Mini Booklet Private Equity

HANDBOOK

Every bit of data you would ever want to know on deals in India

Private Equity In Numbers

In Collaboration With

ERNST & YOUNG

CONTENTSCONTENTS

1

Foreword 2

The Big Picture 4

The Players 9

The Trends 12

The Deals 17

The Exits 50

Copyright © Outlook Publishing (India) Private Limited, New Delhi. All Rights Reserved

No part of this book may be reproduced, stored in a retrieval system or transmitted in any form or means electronic, mechanical, photocopying, recording or otherwise, without prior permission of

Outlook Publishing (India) Private Limited and World Bank.

Printed and published by Maheshwer Peri on behalf of Outlook Publishing (India) Pvt. Ltd. Editor: M Anand. Published from AB-10 Safdarjung Enclave, New Delhi.

COVER DESIGN: MANISH MARWAH

Project EditorDesign

Graphics

Snigdha SenguptaManish MarwahKishore Das

Ernst & Young Team Srikant Krishnan, Ashish Bakhshi, Rushik Patel

FOREWORD OUTLOOK BUSINESS-ERNST & YOUNG

PE’s Here To Stay

2 3

THE GLOBAL financial turmoil and slump in M&A activity has put private equity players on high alert. While private equity

in India has hit its first major hurdle in fi ve years, it’s far from a crisis. The Indian success story remains intact as global sponsors continue to favour In-dia as an investment destination. PE momentum is expected to pick up, however, with due caution.

Compared to 2007, the excitement has abated—the fi rst nine months of 2008 saw PE funds invest $8.5 billion in India, which is half of the $17.2 bil-lion invested in 2007. Yet, investment activity in India is likely to rebound faster than in western markets as the country’s growth drivers are still posi-tive. In addition, as demand picks up and liquidity improves, projects that are on hold are likely to kick-start pent-up investment activity.

When capital markets were buoyant, PE players invested in companies at high valuations. With the recent mar-ket fall, the value of these investments has dipped significantly—in some cases, by 50% or more. This is making PE-VC investors more selective.

The past two years have seen suc-

cessful PE exits and investments. PE houses are now engaging with invest-ee companies more closely to look at cost optimisation, working capital im-provements, etc, which will help the industry ride out the downturn. At the same time, due diligence to screen any new investment opportunity is higher than ever before. Greater efforts are being made to evaluate the business rationale and understand the risks.

That said, with the prevailing low valuations and lack of liquidity, a bulk of the capital requirement in the near-term will be met by private equity, as in the past few months. In addition, while PE houses are expected to evaluate opportunities across sectors, their focus will be on industries that are less likely to be aff ected by the cur-rent economic slowdown.

These are highly volatile, albeit ex-citing times for everyone, including PE funds and entrepreneurs looking to raise capital. We hope you fi nd this publication insightful and that it pro-vides comprehensive information re-fl ecting the PE/VC activity in India. <

Rajiv Memani Country Managing Partner

Ernst & Young

THE BIG PICTURE OUTLOOK BUSINESS-ERNST & YOUNG

55

India In Their Sight

ONE WORD appropriately describes the growth of India’s private equity indus-try: phenomenal. From a

modest $1.05 billion in private equity investments in 2002 to $17.3 billion today, India today brooks no resistance to its position as one the world’s most

attractive private equity investment destinations. Much of the growth has come after 2004, the year when global private equity rediscovered India, and set the pace for a four-year party that has seen this market break records on all fronts—fund-raising, investments and exits.

Today, private equity can lay reason-able claim to playing an important role in India’s growth story, which itself has been fairly spectacular in the last few years. As a percentage of the economy’s GDP (gross domestic product), private equity is a small but no insignifi cant contributor. In 2007, it accounted for an impressive 38% of total FDI (foreign direct investment) infl ows to India.

But more important than the num-bers is the far-reaching impact pri-vate equity has had in helping shape India’s corporate landscape, especially in the small and medium enterprise segment. Notable instances of indus-tries that have been able to fast-track growth to a great extent due to the patronage of private equity include business process outsourcing (BPO), information technology services, niche manufacturing, healthcare, financial services, construction, real estate and infrastructure.

India’s growth has gone hand-in-hand with growth in the overall Asian region. For the last four years, Asia has held global private equity’s attention

Investments By Country2005 2006 2007

Australia 2,348 6,507 14,611China 8,853 10,306 10,874India 2,424 7,520 17,273Indonesia 564 714 517Japan 8,187 11,505 14,708Korea 2,410 1,886 4,459New Zealand 750 2,956 2,733Singapore 4,426 2,077 5,348Taiwan 87 4,001 4,932Thailand 91 3,879 377Other Asia-Pacifi c countries

3,456 11,467 7,123

Total 33,596 62,818 82,955Figures in $ million Source: AVCJ

PE investments in India have grown from a modest $1.05 billion in 2002 to $17.3 billion

THE BIG PICTURE

6

OUTLOOK BUSINESS-ERNST & YOUNG

7

PE Funds Raised

2002 2003 2004 2005 2006 2007

India 160 260 823 2,637 4,859 5,831

Asia 2,991 3,322 11,463 28,010 41,113 50,671

Figures in $ million

12

10

8

6

4 2002 20075.3%

11.5%

India’s share in Asia

2002 2003 2004 2005 2006 2007

India 1,050 865 1,479 2,424 7,520 17,273

Asia 9,112 17,580 19,010 33,596 62,818 82,955

PE Investments Made 25

20

15

10

5

02002 2007

11.5%

20.6%

India’s share in Asia

as a market that has the potential to deliver superior returns compared to mature markets such as the US and Europe. As the region continues to develop, non-leveraged growth investments in still emerging sec-tors and companies promise private equity rich returns for a few more years to come.

Within Asia, India, though still lagging China in terms of fund-raising and invest-ments, has become a

signifi cant contributor. Between 2002 and 2007, it has seen its share double in Asia, both in terms of money raised and investments made. In 2007, India accounted for 20.6% of overall invest-ments made in Asia and 11.5% of funds raised by private equity players

from the continent. While it is true that

the bulk of the money pumped into India, particularly over the last four years, is yet to deliver returns to pri-vate equity investors,

there is no doubt that big money can be made in India. Sample: Warburg Pincus’ $1.9 billion rake-in from a $300 million investment in Bharti Airtel.

At this juncture, the future for Indian private equity looks a tad uncertain. The global financial crisis has cast a long shadow on future fund inflows and the industry’s own ability to show above-aver-age returns. The good news is that India has been there before, and has come out

strong. The 2001 Internet bust all but wiped out the country’s fledgling private equity industry. After the mas-sive investment write-offs seen in the two years that followed the bust, few had imagined that private equity would return to India with such vigour

after 2004. Global private equity

heavyweights such as the Blackstone Group, the Carlyle Group and Kohlberg Kravis Rob-erts now compete for deals with homegrown

90% of PE money comes from abroad.

More local capi-tal is needed

In 2007, PE accounted for 38% of total FDI infl ows

to India


2002 2003 2004 2005 2006

PEinvestments 1,050 865 1,479 2,424 7,520

GDP 495,651 575,245 666,305 778,666 873,659

PE Investments Versus GDP 1.00

0.80

0.60

0.40

0.20

02002 2006

0.21%

0.84%

PE as % of GDP


PE Investments Versus FDI

2002 2003 2004 2005 2006

PEinvestments 1,050 865 1,479 2,424 7,520

Foreign direct investment 5,035 4,322 6,051 7,722 19,531

40

35

30

25

20

152002 2006

20.85%

37.77%

PE as % of FDI


Source: AVCJ Source: AVCJ

8

Funds Raised By Region

* First-half; all fi gures in $ million; Emerging Asia region excludes Japan, Australia & New ZealandSource: Ernst & Young (for US); Emerging Markets Private Equity Association (other regions); AVCJ (India)

2007 2008*US 297,000 141,000Emerging Asia 28,669 26,295China 3,890 11,200India 5,831 3,017Malaysia 25 NASouth Korea 140 NAVietnam 679 NAPan-Asia 19,366 11,000Africa 2,340 1,258North Africa 306Pan-Africa 67Sub-Saharan Africa 1,421South Africa 546Middle-East 5,027 1,140Levant (Syria,Lebanon, Jordan) 117

