Appendix 1

Partial List of Mergers During 1990-91 to 1994-9 5 Among the Manufacturing Sector

1990-91 Company 1 Morarj ee Gokuldas Transferee 1.1 S.S Miranda Transferor 1.2 PMP Auto Industries Transferor 2 Gujarat State Fertilizer Transferee 2.1 Gujrat Nylon Transferor 3 Greaves Ltd Transferee 3.1 Greaves Chitram Ltd. Transferor 3.2 Ruston & Hornsby (India) Ltd. Transferor 3.3 David Brown Greaves Ltd. Transferor 4 Bajaj Hindustan Ltd Transferee 4.1 Sharda Sugar Industries Transferor 5 Crompton Greaves Transferee 5.1 Kerala Electric Lamps Works Ltd. Transferor 5.2 Hind Condensor Ltd. Transferor 6 KEC International Ltd Transferee 6.1 Cetex Pharmaceuticals Ltd. Transferor 7 Associated Polymers Ltd Transferee 7.1 Sehrader Seovill Duncan Ltd. Transferor 8 Geoffray Manner & Co Transferee 8.1 John Wyeth India Ltd. Transferor 9 Fidelty Containers Transferee 9.1 Shree Products Ltd. Transferor 10 TT Maps and Public Transferee 10.1 TT Cardboards & Paper Mills Transferor 11 United Crowns and Crystals Ltd Transferee 11.1 United Diamonds Ltd. Transferor 12 Gujarat·Drugs and Chemicals Transferee 12.1 Intercare Ltd. Transferor 13 Gulshan Fertilizers Transferee 13.1 Presteege Fibers Ltd. Transferor 13.2 Presteege Limes Pvt. Ltd. Transferor

1991-92

1 Gokak Patel Transferee 1.1 Forbes Forbes Campbell & Co Ltd. Transferor 2 Sriram Industrial Enterprizes Transferee 2.1 Sriram Refrigerators Transferor 3 Urethanes India Ltd Transferee 3.1 Chemicals & Plastics India Ltd. Transferor

197

4 4.1 5 5.1 6 6.1 7 7.1

8 8.1 9 9.1 10 10.1

11 11.1 12 12.1 13 13.1 14 14.1 15 15.1

1992-93

1 1.1 2 2.1 3 3.1

4 4.1 5 5.1 5.2 5.3 6 6.1 7

Reliance Industries Reliance Petrochemicals Ltd. Herbertsons Ltd Sona Distilleries Ltd.

Transferee Transferor Transferee Transferor

Pharmaceutical Products Transferee Foutainhead Remedies Transferor Dera Paints and chemicals Ltd Transferee Deep Jyoti Paints & Chemicals Transferor P.Ltd. Powerica Company Ltd Transferee Pondy Diesel Power & Controls Transferor Chowgule Industries and co Ltd Transferee Chowgule Engineering Co. Pvt.Ltd. Transferor Ratnamani Metals Ltd Transferee Ratnamani Tube (Ahmedabad) Transferor Ind.P.Ltd. Sooraj Generators Ltd Sooraj Automobiles Ltd. Dinesh Pharmaceuticals Tube Ltd Dinesh Chemicals Pvt Ltd Malhotra steels Ltd Malhotra Steel (Bombay) Ltd Greaves Cotton Ltd Greaves Semi conductors EID Parry Murugappa Electronics

South India Corporation Cettinad Cements Ltd Maharashtra Sugar Mills

Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor

Transferee Transferor Transferee

Tilaknagar Distilleries & Ind.Ltd. Transferor Standard Industries Transferee Mafatlal Apparel Manufacturing Transferor Co .ltd. Hoechst India Evid & Co. Chemicals Ltd. United Breweries Keserval Breweries High range breweries Lowerbrau Breweries Hindalco Industries Renusagar Power Co. Ltd. Pond's India Ltd

198

Transferee Transferor Transferee Transferor Transferor Transferor Transferee Transferor Transferee

7.1 8 8.1 9 9.1 10 10.1 11 11.1 12 12.1 13 13.1

14 14.1 15 15.1 16 16.1 17 17.1 18 18.1 19 19.1 20 20.1 21 21.1 22 22.1 23 23.1 24 24.1 25 25.1 26

26.1

27 27.1 28 28.1 29

Quest International India Ltd. Nestle India Nutritional Foods Products Engin Valves Rane Engg.Ceramics Pidilite Industries Triveni Chemicals Ltd. EID Parry Falcon Gulf Ceramics Esab India Maharashtra Woldiade Ltd.

Transferor Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor

Ajanta Pharma Ltd Transferee Ajanta Drugs & Pharmaceuticals Transferor P.Ltd. Hawkins Cookers PCA Engineers Ltd. Technocraft Industries Ltd Eskiedee Metal Crafts P .Ltd. Maneklal Harilal Mills Navdeep Polymers Ltd. Orient crete Paper industries Ltd Rainbow Papers Ltd. Indroday Yarn Processers Ltd Zora Pharma Pvt. Ltd. Parry Engineering Exports Ltd T.I. & M Ltd. Canara steels Ltd Canara Wire & Wire Products Baghe Udyog Ltd Konkan Tubes Pvt. Ltd. Amrit Proein Foods Ltd Amrit Banaspati Co. Ltd. Babri Paper Mills Babri Fibers ltd. Dhunseri Tea and Industried Ltd Bahadur Tea Co. Pvt. Ltd.

Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor

Bakeman's home products Ltd Transferee Bakeman's home products Ltd Transferor Coimbotore Pioneer Machine works Transferee Ltd Lakshmi Automatic Locks Works Transferor Ltd. Coromondel Engineering Co Ltd Coromandel Products Ltd. Sundaram Fastners Ltd ODIN Metal Powders Ltd. Usha Processors Ltd

. 199

Transferee Transferor Transferee Transferor Transferee

29.1 30 30.1 31 31.1 32 32.1 33 33.1 33.2 34 34.1 35 35.1 36 36.1 36.2 37 37.1 38 38.1 39 39.1 40 40.1 41 41.1 42 42.1 43 43.1

1993-94

1 1.1 2 2.1 3 3.1

4 4.1

Ajay Glassware Pvt Ltd Chernox International Ltd Metox Fine Chemicals Ltd Kanoria Industries Ltd Shankar Sugar Mills Ltd Denish Syntex Ltd Dennit Pvt Ltd Essen Pheripharals Ltd Essen Cornputors Ltd Essen Fabrication & Engg Co Ltd Shree Vidhya Paper Mills Ltd Sona Papers & Industries Ltd Bharat ~ynthetic Ltd Ahmedabad Polyyarns Co.Pvt.Ltd, Hindustan Conductord Ltd Cerna Pvt Ltd Apar Pvt Ltd Gujarat Cotex Ltd Jayant Texturising Pvt Ltd Torrent Pharmaceuticals Ltd

Transferor Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor Transferor Transferee Transferor Transferee Transferor Transferee Transferor Transferor Transferee Transferor Transferee

Torrent Laboratories Ltd Transferor Kamala Solvents Ltd Transferee United India Roller Floor Mills Ltd Transferor Dexo Laboratories Ltd Transferee Standard Organics Ltd Transferor Nilgiri Hills Tea Products Ltd Transferee Coonoor Tea Estates Ltd Transferor Pebco(India) Ltd Transferee Sanrnar Electronics Corporation Ltd Transferor Sahnay Steel and Press Works Ltd Transferee N.R.B.Bearings Ltd Transferor

Advani Oerlikon Advance Welding Alloys Dalrnia Cement Vivek Ganna Ltd. Mafatlal Industries Mafatlal Fine Spinning Mfg.Co.Ltd. L&T Ltd L & T Gould Ltd.

200

Transferee Transferor Transferee Transferor Transferee

& Transferor

Transferee Transferor

5 Brook Bond Lipton Transferee 5.1 Kissan Products Transferor 6 SOL Pharmaceutical Transferee 6.1 Standard Organics Ltd. Transferor 7 Me Dowell and Co Ltd Transferee 7.1 Bangalore Hospitals Ltd. Transferor 7.2 Castal Co. Ltd. Transferor 8 GEC Alsthom India Ltd Transferee 8.1 GEC PESIL Transferor 9 NOCIL Transferee 9.1 Polyolefins Industries Transferor 10 TTK Pharma Transferee 10.1 TT Maps and Publications Ltd. Transferor 11 Hindustan Lever Transferee 11.1 Tata Oil Mills Transferor 12 Formost Chemicals Transferee 12.1 Electrochem India Ltd. Transferor 13 Veronica Laboratories Ltd Transferee 13.1 Veronica Pharmaceuticals Ltd. Transferor 14 Makers Laboratories Ltd Transferee 14.1 Makers Drugs and Food Products Transferor

Ltd. 15 Core Laboratories Ltd Transferee 15.1 Core Parentarals Ltd Transferor 16 Ashadeep Enterprises Ltd Transferee 16.1 Ispat Ltd Transferor 17 Cholamandelam software Ltd Transferee 17.1 Cholamandalom Factoring Ltd Transferor 18 Gujarat Texpin Ltd Transferee 18.1 Gujrat Petcon Pvt Ltd Transferor 18.2 Gujrat Sinfas Pvt Ltd Transferor 18.3 Gujrat Threads Pvt Ltd Transferor 18.4 Gulab Crimpers Pvt Ltd Transferor 19 Maxcon India Ltd Transferee 19.1 Max India Ltd Transferor 20 Simbholi Sugar Mills Ltd Transferee 20.1 Simbholi Industries Pvt Ltd Transferor 21 Siris Agro Ltd Transferee 21.1 Yanam Otis Ltd Transferor 22 Ramagopal Textiles Ltd Transferee 22.1 J.M.Textiles Ltd transferor 23 Tipco Polymers Ltd Transferee 23.1 B.M.Thakkar & Co Ltd Transferor 24 Rinpal Chemical Industries Ltd Transferee 24.1 Glory Textiles Pvt Ltd Transferor· 25 Macmillan Tea Exports Ltd Transferee

201

25.1 25.2

1994-95

1 1.1 2 2.1

3 3.1 4 4.1 4.2

5 5.1 6 6.1 7 7.1

8 8.1 9 9.1 10 10.1 10.2 11 11.1 12 12.1 13 13.1 14 14.1 15 15.1 16 16.1 17 17.1 18 18.1

Standard Organics Ltd Esquire Tea Plantations

Transferor And Transferor

Industries Ltd

Asea Brown Boveri Ltd Flakt India Ltd.

