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India knows India bestPartner with the experts at Aditya Birla Group
BACk
Aditya Birla Capital Advisors Private Limited
Aditya Birla Centre, S.K. Ahire Marg, Worli, Mumbai - 400 030, India.
Website: www.adityabirla-pe.com Email: [email protected]
Aditya Birla Group’s Global Footprint
Australia | Brazil | Canada | China | Egypt | France | Germany | Hungary | India | Indonesia | Italy | Korea |
Laos | Luxembourg | Malaysia | Philippines | Switzerland | Thailand | UK | USA | Dubai | Singapore |
Myanmar | Bangladesh | Vietnam
Back Inside
Cautionary Statement and Securities Laws ConsiderationsThis document is for informational purposes only and does not constitute an offer to sell, or a solicitation to purchase, shares of Aditya Birla Capital Advisors Private Limited or interests in Aditya Birla Private Equity Fund (the ‘Fund’), nor does it otherwise constitute an offer or solicitation to invest in any other funds proposed to be managed by Aditya Birla Capital Advisors Private Limited.
The interests (the ‘Interests’) in the Fund have not been approved or disapproved by the US Securities and Exchange Commission or by any securities regulatory authority of any state or other jurisdiction, nor has any such authority or commission passed on the accuracy or adequacy of this document or any other materials delivered herewith (collectively, the ‘Presentation Materials’). Any representation to the contrary is a criminal offence.
The Interests have not been and will not be registered under the US Securities Act of 1933, as amended (the ‘Securities Act’), or any state securities laws or the laws of any foreign jurisdiction. The Interests will be offered and sold under the exemption provided by Section 4(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder and other exemptions of similar import under the laws of the United States and other jurisdictions where the offering will be made. The Fund will not be registered as an investment company under the US Investment Company Act of 1940, as amended, and consequently, investors in the Fund will not be afforded the protections of such Act.
This document has been provided to its recipient upon the express understanding that the information contained herein, or made available in connection with any further investigation, is strictly confidential and is intended for the exclusive use of its recipient. It shall not be photocopied, reproduced or distributed to others at any time. This document is neither a prospectus nor an invitation to subscribe for the Interests. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinions regarding the appropriateness of any investment, or a solicitation for any product or service. The information herein is subject to change without notice.
Statements in this document describing the Fund’s objectives, projections, estimates, expectations or predictions may be ‘forward looking statements’ within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied in this document. Important factors that could make a difference to the Fund’s operations include global and Indian demand-supply conditions, finished goods prices, feed stock availability and prices, cyclical demand and pricing in the Fund’s principal markets, changes in government regulations, tax regimes, economic developments within India and the countries within which the Fund conducts business and other factors such as litigation and labour negotiations. The information including facts and figures have been derived from public sources and should be relied upon by the reader at his or her own risk and the Fund and Aditya Birla Capital Advisors Private Limited and their respective directors and officers assume no responsibility, expressed or implied, for the completeness or accuracy of the information contained or views expressed herein or for any direct or consequential loss arising from any use of this document or its contents.
The India map published is indicative and for illustration purposes only. All efforts have been made to make the map accurate. However, Aditya Birla Capital Advisors Private Limited and their respective directors, officers and employees do not own any responsibility for the correctness, accuracy or authenticity of the same. Map not to scale.
Cover Inside
1
Aditya Birla Group: An Overview
Globally the Aditya Birla Group is:
n
n
n
n
A US$ 28 billion corporation, the Aditya Birla
Group is in the League of Fortune 500. It is
anchored by an extraordinary force of 125,000
employees, belonging to 25 different nationalities.
In India, the group has been adjudged ‘The Best
Employer in India and among the Top 20 in Asia’
by the Hewitt-Economic Times and Wall Street
Journal Study 2007. Over 50 percent of its
revenues flow from its overseas operations.
The Aditya Birla Group is headed by
Mr. Kumar Mangalam Birla, as Group Chairman.