Pakistan 50GCC (Gulf Cooperation Council) 1,362

MENA 3,498

Multi-Region 4,077 2,739CEE and Russia 14,629 2,537Russia 1,790Poland 146Turkey 1,123Central/Eastern Europe 3,590CIS (Commonwealth of Independent States) 80

South-Eastern Europe 7,900Latin America and Caribbean 4,419 1,289

Brazil 2,510Mexico 182Colombia 231Chile NACentral America and Caribbean 56

Latin America 1,440

players such as ChrysCapital Invest-ment Advisors and ICICI Venture. The industry has seen its fair share of excesses in the past four years (public market deal at high valuations), but its foundations are some-what more stable today than they were in 2000-

01. As the industry prepares to coun-ter yet another phase of uncertainty,

made more uncertain by the fact that nearly 90% of India’s private equity money comes from overseas, it may be time to think seriously about developing local sources of capital. n

THE BIG PICTURE

There are ex-cesses, but the

foundations are more stable than in 2000-01

2007 2008*


9

IT’S STILL early to rank India’s top 10 private equity players on the basis of performance. Most players, domestic and foreign, have been

investing here for less than a decade, and are yet to complete a single cycle of investments and exits. There have been some clear win-ners who have shown superior returns in their initial funds or in indi-vidual deals—Chrys-Capital, Warburg Pin-cus, Citi Venture Capital International, Actis and

ICICI Venture—but it is still early to name the top investors.

It is, however, possible to identify the most active in terms of investments. Domestic heavyweights ChrysCapital, ICICI Venture and IL&FS Investment Managers have been among the most

prolific, and would be among the top 10 in-vestors, along with a host of global players.

While such domestic funds, along with a handful of global funds (Warburg, Actis, CVCI)

Charge OfThe Foreign Brigade

In 2007, there was just one Indian player in the top 10 by deal value

OUTLOOK BUSINESS-ERNST & YOUNGTHE PLAYERS

10

THE PLAYERS

11


By deal valueFund manager Firm type Deal value ($ mn)ICICI Venture Funds Bank private equity arm 1,106.5New Silk Route Advisors Independent VC/PE fi rm 443.0IL&FS Investment Managers Independent VC/PE fi rm 324.6Beacon India Advisors Independent VC/PE fi rm 273.2IDFC Private Equity Bank private equity arm 268.8Indivision Investment Advisors Independent VC/PE fi rm 217.0UTI Venture Funds Independent VC/PE fi rm 156.6Zeus Inframanagement Independent VC/PE fi rm 127.5Jacob Ballas Capital Independent VC/PE fi rm 119.3ChrysCapital Management Independent VC/PE fi rm 117.9By number of dealsFund manager Firm type No. of dealsICICI Venture Funds Bank private equity arm 13IDFC Private Equity Bank private equity arm 8Indivision Investment Advisors Independent VC/PE fi rm 8IL&FS Investment Managers Independent VC/PE fi rm 7Kotak Investment Advisors Bank private equity arm 7Nexus India Capital Independent VC/PE fi rm 6Blue River Capital Independent VC/PE fi rm 5Helion Ventures Independent VC/PE fi rm 5Jacob Ballas Capital Independent VC/PE fi rm 5UTI Venture Funds Independent VC/PE fi rm 5

Most Active Domestic Players In 2007

private equity.Among global players to watch are

Asian giant Temasek Holdings, buy-outs specialists such as the Blackstone Group, Kohlberg Kravis Roberts and Providence Equity Partners, and veter-

ans such as Warburg Pincus and Actis, who are priming for a second innings here. The population of homegrown players is also growing, among them Kotak Private Equity, New Silk Route, Indivision and IDFC Private Equity. n

Figures for 2007 Source: AVCJ

Figures for 2007 Source: AVCJ

Most Active International Players In 2007By deal valueFund manager Nationality Firm type Deal value ($ mn)Temasek Holdings Singapore Government affi liate 3,152.2CVC International US Bank private equity arm 2,057.8Goldman Sachs US Bank private equity arm 1,883.0Blackstone Group US Independent VC/PE fi rm 1,136.8India Equity Partners US Independent VC/PE fi rm 1,098.9AIF Capital Hong Kong Independent VC/PE fi rm 1,008.2Macquarie Bank Australia Bank private equity arm 1,000.0Avenue Capital US Independent VC/PE fi rm 717.8Carlyle Asia US Independent VC/PE fi rm 701.0Dubai International Capital UAE Investment company 637.8By number of dealsFund manager Nationality Firm type No. of dealsCVC International US Bank private equity arm 17International Finance Corp. US Industrial development org. 15Sequoia Capital US Independent VC/PE fi rm 9Blackstone Group US Independent VC/PE fi rm 8Temasek Holdings Singapore Government affi liate 8Goldman Sachs US Bank private equity arm 73i Group UK Independent VC/PE fi rm 6IDG Ventures US Corporate venture arm 6New Enterprise Associates US Independent VC/PE fi rm 6SAIF Partners Hong Kong Independent VC/PE fi rm 5SVB India Advisors US Independent VC/PE fi rm 5

laid the foundations of the Indian pri-vate equity industry in 2002-03, the industry has achieved new heights with the rush of new global players in the past four years. They’ve come in

all shapes and sizes, and contributed to spreading private equity’s infl uence across the spectrum of enterprise. Today, there is possibly no sector in the country that has not been touched by

12


13

in unlisted companies. However, India has been a bit of an exception in this regard. Over the last four years, it has also emerged as a favoured market for PIPEs (private investment in public enterprises). In 2007, PIPEs were right behind unlisted growth deals in terms of funds deployed—$5.9 billion (See table on Page 14).

In PIPEs, private equity investors pick up minority stakes in listed com-panies, either directly or through the secondary market. Most private equi-ty investors term their PIPEs as growth deals as well, since a large number of listed companies in India are relatively young and have the same characteris-tics as comparable unlisted peers. But, traditional PE investors, who prefer un-listed companies at valuations that are not heavily benchmarked against their listed comparables, view PIPEs as risky

where returns de-pend largely on the whims of the public market. In fact, in the current market scenario, where the

Sensex has plummeted dramatically in just six to nine months, many such PIPE deals are now down to 50-70% of their original value, according to Outlook Business research.

As the carnage in the public market continues, private equity is expected

AS THE global financial crisis deepens, one of the saving graces for the India private equity market will be its slant

towards growth investments. India, much like the rest of emerging Asia, is still predominantly a growth mar-ket simply because most sectors in the region are still at their formative stages. That means growth rates are higher—so far, they have averaged 30-40% a year in India—and the po-tential returns for private equity are that much higher.

Growth is one of the factors that may just enable India to continue to attract investors through the global slowdown, as investors overseas look to shore up losses in hugely leveraged deals in the US and Western Europe by moving more money to growth mar-kets like India. Leveraged deals are yet to make an appearance here. In growth investments, private equity funds typi-cally take a signifi cant stake—15-20% or more—in relatively young compa-nies (typically, in the small and me-dium enterprise segment). Now, typi-cally, growth investments take place

In Growth We Trust

The maximum money went into unlisted deals, followed by PIPEs

THE TRENDS

THE TRENDS

14


15

Stage-Wise Investments 2003 2004 2005 2006 2007 2008*

By value ($ million)Bridge loan 0.0 0.0 0.0 0.0 11.3 0.0Buyouts (MBO/MBI/LBO) 126.0 564.9 174.5 1,280.2 967.9 70.0Expansion/growth capital 204.2 468.5 1,168.3 3,074.7 7,096.1 4,166.1Franchise funding 0.0 0.0 0.0 0.0 15.2 0.0Mezzanine/pre-IPO 4.7 7.3 112.2 1,236.0 800.4 442.7PIPE fi nancing 526.7 438.3 910.6 1,290.3 5,581.2 1,028.6Seed/R&D 0.0 0.0 0.0 7.0 31.7 0.0Start-up/early-stage 17.2 0.0 58.4 627.2 2,768.7 1,142.7Turnaround/restructuring 27.2 0.0 0.0 5.1 0.0 0.0Total 906.1 1,479.2 2,423.9 7,520.5 17,272.4 6,850.0By number of dealsBridge loan 0 1 0 0 1 0Buyouts (MBO/MBI/LBO) 4 5 7 7 9 0Expansion/growth capital 25 37 85 160 173 110Franchise funding 0 0 1 0 2 0Mezzanine/pre-IPO 2 2 6 17 31 10PIPE fi nancing 12 17 40 61 65 24Seed/R&D 0 1 0 1 3 1Start-up/early-stage 7 0 6 44 77 32Turnaround/restructuring 1 0 0 1 0 0Total 51 63 145 291 361 177

Buyouts By PE And VC Firms

to return to unlisted growth deals in greater measure. That is not to say that PIPEs will not continue—the cur-rent market levels make them attrac-tive—but investors will be more care-ful about how they negotiate their entry valuations.