Transferee Transferor

Godrej Soaps Transferee Gujrat Godrej Innovative Chemicals Transferor Ltd. Widia (India )Ltd Transferee Widaroc (India) Ltd. Transferor Shaw Wallace Transferee SICA Breweries Ltd. Transferor Kerala Distilleries and Allied Transferor Products Special Steel Transferee Tata Metals & Strips Ltd. Transferor Kothar Sugar and Chemicals Transferee Inorganics India Ltd. Transferor Nagarjuna Fertilizer Transferee Sri Ganesh Anand Petrochemicals Transferor Ltd. Eicher Tractors Royal Enfield Motors Ltd. Reliance Industries Reliance Polypropylene Ltd. United Breweries Premier Breweries Punjab Breweries Shanti Pharmaceutical Laboratories Indygo Organic Pvt.Ltd. JCT Fibers Ltd JCT Ltd Lakhme Ltd Miami Pharma and Chemicals Ltd Besta Vision Electronic Ltd Mulland Tubes Pvt Ltd

Transferee Transferor Transferee Transferor Transferee Transferor Transferor Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor

Narayan Krishna Spinners Ltd Transferee Narayan Krishna Synthetics Pvt Ltd Transferor Shree Pramukh Industyries Ltd Transferee Shree Pramukh Steel Pvt Ltd Transferor Cimmco Ltd Transferee Cimmco Spinners Ltd Transferor Digital Equipment India Ltd Transferee Digital Equipment Export (India) Transferor

202

19 19.1 20 20.1 21 21.1 22 22.1 23 23.1 24 24.1 25 25.1 26

26.1

27 27.1 28 28.1 29 29.1 30 30.1 31 31.1 32 32.1

Ltd Bharat Fertilizers Industries Ltd Patel Packaging IndustriesPvt Ltd D.C.Silk Mills Ltd Dharamchand Polyfab Pvt Ltd Isha Steel Processors Ltd Amforge Industries Ltd Enkay Synthetics Ltd Enkey Texo Food Industries Ltd Western Hatcheries Ltd Narmada Hatcheries Pvt Ltd Manoj & Co Ltd Sugar Gas Ltd Sulzon Fibers Ltd

Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor Transferee

Sulzer Synthetics Pvt Ltd Transferor Seamtess Tubes &Technologies Transferee India Ltd The Indian Seamtess Metal Tubes Transferor Ltd Manuveb International Ltd Manugraph Industries Ltd Metrocham Industries Ltd Vivek Dycham Industries Pvt Ltd Sara Industries Ltd Sara Oilfield Equipments Pvt Ltd Parotech Ltd Groupwell Industries Ltd New Chemical Industries Ltd Kriptia Chemicals Pvt Ltd GTN Textiles Ltd Perfect Spinners

203

Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor Transferee Transferor

Appendix- 2 List of Merged Companies in India of which Details Obtained

S.NO Firms Major Controlling Block Manag- Product Line Nature of Exchange State Nature of ement Merger Ratio Firm

1 Morarjee and Gokuldas 45% controlled by corporate bodies Cotton Yarn Mah

1.1 S.S. Miranda 50% controlled by Piramal Investment Ltd Related Cutting Tools for Engineering Conglomerate

1.2 PMP Auto Industries Wholly Owned Subsidiary Of S. S. Miranda Related Automobile Parts

2 Gujrat State Fertilizers 80% controlled by Fertilizers, heavy chemicals, Conglomerate 1:.125 Guj

2.1 Gujrat Nylon 62% controlled by Transferee Related Spinners, weavers, nylones,

3 Greaves Cotton Ltd 42% controlled by corporate bodies 45% Engines, tractors, boilers, Horizontal 1:.0024 Mah MRTP

3.1 Greaves Chitram Ltd Subsidiary Related Cranes, vibrating machine and

4 Bajaj Hindustan Ltd 45%owned by corporate bodies sugar and by-products Horizontal 1:.4 Mah MRTP

4.1 Sharda Sugar 78% shares controlled by transferee Related sugar, .alcohol, & syrups

5 Crompton Gre'!'ves Ltd 33% controlles by greaves transformers, electrical Items, Horizontal 1:1 Ker MRTP

5.1 Kerala Electric Lamps 98.34%controlled by transferee Related L T/HT power capacitors ,

6 KEC International 41% controlled by institutions,32 % by Powers, sructurals, road Conglomerate 1:.4 Mah

6.1 Cetex Pharmac-euticals 11 % controlled by transferee Unrelated petrochemical products

Mergers And Amalgamations during 1991-92

1 Gogak Paiel Yarn,cycle tyres, cotton canvas, 1:.4 Mah MRTP

1.1 Forbes Forbes Campbell Associated co of Gokak Patel. Related Treading tools, tool bits, foreign Conglomerate

2 SIEL Vanaspati, Soap, Vegetable, Conglomerate Delhi MRTP

21 Shriram Refrigerators Subsidiary of DCM Related Air conditioning 1:1

3 Urethanes India Ltd Wholly owned subsidiary of Chemicals and dyes Horizontal 1:1 T.N MRTP

3.1 Chemicals & Plastics India Chemical products

4 Reliance Industries Ltd Petrochemical Products Vertical Guj MRTP

4.1 Reliance Petrochemicals Related Manmade fibre, and fibre yarns, 1:1

5 Herbertson Ltd 48% controlled by corporate Indian made foreign liquor, acid 1:.5 Mah MRTP

5.1 Sana Distilleries Ltd Unrelated Horizontal

6 Pharmacuetical Products Preparing formulas for the Mah

6.1 Fountainhead Remedies few shares are controlled by Unrelated Drugs, medicinal products etc Horizontal 1:1

204

Mergers And Amalgamations during 1992-93

1 SICL 99% controlled by Achi of Chettinad Related Trading Building construction Horizontal 1:.2 T.N MRTP 1.1 Chettinad Cements Ltd 90% controlled by Chettinad Cement, granite

2 Maharashtra Sugar Mills Related Horizontal Mah

2.1 Tilaknagar Distilleries & Associated Companies Indian made foreign liquor 1:.66

3 Standard Industries Ltd Related Textile chemicals Horizontal 1:1 Mah

3.1 Mafatlal Apparel Wholly Owned Apparerl and readymade Horizontal

4 Hoechst India Ltd 55% controlled by Farbwerke Related Chemical and Pharmacauticals Horizontal 1:1 Mah MRTP 4.1 Evid and Co Chemicals Wholly Owned drugs,medicines,agrochemicals

4.2 Tirti Chern Ltd Related Vetenery medicines,heavy

5 United Breweries 26% corporate bodies · Sugar breweries Horizontal T.N

5.1 Keserval Breweries Wholly owned subsidiary Related sugar breweries 1:.4

5.2 High range breweries do do 1:.33

6 Hindalco Industries Ltd 28% controlled by corporate bodies Related Aluminium products,electro- Vertical Mah MRTP 6.1 Renusagar Power Co Ltd Wholly Owned Install plant and machinary and 1:1

7 Pondsa India Ltd 41% controlled by Anglo Dutch Unrelat Beuty preparations, raw and Horizontal Mah MRTP

7.1 Quest International India Multinationa51 %hold by unilonA.G, Perfumery compounds, food 1:.25

8 Nestle India 51% controlled by foreign fowners.lt Milk and other milk products Horizontal Delhi

8.1 Nutritional Products LTd controlled by seven Delhites Unrelat Soya products 1:.154

9 Engin Valves Related General Engineering Horizontal T.N

9.1 Rane EnQineerinQ became Subsidiary of transferee Engineering 10 Pidilite Industries Ltd 56% controlled by directors and Chemicals Vertical Mah 10.1 Triveni Chemicals Ltd Related Synthetic resin synthetic rubber 1:.85 11 EID Parry India Ltd 33% controlled by EID Parry Chemicals dyes ConQiomerate T.N MRTP 11.1 Murugappa Electronics Unrelat Electronics 1:.04 12 Esab India Ltd 40% controlled bv Esab holdinqs Unrelat Plant and Machinery for WeldinQ Horizontal IMah I 12.1 Maharashtra Weldiads Ltd Promoted by Indian Oxygen Ltdand Electrical and Electronic 1:.5 I I