A metals powerhouse, among the world’s
most cost-efficient aluminium and copper
producers. Hindalco-Novelis is the largest
aluminium rolling company. It is one of the
three biggest producers of primary aluminium
in Asia, with the largest single location copper
smelter
No. 1 in viscose staple fibre
The fourth largest producer of insulators
The fourth largest producer of carbon black
n
n
n
In India:
n
n
n
n
n
n
The 11th largest cement producer globally
and the second largest in India
Among the world’s top 15 BPO companies
and among India’s top four
Among the best energy efficient fertiliser
plants
A premier branded garments player
The second largest player in viscose filament
yarn
The second largest in the chlor-alkali sector
Among the top five mobile telephony
companies
A leading player in financial services
Among the top three super-market chains in
the retail business
Rock solid in fundamentals, the Aditya Birla
Group nurtures a culture where success does not
come in the way of the need to keep learning
afresh or to keep experimenting.
Investors Other Than Those Resident In India
Investment Manager
Country Advisor
Minimum Commitment Size
Indigold Asset Management Company Limited, Mauritius; part of Aditya Birla Group
Aditya Birla Capital Advisors Private Limited, India
??
Individuals: US$ 250,000Corporate and institutional investors: US$ 2 million
Investors Resident In India
Investment Manager
Minimum Commitment Size
Aditya Birla Capital Advisors Private Limited
Individuals: INR 50 lakhsCorporate and institutional investors: INR 2 crores
??
1All Investors
Fund
Target Fund Corpus
Sponsor
Target Return / IRR
Term
Sponsor Commitment
Hurdle Rate
Drawdown Schedule
Management Fee
Fund set-up cost (one-time)
Distribution of Return
Performance Linked Fee
Aditya Birla Private Equity Fund
US$ 250 mn2 3(INR 1,250 crores ) with upsizing at option of Trust/Investment Manager
Aditya Birla Group
25% annual pre tax IRR
7 years, drawdown in 3 years (with 1+1 extension at discretion of Investment Manager)
20% of the Fund corpus
10% IRR per annum
20% immediately upon closing and balance in various tranches wit(drawdown notice of 21 days)
hin 3 years
2% pa of the committed capital during the commitment period, and 2% pa of effective corpus (amount drawn down less capital returned) thereafter; plus applicable taxes
On actuals; not exceeding 3% of the aggregate committed capital
Distribution will be net of all taxes as applicable
20% of the pre-tax return with catch-up
1: While most of the principal terms are common to all investors, a few terms differ depending on whether investors are resident in India or outside India, as indicated above2: Fund corpus to be raised from India and overseas3: US$ 1 = INR 50
12
Principal Terms: A Snapshot
The Fund targets to raise commitments for US$
250 million (INR 1,250 crores), with an objective
of targeting a pre-tax IRR of 25%. The sponsor
will commit 20% of the corpus of the Fund.
2 11
On Offer:
Aditya Birla Private Equity Fund
Aditya Birla Private Equity Fund is differentiated
as it seeks to generate attractive returns by
making investments in high-growth, mid-sized,
India-focussed businesses through active
involvement in portfolio companies. The Fund
plans to take significant minority stakes in
portfolio companies. The Fund will invest across
sectors, with specific emphasis on consumer-
oriented, infrastructure-enabling, niche emerging
and engineering / manufacturing oriented
businesses.
The Fund, structured as a trust, is registered as 1a Venture Capital Fund with SEBI .
Drivers: Rising per capita income and credit expansion
Consumption Led Growth Infrastructure Enablers
The beneficiaries of large-scale investment in infrastructure; critical to sustaining infrastructure growth
Technology Services Niche Engineering Manufacturing Eco-SystemBusiness Services
Skilled Ancillary Businesses
1: The SEBI Registration number is: IN/VCF/08-09/138 dated 24/12/08
EducationLogistics
Niche Emerging Sectors
Digital Media and EntertainmentHealthcare
Focus on investing in fast growing companies
That are or could be potential leaders in their
space
Experienced and dynamic management teams
with a proven track record of success
Potential to grow sales at over 30% CAGR for
four to five years after our investment
Reasonable pricing power through
differentiated offerings or price inelasticity of
their offerings
Scalable and profitable business models and
clear business plans
n
n
n
n
n
Sponsor: Aditya Birla Group
n
n
The Aditya Bir la Pr ivate Equity Fund (The
Fund) is sponsored by the Aditya Bir la
Group, one of the oldest, largest and most
respected business houses in India.