A new frontier for Indian private eq-

uity in 2009 will be buyouts, though we may see more of equity-led growth buyouts, rather than the leveraged buyout model in fashion in the West. Till 2005, India had seen all of seven buyouts by private equity or venture capital fi rms. The next year, 2006, saw another seven; 2007 was the best year,

* First-half Source: AVCJ

Data sorted alphabetically by sector for each year; no buyouts in 2008; NA: not available Source: AVCJ

Company PE/VC fi rm Industry Deal value ($ mn)

2005 & beforePunjab Tractors Actis Auto NAVA Tech WABAG India ICICI Venture Engineering &

construction23

Sify Infi nity Capital IT/ITES 63WNS Warburg Pincus ITES NAACC-refractories division ICICI Venture Manufacturing 60Infomedia ICICI Venture Media NAThomas Cook India Dubai Investment Group Travel 1272006 Nirula’s Navis Capital Fast foods 20Flextronics Software Systems

KKR IT services 765

Oriental Containers Navis Capital Packaging 37Nilgiri Dairy Farm Actis Supermarkets 65Patel Roadways Reliance Capital Surface transport 33GPI Textiles Avenue Capital Textiles 44OCM India WL Ross Textiles 372007Airworks India Global Technology Investments Aircraft maintenance 24Phoenix Lamps Actis Auto components 24JRG Securities Baring Private Equity Partners India Financial services 41Sharekhan Citigroup Financial services 118.2Intelenet Global Services Blackstone ITES 200Apollo Hospitals Enterprise-Western Hospital Corp.

One Equity Partners LLC. Medical 81.4

Tebma Shipyard ICICI Venture Shipyard 23Aster Infrastructure New Silk Route Telecom infra. 57Gokaldas Exports Blackstone Textiles & garments 165

THE TRENDS

16

Investments By Industry2003 2004 2005 2006 2007 2008 *

Agriculture/fi sheries 0 0 0 1 1 1Computer-related 6 10 8 15 22 6Conglomerates 0 0 0 0 0 0Construction 1 1 1 8 11 2Consumer products/services 0 3 3 20 7 6Ecology 0 0 0 0 0 0Electronics 1 2 1 6 16 3Financial services 8 4 10 39 72 23Information technology 6 4 19 28 47 24Infrastructure 0 3 4 19 13 6Leisure/Entertainment 1 0 7 4 3 1Manufacturing-heavy 3 6 18 23 13 17Manufacturing-light 1 0 2 4 1 2Media 2 2 0 6 5 2Medical 6 8 20 22 28 15Mining and metals 0 0 0 6 10 3Retail/wholesale 0 3 2 6 9 5Services-non-fi nancial 11 5 3 22 21 15Telecommunications 1 3 8 6 23 11Textiles and clothing 0 2 10 13 11 5Transportation/distribution 3 3 18 34 30 17Travel/hospitality 0 0 7 9 9 8Utilities 1 4 6 11 9 7Total 51 63 147 302 361 179* First-half; fi gures show number of deals Source: AVCJ

with nine buyouts. Investors such as ICICI Venture, Actis,

Warburg Pincus and Blackstone have already experimented with buyouts. If the liquidity crunch in domestic

markets continues, opportunities for buyouts in the form of distressed asset sales and hiving off of non-core busi-nesses could emerge as plum pickings for private equity. n

THE TRENDS


17

AT THE close of June 2008, the Indian private equity market had seen 1,103 deals since the year 2003.

Incidentally, 2003 itself saw only 51 deals. Over the years, as the number of deals have grown, so have ticket sizes. The average deal ticket size has increased from $25 million in 2006 to $50 million now. Today, $200-300 mil-lion deals frequent the landscape and $1 billion-plus deals are closed once or twice a year.

The 32 pages that follow list all the private equity deals done in India since 2007. These transactions typify the evolution of the Indian private eq-uity industry, from the exotic fringes of investing to the mainstream. In 2007, for example, as many as 23 broad sec-tors saw private equity investment. It’s a trend that has continued in 2008, with companies from 22 sectors get-ting some private equity funding.

The mix of companies that received

funding in these two time periods is a rich and diverse one. There are listed and unlisted companies. There are big and small companies. There are busi-nesses promoted by business houses and by fi rst-generation entrepreneurs. Deals range from $100,000 to $2 bil-lion. It’s about the power of an idea. Have a good idea, will fund. n

From $25 mn to $50 mn

Over the years, as the number of investment deals have grown, so have ticket sizes

THE DEALS OUTLOOK BUSINESS-ERNST & YOUNG

the deals

18

outlook business-ernst & young

19

Investee Amount ($ mn)

Stake (%)

Investors

Agriculture/fisheries

Asian Dhall Industries 7.9 NA SAIF Partners

Computer-related

3D Solid Compression NA NA IDG Ventures India Advisors

AuthorGen Technologies NA NA BOA Consultancy Services

CEON Solutions 0.7 NA GVFL

CG-CoreEl Programmable Solutions

NA NA Xilinx Asia Pacific Pte

Computer Age Manage-ment Services

90.0 NA Advent International Corp./South East Asia Venture Investment (SEAVI)

IBS Software Services 60.0 NA General Atlantic LLC

ICSA (India) 22.0 NA Goldman Sachs (Asia)

Infotech Enterprises 63.9 13.0 General Atlantic LLC

Instant Collaboration Software Technologies

3.0 NA Softbank China & India Holdings

Iteamic NA NA Canbank Venture Capital Fund

iViZ Techno Solutions 2.5 NA IDG Ventures India Advisors

iYogi Technical Services 3.1 NA Canaan Partners; SVB India Advisors

Manthan Software Services/Manthan Sys.

2.0 NA IDG Ventures India Advisors

Manthan Software Services/Manthan Sys.

2.0 NA ePlanet International Advisors

Neilsoft 7.0 NA Trident Capital

Transactions In 2007Novatium Solutions NA NA New Enterprise Associates

RapidRadio Solutions 0.2 NA GVFL

SemIndia Systems 10.0 NA Sequoia Capital India

SFO Technologies 12.2 NA Avenue Capital Group/Avenue Asia Capital Management, LLC

Take Solutions 12.7 9.1 Galleon Partners; Passport Capital LLC

Tejas Networks India 24.2 NA Goldman Sachs (Asia)

Venture Infotek Global 20.0 NA Kubera Advisors

Construction

DivyaSree Developers 100.0 NA TPG-Axon Capital LLC

Escorts Construction Equipment

17.0 NA Darby Asia Investors

IDEB Projects 34.4 27.3 Samsara Capital LLC; SUN-Apollo Real Estate Advisors

Interarch Building Products 25.2 13.3 Indivision Investment Advisors

Jaypee Infratech 815.3 NA ICICI Venture Funds Management Co.

Nagarjuna Construction 150.0 14.5 Blackstone Advisors India

Nitco Tiles 11.5 8.6 Promethean Investments LLP

Oberoi Constructions 152.7 NA Morgan Stanley Real Estate Fund

Paranjape Schemes (Construction)

18.5 10.0 HDFC Venture Capital

Punj Lloyd 198.7 11.0 Avenue Capital Group/Avenue Asia Capital Management, LLC; Blackstone Advisors India; DKR Oasis Management Company LP; Kingdom Capital; Warburg Pincus India


Stake (%)

Investors

Transactions In 2006: go to page 64Announced deals arranged alphabetically by sector; NA: not available Source: AVCJ

THE DEALS

20


21

Sanghvi Movers 16.4 10.9 ICICI Venture Funds Management Co.

