitalVenture Capital

Funds Launched or Announced in 2007

Source: Factiva

Page 8

Private Equity Funds Pouring in India (Cont’d.)

PE Firm Fund Size Target Sector(s)

Parag Saxena (Leading Venture Capitalist) USD 1.5 billion Asia Fund with special focus on

India

Sabre Capital USD 1 billion Generic

Baer Capital USD 1 billion (consisting of five funds)

Infrastructure, Special Situations and Generic

Ripplewood Holdings USD 1 billion Indian Securities

Peepul Capital (Formerly iLabs Management) USD 215 million Manufacturing and Logistics

Dawnay Day USD 200 million Generic

NEA-Indo US Ventures USD 189 million Generic

Ventureast Funds USD 150 million Life Sciences and Information Technology (IT)

Nexus India USD 100 million Venture Capital

Source: Factiva


Page 9

PE Funds Launched by Other Institutions

*Wednesday, 28 February 2007 (INR 1 = USD 0.02263)


Source: Factiva; Oanda Website

Institution Fund Size Target Sector(s)DLF USD 8 billion (3 funds) Infrastructure and Real Estate

Yes Bank USD 1.5 billion (4 funds) Infrastructure, Real Estate, Special Situations

Macquarie Bank and IFC USD 1 billion Infrastructure

Power Finance Corporation USD 1 billion Power

HSBC Bank USD 600 million Real Estate

Louis Vuitton USD 500–600 million Retail

Piramal Enterprises USD 200 million Healthcare

Burill & Company USD 200 million Life Science

The Small Industries Development Bank of India (SIDBI)

INR 1 billion (USD 22.6 million*) Small- and medium-sized companies

This fund raising Indicates heightened PE activity in India

Page 10

India – An Attractive Investment Destination

► Fund management group Schroders is in talks with a number of possible partners about setting up a venture in India. Schroders' Indian operation will offer a range of funds targeting domestic investors, offshore funds and discretionary fund-management accounts

► Cerberus Capital, a New York-based private equity (PE) fund is entering the Indian market shortly

► Kohlberg Kravis Roberts, another major PE fund, is looking at investments in India► Ripplewood Holdings, a US-based private equity firm is planning to enter India through

a USD 1 billion big-ticket fund► Private equity firm Berggruen Holdings Inc has plans to invest USD 300 million in India

over the next two years► US-based Bessemer Venture Partners has earmarked USD 350 million for Indian

investments, especially in companies that cash in on the rise of consumer spending, infrastructure development and intellectual property-based opportunities

Looking at the attractive investment opportunities in India, PE players the world over are planning to enter India and increase their allocations

to participate in the growth story

Source: Factiva

Page 11

PE Investments in 2006 – Trends in Sectors

► IT&ITES was the most favored sector by investors, reflected by the highest percentage contribution both in terms of number of deals and value

► Though Telecom contributed to only 1% to the number of deals its share was 18% in terms of value and this was contributed by only four deals, the biggest being the Idea Cellular Pre- IPO deal of USD 966 million

0

200

400

600

800

1,000

1,200

1,400

1,600

0

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20

30

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70

80

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Value 1,470 962 956 515 599 220 143 210 295 377 125 1,344 258Deals 87 55 31 29 23 14 13 10 9 8 6 4 13

IT & ITES

Manufacturing BFSI Life

SciencesEngg. & Constru

ctionTextiles Food &

Bev.Shipping

& Logistic

M & E Energy Retail Telecom Others

Source : AVCJ, Venture Intelligence

Percentage Contribution of Sectors to number of deals and Value of deals

V-19.7%D-28.8%

V-13%D-18.2%

V-18%D-1.3%

V-8%D-7.6%

V-2.9%D-4.6%

V-6.9%D-9.6%

V-2.8%D-3.3%

V-5%D-2.6%

V-1.7%D-2%

V-3.5%D-4.3%

V-4%D-3%

V-12.8%D-10.3%

V-1.9%D-4.3%

Val

ue in

US

D m

illio

n

Page 12


► IT & ITES retained the top position in terms of number of deals. BFSI was the top contributor in terms of value led by two major investments: Carlye and Citigroup’s USD 760 million investment in HDFC; and a joint investment of USD 345 million by General Atlantic, Goldman Sachs, and SAIF Partners in National Stock Exchange