205

Mergers and Amalgamations during 1993-94

1 Dalmia Cement (Bharat Cement and its by-products Conglomerate T.N MRTP

1.1 Vivek Ganna Ltd Wholly owned Related Sugarcane,othecrops,fruits,food 1:1

2 Mafatlallndustries 50% controlled by transferer Related T extiles,dyes,intermediaries Horizontal Guj MRTP

2.1 Mafatlal Fine Spinning & 46% controlled by transferee co. textile and chemical products 1:.4

3 L&T Ltd 38% govt insti Electronic test,spares and Horizontal Mah MRTP

3.1 L& T Gould Ltd 40% hold by L& T Related Similar activites of transferee 1:1

4 Brook Bond India Ltd 51% controlled by Brook bond Liebig Food processing T.N MRTP

4.1 Kissan Products 58% controlled by Brookbond,32% by Related Food processing Horizontal 1:10

5 SOL Pharmaceuticals Ltd Major shares are controlled by Chemicals, Dyes, Tablets, Capsul T.N

5.1 Standerd Organics Ltd same group Related Sulphamethoxazole,Pyrazinami Horizontal 1:.5

6 Me Dowell Co Ltd 62% corporate bodies and 26% by sugar and breweries T.N

6.1 Consolidated Distilleries Related Sugar and Breweries Horizontal 1:0.33

6.2 Castal Co Ltd

7 GEC Alsthom India Ltd 67% controlled by GEC Alsthom N.V Related Sophisticated Electrical Horizontal 1:1.1 MRTP

7.1 GEC PESIL 51% controlled by GEC Alsthom N.V

8 NOCIL Ltd In 1992, Royal Dutch\shell group Petrochemical products Vertical Mah MRTP

8.1 Polyolefins Industries promoted by NOCIL and Hoechst Related 70% of the raw materials 1:1

9 TTK Pharma Ltd Promoted by TTK group of Madras tablets, capsules Vertical T.N

9.1 TT Maps and Publications Related packing materials, and 1:.5

10 Hindusthan Lever 51% owned by Unilever PLC soaps, and detergents and Conglomerate Mah MRTP

10.1 TOM CO Unrelat Food products 1:.133

11 Advani Oerlikon Ltd Arc welding electrodes, allied Horizontal Mah

11.1 Advance Welding Alloys 50% controlled by transferee Related Welding Alloys, metal spray 1:1.45

206

Mergers and Amalgamations During 1994-95

1 Widia (India )Ltd 51% controlled by Meturit A.G Zug, Switzerland General Horizontal 1:1 T.N

1.1 Widaroc (India) Ltd Wholly Owned Related Machinary tools

2 Shaw Wallace 39% controlled by corporate bodies · Beveragesand Horizontal T.N MRTP

2.1 Mehra Beverages subsidiary Related Beverages 1:.009

2.2 East Coast Breweries Horizontal 1:.009

2.3 SICA Breweries Ltd Related Horizontal 1:.545

2.4 Kerala Distilleries and Horizontal 1:.545

3 Reliance lndustried Ltd manmade fibre and fibre yarn,woolen cottonetc Related Vertical Mah MRTP

3.1 Reliance Polypropylene Trading PVC, 1:.33

4 Special Steels Ltd 53% controlled by corporate bodies Unrelated Cold and Hot · Horizontal Mah MRTP

4.1 Tata Metal Strips 42 % by corporate bodies steels,and other Horizontal 1:1.3

5 Kothari Sugar Chemicals 36% by Gvnt. lnst, 18% by corporatye bodies, Unrelated Molasses, T.N MRTP

5.1 lnorganics India Ltd Inorganic Horizontal 1:.25

6 Nagarjuna Fertilizer 30% Gvnt lnst, 11% corporate bodies, 53% by Unrelated Urea,pesticides,a Horizontal 1:.066 T.N

6.1 Sri Ganesh Anand Petroc

7 Eicher 63% corporate bodies Unrelated General Conglomerate 1:1

7.1 Royal Enfield Motors Ltd

8 ABB Ltd 51% owned by ABB group Switzerland Related insulated Conglomerate Mah

8.1 Flakt lndial 51% owned by Flakt AB fully owned subsidiary Electric 1:.5

9 Gujrat Godrej Innovative Promoted by Godrej Boyce Mfg ,Godrej Soaps, Related Soaps, perfumer, Vertical Guj MRTP

9.1 Godrej Soups Ltd Oleochemicals, 1:1

10 United Breweries 26% by corporate bodiesand 26% by others T.N MRTP

10.1 Lowerbrau Breweries Related Breweries

10.2 Premier Breweries Breweries Horizontal 1:0.4

10.3 Punjab Breweries Related Breweries Horizontal 1:0.33

Source: Scheme of Amalgamatwns; BSE D1rectory, vanous volumes; CIMM Data Base; Annual Reports ofvanous Compames.

207

Appendix 3- Production and Market Share of Acquiring Firms and their Respectives Industries Sales of the Firm Market Shares Sales of the Industry

M 0 Industry Firms Product Line Industry Industry Group 1990-91 1994-95 1990-91 1994-95 1990-91 1994-95

uv chemical NOCIL Rubber Chemicals 128.31 0.00 39.93 197.88 321.36 High Density 46134.00 0.00 0.00 0.00 0.00 Polythene Polypropylene 1338.00 0.00 0.00 0.00 0.00 Polyvinyle chloride Catalysts 2.18 0.00 2.31 57.23 94.44 Pestis ides 80.57 118.65 6.97 5.33 1156.47 2227.25

uv chemical Hindalco Industries Alumimnium 263.40 420.98 32.76 28.56 804.07 / 1474.09 Alumimnium&Prud 402.34 698.75 26.27 24.71 1531.28 2828.28 ucts

uv chemical Reliance Industries Polyester Filament 1138.49 1660.00 37.95 31.92 3000.00 5200.00 Yam Polyster Staple 274.54 949.00 24.96 43.14 1100.00 2200.00 Fibre High density 166000.00 o:oo 0.00 0.00 0.00 Polythelene Polyvinyle chloride 186597.00 0.00 0.00 0.00 0.00

uv chemical Godrej Soaps Soaps 249.15 0.00 8.31 2000.00 3000.00 Synthetic 60.16 0.00 2.51 1200.00 2400.00 Detergents Cosmetics&Toileter 43.00 0.00 4.30 700.00 1000.00 ies Fatty Acids 63.89 0.00 38.66

' 68.28 165.25

Glycerine 42.09 0.00 34.13 45.73 123.32 Total Total 2159.34 404505.16 11860.94 21033.99 UH F chemical Hindustan Lever Vanaspati 21.62 116.57 1.47 4.85 1469.31 2405.76

Sulphuric Acid 0.83 2.80 0.66 1.52 125.32 183.75 Phosphoric Acid 0.00 0.00 .Sodium 7.88 20.13 19.98 24.59 39.43 81.86 Catalysts 17.06 14.37 29.81 15.22 57.23 94.44 Di-ammonium 74.85 178.16 4.99 6.60 1500.00 2700.00

208

Phosphate Soaps 559.77 1212.96 27.99 40.43 2000.00 3000.00 Synthetic 310.19 570.22 25.85 23.76 1200.00 2400.00 Detergents Dental Hygiene 82.65 265.48 10.33 22.12 800.00 1200.00 Glycerine 27.99 48.44 61.21 39.28 45.73 123.32

UH F engi Esab India Valves 0.88 0.00 0.36 106.10 241.51 Medical Equipment 2.40 3.00 6.08 2.76 39.48 108.64

UH F food Nestle India Coffee 66.00 242.00 40.00 37.81 165.00 640.00 Infant Milk Foods ·142.80 242.32 49.59 54.59 287.96 443.93 Confectionary 79.14 202.60 22.61 23.84 350.00 850.00

UH sugar Herbertsons Ltd Wines,Spirits&Liqu 105.80 131.85 8.77 4.56 1206.39 2893.56 irs

UH sugar Kothari Sugar and Chemicals

UH chemical Pharmaceutical Products

UH sugar United Breweries Beer 27.99 193.45 8.82 36.55 317.41 529.33 UH sugar Me Dow~ll and Co Beer 46.16 0.00 8.72 317.41 529.33

Ltd Wines,Spirits&Liqu 218.93 544.68 18.15 18.82 1206.39 2893.56 irs Styrene 21.56 33.20 56.51 90.07 38.15 36.86 Polystyrene 62.97 164.71 60.97 62.32 103.28 264.31 Expanded 6.66 22.71 24.72 37.52 26.94 60.53 Polystyrene

UH chemical Nagarjuna Fertilizer Major Pesticides 1.76 45.75 0.15 '2.05 1156.47 2227.25 Urea 91.49 373.45 2.69 6.12 3400.42 6105.13 Ammonia 0.09 0.00 0.12 80.06 75.58

UH sugar United Breweries Beer 27.99 193.45 8.82 36.55 317.41 529.33 Total 1958.33 4869.43 16355.89 30617.98

uc chemical EID Parry Sugar 82.09 0.00 0.51 0.00 16000.00 Mixed&complex 109.47 0.00 4.85 1055.42 2259.07 Fertilizers

uc steel Special Steel Cold rolled Coils 197.24 0.00 4.29 2340.00 4600.00 Hot rolled Coils Steel wires 202.21 364.37 27.04 33.72 747.69 1080.62

uc engi KEC International Transmission 361.92 0.00 56.71 6.14 638.23 Ltd Tower StructUre

uc engi Eicher Tractors uc textile Morarjee Gokuldas Fabrics 121.95 244.11 0.37 0.39 33000.00 63000.00 Total Total 324.16 1359.20 37149.25 87577.92