Soma Enterprise 102.9 NA Indiareit Fund Advisors

Consumer products/services

Amalgamated Bean Coffee Trading (Coffee Day)

86.2 NA Darby Overseas Investments; Deutsche Bank-Mumbai Branch

Bajaj Hindusthan Sugar 15.0 17.5 International Finance Corporation

Goodlife Integrated Fitness Solutions (Calorie Care)

NA NA Culbro, LLC; Helix Investments Advi-sors India

Heritage Foods 8.9 NA Carlyle Asia-India

KS Oils 47.4 19.0 Temasek Holdings Advisors India

Samant Soma Wines/Sula Vineyards

9.0 20.0 Sequoia Capital India

Unibic India NA 20.0 Lighthouse Capital

Vallabhdas Kanji 7.6 NA Argonaut Partners, LLC

Electronics

Avasarala Technologies 20.0 NA AIG Global Investment Corporation

BGR Energy Systems 32.6 4.0 Citigroup Venture Capital International

Diamond Cables 3.4 NA Clearwater Capital Partners, LLC

Electrotherm India 18.6 15.0 ICICI Venture Funds Management Co.

Electrotherm India 10.0 NA International Finance Corporation

Havell’s India 112.1 11.2 Warburg Pincus India

KRYFS Power Components NA 15.0 IDG Ventures India Advisors; Softbank China & India Holdings

Luminous Power Tech. 20.3 NA CLSA Capital Partners


Stake (%)

Investors

Microqual Techno 10.1 NA BTS Investment Advisors Private; JAFCO Investment (Asia Pacifi c); New Enterprise Associates

Ordyn Technologies 13.9 NA Aureos Advisers India; India Infoline

Perfi nt Engineering Services

3.5 NA Erasmic Venture Fund; IDG Ventures India Advisors

Powerica 50.0 11.0 Standard Chartered Private Equity

Stovekraft 5.6 12.5 SIDBI Venture Capital

Sudhir Gensets 65.0 15.0 GE Commercial Finance; Goldman Sachs (Asia)

Vestas RRB India 55.0 NA Merrill Lynch Global Private Equity

Victory Transformer & Switchgear

18.2 26.0 Reliance Private Equity

Financial services

Aavishkaar Goodwell India Microfi nance Develop-ment Co.

NA NA Beacon India Advisors

AK Capital Services 9.1 13.0 Global Technology Investments, LLC

Anand Rathi Securities 22.7 19.9 Citigroup Venture Capital International

Angel Broking 37.9 12.5 International Finance Corporation

Angel Infi n 37.9 12.5 International Finance Corporation

Apnaloan.com Services 2.2 NA Sequoia Capital India

Asset Reconstruction Company of India

13.7 9.2 Ankar Capital Management, LLC

Bombay Stock Exchange 79.8 8.0 Atticus Management LLC; Caldwell Asset Management Inc; Urbana Corp.


Stake (%)

Investors

THE DEALS

22


23

Central Depository Services

4.1 5.0 Croupier Prive Private Equity Partners, LLC

Centurion Bank of Punjab 41.6 5.3 ICICI Venture Funds Management Company

City Union Bank 18.7 12.5 Argonaut Private Equity, LLC; Blue River Capital Advisors (India); FMO (Netherlands Development Finance Company)

Delhi Stock Exchange 10.3 20.0 Kuwait Privatization Project Holding Co.; New Vernon Private Equity; Noor Financial Investment Co.; Passport Capital LLC

Future Capital Holdings 23.5 10.0 Och-Ziff Capital Management Group

HDFC 649.9 5.6 3 Logi Capital

ICICI Bank 598.3 2.9 Dubai International Capital

IDFC 185.9 10.0 Khazanah Nasional Bhd.

India Infoline Investment 76.4 22.5 Orient Global Pte.

India Infoline Marketing 49.8 10.0 Orient Global Pte.

Intellecap 8.6 NA Legatum Global Development

JRG Securities 41.0 64.8 Baring Private Equity Partners India

Karnataka Bank 36.2 5.0 International Finance Corporation

Karvy Stock Broking 44.0 NA International Finance Corporation

Magma Leasing 15.0 NA FMO (Netherlands Development Finance Company)

M&M Financial Services 6.6 1.4 ChrysCapital Management Co.

Mahindra Forgings Mauritius 4.9 10.0 Promethean Investments LLP.


Stake (%)

Investors

Manappuram General Finance and Leasing

11.8 30.0 India Equity Partners; Sequoia Capital India

Marwadi Shares and Fin. 5.6 15.7 India Investment Partners

Marwadi Shares and Fin. 10.8 19.7 Caledonia Investments Plc.

Multi Commodity Exchange of India

59.5 5.0 GLG Partners LP; Passport Capital LLC

Multi Commodity Exchange of India

50.4 4.6 ICICI Venture Funds Management Company; Kotak Investment Advisors

National Stock Exchange 345.0 15.0 General Atlantic LLC; Goldman Sachs (Asia); SAIF Partners

National Stock Exchange 138.0 6.0 Actis Capital LLP; Citigroup Venture Capital International-India; Morgan Stanley Private Equity Asia Limited

National Stock Exchange 50.0 2.0 Morgan Stanley Private Equity Asia

Phoenix Mills 19.6 2.5 Saffron Capital Advisors; TCK Advis-ers (Trikona Capital)

Prabhudas Lilladher Advisory Services

10.0 2.8 Balyasny Asset Management LP

Religare Enterprises 15.6 5.0 Merrill Lynch Global Principal Inv.

Share Microfi n 24.6 NA India Value Fund Advisors

Shriram Transport Finance Company

82.1 5.7 Infi nite India

SKS Microfi nance 11.3 NA IDFC Private Equity Co.

South Indian Bank 37.2 10.2 3i Group Plc

Spandana Sphoorty Inno-vative Financial Services

12.0 NA Blue Ridge Capital LLC; International Finance Corporation; UTI Venture Funds Management Co.


Stake (%)

Investors

THE DEALS

24


25

SS Kantilal Ishwarlal Securities/Sharekhan

49.3 NA Avigo Capital Partners

SS Kantilal Ishwarlal Securities/Sharekhan

118.2 85.0 Cornell Capital Partners, LP

State Industrial Corpora-tion of Maharashtra

89.2 36.0 JC Flowers & Co. LLC

The Bank of Rajasthan 24.9 2.6 Indus Capital Advisors (HK)

The Bank of Rajasthan 32.7 NA Avenue Capital Group/Avenue Asia Capital Management, LLC

The Catholic Syrian Bank 8.2 14.0 AIF Capital; Gartmore Investment Management Plc; Siguler Guff & Co., LLC

YES Bank 48.6 5.0 Khazanah Nasional Bhd.

Information technology

Adventity 20.0 NA 3i Group Plc

Undisclosed e-commerce infrastructure company

10.0 NA Indivision Investment Advisors

Anantara Solutions 6.5 NA Christian Wedell; Helion Ventures; SVB India Advisors; Walden Inter-national India/Walden-Nikko India Management Co.