► The share by deals for Manufacturing was slightly higher in 2006 as compared to 2007. This may be due to the fact that there was no deal in this sector in Q207. However the sector caught up and witnessed 38 deals in H2 of 2007

► Telecom sector’s contribution was low in terms of number of deals but its contribution in terms of value increased significantly from USD 1.3 Bn to USD 3.3 Bn – mainly due to 2 deals of Bharti amounting to USD 3 Bn

PE Investments in 2007 – Trends in Sectors

Source: AVCJ, Venture Intelligence

0

1,000

2,000

3,000

4,000

5,000

0102030405060708090100

Total Value 1,245 1,605 4,171 482 1,583 356 584 531 989 103 3,382 39 1,081

Total deals 88 52 56 30 28 9 16 15 21 3 8 4 45

IT & ITESManufact

uringBFSI

Healthcare & Life

Engg. & Construct

Textiles & Garment

Shipping &

Media & Entertain

EnergyHotels & Resorts

Telecom Retail Others

V-2.20%D-2.40%

V-7.71%D-23.47%

V-9.80%D-7.47%

V-25.83%D-14.93%

V-9.94%D-13.87%

V-2.99%D-8.00%

V-3.29%D-4.00%

V-3.62%D-4.27%

V-6.12%D-5.60%

V-0.64%D-0.80%

V-6.69%D-12.00%

V-20.94%D-2.13%

V-0.24%D-1.07%

Page 13

PE Investments in H1 2008 – Trends in Sectors

► Real Estate and Telecommunications emerged as the top sectors in terms of value of deal while IT&ITES continued to top the chart in terms of number of deals.

► Telecom sector bagged the highest value for the period with Providence investing US$ 640 mn in Aditya Birla Telecom Ltd.

► Investments in BFSI reduced significantly both in terms of value as well as number of deals. Sector witnessed only one deal above US$ 100 Mn by Stand Chartered & TPG in Mahindra & Mahindra Financial services Ltd.

► The boost to textile sector was given by Singapore’s GIC Special Investments which committed USD 210 million to Reid and Taylor (India) Ltd. for a 25.4% share.

0

200

400

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800

1,000

1,200

1,400

1,600

0

5

10

15

20

25

30

35

Value 383 453 478 275 180.6 353 465 328 217 619 86 1408 404 1,082.21 Deals 30 22 14 14 6 5 11 16 9 7 4 7 17 8

IT & ITES

Manufacturing BFSI Life

SciencesEngg. & Constru

ctionTextiles Hotel &

ResortsShipping

& Logistic

M & E Energy Retail Telecom Others Real Estate



V-5.70%D-17.65%

V-6.73%D-12.94%

V-20.92%D-4.12%

V-2.68%D-3.53%

V-5.25%D-2.94%

V-4.09%D-8.24%

V-4.87%D-9.41%

V-9.20%D-4.12%

V-1.27%D-2.35%

V-6.0%D-10.0%

V-3.22%D-5.29%

V-7.10%D-8.24%

V-6.90%D-6.47%

Val

ue in

US

D m

illio

n

V-16.08%D-4.71%

Page 14

0

2000

4000

020406080100120

Dea

ls

Value 241 511 3,639 1,576 1,135 373

Deals 59 46 108 66 14 9

Early Grow th Late PIPE Buyout Other

► Late Stage deals remained popular with investors. They made the highest contribution to the number of deals and also value of deals.

► The share of Buyouts was low in number of deals but their contribution to the value of deals was significant; led especially by KKR’s buyout of Flextronics Software Systems for USD 765 million.

► There were 59 Early stage deals in 2006 thus contributing significantly to the number of deals, but their contribution to value of deals was a mere 3%.