RV chemical Reliance Industries Linear Alkyne 66950.00 80508.00 37.05 38.70 180705.00 208018.00 Benzene Ethylene Glycol 93625.00 0.00 52.85 26700.00 177169.00 Purified 58576.00 25700.00 100.00 10.00 58576.00 257000.00 Terephthalic

RV chemical TTKPharma RV chemical Pidilite Industries Adhesives 52.87 171.85 69.80 69.34 75.74 247.83

Dyes&Pigments 21.21 51.18 2.34 2.66 906.65 1922.00 Total Total 125600.08 200056.03 266963.39 644356.83

RH chemical SOL Pharmaceutical Drugs&Pharmaceut 28.65 210.23 6000.00 11000.00 icals

RH chemical Urethanes India Ltd Chloromethanes 17.10 27.59 50.76 38.94 33.69 70.86 Trichloroethylene 9.26 7.75 51.96 31.67 17.82 24.47 Polyvinyle chloride 15930.00 38488.00 0.00 0.00 0.00 0.00 Caustic Soda 31.48 41.75 3.69 3.44 853.43 1212.31 Hydrogen 0.26 0.54 3.37 3.99 7.72 13.54 Refrigerent 4.15 10.24 12.19 7.05 34.05 145.20

210

Hydrochloric Acid 1.20 5.42 7.40 8.84 16.22 61.31 Stable Bleaching 1.83 8.39 0.00 21.81 48.43 Powder Bromine 0.11 0.47 1.50 3.42 7.35 13.76 Synthetic Resind 5.49 0.00 1.97 213.69 279.26

RH textile Standard Industries Fabrics 124.84 187.26 0.38 0.30 33000.00 63000.00 Caustic Soda 102.22 198.30 11.98 16.36 853.43 1212.31 Hydrogen 2.49 2.72 32.25 20.09 7.72 13.54

RH engi Greaves Ltd Earth Moving 9.68 65.15 1.24 3.97 781.09 1639.71 Machinery Engine of All Types 78.84 156.95 11.01 14.13 715.90 1110.38 Gears 36.72 70.02 24.42 25.34 150.34 276.34

RH F engi GEC Alsthom India Rotating Electrical 114.89 0.00 4.27 1234.01 2688.83 Ltd Machinery

Transformers 74.25 0.00 9.06 569.24 819.72 Apparatus for 114.74 195.73 12.86 13.74 892.38 1424.45 making Electronic 3.06 35.14 0.89 4.74 342.49 741.60 Instruments

RH engi Engin Valves Automatic Valves 32.11 65.62 70.98 52.43 45.24 125.15

RH textile Mafatlal Industries RH F engi Asea Brown Boveri Rotating Electrical 12.15 24.17 0.98 0.90 1234.01 2688.83

Ltd Machinery Apparatus for 74.08 142.70 8.30 10.02 892.38 1424.45 making Electronic 5.50 32.84 1.61 4.43 342.49 741.60 Instrument All types of 20.85 0.00 1.26 587.94 1655.15 Computers

211

RH F food Brook Bond Lipton Tea 548.24 1004.07 13.71 23.35 4000.00 4300.00 Coffee 82.00 237.00 49.70 37.03 165.00 640.00 Vanaspati 188.15 . 296.37 12.81 12.32 1469.31 2405.76 Semi processed 81.27 0.00 11.77 170.91 690.22 Foods

RH F engi Widia (India )Ltd Machine Tools 47.74 73.55 693.41 892.05

RH sugar Maharashtra Sugar Wines,Spirits&Liqu 14.81 18.78 1.23 0.65 1206.39 2893.56 Mills

/ lrS

RH F sugar Shaw Wallace Wines,Spirits&Liqu 237.37 388.04 19.68 13.41 1206.39 2893.56 lrS Adhesives 3.82 5.04 0.00 75.74 247.83 Mixed& Complex 109.47 0.00 4.85 1055.42 2259.07 Fertilizers Pestis ides 15.41 31.48 1.33 1.41 1156.47 2227.25 Soaps 14.08 27.83 0.70 0.93 2000.00 3000.00 Synthetic 28.96 47.34 2.41 1.97 1200.00 2400.00 Detergents

RH engi Advani Oerlikon Electronics 0.58 8.78 0.17 1.18 342.49 741.60 instruments

RH engi Crompton Greaves Rotating Electrical 237.21 443.58 19.22 16.50 1234.Ql 2688.83 Machinery Transformers 106.27 195.73 18.67 23.88 569.24 819.72 Stamping 8.43 10.66 6.39 9.06 131.88 117.66 &Lamination Apparatus for 76.01 157.27 8.52 11.04 892.38 1424.45 making Incandescent 7.49 36.36 2.11 5.98 354.92 608.14 Computers 5.62 15.64 0.96 0.94 587.94 1655.15

RH F chemical Hoechst India Drugs&Pharmaceut 196.74 281.74 3.28 2.56 6000.00 11000.00 icals Medical Equipment 0.56 0.40 1.42 0.37 39.48 108.64

212

RH eng1 L&TLtd Cement 216.71 488.65 2.89 3.76 7500.00 13000.00 Engines of all types 4.59 0.00 0.41 715.90 1110.38 Chemical 67.02 213.64 17.58 29.15 381.19 732.82 machinery Valves 68.46 0.00 28.35 106.10 241.51 Apparatus for 127.97 239.69 14.34 16.83 892.38 1424.45 m,aking Electronics 9.15 30.62 2.67 4.13 342.49 741.60 instruments Electronic private 18.92 38.74 3.22 2.34 587.94 1655.15 automati Computers 18.92 38.74 3.22 2.34 587.94 1655.15 Medical Equipment 4.38 15.21 11.09 14.00 39.48 108.64

RH F chemical Pond's India Ltd RH sugar Bajaj Hindustan Ltd Sugar 95.20 125.04 1.27 0.78 7480.00 16000.00 Total Total 18998.23 44912.81 92039.24 173114.39

RC textile Gokak Patel Machine Tools 3.70 23.29 0.53 2.61 693.41 892.05 RC chemical Gujarat State Nylon Filament 37.59 70.97 5.91 9.78 635.70 725.81

Fertilizer Yarn Caprolactum 36.83 257.24 61.89 47.93 59.51 536.74 Polymethyle 18.14 28.74 100.00 100.00 18.14 28.74 Argon 10.15 15.67 47.19 48.23 21.51 32.49 Ammonia 0.40 15.67 0.50 0.00 80.06 Sulphuric Acid 0.40 15.67 0.32 8.53 125.32 183.75 Nitric Acid 1.69 0.00 2.79 37.62 60.49 Urea 145.89 229.31 4.29 3.76 3400.00 6105.13 Di.Ammonium 270.49 473.52 18.03 17.54 1500.00 2700.00 Phosphate Nitrogeneoug 62.68 78.16 27.99 17.49 223.94 447.00 Fertilizers

RC chemical Sriram Industrial Sugar 85.65 200.85 1.15 1.26 7480.00 16000.00

213

Enterprizes Vanaspati 251.55 306.85 17.12 12.75 1469.31 2405.76 Caustic Soda 34.26 50.73 4.01 4.18 853.43 1212.31 Hydrochloric Acid 0.86 2.73 5.30 4.45 16.22 61.31 Stable Bleaching 8.79 19.01 40.30 39.25 21.81 48.43 Powder Soaps 10.59 14.46 0.53 0.48 2000.00 3000.00 Airconditioning 9.53 13.20 3.45 1.46 275.91 902.74 Equipment

RC cement South India Cement 84.15 178.95 1.12 1.38 7500.00 13000.00 Corporation

RC cement Dalmia Cement Audio Equipment 0.40 0.19 0.10 0.02 420.15 1008.82 Television 0.06 0.74 0.00 0.03 1600.00 2600.00 Recievers Total 1072.11 1997.64 28432.04 51951.57

Total 171069 707482 561195 1212385

Source: Centre for Monitoring Indian Economy, India's Industrial Sector, 1996.