Banyan Netfaqs Pvt (agencyfaqs)

NA NA Seedfund

CE Info Systems (Mapmyindia.com)

2.5 NA Nexus India Capital Advisors

Comat Technologies 4.0 NA Intel Capital

Comat Technologies 10.0 NA Avigo Capital Partners


Stake (%)

Investors

Connecturf India NA NA Nexus India Capital Advisors

DimDim 2.4 NA Draper Richards; Index Ventures; Nexus India Capital Advisors

Elitecore Technologies 10.3 NA Carlyle Asia-India

Financial Information Network & Operations

6.8 40.0 Intel Capital; International Finance Corporation

Financial Information Network & Operations

4.4 NA Legatum Global Development

Four Interactive (Asklaila) 10.0 NA Lightspeed Venture Partners; Matrix India Asset Advisors; SVB India Advisors

Games2win India 5.5 NA Clearstone Venture Advisors; SVB India Advisors

Games2win India NA NA Nexus India Capital Advisors

Gemini Communications 11.9 11.1 Greater Pacifi c Capital India (P)

i2india Holdings 3.1 100.0 Chris Mathias; Davinder S. Brar; Donald Peck; Graham Wrigley; Imperial Innovations Group Plc

Infrasoft Technologies 27.0 NA Baring Private Equity Partners India

Intelenet Global Services 200.0 100.0 Blackstone Advisors India; Intelenet Global Services-management team

ISGN Technologies 25.0 25.0 New Enterprise Associates (India)

ItzCash Card 10.0 NA Intel Capital; Matrix India Asset Advisors

Komli Media/PubMatic 7.0 NA Blue River Capital Advisors (India); Sequoia Capital India

KPIT Cummins Info. 9.0 NA Passport Capital LLC


Stake (%)

Investors

THE DEALS

26


27

Lifetree Convergence 20.0 NA International Finance Corporation

MakeMyTrip (India) 15.0 NA Helion Ventures; SAIF Partners; Sierra Ventures; Tiger Global Management

mChek India Payment Systems

5.0 NA Draper Fisher Jurvetson (DFJ)

Minglebox Comm. 7.0 NA Sequoia Capital India

Myntra Designs NA NA Erasmic Venture Fund; Mumbai Angels

Netmagic Solutions NA NA Nexus India Capital Advisors

Obopay NA NA New Enterprise Associates

Obopay 10.0 NA Promethean Investments LLP; Undis-closed venture capital fi rm(s)

One97 Communications 10.0 27.0 SAIF Partners; SVB India Advisors

Printo Document Services 6.4 NA Sequoia Capital India

RT Outsourcing Services 7.9 NA Motilal Oswal Venture Capital Advisors

Satellier 10.0 NA CLSA Capital Partners

TechProcess Solutions (Billjunction)

NA NA Greylock Partners

techTribe, Inc 5.0 NA Canaan Partners; Miven Venture Partners; The Entrepreneurs’ Fund III

Time Broadband Services NA 40.0 Dubai Ventures

Travis Internet (Ticketvala.com)

2.0 NA Footprint Ventures

VSoft 10.4 NA iLabs

Ybrant Technologies 20.0 13.8 Sansar Capital Management


Stake (%)

Investors

Ziva Software 1.7 NA Nadathur Holdings and Investments Pvt

Zylog Systems 9.9 NA Argonaut Private Equity, LLC; UTI Venture Funds Management Co.

Infrastructure

Ansal Properties & Infrastructure-2 SPVs

29.4 49.0 IL&FS Investment Managers

B Seenaiah & Company (Projects)

38.4 7.0 Amansa Capital Pte; Infrastructure Development Finance Co.; L&T Capital Company; L&T Infrastructure Finance; Lehman Brothers

BIG India Mall 75.0 NA Lehman Brothers

Business Park Town Plan-ners (BPTP )

78.9 5.0 Citigroup Property Investors

Entertainment World Development

12.2 25.0 ICICI Venture Funds Management Company

Indu Projects 33.9 NA Citigroup Venture Capital International

KMC Constructions 35.0 NA Baring Private Equity Asia Group; ICICI Venture Funds Management Company

Patil Infrastructure Hold. 56.7 26.0 One Equity Partners LLC

Ramky Infrastructure 28.3 13.5 IL&FS Investment Managers; Sabre Capital Worldwide

Sea King Infrastructure/SKIL Infrastructure

500.0 26.0 Future Capital Holdings

Sical Infra Assets 26.0 26.0 Walton Street Capital, LLC

Subhash Projects 61.4 20.0 Citigroup Venture Capital International


Stake (%)

Investors

THE DEALS

28


29

Leisure/entertainment

400-room hotel JV NA 49.0 Clearwater Capital Partners, LLC

Manufacturing

ABG Motors 15.0 NA Deutsche Bank Community Develop-ment Group; FMO (Netherlands Development Finance Company); International Finance Corporation

Amtek India 43.2 8.3 Warburg Pincus India

Bajaj Motors 12.0 NA Jacob Ballas Capital India

International Print-O-Pac 12.4 NA Blue River Capital Advisors (India)

MTAR Technologies 65.0 25.0 Blackstone Advisors India

Rolex Ring 40.0 26.0 New Silk Route Advisors

Sona Group 27.3 NA IDFC Private Equity Co.

Manufacturing-heavy

Euro Ceramics 15.3 12.0 Wasserstein & Co., LP

International Tractors 28.4 NA JM Financial Investment Managers

Jai Balaji Industries 69.1 15.0 Citigroup Venture Capital Interna-tional-India; India Equity Partners

Kanoria Chemicals & Industries

5.0 1.6 Baring Private Equity Asia Group; Citi-group Venture Capital International

Promac Engineering 8.2 17.0 Tano India Advisors

Promac Industries 8.0 27.5 Tano India Advisors

Regen Powertech 25.0 33.0 Indivision Investment Advisors

Rubamin 17.3 14.0 ICICI Venture Funds Management Co.


Stake (%)

Investors

Sahajanand Laser Tech. 1.0 NA Citigroup Venture Capital International

Sigma Electric Mfg 172.0 NA Old Lane, LP

SVIL Mines 37.2 20.0 Citigroup Venture Capital International

Tecpro Systems 2.3 NA Avigo Capital Partners

Time Technoplast 9.1 0.0 Motilal Oswal Venture Capital Advi-sors; Zephyr Peacock Management India

Manufacturing-light

IMP Powers 5.5 23.3 Brescon Corporate Advisors; Motilal Oswal Venture Capital Advisors

Media

Infomedia India 6.0 3.9 ICICI Venture Funds Management Co.

Kreeda Games India 10.0 0.0 Blue River Capital Advisors (India)

Mindworks Global Media Services

NA NA Helion Ventures

Nimbus Communications 124.8 NA 3i India; Cisco Systems Inc; Oman Investment Fund

Out-Of-Home Media (India)/OOH Media

4.0 NA 3i India

Tag Media Network NA NA Intel Capital

UFO Moviez 22.0 NA 3i India

Webchutney Studio 48.6 5.0 Khazanah Nasional Bhd.

Medical

Ankur Drugs & Pharma 5.1 NA Blue Ridge Capital LLC


Stake (%)

Investors

THE DEALS

32


33

Real estate

Aparna Constructions 100.0 NA JP Morgan Asset Management

DB Realty 104.0 11.8 IL&FS Investment Managers; Lehman Brothers; TCK Advisers (Trikona Capital)

DLF Assets 400.0 NA DE Shaw India Advisory Services

DLF Assets 200.0 NA Lehman Brothers

Emaar MGF Land 100.0 1.5 JP Morgan Asset Management; undisclosed investor(s)

Indiabulls Real Estate 39.3 5.0 Farallon Capital Management, LLC

Nitesh Estates 51.0 25.0 Och-Ziff Capital Management Group, Inc

Nitesh Estates-hotel properties

120.0 NA Citigroup Property Investors

QVC Realty 100.0 NA IL&FS Investment Managers

Shapoorji Pallonji Group-real estate SPV

290.0 15.0 Sandalwood Capital Partners

Shrachi Developers 25.2 NA Legatum Global Development

Shrachi Realty 25.2 NA Citigroup Venture Capital International

Shriram Properties 100.0 NA Infi nite India

Skyline Constructions and Housing

55.6 NA Goldman Sachs & Co.-Principal Investment Area

Vatika Group 254.8 10.8 Beacon India Advisors; Goldman Sachs (Asia); Wachovia Capital Partners

Retail/wholesale

Brand Marketing India NA NA Matrix India Asset Advisors


Stake (%)

Investors

Brandhouse Retails 25.0 10.0 ADM Capital

Dovetail Furniture NA NA Erasmic Venture Fund

Fabindia Overseas 11.0 6.0 Wolfensohn & Company, LLC

Flemingo Duty Free Shops 22.7 15.0 Citigroup Venture Capital Interna-tional-India

Gitanjali Lifestyle Products (Primus Retail)