PE Investments in 2006 –Trends in Stages

Source: AVCJ, Venture Intelligence

V-3.2%D-19.5%

V-6.8%D-15.2%

V-48.7%D-35.8%

V-21.1%D-21.9%

V-15.2%D-4.6% V-5%

D-3%US

D m

illio

n

Page 15

► Late Stage deals continued to attract investments throughout 2007 and were the highest contributor to the number of deals. PIPE deals contributed highest to the total value of deals led by major investment of $2 bn by Temasek in Bharti Airtel

► The share of buyouts decreased from 2006—more substantially in terms of value as there were not many big ticket deals in this space. The biggest buyout was Blackstone picking 70% stake in apparel exporter Gokaldas Exports, a major player in ready made garment industry for $165m

► Early stage deals contributed substantially to the number of deals, but their contribution to the total value of deals remained low. The trend of venture capital is yet to develop, as most of the money is chasing big deals

PE Investments in 2007 – Trends in Stages


0

1,000

2,000

3,000

4,000

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6,000

7,000

0

20

40

60

80

100

120

140

160

Value 5,224 6,458 1,595 421 696 372 1,386

Deal 138 82 45 76 10 13 11

Late Stage PIPE Growth Early Buyout Pre-IPO Other/Unknown

V-32.35%D-36.80%

V-9.87%D-12.00%

V-39.98%D-21.87%

V-2.61%D-20.27%

V-4.31%D-2.67%

V-2.30%D-3.47%

V-8.58%D-2.93%


Page 16

► Investments in Growth stage companies accounted for nearly 60% of the number as well as the value of total deals during the H1 2008. The share of PIPE deals in terms of number of deals decline to 14.12%. Value of deals also declined to 15.28% as compared to 40% in year 2007

► The share of buyouts also decreased during the first half of 2008 ► Investments in Early stage deals increased as compared to 2007. Its contribution in terms of

value increased to almost 17%, however its contribution in terms of number of deals has decreased as compared to last year. This primarily reflects increase in average deal size in this stage

PE Investments in H1 2008 – Trends in Stages


0

1,000

2,000

3,000

4,000

5,000

0

2040

60

80100

120

Value 1,029 4,049 1,141 70 443 0

Deal 24 102 31 2 10 1

PIPE Growth Early Buyout Pre-IPO Other/Unknown

V-15.28%D-14.12%

V-16.95%D-18.24%

V-60.15%D-60.00%

V-1.04%D-1.18%

V-6.58%D-5.88% V-0.0%

D-0.59%


Page 17

Buyout Deals in India

Company PE / VC FIRM Industry Deal Value 2005 & before ( USD mn )VA Tech WABAG India ICICI Ventures Engg. & Construction 23

WNS Warburg Pincus ITES N/A

Associated Cement Companies – Refractories Division

ICICI Ventures Manufacturing 60

Punjab Tractors Actis Auto N/A

Infomedia ICICI Ventures Media N/A

Thomas Cook India Dubai Investment Group Travel 127

Sify Infinity Capital IT&ITES 63

2006 ( USD mn )Flextronics Software Systems KKR IT Services 765

Nilgiri Dairy Farm Actis Supermarkets 65

GPI Textiles Avenue Capital Textiles 44

OCM India WL Ross Textiles 37

Oriental Containers Navis Capital Packaging 37

Patel Roadways Reliance Capital Surface Transport 33

Nirula’s Navis Capital Fast Foods 20

Source : Venture Intelligence

Page 18

Buyout Deals in India (Cont’d.)

Company PE / VC FIRM Industry Deal Value

2007 ( USD mn )

Intelenet Global Services Blackstone ITES 200

Gokaldas Exports Blackstone Textile & Garments 165

Sharekhan Citigroup Financial Services 118.2

Aster Infrastructure New Silk Route Telecom Infrastructure 57

Apollo Hospitals Enterprise Ltd.-Western Hospital Corp.

One Equity Partners LLC. Medical 81.4

JRG Securities Ltd. Baring Private Equity Partners India Pvt. Ltd. Financial services 41

Phoenix Lamps Actis Auto Components 24

Tebma Shipyard ICICI Ventures Shipyard 23

Airworks India Global Technology Investments Aircraft Maintenance 24

Source : Venture Intelligence, AVCJ

Page 19

Buyout Deals – Trends

375

9771,135

0

300

600

900

1200

2005 2006 2007

USD

mill

ion

Amount of Buyout deals

► In the year 2007, nine buyout deals have accounted for an amount of USD 977 million► The share of buy outs in number of deals and in terms of value has remained low as compared to 2006► However, there were 3 buyouts that involved transactions worth over $100 Mn in 2007 compared to just one mega

buyout in last year► Blackstone was involved in 2 mega buyouts while Citi’s CVC unit made 1 buyout deal of retail broking arm of