214

Appendix 4- Deflated Total Asset of the Acquiring Firm and its Growth During 1989-90 to 1994-95 (Rs. Crore) Mar.90 Mar.91 Mar.92 Mar.93 Mar.94 Mar.95 Growth Rate

Advani-Oerlikon Ltd. 25.06718 26.48202 22.6075 23.05861 25.1487 27.14556 0.007516 Asea Brown Boveri Ltd. 100.7931 100.3977 114.2051 134.4113 188.5142 233.2922 0.178546 Bajaj Hindusthan Ltd. 83.77498 101.9002 99.61906 100.1487 82.12148 79.62954 -0.0256 Brooke Bond Lipton India Ltd. 117.2454 107.2875 100.9023 106.0542 240.3329 247.0667 0.177037 [Erstwhile] Chemplast SanMar Ltd. 6.04372 5.530416 66.98747 66.22476 72.4035 145.1077 0.674194

I

Crompton Greaves Ltd. 172.8532 195.4627 203.2615 218.3827 237.5428 281.0907 0.088225 Dalmia Cement 64.95849 65.57794 60.06496 62.06643 69.15261 83.58802 0.041508 Esab India 7.851317 10.33691 37.46469 29.01441 25.6095 24.2494 0.231562 Forbes Gokak Ltd. 40.36966 48.91093 77.80683 79.58171 83.94893 102.4516 0.179993 Godrej Soaps Ltd. 82.85048 94.14755 99.61906 120.8531 142.0074 227.5325 0.185073 Greaves Ltd 57.13018 69.50058 71.8495 97.03328 149.374 157.7665 0.219279 Gujarat State Fertilizers & 387.5156 500.4774 611.4654 642.8409 715.7437 702.6658 0.117113 Chemicals Ltd. Herbertsons Ltd. 18.7015 29.47451 46.16211 32.18011 34.56052 44.24655 0.12636 Hindalco Industries Ltd. 229.8637 263.8143 271.6371 615.0908 649.8009 816.076 0.281619 Hindustan Lever Ltd. 310.2443 341.198 336.0218 360.2522 522.2079 550.6412 0.12043 Hoechst Marion Roussel Ltd. 99.588 108.6386 83.93045 81.85873 87.17458 79.47821 -0.0518 K E C International Ltd. 56.26547 69.76573 76.25604 7 7.79095 92.40758 174.1464 0.186063 Kothari Sugars & Chemicals 23.22279 21.25043 27.88524 34.19556 38.51841 54.21693 0.177931 Ltd. Larsen & Toubro Ltd. 974.1107 1008.678 1112.25 1291.567 1510.453 1721.013 0.120186 Mafatlal Industries Ltd. 69.47519 71.07889 79.54559 108.9717 219.4861 272.3488 0.300795 Mcdowell & Co. Ltd. 175.0149 160.1506 140.9625 165.5317 183.1108 233.5355 0.057283 Morarjee Goculdas Spg. & 31.1063 53.91524 74.69441 73.87407 86.77374 115.8642 0.228333 Wvg. Co. Ltd. National Organic Chemical 154.1839 180.3783 167.0873 170.5284 257.1461 326.1562 0.138009 Inds. Ltd. Pharmacautical 4.341912 3.973145 3.412453 6.140243 7.514941 20.56985 0.293628

Pidilite Industries Ltd. 24.41865 22.34473 21.25915 28.63547 45.78401 60.05376 0.198553 Pond'S (India) Ltd. 26.18026 32.82054 31.46036 42.86098 45.30742 51.28516 0.132528

215

Reliance Industries Ltd. 1174.395 1141.572 1764.141 2015.164 2563.305 3421.1 0.225879 S 0 L Pharmaceuticals Ltd. 9.014986 10.67362 12.80393 19.05119 58.11533 67.67992 0.444596 Shaw Wallace & Co. Ltd. 90.15906 87.58596 85.28242 98.88106 146.4041 238.1765 0.187039 Standard Industries Ltd. 90.78459 95.9826 104.9221 115.0684 108.2959 116.8286 0.049014 T T K Pharma Ltd. 12.60258 15.20654 14.97286 19.50726 25.47379 25.94674 0.154944 Tata S S L Ltd. 55.94811 63.48614 83.55811 107.4727 114.0339 145.9919 0.19441 United Breweries Ltd. 62.95772 75.61602 72.80744 78.43147 119.6615 140.2797 0.155922 Widia (India) Ltd. 27.17374 30.79187 34.34866 31.44905 32.29752 35.75688 0.040785 Total 4866.207 5214.408 6211.254 7254.173 8979.733 11022.98 0.167834

Source: CIMM Data Base.

216

Appendix 5- Total Asset of the Acquiring Firm and the Role of Acquisition Mar-90 Mar-91 Mar-92 Mar-93 Mar-94 Mar-95 T.Asset T. Asset Role of

Increased during Acquired Acquisition 1989-92 to

1994-95 Advani-Oerlikon Ltd. 54.5 62.92 62.54 68.76 79.68 91.48 36.98 1.4723 3.981341 Asea Brown Boveri Ltd. 219.14 238.54 315.93 400.81 597.28 786.19 567.05 69.3263 12.22578 Bajaj Hindusthan 182.14 242.11 275.58 298.64 260.19 268.35 86.21 32.4642 37.65712 Ltd. Brooke Bond Lipton India Ltd. 254.91 254.91 279.13 316.25 761.46 832.61 577.7 22.1721 3.837995 [Erstwhile] Chemplast Sanmar Ltd. 13.14 13.14 185.31 197.48 229.4 489.01 475.87 87.6523 18.41938 Crompton Greaves Ltd. 375.81 464.41 562.29 651.21 752.62 947.27 571.46 12.53 2.192629 Dalmia Cement 141.23 155.81 166.16 185.08 219.1 281.69 140.46 0.3155 0.224619 Esab 17.07 24.56 103.64 86.52 81.14 81.72 64.65 10.1693. 15.72978 India Forbes Gokak Ltd. 87.77 116.21 215.24 237.31 265.98 345.26 257.49 83.17263 32.3013 Godrej Soaps Ltd. 180.13 223.69 275.58 360.38 449.93 766.78 586.65 441.8806 75.3227 Greaves Ltd 124.21 165.13 198.76 289.35 473.27 531.67 407.46 23.7695 5.833579 Gujarat State Fertilizers & 842.52 1189.11 1691.52 1916.93 2267.73 2367.97 1525.45 145.5919 9.544194 Chemicals Ltd. Herbertsons Ltd. 40.66 70.03 127.7 95.96 109.5 149.11 108.45 7.8663 7.253389 Hindalco Industries Ltd. 499.76 626.81 751.44 1834.18 2058.8 2750.16 2250.4 232.6662 10.33888 Hindustan Lever 674.52 810.67 929.55 1074.26 1654.54 1855.65 1181.13 154.3796 13.0705 Ltd. Hoechst Marion Roussel Ltd. 216.52 258.12 232.18 244.1 276.2 267.84 51.32 7.0774 13.79072 K E C International Ltd. 122.33 165.76 210.95 231.97 292.78 586.87 464:54 19.3407 4.163409 Kothari Sugars & Chemicals 50.49 50.49 77.14 101.97 122.04 182.71 132.22 11.9186 9.014219 Ltd. Larsen & Toubro 2117.87 2396.57 3076.86 3851.41 4785.65 5799.78 3681.91 10.9045 0.296164 Ltd. Mafatlal Industries Ltd. 151.05 168.88 220.05 324.95 695.41 917.81 766.76 247.56 32.2865

Mcdowell & Co. Ltd. 380.51 380.51 389.95 493.61 580.16 787.01 406.5 181.2436 44.58637

Morarjee Goculdas Spg. & 67.63 128.1 206.63 220.29 274.93 390.46 322.83 18.1162 5.611684 Wvg. Co. Ltd.

217

National Organic Chemical 335.22 428.57 462.22 508.51 814.73 1099.14 763.92 342.3484 44.81469 lnds. Ltd. Pharmacautical 9.44 9.44 9.44 18.31 23.81 69.32 59.88 0.37641 0.628607 Pidilite Industries 53.09 53.09 58.81 85.39 145.06 202.38 149.29 9.5356 6.3873 Ltd. Pond'S (India) Ltd. 56.92 77.98 87.03 127.81 143.55 172.83 115.91 46.40337 40.03397 Reliance Industries Ltd. 2553.32 2712.32 4880.21 6009.15 8121.46 11529.04 8975.72 2320.271 25.85 S 0 L Pharmaceuticals Ltd. 19.6 25.36 35.42 56.81 184.13 228.08 208.48 50.61 24.27571 Shaw Wallace & Co. Ltd. 196.02 208.1 235.92 294.86 463.86 802.65 606.63 54.08301 8.915321 Standard Industries Ltd. 197.38 228.05 290.25 343.13 343.12 393.71 196.33 10.1673 5.178679 T T K Pharma Ltd. 27.4 36.13 41.42 58.17 80.71 87.44 60.04 7.3588 12.2565 Tata S S L Ltd. 121.64 150.84 231.15 320.48. 361.3 491.99 370.35 53.6125 14.47617 United Breweries 136.88 179.66 201.41 233.88 379.13 472.74 335.86 28.7897 8.571935 Ltd. Widia (India) Ltd. 59.08 73.16 95.02 93.78 102.33 120.5 61.42 3.2767 5.334907 Sum 10579.9 12389.18 17182.43 21631.7 28450.98 37147.22 26567.32 4748.422 17.87317

Source: CIMM Data Base.

218

Appendix 6 Deflated Gross Fixed Capital of Acquiring Firms and its Growth During 1989-90 to 1994-95 (Rs Crore)

K E C International Ltd. Bajaj Hindusthan Ltd. Godrej Soaps Ltd. Mafatlallndustries Ltd. National Organic Chemical lnds. Ltd. T T K Pharma Ltd. Chemplast Sanmar Ltd. Forbes Gokak Ltd. Greaves Ltd. S 0 L Pharmaceuticals Ltd. Tata S S L Ltd. Hindustan Lever Ltd. Hindalco Industries Ltd. Esab India Ltd. Shaw Wallace & Co. Ltd. Gujarat State Fertilizers & Chemicals Ltd. Morarjee Goculdas Spg. & Wvg. Co. Ltd. Kothari Sugars & Chemicals Ltd. Pond'S (India) Ltd. Asea Brown Boveri Ltd. Herbertsons Ltd. Widia (India) Ltd. Crompton Greaves Ltd. United Breweries Ltd.