10.4 NA Citigroup Venture Capital Interna-tional; UTI Venture Funds Manage-ment Co.

Sankalp Retail Value Stores (MyDollarStore India)

NA 28.0 Indivision Investment Advisors

Vaibhav Gems 34.5 14.9 Nalanda Capital Pte

Services-Non-Financial

247 Learning Solutions/24x7learning

4.0 NA Capital18

A2Z Group/A2Z Mainte-nance & Engineering

18.5 NA Rand Merchant Bank

Air Works India Engineering

12.7 33.0 CIBC Capital Partners; DA Capital; Norwest Venture Partners

Amoha Education (Veta) 10.1 NA SAIF Partners

Career Launcher India 8.3 NA Gaja Capital Partners

Contests2win India NA NA Nexus India Capital Advisors

Firstsource Solutions 22.4 6.0 Galleon Partners

Firstsource Solutions 42.0 4.5 SUN Group

Gingersoft Media (mGinger)

2.0 NA Draper Fisher Jurvetson (DFJ); IndoUS Capital Advisors


Stake (%)

Investors

THE DEALS

30


31

Apollo Health Street 25.0 NA One Equity Partners LLC; Temasek Holdings Advisors India

Apollo Hospitals Ent. 103.5 12.0 One Equity Partners LLC

Apollo Hospitals Ent.-Western Hospital Corp.

81.4 60.0 Apax Partners India Advisers

Arch Pharmalabs 26.6 NA BTS Investment Advisors Private; ICICI Venture Funds Management Company; IL&FS Investment Manag-ers; undisclosed investor(s)

Avesthagen 12.9 10.0 Fidelity Ventures

Avesthagen 5.2 NA Jacob Ballas Capital India

Fortis Healthcare 20.0 3.2 TCK Advisers (Trikona Capital)

Global Hospitals 31.0 25.0 Indivision Investment Advisors

Granules India 6.3 11.5 International Finance Corporation

GVK Biosciences 25.5 NA Sequoia Capital India

HealthCare Global Ent. 4.9 NA Kotak Investment Advisors

Indus Biotech 3.6 NA Kotak Investment Advisors

Intas Biopharma 10.0 NA Kotak Investment Advisors

IOL Chemicals and Pharmaceuticals

7.4 18.5 Sycamore Ventures Pte.

Laser Cosmetics 0.1 20.8 Indiaco (P)/IndiaCo Ventures

Mankind Pharma 24.7 NA ChrysCapital Management Co.

Max Healthcare Institute 74.0 NA International Finance Corporation (IFC)

Medicare Synergie 29.4 NA ICICI Venture Funds Management Co.


Stake (%)

Investors

MedPlus Health Services 5.2 NA iLabs

Morepen Laboratories 24.4 10.0 Standard Chartered Private Equity

Morepen Laboratories 19.1 15.0 Avenue Capital Group/Avenue Asia Capital Management, LLC

Ocimum Biosolutions 17.0 NA Kubera Advisors

RG Stone Urological Research Institute

10.0 NA ICICI Venture Funds Management Co.

Roshini International Bio Energy Corporation

2.0 20.0 Origo Sino-India Plc

Sai Advantium Pharma 12.5 18.3 ADM Capital

Trivitron Medical Systems 11.5 NA ePlanet International Advisors; HSBC Private Equity (Asia)

Unimark Remedies 28.8 27.0 Citigroup Venture Capital International

Mining and metals

Cairn India 19.7 1.0 International Finance Corporation

Fomento International 10.0 3.0 Origo Sino-India Plc

Garware Offshore Services 27.6 20.0 Sycamore Ventures

Global Coal & Mining 18.8 NA Samara Capital Partners

Great Offshore 40.8 5.0 Carlyle Asia-India

Resurgere Mines and Minerals India

16.1 12.7 Merrill Lynch Global Principal Investments

Sainik Mining and Allied Services

NA NA GVFL

Shiv Vani Oil & Gas Exploration Services

24.5 6.7 Citigroup Venture Capital Interna-tional-India; Government of Singapore Investment Corp. Pte


Stake (%)

Investors

THE DEALS

34


35

Hurix Systems 5.1 NA Helion Ventures

MT Educare (Mahesh Tutorials)

12.0 30.0 Helix Investments Advisors India

Pangea3 Global Services 7.0 NA Sequoia Capital India

Quipo Infrastructure Equipment

34.0 31.0 GIC Special Investments Pte; IDFC Private Equity Co.,

Tops Security 42.6 15.8 ICICI Venture Funds Management Company; Indivision Investment Advisors

Va Tech Wabag India 20.0 10.0 GLG Partners LP

Verity Technologies NA 25.6 Indiaco (P)/IndiaCo Ventures

VLCC Healthcare/Vandana Luthra Curls and Curves

11.3 NA Indivision Investment Advisors

Telecommunications

Asianet Satellite Comm. 68.2 NA Providence Equity Partners

Aster Infrastructure 56.5 73.0 New Silk Route Advisors

Aster Tower 35.0 NA Jacob Ballas Capital India

BAG Infotainment 0.9 20.0 Bank of Baroda; IDBI Capital Market Services

Bharti Airtel 2013.5 5.0 Temasek Holdings Advisors India

Bharti Infratel 1,000.0 10.0 AIF Capital (India); Citigroup Venture Capital International; Goldman Sachs (Asia); India Equity Partners; Investment Corporation of Dubai; Macquarie (Hong Kong); Temasek Holdings Advisors India


Stake (%)

Investors

Cellcast Asia Holdings 5.3 38.9 Canaan Partners

ConnectM Technology Solutions

6.0 100.0 IDG Ventures India Advisors; Sasken Communication Technologies

DigiBee Microsystems 8.6 NA Clearstone Venture Advisors; SIDBI Venture Capital

Digicable Network 10.1 49.0 Ashmore Investment Management; Jagjit Singh Kohli

Dish TV India 63.0 4.9 Indivision Investment Advisors

Global Assets Holding Corporation

141.3 NA Park Holding Finance Corporation; Standard Chartered Private Equity; Technology Infrastructure

Hathway Cable and Datacom

59.1 15.0 ChrysCapital Management Co.

HFCL Infotel 85.0 40.0 New Enterprise Associates

Hutchison Essar 25.0 NA IDFC Private Equity Co.

INX Media NA NA Kotak Investment Advisors; New Silk Route Advisors; New Vernon Private Equity; SREI Venture Capital; Temasek Holdings Advisors India

LiveMedia NA NA Draper Fisher Jurvetson (DFJ)

NDTV Networks 20.0 NA ComVentures

NetXcell 1.0 NA Ike Lee; Ruderman Capital Mgmt

Reliance Telecom Infrastructure

346.5 5.0 DA Capital; Fortress Capital; Galleon Partners; GLG Partners LP; HSBC Principal Investments; New Silk Route Advisors; Soros Fund Management LLC


Stake (%)

Investors

THE DEALS

36


37

Spanco Telesystems 27.5 20.3 JM Financial Investment Managers

Spice Communications/Spice Telecom

30.0 NA ChrysCapital Management Co.; UTI Venture Funds Management Co.

Sri Adhikari Brothers Television Network

7.0 NA Lehman Brothers; Spinnaker Capital Limited

Tata Sky 56.5 10.0 Temasek Holdings Advisors India

Textiles and clothing

Biba Apparels 4.5 NA Future Capital Holdings

Gokaldas Exports 165.0 70.1 Blackstone Advisors India

Koutons Retail India 4.9 NA Draper Fisher Jurvetson (DFJ); Helion Ventures; Nexus India Capital Advisors

KPR Mill 3.0 NA Cargill Ventures

KPR Mill 9.4 5.0 Peterson Partners, Inc

Mudra Lifestyle 3.3 NA SIDBI Venture Capital; SBI

Prateek Apparels 6.8 25.0 SIDBI Venture Capital

Pratibha Syntex 20.2 NA Baring Private Equity Asia Group

Provogue India 33.1 NA Artis Capital Management, LLC; Blackstone Advisors India; Fidelity Investment; Genesis Capital Manage-ment Inc.; Liberty International; New Vernon Private Equity

S.Kumars Nationwide 82.0 10.0 Citigroup Venture Capital International

Spykar Lifestyle 5.0 NA JM Financial Investment Managers; Lok Advisory Services (Lok Capital)


Stake (%)

Investors

Transportation/distribution

Argentum Motors 51.0 10.0 DE Shaw India Advisory Services; IL&FS Investment Managers; Rand Corporation

BLR India 11.3 31.0 Reliance Private Equity

Chennai Container Terminal NA 25.0 Global Infrastructure Partners

Delhi Assam Roadways Corporation

10.2 NA IDFC Private Equity Co.

DRS Logistics 22.7 NA Kotak Investment Advisors

East India Petroleum 127.5 74.0 Global Infrastructure Partners; Zeus Inframanagement

Everest Kanto Cylinder 22.4 3.5 CLSA Capital Partners; TVG Capital Partners

First Flight Couriers 26.7 27.7 Temasek Holdings Advisors India

Flightraja Travels (VIA) 5.0 NA New Enterprise Associates

Goodearth Maritime 65.8 20.0 IDFC Private Equity Co.