The Group has a t rack record of bui ld ing
h ighly successfu l businesses across
industr ies and geographic boundar ies,
both organical ly and v ia acquis i t ion.
The breadth and depth of the Aditya Bir la
Group’s experience endows the Aditya Bir la
Private Equity Fund with distinct advantages:
Access to business expert ise across
a spectrum of manufactur ing and
serv ice industr ies, which can be
leveraged to evaluate investment
opportuni t ies and guide port fo l io
companies for va lue creat ion
Relat ionships at the h ighest level
across industr ies, and thorough on-
ground understanding of regulat ions, in
India and around the wor ld, to be
immensely va luable for the Fund’s
port fo l io companies
n
n
n
The value proposi t ion makes the Fund a
preferred partner for entrepreneurs /
promoters ra is ing pr ivate equity capita l ,
investors and the business eco-system
at large
High governance standards, with
Mr. Kumar Mangalam Bir la on the Board
of Directors of Aditya Bir la Capita l
Advisors
The Aditya Bir la Group’s commitment of
20% of the corpus of the Fund
310
4
Private Equity Funds: An Attractive Asset
Class for Investment
n
n
Genuine Private Equity Funds focus on exercising
reasonable influence on the outcomes of their
investments by being active value creators. Private
Equity Funds help build portfolio companies by
providing not only capital, but also expertise,
strategic advice, operational inputs, financial
expertise and networks. This combination of
capital and knowledge-based value addition helps
such Private Equity Funds generate potentially
higher returns over longer durations, compared to
passive investors in public markets.
Now is a great time for Private Equity Funds to be
making investments, and accordingly for investors
to invest in Private Equity Funds:
Low Valuations: Public market valuations in
India are at a five-year low, and valuations
negotiated by Private Equity Funds are
typically even lower, improving the potential for
higher returns
Increasing Opportunities: The number of
investment opportunities relevant for Private
Equity Funds is growing: despite the global
slow-down, the value of investments by Private
Equity Funds in India in C2008 has exceeded
C2007 levels, through September (latest data 1available as of date)
Limited Competition: Investment by Private
Equity Funds has less competition from
alternative sources of financing, given that the
IPO market is subdued and issuers prefer
equity over debt to avoid aggressively
leveraging balance sheets
n
1: Source - Venture Intelligence
9
Investment Team:
Aditya Birla Capital Advisors
n
n
n
n
Aditya Birla Capital Advisors is the investment
manager / advisor to the Aditya Birla Private
Equity Fund. The investment team consists of seasoned
investment professionals with a formidable
track record across industries, countries and
investment stages. With over 90 years of
combined experience, the team has a track-
record of:
Unearthing unique investment opportunities
within India and abroad
Negotiating, structuring and closing over
40 transactions, at early and late stages
of growth
Enhancing the value of portfolio companies
through strategic and operational insights
Generating superior returns by divesting
investments through multiple exit
strategies
The investment team is headed by Mr. Bharat
Banka. In his previous role he was the principal
architect of the Aditya Birla Group’s M&A based
expansion, capital markets activities and
strategic planning. The principal investing team
includes Mr. Rahul Shah, one of the most
experienced and longest-tenured professionals in
India’s private equity industry, and comprises
investment professionals drawn from established
private equity, investment banking and consulting
firms. The team also has exceptionally strong
CXO level operational expertise and extensive
network of relationships, enabling it to provide
long-term IRR-enhancing operational insights to
portfolio companies. In order to align interests
with investors, a significant portion of the
investment managers’ carried interest will be
shared with members of the investment team.