Mar-90 Mar-91 Mar 92 Mar-93 Mar-94 Mar-95 Growth Rate

12.28982 20.41708 19.0866 20.14443 21.10243 22.96749 78.15441 91.53806 87.90321 83.18001 53.72504 54.3564 28.76057 36.59587 37.19719 59.56807 62.6729 100.8285 46.00403 44.64317 45.03426 58.98121 90.33079 91.62368 102.1545 105.3094 96.30782 95.49403 146.0663 172.0425 4.870852 4.974849 4.739117 6.696923 7.780063 7.741885 5.073229 4.642351 50.74217 49.46736 47.58305 79.21114 24.97519 28.26236 44.88967 46.26813 51.27898 58.1042 9.010387 8.96483 8.520289 24.02442 38.9445 40.93496

2.22155 2.542139 3.134107 10.27845 16.61114 19.69448 29.40449 31.38111 39.73845 66.80491 70.92955 85.48418 139.1344 139.098 136.3102 141.1183 174.0588 189.5323 221.5157 220.2402 204.8484 626.2243 621.7864 656.2738 1.283256 2.883056 8.849244 9.057781 10.20719 9.848722 23.19519 22.88346 20.74945 33.63888 39.49053 30.00611 230.6825 366.3795 441.3343 466.3936 492.7857 507.5846

23.94031 34.71872 47.91894 49.67192 56.76447 65.18139 15.75783 14.41949 22.10865 22.55559 27.46536 36.26431 12.31282 12.84538 12.22555 13.58835 14.74582 17.36805 25.47653 25.81703 26.51881 30.39605 41.96184 57.11012 4.171731 8.005214 10.11445 14.05448 15.95465 18.95857 17.39524 19.54585 21.32783 23.67901 23.76312 26.37404 64.48475 75.56972 70.70358 71.97264 83.68696 100.4071 35.61379 40.66581 35.87775 38.6993 49.48941 171.2354

219

9.37 -9.91 23.88 16.65 10.23 11.44 59.13 17.26 37.17 50.66 23.72

6.44 27.60 40.02

9.74 13.96

18.63 17.49 6.40

16.09 28.48

7.92 7.25

24.33

Advani-Oerlikon Ltd. 14.13881 13.64085 12.70271 15.16449 18.60587 20.55502 8.51 Hoechst Marion Roussel Ltd. 49.15467 73.54106 66.12713 63.73311 66.15105 61.24665 2.13 Brooke Bond Lipton India Ltd. [Erstwhile] 17.68961 17.84969 29.93488 79.98078 89.14405 109.7722 42.67 Standard Industries Ltd. 107.4209 108.6933 113.5002 119.0154 113.207 114.9027 1.45 Pidilite Industries Ltd. 8.743617 8.001005 8.014205 9.862619 22.13767 31.71532 27.72 Pharmaceutical Products Of India Ltd. 1.140672 1.043792 0.896492 1.502364 2.714342 10.15436 40.90 Dalmia Cement (Bharat) Ltd. 56.35286 55.79659 49.37936 48.60886 51.65141 69.98854 2.39 Reliance Industries Ltd. 918.7743 919.7115 1559.137 1555.785 1619.481 2478.305 19.02 Larsen & Toubro Ltd. 416.9937 426.5449 412.7044 505.5456 610.3988 727.8915 11.61 Mcdowell & Co. Ltd. 100.3515 91.82847 80.23965 76.65411 75.38613 87.13997 -3.84 Total 2848.644 3078.994 3828.816 4537.811 4928.062 6330.805 15.93 Source: CIMM Data Base.

220

Appendix 7 Gross Fixed Capital of Acquiring Firms and the Role of Acquisition During 1989-90 to 1994-95 (Rs.Crores)

Company Mar.90 Mar.91 Mar.92 Mar.93 Mar.94 Mar.95 Increase in GFA TotaiAcquired Role of During

1989-90 to GFA Acquisition 1994-95

K E C International Ltd. 26.72 48.51 52.8 60.07 66.86 77.4 50.68 133.1179 2.6266358 Bajaj Hindusthan Ltd. 169.92 217.49 243.17 248.04 170.22 183.18 13.26 22.5701 1.7021192 Godrej Soaps Ltd. 62.53 86.95 102.9 177.63 198.57 339.79 277.26 198.5703 0.7161881 Mafatlallndustries Ltd. 100.02 106.07 124.58 175.88 286.2 308.77 208.75 133.1139 0.6376714 National Organic Chemical lnds. Ltd. 222.1 250.21 266.42 284.76 462.79 579.78 357.68 187.485 0.5241696 T T K Pharma Ltd. 10.59 11.82 13.11 19.97 24.65 26.09 15.5 7.4581 0.4811677 Chemplast SanMar Ltd. 11.03 11.03 140.37 147.51 150.76 266.94 255.91 84.2766 0.3293212 Forbes Gokak Ltd. 54.3 67.15 124.18 137.97 162.47 195.81 141.51 39.6319 0.2800643 Greaves Ltd. 19.59 21.3 23.57 71.64 123.39 137.95 118.36 23.2654 0.1965647 S 0 L Pharmaceuticals Ltd. 4.83 6.04 8.67 0 52.63 66.37 61.54 15.9477 0.2591436 Tata S S L Ltd. 63.93 74.56 109.93 199.21 224.73 288.08 224.15 43.7908 0.1953638 Hindustan Lever Ltd. 302.5 330.49 377.08 420.81 551.48 638.72 336.22 63.8993 0.190052 Hindalco Industries Ltd. 481.61 523.28 566.68 1867.38 1970.04 2211.63 1730.02 318.9834 0.1843813 Esab India Ltd. 2.79 6.85 24.48 27.01 32.34 33.19 30.4 4.7151 0.155102 Shaw Wallace & Co. Ltd. 50.43 54.37 57.4 100.31 125.12 101.12 50.69 6.8774 0.1356757 Gujarat State Fertilizers & 501.54 870.5 1220.88 1390.77 1561.32 1710.55 1209.01 133.1179 0.1101049 Chemicals Ltd. Morarjee Goculdas Spg. & Wvg. Co. 52.05 82.49 132.56 148.12 179.85 219.66 167.61 14.8762 0.0887548 Ltd. Kothari Sugars & Chemicals Ltd. 34.26 34.26 61.16 67.26 87.02 122.21 87.95 7.1382 0.081162

.A Pond'S (India) Ltd. 26.77 30.52 33.82 40.52 46.72 58.53 31.76 2.3281 0.0733029

221

Asea Brown Boveri Ltd. 55.39 61.34 73.36 90.64 132.95 192.46 137.07 9.8578 0.071918 Herbertsons Ltd. 9.07 19.02 27.98 41.91 50.55 63.89 54.82 3.6271 0.0661638 Widia (India) Ltd. 37.82 46.44 59 70.61 75.29 88.88 51.06 2.7418 0.0536976 Crompton Greaves Ltd. 140.2 179.55 195.59 214.62 265.15 338.37 198.17 9.53 0.04809 United Breweries Ltd. 77.43 96.62 99.25 115.4 156.8 577.06 499.63 22.6997 0.045433 Advani-Oerlikon Ltd. 30.74 32.41 35.14 45.22 58.95 69.27 38.53 1.2934 0.0335686 Hoechst Marion Roussel Ltd. 106.87 174.73 182.93 190.05 209.59 206.4 99.53 3.1374 0.0315222 Brooke Bond Lipton India Ltd. 38.46 42.41 82.81 238.5 282.44 369.93 331.47 7.5875 0.0228905 [Erstwhile] Standard Industries Ltd. 233.55 258.25 313.98 354.9 358.68 387.22 153.67 3.1098 0.0202369 Pidilite Industries Ltd. 19.01 19.01 22.17 29.41 70.14 106.88 87.87 1.2061 0.013726 Pharmaceutical Products Of India 2.48 2.48 2.48 4.48 8.6 34.22 31.74 0.108 0.0034026 Ltd. Dalmia Cement (Bharat) Ltd. 122.52 132.57 136.6 144.95 163.65 235.86 113.34 0.285069 0.0025152 Reliance Industries Ltd. 1997.56 2185.19 4313.1 4639.3 5131.09 8351.84 6354.28 1532.31 0.24162 Larsen & Toubro Ltd. 906.61 1013.45 1141.68 1507.52 1933.96 2452.98 1546.37 2.7418 0.0017731 Mcdowell & Co. Ltd. 218.18 218.18 221.97 228.58 238.85 293.66 75.48 0.039582 0.0005244 Sum 6193.4 7315.54 10591.8 13500.95 15613.85 21334.69 15141.29 1524.481451 0.2006837 Souce: CIMM Data Base.