Gujarat State Petronet 30.6 3.9 International Finance Corporation

Innovative B2B Logistics Solutions

6.3 8.0 Sage Capital Advisors

JV with Hindustan Aeronautics-miniature modules for aerospace applications

0.3 26.0 Edgewood Ventures, LLC

Ocean Sparkle 18.0 18.0 India Equity Partners

Pipavav Shipyard 41.2 16.3 Jacob Ballas Capital India; TCK Advisers (Trikona Capital)


Stake (%)

Investors

THE DEALS

38


39

Pipavav Shipyard 11.1 NA 2i Capital (India); Industrial Develop-ment Bank of India

Pipavav Shipyard 25.0 NA Citadel Investment Group, LLC

Pipavav Shipyard 50.0 NA Blackstone Advisors India

Rane Holdings 4.7 10.2 Blue River Capital Advisors (India)

Reach (Cargo Movers) 5.0 NA Global Investment House KSC

Reliable Autotech 4.6 17.0 BTS Investment Advisors Private

RSB Group 38.2 NA EIF Managers (Evolvence India); IL&FS Investment Managers

Sical Logistics 24.9 NA Blue Ridge Capital LLC; Tiger Global Management, LLC

SMS Shivnath Infra-structure

NA 48.4 Sequoia Capital India

Tebma Shipyards 21.9 53.0 ICICI Venture Funds Management Company

Welspun Gujarat Stahl 80.0 6.6 3i India

Travel/hospitality

Bharat Hotels 39.4 5.0 Dubai Ventures

GL Hotels 30.5 21.7 Temasek Holdings Advisors India

India Hospitality Corp. 18.4 12.6 Navis Capital Partners

India Hospitality Corp. 75.0 NA Hayground Cove Asset Management; Navis Advisors (India)

Navi Mumbai 5-star hotel 20.0 NA Global Investment House KSC

The Park Hotels 55.0 15.0 Credit Suisse Real Estate Funds

The Pride Hotel 11.4 11.1 Kotak Investment Advisors


Stake (%)

Investors

Utilities

Adani Power 229.6 8.0 Tano India Advisors

Athena Projects 60.0 NA Tiger Global Management, LLC

Bhilwara Energy 25.8 8.5 Jacob Ballas Capital India; Wachovia Capital Partners

Doshion 8.9 NA IDFC Private Equity Co.

Ind-Barath Power Infra 71.6 30.0 Citigroup Venture Capital Interna-tional; UTI Venture Funds Manage-ment Co.

KVK Energy & Infrastruc-ture

26.0 NA Old Lane, LP

Lanco Amarkantak Power 8.0 5.8 International Finance Corporation

Moser Baer Photo Voltaic 100.0 NA CDC Group Plc; GIC Special Invest-ments Pte; IDFC Private Equity Co; Infrastructure Development Finance Co.


Stake (%)

Investors

Transactions In 2008 (First-Half)Agriculture/fi sheries

Suminter India Organics NA NA Nexus India Capital Advisors

Computer-related

Bay Talkitec (P) 2.5 NA IndoUS Capital Advisors

Geojit Technologies 14.1 35.0 BNP Paribas India

Miles Software Solutions NA NA Zephyr Peacock Management India

THE DEALS

40


41

Mistral Software/Mistral Solutions

6.5 NA JAFCO Investment (Asia Pacifi c); Nexus India Capital Advisors

Paymate India 9.0 NA Kleiner Perkins Caufi eld & Byers; May-fi eld; Sherpalo Inc./Sherpalo Ventures

QAI India Ltd 4.0 NA BTS Investment Advisors Private

Construction

Ashoka Buildcon 180.3 15.6 IDFC Private Equity Co.

Coastal Projects 40.1 20.0 Fidelity Ventures; Sequoia Capital India

ECI Engineering and Construction

25.1 NA Sabre Capital Investment Managers

Nagarjuna Construction 50.0 3.2 Blackstone Advisors India

Synergy Property Devel-opment Services

18.0 NA Blackstone Advisors India


Amalgamated Bean Cof-fee Trading (Coffee Day)

200.0 20.0 DE Shaw India Advisory Services; Deutsche Bank-Mumbai Branch; JPMorgan Private Capital Asia; Sequoia Capital India

Amalgamated Bean Cof-fee Trading (Coffee Day)

25.0 NA Darby Asia Investors

Jayant Oils and Derivatives

50.0 NA ABN AMRO Bank NV; Citadel Invest-ment Group, LLC; Polygon Investment Partners LLP

Parag Milk Foods 14.1 NA Motilal Oswal Venture Capital Advisors

Paras Pharmaceuticals NA 37.0 Actis Capital LLP

United Pizza Restaurant 127.8 49.0 Kotecha Capital Services


Stake (%)

Investors

Electronics

Dixon Technologies 9.3 NA Motilal Oswal Venture Capital Advisors

ICOMM Tele 12.4 NA Tano India Advisors

Universal Power Trans-formers

15.0 NA Peepul Capital LLC

Financial services

AU Financiers India NA NA Motilal Oswal Venture Capital Advisors

Centrum Capital 30.0 10.0 Indivision Investment Advisors

Globe Capital Market 41.9 15.0 Citigroup Venture Capital International

Mack Star Marketing 250.0 NA DE Shaw India Advisory Services

Mahindra & Mahindra Financial Services

105.6 11.2 Standard Chartered Private Equity; TPG-Axon Capital LLC

Mahindra & Mahindra Financial Services

4.2 0.6 Standard Chartered Private Equity

MokshaYug Access 2.0 NA Elevar Equity

Prime Securities 14.4 9.5 India Investment Partners; New Vernon Private Equity

Repco Home Finance 27.7 NA Carlyle Asia-India

SatyaVani Homes 10.0 NA Sequoia Capital India

Shriram City Union Finance

65.2 NA Aavishkaar India

SKS Microfi nance 37.3 NA Frontline Strategy

SSKI/Sharekhan 59.3 12.0 SAIF Partners

Unique Affordable Homes-JV of affordable mass housing projects

75.1 NA Warburg Pincus India


Stake (%)

Investors

THE DEALS

42


43

Viedea Capital Advisors NA NA BOA Consultancy Services


Aujas Networks 3.0 NA IDG Ventures India Advisors

Canvera Digital Technologies

NA NA Draper Fisher Jurvetson (DFJ); Footprint Ventures; Mumbai Angels; undisclosed investor(s)

Consim Info 11.8 NA Canaan Partners; Mayfi eld; Yahoo! Inc

Core Projects and Tech. 3.5 5.0 TGS Investment & Trade

Effort BPO 6.3 NA Motilal Oswal Venture Capital Advisors

Excelsoft Technologies 31.3 35.5 The DE Shaw Group

FutureBazaar India NA 15.0 Kleiner Perkins Caufi eld & Byers; Sherpalo Inc./Sherpalo Ventures

GSS America Infotech 10.2 10.2 Kubera Advisors

InterGlobe Technology Quotient

140.0 35.0 Credit Suisse Private Equity Asia; DBS Capital Investments; Standard Chartered Private Equity

Intrasoft Technologies (123greetings.com)