Select Investment Deals of the Investment Team Exit Multiple Gross IRRin Prior Roles on Cost (annual)
India Games 14x 72%
Active Hotels 9x 73%
Indian August 4x 49%
Shopper’s Stop 4x 23%
DQ Entertainment 3x 33%
Future Software 3x 91%
Redington 3x 62%Investment value as of June 30, 2008.
58
6
Today, growth in India is broad-based and
spread across consumer industries,
infrastructure, engineering and manufacturing,
and niche emerging sectors - resulting in
numerous investment opportunities.
India:
A Compelling Investment Destination
Aditya Birla Private Equity Fund is an India -
centric fund.
A structural change is occurring in the global
economy, with growth shifting to Asia. India will
be a key beneficiary of this trend, and despite
the global economic slowdown, India is
expected to continue being the second-fastest
growing major economy in the world. India’s
GDP is estimated to grow four times as fast as
that of developed (G-7) markets.
In the near future, while India’s absolute
insulation from global financial issues is unlikely,
it is still expected to remain relatively cushioned:
GDP growth is projected to sustain in the 7% -
8% range. More importantly, India has side-
stepped the worst of the financial crisis: there
have been no financial institution bankruptcies;
adequate liquidity exists; business and
consumer debt levels are low; and interest rates
and inflation are declining consistently. Similarly,
India dodged the worst of the Asian financial
crisis of the late 1990s. Cumulatively, this
depicts the strength and resilience of the Indian
economy.
Source: International Monetary Fund (October, 2008).
ey
Grm
an
7.7%
Ind
ia
iC
hna
us
Rs
ia
Bra
zil
Fan
er
c taIly
UA
S UK
Jap
an
aC
nad
a
5.7%
4.0%
G7 Countries
1.1%2.0%
0.6%2.0% 2.4%
1.7%
0.1%
GDP CAGR (%) Estimates for 2008-2013
9.8%
7
6
Today, growth in India is broad-based and
spread across consumer industries,
infrastructure, engineering and manufacturing,
and niche emerging sectors - resulting in
numerous investment opportunities.
India:
A Compelling Investment Destination
Aditya Birla Private Equity Fund is an India -
centric fund.
A structural change is occurring in the global
economy, with growth shifting to Asia. India will
be a key beneficiary of this trend, and despite
the global economic slowdown, India is
expected to continue being the second-fastest
growing major economy in the world. India’s
GDP is estimated to grow four times as fast as
that of developed (G-7) markets.
In the near future, while India’s absolute
insulation from global financial issues is unlikely,
it is still expected to remain relatively cushioned:
GDP growth is projected to sustain in the 7% -
8% range. More importantly, India has side-
stepped the worst of the financial crisis: there
have been no financial institution bankruptcies;
adequate liquidity exists; business and
consumer debt levels are low; and interest rates
and inflation are declining consistently. Similarly,
India dodged the worst of the Asian financial
crisis of the late 1990s. Cumulatively, this
depicts the strength and resilience of the Indian
economy.
Source: International Monetary Fund (October, 2008).
ey
Grm
an
7.7%
Ind
ia
iC
hna
us
Rs
ia
Bra
zil
Fan
er
c taIly
UA
S UK
Jap
an
aC
nad
a
5.7%
4.0%
G7 Countries
1.1%2.0%
0.6%2.0% 2.4%
1.7%
0.1%
GDP CAGR (%) Estimates for 2008-2013
9.8%
7
Investment Team:
Aditya Birla Capital Advisors
n
n
n
n
Aditya Birla Capital Advisors is the investment
manager / advisor to the Aditya Birla Private
Equity Fund. The investment team consists of seasoned
investment professionals with a formidable
track record across industries, countries and
investment stages. With over 90 years of
combined experience, the team has a track-
record of:
Unearthing unique investment opportunities
within India and abroad
Negotiating, structuring and closing over
40 transactions, at early and late stages
of growth
Enhancing the value of portfolio companies
through strategic and operational insights
Generating superior returns by divesting
investments through multiple exit
strategies
The investment team is headed by Mr. Bharat
Banka. In his previous role he was the principal
architect of the Aditya Birla Group’s M&A based
expansion, capital markets activities and
strategic planning. The principal investing team
includes Mr. Rahul Shah, one of the most
experienced and longest-tenured professionals in
India’s private equity industry, and comprises
investment professionals drawn from established
private equity, investment banking and consulting
firms. The team also has exceptionally strong
CXO level operational expertise and extensive
network of relationships, enabling it to provide
long-term IRR-enhancing operational insights to
portfolio companies. In order to align interests
with investors, a significant portion of the
investment managers’ carried interest will be
shared with members of the investment team.