222

GR

0-9.9

10-19.9

Appendix 8

Percentage Distribution of Sources of funds According to the Growth in Total Asset

Company DEPR RP IF

Advani Oerl 26.28 25.88 52.16

Bajaj Hindu 5.55 62.72 68.27

Hoechst

Crompton

Dalmia Ce

MCDowell Standard In

Widia Total

Asea Brow

Brook Bond

Forbes Gok

Godrej soa

Gujrat State

Herbertson

HLL

KEC Intern

Kothari Sug

L&T

NOCIL

Pidilite lndu

Pond's

Shaw Walla

TIK Pharm

Tata Speci

United brew

Total

53.71 65.72 119.43

8.45 7.66 16.12

22.55 35.09 57.64

14.24 7.31 21.55 21.59 9.41 31.00 29.86 37.27 67.13 15.87 17.11 32.98

5.50 23.24 28.74 11.01 20.22 . 31.24

17.11 27.67 44.79

8.97 8.71 17.68

12.93 15.78 28.72

8.12 3.87 11.99

9.21 25.45 34.66

3.62 9.93 13.54

6.54 8.76 15.30

9.38 11.70 21.08

7.89 16.79

9.09 25.29

7.38 54.31

2.71 11.50

6.00 16.75

13.81 19.33

13.37 12.58

9.52 16.00

24.68

34.37

61.69

14.21

22.75

33.14

25.94

25.53

CM FC SP DEBE FD

19.49 7.28 10.80 -6.39 7.80

1.30 2.72 7.79 -4.38 -4.83 10.97 3.27 0.19

41.67 4.10 35.64

19.59 -0.01 0.00

23.24 5.63 15.46 24.63 3.70 12.91

5.50 2.01

0.04 1.88

17.25 2.35

7.54 -0.65 2.49 5.53

4.57 -0.26 0.00 3.43 1.40 26.21 3.90 18.19 4.21 1.37

11.28 2.42 9.96 -0.24 -0.85

7.01 7.65 0.00 0.00 -0.64

16.15 1.91 9.79 1.80 2.65

26.94 6.87 16.55 2.69 0.82

12.94 0.45 6.12 5.11 1.26

14.49 3.09 1.42 7.66 2.32

19.18 14.10 3.54 1.44 0.11

29.75 2.95 25.87 1.00 -0.07

24.69 5.14 12.11 1.06 -0.22

18.24 3.92 26.67 -12.40 0.05

21.87

6.26

2.17

5.24

14.77

28.63

31.36

17.52

1.61 7.94

1.09 9.31

3.21 0.00

0.03 0.00

3.09 7.92

3.51 12.31

7.20 15.74

4.43 13.93

8.73 3.59

0.00 0.00

0.00 -1.04

3.27 1.01

2.68 1.08

9.28 3.53

6.45 1.97

-1.62 0.69

223

BORR BFFI LFCB CL ES

24.08 16.49 0.00

25.97 -11.21 -0.45 -6.04 -6.62

13.13 11.29

5.39 1.94

18.15 0.00 18.80 20.55

-4.52

0.00

0.00

0.00 0.00

4.26 -47.84

4.45 31.73

-24.36

29.08

17.37

37.06 25.57

-19.43

83.88

42.36

78.45

69.00 4.74 -0.56 0.00 23.56 32.87

14.74 5.91 -0.16 26.06 67.02

-1.37 21.75

18.69

51.25

39.84

30.19

-1.46

29.05

50.78

9.63

35.91

42.59

-2.66

55.11

29.41

20.26

17.20

21.15

-0.45

2.09 2.11

16.19

12.60

-0.12

0.00

0.00

30.55

1.09

0.00

-0.33 0.15

15.22

1.08

14.95

0.00

0.00

0.00

0.00

18.77 2.66

5.92 0.00

0.15 -0.15

0.35 43.01

4.02 0.45

-0.04 0.00

0.00 0.00

4.77 2.93

61.34

40.00 20.37

4.12

18.50

21.66

47.62

27.65

9.23

51.05

17.54

16.78

38.80

25.43

33.07

17.96

25.50

35.55

71.26

68.76

55.21 82,32

71.28

88.01

65.34

86.46

84.70

78.92

75.32

65.63

38.31

85.79

77.25

66.86

74.06

74.47

Tot. Funds

100

100

100

100

100

100 100 100 100

100 100

100

100

100

100

100

100 100

100

100

100

100

100

100

100

100

100

Reliance P 12.49 16.05 28.54 54.53 2.97 40.39 12.82 -1.64 6.68 1.60 0.00 10.24 71.46 100

Pharmacau 1.81 12.72 14.53 36.39 10.36 12.37 13.66 0.00 41.33 15.44 0.00 7.75 85.47 100

Morarjee 16.29 19.64 35.93 40.16 2.45 36.75 0.87 0.09 17.88 2.52 0.00 6.03 64.07 100

Hindalco 27.73 32.07 59.80 28.09 0.48 27.01 0.73 -0.13 9.21 3.11 0.00 2.90 40.20 100

Esab India 9.57 6.50 16.07 40.19 15.29 13.82 11.07 0.00 20.95 2.88 -0.44 22.79 83.93 100

Greaves 5.28 2.67 7.95 33.32 4.92 27.13 -0.10 1.37 29.01 16.48 0.00 29.72 92.05 100

20-29.9 Total 14.82 18.35 33.17 48.87 2.72 37.30 10.08 -1.23 8.44 2.43 0.00 9.52 66.83 100

Mafatlal lnd 8.50 5.24 13.75 42.13 4.36 21.91 14.17 1.69 30.96 15.02 0.47 13.17 86.25 100

SOL Pharm 7.17 9.32 16.50 26.79 4.47 22.37 -0.04 -0.01 38.75 6.84 4.58 17.97 83.50 100

Chemplast 13.06 19.10 32.16 22.36 4.26 14.54 2.67 0.89 38.05 18.73 0.00 7.44 67.84 100

>30 Total 10.29 11.61 21.90 31.94 4.33 18.83 7.63 1.15 34.88 15.65 0.75 11.29 78.10 100

>20 14.28 17.54 31.82 46.84 2.91 35.08 9.78 -0.95 11.61 4.02 0.09 9.73 68.18 100

Total Total 12.37 16.88 29.24 33.02 3.63 24.98 4.56 -0.10 15.90 4.47 1.34 21.84 70.76 100

Source: CIMM Data Base

Note: /

DEPR=Depreciation

RP=Retained Profit

IF-Internal Finance

CM=Capital Market

FC=Fresh Capital

SP=Share Premium

DEBE=Debenture

FD=Fixed Deposit

BORR=Borrowing

BFFI=Borrowing from Financial Institutions

LFCB=Loans from Corporate Bodies

CL=Current Liabilities

ES=External Source

224.

Company

ABB Ltd

Flakt India Ltd

NOCIL

Polyolesins Ltd

Special Steel Tala Metal Strips Ltd Esab India Ltd

Maharashtra Sugar Mill

Gujarat Godrej lnnovati Godrej soaps

Gokak Patel Ltd Forbes Forbes Campb Greaves Ltd

Ruston & Hornsby (lnd David Brown Greaves Greaves Semiconduct

Hindalco Renusagar Sugar Mills

Hocehst India Triti

Evid & Company Che L & T Ltd.

L & T Gould

Mafatlal Industries Mafatlal Fine Spinning

Morarjee Gokuldas Ltd

S.S.Miranda

PMP Auto Industries

Gujrat State Fertilizer

Gujrat Nylons Advani Oerlikon

Maharashtra Weldaids

Ponds' India

Quest International

Reliance Industries

Reliance Polypropylen

Appendix 9- Financial Performance of Acquiring and Acquired Firms Before Merger

PBTfTCE

t-1 t-2

0.21

0.18

0.18 0.1

0.02 0.29

0.02 -0.02

-0.25 0.11

0.21

0.16 0.05

0.02 0.07

0.14

0.2

0.26

0.27 0.08

0.39 0.1

0.08 -0.15

0.12

0.18 0.05 0.02

0.04 0.07

-0.08 -0.15

0.36 0.28 0.12 0.14

0.03 0.04

0.05 N.A. 0.12 0.14 0.12 0.12

-0.19 -0.23

0.04 0.12

0.01 0.05

0.19 -0.03 0.07 0.05

0.05 0.03

0.15 0.18

0.0014 N.A. 0.11 0.27

0.16 0.14

0.36 0.27

0.26 0.33

0.12 0.09

0.002 0.003

PBT/Income PAT/NW

avg t-1 t-2 avg t-1 t-2

0.17 0.1 0.07 0.08 0.22 0.16

0.19 0.05 0.05 0.05 0.12 0.14

0.22 0.08 0.11 0.09 0.16 0.17

0.18 0.05 0.12 0.09 0.11 0.19 0.05 0.01 0.07 0.04 0.04 0.14

0.34 0.15 0.2 0.18 0.13 0.24 0.06 0.01

0.03 -0.01

-0.2 -1.82 0.12 0.07

0.19 0.11 0.1 0.12

0.03 0.02

0.03 0.01 O.D7 0.03

0.06 0.03 0.18 0.2

0.06 0.03 -0.04 0.14 -3.03 -2.42 -1.12 -1.89

0.06 0.07 0.1 0.21

0.09 0.1 0.31 0.27 0.05 0.09 0.21 0.08 0.01 0.01 0.1 0.03 0.01 0.01 0.03 0.06 0.04 0.04 0.21 0.2

PBTDifTCE

avg t-1 t-2

0.19 0:32 0.25

0.13 0.24 0.25

0.17 0.3 0.4

0.15 0.26 0.43 0.09 0.11 0.14 0.19 0.38 0.48

0.19 0.21 0.2

0.05 0.16 0.22 -1.5 -0.13 -0.11

0.16 0.22 0.27 0.29 0.33 0.31 0.15 0.29 0.17 0.07 0.17 0.12

0.05 0.22 0.19 0.21 0.3 0.33

-0.12 -0.15 -0.36 -0.25 -0.53 -0.81 -0.67 0.24 0.32

0.32 0.21 0.19

0.13 0.12 0.19 0.03 0.02 0.03 0.05 0.22 N.A.