Sharekhan

6 Deals

14 Deals

9 Deals

14 Deals


Page 20

No. of Deals with Investments Above $ 25 Mn

No. Of Deals with Investments Above $50 Mn

PE Firm 2006 2007 2006 20073i 4 4 - 4

Avenue Capital Group - 3 - 2

Baring Private Equity - 2 - -

Blackstone - 8 - 6

ChrysCapital - 2 2 1

Citigroup - 15 - 9

General Atlantic 2 3 - 3

ICICI Ventures 3 7 2 2

IL&FS - 7 - 3

JP Morgan - 2 2 2

Morgan Stanley 2 3 2 2

SCB PE 2 2 - 1

Spinnaker 2 1 - -

Temasek - 5 - 3

Warburg 4 3 - 2

Source : AVCJ

No. of Deals – USD 25 & USD 50 million plus investments

Page 21

No. of Deals – USD 100 million plus investments

No. of Deals with Investments Above $100 MnPE Firm 2006 2007

Apax Partners - 1

Avenue Capital Group - 2

Blackstone - 5

Carlyle - 1

Citigroup - 5

Farallon 1 -

Goldman Sachs - 4

JP Morgan 1 -

KKR 1 -

Lehman - 2

Morgan Stanley - 2

Providence Partners 1 -

Temasek 1 2

Source : AVCJ

Page 22

H1-2008 – Some USD 100 million plus investments

Company PE / VC FIRM Industry Deal Value ( USD million )

Aditya Birla Telecom Ltd. Providence Equity Partners Telecommunications 640 (20% stake)

DLF Assets Pvt Ltd. Symphony Capital Financial Services 450

Sophia Power Co. Ltd. Farallon Capital Management, LLC.; LNM Internet Ventures Utilities 404 (37.5% stake)

TowerVision India Pvt Ltd. Morgan Stanley Private Equity Asia Limited Infrastructure 300

Bharti Infratel Ltd. KKR Asia Ltd. Telecommunications 250 (2.5% stake)

Mack Star Marketing Pvt Ltd. D.E. Shaw India Advisory Services Pvt. Ltd. Financial Services 250

Reid & Taylor (India) Ltd. GIC Special Investments Pte Ltd. Textiles and clothing 209 (25.4%)

Amalgamated Bean Coffee Trading Co., Ltd. (Coffee Day)

D.E. Shaw India Advisory Services Pvt. Ltd.; Deutsche Bank; JPMorgan Private Capital Asia; Sequoia Capital India

Consumer Products/Services 200 (20% stake))

Ashoka Buildcon Ltd. IDFC Private Equity Co. Ltd. Infrastructure 180 (15.6% stake)


Page 23

2007 – Some USD 100 million plus investments


Bharti Airtel Ltd. Temasek Holdings Advisors India Pvt. Ltd. Telecommunications 2,013 (5% stake)

Bharti Infratel Ltd. Temasek Holdings Advisor, CVC International - India, Goldman Sachs Asia Ltd. Telecommunications 1.000 (10% stake)

Jaypee Infratech ICICI Venture Funds Management Company Ltd. Construction 815

Housing Development Finance Corporation (HDFC)

Carlyle Group and Citigroup Banking and Financial Services 760 (7.1% stake)

ICICI Bank Ltd. Dubai International Capital Financial services 598 (2.9%)

National Stock Exchange (NSE)

General Atlantic Partners, SAIF Partners, Goldman Sachs, Morgan Stanley, Citigroup, Actis Financial Services 525 (21%)

SKIL Infrastructure Avenue Capital Infrastructure 500 (26% stake)

Reliance Telecom Infrastructure Ltd.