Select Investment Deals of the Investment Team Exit Multiple Gross IRRin Prior Roles on Cost (annual)
India Games 14x 72%
Active Hotels 9x 73%
Indian August 4x 49%
Shopper’s Stop 4x 23%
DQ Entertainment 3x 33%
Future Software 3x 91%
Redington 3x 62%Investment value as of June 30, 2008.
58
4
Private Equity Funds: An Attractive Asset
Class for Investment
n
n
Genuine Private Equity Funds focus on exercising
reasonable influence on the outcomes of their
investments by being active value creators. Private
Equity Funds help build portfolio companies by
providing not only capital, but also expertise,
strategic advice, operational inputs, financial
expertise and networks. This combination of
capital and knowledge-based value addition helps
such Private Equity Funds generate potentially
higher returns over longer durations, compared to
passive investors in public markets.
Now is a great time for Private Equity Funds to be
making investments, and accordingly for investors
to invest in Private Equity Funds:
Low Valuations: Public market valuations in
India are at a five-year low, and valuations
negotiated by Private Equity Funds are
typically even lower, improving the potential for
higher returns
Increasing Opportunities: The number of
investment opportunities relevant for Private
Equity Funds is growing: despite the global
slow-down, the value of investments by Private
Equity Funds in India in C2008 has exceeded
C2007 levels, through September (latest data 1available as of date)
Limited Competition: Investment by Private
Equity Funds has less competition from
alternative sources of financing, given that the
IPO market is subdued and issuers prefer
equity over debt to avoid aggressively
leveraging balance sheets
n
1: Source - Venture Intelligence
9
Sponsor: Aditya Birla Group
n
n
The Aditya Bir la Pr ivate Equity Fund (The
Fund) is sponsored by the Aditya Bir la
Group, one of the oldest, largest and most
respected business houses in India.
The Group has a t rack record of bui ld ing
h ighly successfu l businesses across
industr ies and geographic boundar ies,
both organical ly and v ia acquis i t ion.
The breadth and depth of the Aditya Bir la
Group’s experience endows the Aditya Bir la
Private Equity Fund with distinct advantages:
Access to business expert ise across
a spectrum of manufactur ing and
serv ice industr ies, which can be
leveraged to evaluate investment
opportuni t ies and guide port fo l io
companies for va lue creat ion
Relat ionships at the h ighest level
across industr ies, and thorough on-
ground understanding of regulat ions, in
India and around the wor ld, to be
immensely va luable for the Fund’s
port fo l io companies
n
n
n
The value proposi t ion makes the Fund a
preferred partner for entrepreneurs /
promoters ra is ing pr ivate equity capita l ,
investors and the business eco-system
at large
High governance standards, with
Mr. Kumar Mangalam Bir la on the Board
of Directors of Aditya Bir la Capita l
Advisors
The Aditya Bir la Group’s commitment of
20% of the corpus of the Fund
310
2 11
On Offer:
Aditya Birla Private Equity Fund
Aditya Birla Private Equity Fund is differentiated
as it seeks to generate attractive returns by
making investments in high-growth, mid-sized,
India-focussed businesses through active
involvement in portfolio companies. The Fund
plans to take significant minority stakes in
portfolio companies. The Fund will invest across
sectors, with specific emphasis on consumer-
oriented, infrastructure-enabling, niche emerging
and engineering / manufacturing oriented
businesses.