0.08 0.01 0 0.12 0.8 0.8

-0.21 -0.1 -0.16

0.08 0.03 0.06 0.03 0.01 0.02

0.08 0.07 -0.01

0.06 0.05 0.04

0.04 0.03 0.01

0.16 0.09 0.08

0.0014 0.04 N.A. 0.19 0.04 0.06

0.15 0.1 0.09

0.32 0.1 0.11

0.3 0.1 0.11

0.11 0.11 0.08

0.003 0.01 0.01

0.2 0.23 0.2 0.21 0.49 0.41 0.16 0.08 0.12 0.02 0.04 0.06

0.22 0.05 0 0.01 0.23 0.16

0.1 0.29 ·0.24 0.05 0.14 0.15 0.05 0.21 N.A. 0.19 1.31 0.36

0.8 0.8 0.11 0.1 0.19 0.19

0.05 0.001 -0.13 -0.18 -0.26 -0.22

0.05 0.08 0.15

0.01 0.03 0.17

0.03 0.52 0.15 0.04 0.12 0.1

0.02 0 0

0.09 0.13 0.21

0.04 0.01 N.A

0.05 0.16 0.23

0.09 0.19 0.27

0.1 0.08 0.05

0.11 0.003 0.01

0.09 0.13 0.12

0.01 0.007 0.01

0.12 0.23 0.31 0.1 0.22 0.26

0.18 0.37 0.15 0.11 0.18 0.22

0 0.22 0.56

0.17 0.25 0.37

0.01 0.05 N.A.

0.19 0.26 0.44

0.23 0.25 0.25

0.07 0.36 0.28

0.01 0.28 0.39

0.13 0.23 0.23

0.01 0.02 .0.005

22~

R&S/NFA

avg t-1

0.28

0.24

0.35 0.35

0.13 0.43 0.21

0.19

-0.12

0.25 0.32 0.23 0.15 0.21 0.32 0.28

0.45 0.26 0.14

0.21 0.83 0.19

0.020

0.27 0.24

0.26

0.2 0.39

0.31

t-2 avg

1.48 1.4

2.09 1.16

1.73 1.58

0.88 0.96

0.71 0.78 1.66 1.52 0.01 0.32

0.05 0.17

0 0 1.61 0.94 1.01 0.84 1.02 0.73 5.72 4.93 0.59 0.64 0.32 0.46

0.1 0.1 1.63 1.31

1.03 0.89 0.76 0.8 0.89 0.77

0.42 0.38 1.49 1.12

0.09 0.06

0.86 0.92 0.49 0.43

0.54 0.21 0.82

1.31

1.64 1.16

·Debt/Equity

t-1 t-2 avg

1.44 3.44

1.62 0.42

1.65 4.72

0.92 8.25 0.75 6.65 1.59 1.44

0.17 0.11

0 1.27 0.92 0.87 5.32 0.61 0.39

8.53

1.49

3.11

3.64 6.84 5.9

7.34 4.5 5.8

0.1 17.11

1.47 6.72 0.96 16.83 0.78 7.5

0.83 N.A. 0.4 8.88 1.3 1.28

0.07 0.9

0.89 7.47

0.46 4.02 0.38 7.97 0.91 4.43

1.16 19.09

1.4 5.55

6.55 5

0.9 0.66

3.98 4.35

5.71 6.98 5.08 5.87

1.49 1.47 2.18

1.33

20.41

6.03 0.38 5.31

5.68 4.55 3.68

14~82

5.18 16.67 9.18

N.A. 15.47 4.29

0.97

7.11 6.95

10.34 4.14

22.18

11.32

5.35

1.41 11.76

4.84 3.61 5.6

6.51 4.53 4.74

15.96 5.95

16.75 8.34

N.A. 12.13

2.78

0.94

7.29 5.48 9.16

4.29

0.05 0.00

0.35 0.6300

N.A 0.0011 7.97 N.A.

10.34

8.44

7.97

2.87

0.25

0.32

0.34

0.23

0.01

0.65 0.63 2.93 2.81

0.56 0.48

1.18 1.02 11.3 10.6

1.25 0.88

0.85 0.99

0.52 1.32 1.88

1.1 1.04 1.18

10.97 0 0

1.06 8.21 10.44

0.92 2.67 2.52

1.6

1.11

0 9.33

2.6

Reliance Polyethylene 0.0004 -0.0009 0.0003 0 0.0036 0.0014 0.001 0 4E-04 0.02 0.002

Reliance Industries 0.06 0.07 0.06 0.05 0.06 0.05 0.01 0.11 0.06 0.27 0.26

Reliance Petrochemica -9.46 -1.68 -5.57 -1.96 -5.15 -3.55 -0.11 -0.23 -0.17 0.19 0.78

Standard Industries 0.07 0.07 0.07 0.05 0.05 0.05 0.12 0.15 0.13 0.19 0.19

Mafatlal Apparel -0.17 0.01 -0.08 -0.04 0.0033 -0.02 -0.41 0.02 -0.2 0.06 0.17

Pharmaceutical Produ 0.07 0.13 0.1 0.05 0.05 0.05 0.06 0.14 0.1 0.14 0.22 Fountainhead Remedi 1.43 . 1.94 1.69 0.'05 0.05 0.05 0.82 3.13 1.98 2.88 3.18

Herbertson 0.06 0.08 0.07 0.02 0.03 0.03 0.14 0.13 0.14 0.18 0.18

Sona Distilleries 0.55 0.17 0.36 0.08 0.07 0.08 0.19 0.09 0.14 0.78 0.2

HLL 0.35 0.35 0.35 0.08 0.08 0.08 0.3 0.31 0.3 0.35 0.35

TOM CO TTK Pharma Ltd

TT Maps and Publicati Urethane

Chemoplast EID Parry

Murugappa Electronics Kothari Sugar Chemica lnorganics Ltd Widia India Ltd Widaroc (India) Ltd

Brook Bond India Ltd

Kissan Products SOL Pharmaceuticals

Standard Organics

0.13 0.08

-0.08 -0.21

0.12 0.06

-0.07 0.11

-0.34 0.14

-0.01

0.57 -0.04

0.34

0.06

0.17

0.1 -0.04 -0.02

0.11

0.2 -0.27

0.06 -0.16 0.16

-0.16

0.56

0.05

0.22 0.07

0.15 0.05 0.06 0.06 0.35 0.59

0.09 0.04 0.04 0.04 0.09 0.18 -0.06 -0.03 -0.02 -0.03 -0.22 -0.1 -0.12 -1.23 -0.76 -1 -2.54 -0.28

0.12 0.08 0.07 0.07 0.22 0.21

0.13 0.03 0.04 0.03 0.15 0.16 -0.17 -0.04 -0.13 -0.08 -0.19 -0.39

0.08 0.13 0.06 0.09 0.18 0.14 -0.25 -2.8 -1.31 -2.05 -0.41 -0.39

0.47 0.25 0.28 0.13 0.18 0.25

-0.16 0.13 0.16 -1.41 -0.05 -0.01

0.22 0.3 0.28 0.15 0.21 0.41

-0.29 0.22 0.24 0.16 0.11 0.06 -0.4 -0.17 -0.02

0.15 0.1 -0.09 -0.01

0.57 0.1

0.01 0.07

0.28 0.05 0.07 0.02

0.11 0.11 0.18 0.2 0.19 0.33 0.17

-0.29 -0.15 -0.04 -0.63 -0.33 0.2 0.04 0.09 0.09 0.31 0.32 0.32 0.69 0.68

0.02

0.06 0.03

0.04 0.32 0.13

0.06 0.38 0.4

0.03 0.1 0.14

0.23 ~0.06 0.23

0.39 0.86 0.5 0.12 0.36 0.34

226

0.01

0.27

0.48 0.19

0.11

0.18

3.03

0.18

0.49 0.35

0.27 0.22 0.15

-0.03 0.29

0.31 0.23 0.08

-0.09 0.25 0.12

0.68 0.09

0.68

0.35

0.91 0.91

6.32 0.67

-0.01 0.03

0.48 0.94

0.11 0.11

0.27 0.18

0 0 0.88 0.98

1.22 0.98 1.1 0.94

1.45 0.85 1.19 0.74 0.54 0.57

0 0 0.52 0.5

0.82 0.97 0.04 0.17 0.58 0.35 0.02 0.02 0.88 1.01

0.06 0.02

2.89 3.17 2.17 1.43

0.67 0.12 0.78 0.62

0.91 2.45

3.5 0.71

0.01 0.83

0.71 8.67

0.11 2.82

0.23 0.41

0 0.94

0.93 4.97 1.1 1.48

1.02 1.43

1.15 5.88 0.97 4.54 0.56 3.56

0 11.61 0.51 4.77 0.9 14.6

0.1 3.5 0.47 2.43 0.02 1.19 0.94

0.04 3.03

6.5

2.91

1.29 1.8 43.83

0.4 5.66

0.7 4.18

1.91 2.18

6.98 3.84

1.12 0.97 8.49 8.58

3.54 3.18

0.62 0.51

8.82 4.88

2.11 3.54

1.46 1.47

1.18 1.3 10.78 8.33 5.69 5.12 3.59 3.58

9.67 10.64 4.59 4.68

7.88 11.24 3.19 3.34 3.67 3.05 2.2 1.69

7.55

3.69 1.55

45.8

5.04 5.71

7.03

3.3 1.42

44.82

5.35 4.9