DA Capital; Fortress Capital; Galleon Partners; GLG Partners LP; HSBC Principal Investments; New Silk Route Advisors Ltd.; Soros Fund Management LLC

Telecommunications 346 (5% stake)

Ushodaya Enterprises Ltd. Blackstone Advisors India Pvt. Ltd. Media 275 (26% stake)

IDFC Khazanah Nasional Financial Services 188


Page 24

2006 – Some USD 75 million plus investments


Idea CellularProvidence Equity, Citigroup, ChrysCapital, NSS Ventures, Sequoia Capital, Spinnaker, Macquarie Bank, 2i Capital

Mobile Services 966 (for 34.5 %)

Flextronics Software Systems KKR, Sequoia IT Services 765 (for 85%)

Tata Teleservices Temasek Telecom Services 360 (for 9.9%)

L&T-Infrastructure Development Projects JP Morgan Chase, IDFC PE-led consortium Infrastructure 124 (for 21.6%)

Indiabulls Financial Services Farallon Capital Management Financial Services 143

Quatrro BPO Solutions Olympus Capital BPO 100

Indiabulls Infrastructure Karrick , Farallon Capital Infrastructure Finance 99.3 (for 13.3%)

Centurion Bank Bank Muscat , ICICI Ventures Banking 91

Amtek IndiaNew Vernon , DE Shaw , IREO , Oasis Capital, Ritchie Capital , Kingdon Capital , Minivet Capital

Auto Components 82

UTI Bank ChrysCapital Banking 80

Nilgiri Dairy Farm Actis Supermarkets 65.2 (for 51%)


Page 25

These big ticket deals clearly indicate a trend in the deal valuations in India…

Large PE Exits – 2006

Company PE / VC FIRM Acquirer Industry Deal Value (USD million)

Matrix laboratories Temasek Holdings, Newbridge Capital, Spandana Foundation

Mylan Laboratories

Healthcare & Lifesciences 736 ( for 71.5 % )

Mphasis Baring PE EDS IT & ITES 380 ( for 52% )

Office Tiger Francisco Partners RR Donnelley IT & ITES 250

Celetronix Intrenational

Westbridge, Baring PE , NEA, Golden Gate Capital, Charterhouse Group Intnl, Alta Partners

Jabil Circuit IT & ITES 185

Progeon Citigroup Infosys Technologies IT & ITES 115


Page 26

These big ticket deals clearly indicate a trend in the deal valuations in India…

Large PE Exits – 2007

Company PE / VC FIRM Acquirer Industry Deal Value (USD million)

Sintex Industries Ltd. Warburg Pincus India Pvt. Ltd. Undisclosed Investor(s) (India)

Manufacturing - Heavy 256.4 (for 25%)

Punjab Tractors Ltd. Actis Capital LLP. Mahindra & Mahindra Ltd.

Transportation/ Distribution 215 ( for 43.5 % )

ACE Refractories LtdICICI Venture Funds Management Company Ltd. (India) Calderys (France) Manufacturing -

Heavy 136 (for 99%)

Deccan Aviation Ltd.Deccan Aviation Ltd. (India); ICICI Venture Funds Management Company Ltd. (India)

Kingfisher Radio Ltd. (India); United Breweries Group (UB Group) (India)

Transportation/ Distribution 104.6 (for 20%)

MTR Foods Ltd.JP Morgan Partners Advisers Pte Ltd., MTR Foods Ltd., Aquarius Investment Advisors (India) Pvt. Ltd.

Orkla ASA Consumer products/services 100

Firstsource Solutions Ltd. ICICI Venture Funds Management Company Ltd.

Metavante Corporation, Galleon Partners

Services - Non-Financial 73 (for 20%)

Godrej Beverages and Foods Ltd. IL&FS Investment Managers Ltd. The Hershey

CompanyConsumer

products/services 53.9 (for 51%)

YES Bank Ltd.ChrysCapital Management Co., Citigroup Venture Capital International

Khazanah Nasional Bhd. Financial services 48.5 (for 5%)


Page 27

PE Exits – Trends

PE and VC firms obtained exit routes in 19 companies including 6 through IPOs during H1 2008 as compared to exits in 55 companies during 2007

PE funds obtained exit in 37 companies during 2006 including 19 IPO’s

PE backed companies raised about USD 802 million via IPO’s in H1 2008 as compared to USD 1.2 billion for the year 2007

Total value of M&A transactions providing exits to PE investors during H1 2008 was approx USD 937 million as compared to USD 1.7 billion during the year 2007

1 2 3


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Private Equity Landscape India - Rajiv Memani