The Fund, structured as a trust, is registered as 1a Venture Capital Fund with SEBI .
Drivers: Rising per capita income and credit expansion
Consumption Led Growth Infrastructure Enablers
The beneficiaries of large-scale investment in infrastructure; critical to sustaining infrastructure growth
Technology Services Niche Engineering Manufacturing Eco-SystemBusiness Services
Skilled Ancillary Businesses
1: The SEBI Registration number is: IN/VCF/08-09/138 dated 24/12/08
EducationLogistics
Niche Emerging Sectors
Digital Media and EntertainmentHealthcare
Focus on investing in fast growing companies
That are or could be potential leaders in their
space
Experienced and dynamic management teams
with a proven track record of success
Potential to grow sales at over 30% CAGR for
four to five years after our investment
Reasonable pricing power through
differentiated offerings or price inelasticity of
their offerings
Scalable and profitable business models and
clear business plans
n
n
n
n
n
1
Aditya Birla Group: An Overview
Globally the Aditya Birla Group is:
n
n
n
n
A US$ 28 billion corporation, the Aditya Birla
Group is in the League of Fortune 500. It is
anchored by an extraordinary force of 125,000
employees, belonging to 25 different nationalities.
In India, the group has been adjudged ‘The Best
Employer in India and among the Top 20 in Asia’
by the Hewitt-Economic Times and Wall Street
Journal Study 2007. Over 50 percent of its
revenues flow from its overseas operations.
The Aditya Birla Group is headed by
Mr. Kumar Mangalam Birla, as Group Chairman.
A metals powerhouse, among the world’s
most cost-efficient aluminium and copper
producers. Hindalco-Novelis is the largest
aluminium rolling company. It is one of the
three biggest producers of primary aluminium
in Asia, with the largest single location copper
smelter
No. 1 in viscose staple fibre
The fourth largest producer of insulators
The fourth largest producer of carbon black
n
n
n
In India:
n
n
n
n
n
n
The 11th largest cement producer globally
and the second largest in India
Among the world’s top 15 BPO companies
and among India’s top four
Among the best energy efficient fertiliser
plants
A premier branded garments player
The second largest player in viscose filament
yarn
The second largest in the chlor-alkali sector
Among the top five mobile telephony
companies
A leading player in financial services
Among the top three super-market chains in
the retail business
Rock solid in fundamentals, the Aditya Birla
Group nurtures a culture where success does not
come in the way of the need to keep learning
afresh or to keep experimenting.
Investors Other Than Those Resident In India
Investment Manager
Country Advisor
Minimum Commitment Size
Indigold Asset Management Company Limited, Mauritius; part of Aditya Birla Group
Aditya Birla Capital Advisors Private Limited, India
??
Individuals: US$ 250,000Corporate and institutional investors: US$ 2 million
Investors Resident In India
Investment Manager
Minimum Commitment Size
Aditya Birla Capital Advisors Private Limited
Individuals: INR 50 lakhsCorporate and institutional investors: INR 2 crores
??
1All Investors
Fund
Target Fund Corpus
Sponsor
Target Return / IRR
Term
Sponsor Commitment
Hurdle Rate
Drawdown Schedule
Management Fee
Fund set-up cost (one-time)
Distribution of Return
Performance Linked Fee
Aditya Birla Private Equity Fund
US$ 250 mn2 3(INR 1,250 crores ) with upsizing at option of Trust/Investment Manager
Aditya Birla Group
25% annual pre tax IRR
7 years, drawdown in 3 years (with 1+1 extension at discretion of Investment Manager)
20% of the Fund corpus
10% IRR per annum
20% immediately upon closing and balance in various tranches wit(drawdown notice of 21 days)
hin 3 years
2% pa of the committed capital during the commitment period, and 2% pa of effective corpus (amount drawn down less capital returned) thereafter; plus applicable taxes
On actuals; not exceeding 3% of the aggregate committed capital
Distribution will be net of all taxes as applicable
20% of the pre-tax return with catch-up
1: While most of the principal terms are common to all investors, a few terms differ depending on whether investors are resident in India or outside India, as indicated above2: Fund corpus to be raised from India and overseas3: US$ 1 = INR 50
12
Principal Terms: A Snapshot
The Fund targets to raise commitments for US$
250 million (INR 1,250 crores), with an objective
of targeting a pre-tax IRR of 25%. The sponsor
will commit 20% of the corpus of the Fund.
Aditya Birla Group’s Global Footprint
Australia | Brazil | Canada | China | Egypt | France | Germany | Hungary | India | Indonesia | Italy | Korea |
Laos | Luxembourg | Malaysia | Philippines | Switzerland | Thailand | UK | USA | Dubai | Singapore |
Myanmar | Bangladesh | Vietnam
Back Inside
Cautionary Statement and Securities Laws ConsiderationsThis document is for informational purposes only and does not constitute an offer to sell, or a solicitation to purchase, shares of Aditya Birla Capital Advisors Private Limited or interests in Aditya Birla Private Equity Fund (the ‘Fund’), nor does it otherwise constitute an offer or solicitation to invest in any other funds proposed to be managed by Aditya Birla Capital Advisors Private Limited.
The interests (the ‘Interests’) in the Fund have not been approved or disapproved by the US Securities and Exchange Commission or by any securities regulatory authority of any state or other jurisdiction, nor has any such authority or commission passed on the accuracy or adequacy of this document or any other materials delivered herewith (collectively, the ‘Presentation Materials’). Any representation to the contrary is a criminal offence.
The Interests have not been and will not be registered under the US Securities Act of 1933, as amended (the ‘Securities Act’), or any state securities laws or the laws of any foreign jurisdiction. The Interests will be offered and sold under the exemption provided by Section 4(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder and other exemptions of similar import under the laws of the United States and other jurisdictions where the offering will be made. The Fund will not be registered as an investment company under the US Investment Company Act of 1940, as amended, and consequently, investors in the Fund will not be afforded the protections of such Act.
This document has been provided to its recipient upon the express understanding that the information contained herein, or made available in connection with any further investigation, is strictly confidential and is intended for the exclusive use of its recipient. It shall not be photocopied, reproduced or distributed to others at any time. This document is neither a prospectus nor an invitation to subscribe for the Interests. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinions regarding the appropriateness of any investment, or a solicitation for any product or service. The information herein is subject to change without notice.
Statements in this document describing the Fund’s objectives, projections, estimates, expectations or predictions may be ‘forward looking statements’ within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied in this document. Important factors that could make a difference to the Fund’s operations include global and Indian demand-supply conditions, finished goods prices, feed stock availability and prices, cyclical demand and pricing in the Fund’s principal markets, changes in government regulations, tax regimes, economic developments within India and the countries within which the Fund conducts business and other factors such as litigation and labour negotiations. The information including facts and figures have been derived from public sources and should be relied upon by the reader at his or her own risk and the Fund and Aditya Birla Capital Advisors Private Limited and their respective directors and officers assume no responsibility, expressed or implied, for the completeness or accuracy of the information contained or views expressed herein or for any direct or consequential loss arising from any use of this document or its contents.
The India map published is indicative and for illustration purposes only. All efforts have been made to make the map accurate. However, Aditya Birla Capital Advisors Private Limited and their respective directors, officers and employees do not own any responsibility for the correctness, accuracy or authenticity of the same. Map not to scale.
Cover Inside
COVER
India knows India bestPartner with the experts at Aditya Birla Group
BACk
Aditya Birla Capital Advisors Private Limited
Aditya Birla Centre, S.K. Ahire Marg, Worli, Mumbai - 400 030, India.
Website: www.adityabirla-pe.com Email: [email protected]