NA NA Intel Capital

iXiGO.com NA NA BAF Spectrum Pte

Kijiji India NA NA Matrix India Asset Advisors

mKhoj Solutions 7.1 NA Kleiner Perkins Caufi eld & Byers; Sherpalo Inc./Sherpalo Ventures

Netmagic Solutions 20.4 NA Fidelity Fund Management; Nexus India Capital Advisors

Newgen Software Technologies

7.6 NA HSBC Private Equity Advisors (India)


Stake (%)

Investors

OnMobile Global 30.5 5.8 Bessemer Venture Partners; DPF India Opportunities Fund; Soros Fund Man-agement LLC; Ward Ferry Management

Ortel Communications 15.0 23.0 New Silk Route Advisors

SatNav Technologies 7.0 NA Jacob Ballas Capital India

StudyPlaces Inc 2.0 NA Kleiner Perkins Caufi eld & Byers; Sherpalo Inc./Sherpalo Ventures

Veveo (India) 7.8 NA Norwest Venture Partners

VMukti Solutions NA NA GVFL

Vriti Infocom 2.5 NA Intel Capital

WNS (Holdings) 32.0 5.3 Nalanda Capital Pte

Infrastructure

Futura Infraprojects 40.0 10.0 Frontline Ventures LLC

Totem Infrastructure 7.4 NA Aquarius Investment Advisors (India)

TowerVision India 300.0 NA Morgan Stanley Private Equity Asia


PVR Pictures 28.3 40.0 ICICI Venture Funds Management Com-pany; JPMorgan Private Capital Asia

Manufacturing-heavy

Anabond 7.0 NA SIDBI Venture Capital

Calcom Cement India 17.3 NA FMO (Netherlands Development Finance Company); German Investment and Development Co. (DEG)

Chiranjjeevi Wind Energy NA 40.0 Dubai Ventures

Himadri Chemicals & Industries

4.5 1.0 Citigroup Venture Capital International

Hinduja Foundries 20.0 8.0 Farallon Capital Management, LLC


Stake (%)

Investors

THE DEALS

44


45

HNG Float Glass 5.0 NA International Finance Corporation

Kenersys India NA NA First Reserve Corp.

Mahindra & Mahindra 172.4 3.7 Goldman Sachs (India) LLC

Maithan Ispat 18.5 NA IL&FS Investment Managers; ORIX Corp.

Meghmani Finechem 11.5 25.0 International Finance Corporation

Saravana Global Energy 25.0 NA MPM Capital LP

Servomax India 3.5 NA D.E. Shaw India Advisory Services

Shakti Pumps (India) 0.2 9.1 Mayfi eld

Sharda Worldwide Exports

21.5 NA Subhkam Ventures

Shri Kamdhenu Electronics

0.0 26.0 India Hydro Investments; Power Infrastructure India; SMH Power Investments

Tecpro Systems 6.1 3.9 Credit Suisse Private Equity Asia

Uniparts India 20.4 NA AIG Global Investment Corporation (Mauritius)

Manufacturing-light

Kitply Industries 30.1 NA NA

Lizer Cylinders 10.0 NA Rand Merchant Bank

Media

Anil Printers 7.4 NA Tano India Advisors

New Horizon Media NA NA Beacon India Advisors; Emergic Venture Capital

Medical

Apollo Hospitals Enterprises 13.9 1.9 Apax Partners India Advisers


Stake (%)

Investors

BioPlus Life Sciences 31.0 NA AIF Capital (India)

Centaur Group 7.0 NA SIDBI Venture Capital

Century Pharma. NA NA GVFL

DM Healthcare 51.1 26.0 India Value Fund Advisors

Gland Pharma 30.4 NA 3 Logi Capital

HealthCare Global Ent. 20.0 NA PremjiInvest

Parabolic Drugs 7.0 NA BTS Investment Advisors Private

Quality Care India 22.8 19.0 Ashmore Investment Management

Roshini International Bio Energy Corporation

18.0 22.5 Abrax Limited Partnership; Origo Sino-India plc.; Professional Offshore Opportunity Fund

Sahyadri Hospitals 35.5 NA Baring Private Equity Partners India

Sai Advantium Pharma 20.0 12.0 ICICI Venture Funds Management Co.

Vaatsalya Healthcare Solutions

1.5 NA Aavishkaar India; Seed Advisors/Seed-fund

Vikram Hospital & Heart Care

24.0 NA ICICI Venture Funds Management Company

Mining and metals

Asian Oilfi eld Services 7.3 21.4 Samara Capital Partners

Fomento International 20.0 6.0 Origo Sino-India Plc

Punj Lloyd Upstream 30.0 12.0 International Finance Corporation

Real estate

DLF Assets 450.0 NA Symphony Capital

Entertainment World Developers

18.5 4.0 ICICI Venture Funds Management Co.

Golden Gate Properties 70.0 NA RREEF Alternative Investments


Stake (%)

Investors

THE DEALS

46


47

Indore Entertainment 37.6 14.0 ICICI Venture Funds Management Co.

Maytas Properties 153.3 NA Infi nite India Investment Management

Ramprastha Promoters and Developers

80.0 40.0 Deutsche Bank AG-Hong Kong Branch

Vaishnavi Group 28.0 NA Actis Capital LLP

Retail/wholesale

Convergem Comm. 35.7 50.0 Future Ventures India

Footmart Retail (India) 1.5 NA Future Ventures India

Mahindra First Choice 18.6 10.0 Phi Advisors

Nahar Retail 29.7 NA Sequoia Capital India

Services-non-fi nancial

Andromeda Marketing 70.0 74.0 Navis Advisors (India)

Deepak Cables 18.6 NA UTI Venture Funds Management Co.

Educational Initiatives NA NA Footprint Ventures; IFMR Trust; Novak Biddle Venture Partners

Emergent Ventures India 10.0 NA IDFC Private Equity Co.

Everonn Systems India 22.5 NA Blackstone Advisors India; Deutsche Securities Asia-Singapore Branch; New Vernon Private Equity

Ikya Human Capital 8.0 NA India Equity Partners Advisors

Infosys Investment Research Center

NA NA 3i Asia Pacifi c plc.; Infosys BPO

Laqshya Media 64.3 15.0 Warburg Pincus India

Osian’s-Connoisseurs of Art

19.6 9.4 Abraaj Capital

Percept 16.3 10.0 Indivision Investment Advisors


Stake (%)

Investors

Security and Intelligence Services India

114.2 14.0 IDFC Private Equity

Shriram EPC 3.5 1.1 Asiabridge Fund I LLC; Bessemer Venture Partners; ChrysCapital Management Co.; ICICI Venture Funds Management Company

Sterling & Wilson Elec. 46.6 NA Goldman Sachs (India) LLC

Tessolve Services NA NA QUALCOMM Ventures

Updater Services (P) 25.4 40.0 ICICI Venture Funds Management Co.

Telecommunications

Aditya Birla Telecom 640.0 20.0 Providence Equity Partners

Bharti Infratel 250.0 2.5 KKR Asia

Essel Shyam Comm. 22.0 NA Kubera Advisors

Independent News Services (India TV)

25.5 20.0 Shyam Equities

Lehren Entertainment NA NA NA

Midas Communication Technologies

3.0 NA Argonaut Private Equity, LLC

Times Innovative Media 51.0 16.6 Goldman Sachs (Asia); Lehman Bros

TV18 Home Shopping Network /HomeShop18

10.0 25.0 SAIF Partners

Zoom Entertainment 30.0 25.0 Merrill Lynch Global Private Equity

Textiles and clothing

Arrow Webtex 34.0 15.0 ICICI Venture Funds Management Co.

Genesis Colors 25.9 20.0 Mayfi eld; Sequoia Capital India; SVB India Advisors

Koutons Retail India 5.0 2.0 PremjiInvest


Stake (%)

Investors

THE DEALS

48


49

Provogue India 78.6 NA Acacia Capital Partners; Altima Partners LLP; Dharmayug Invest-ment; Genesis Capital Management Inc; Liberty International; Network 18 Fincap Pvt; New Vernon Private Equity; T Rowe Price

Reid & Taylor (India) 209.6 25.4 GIC Special Investments Pte


Allcargo Global Logistics (Allcargo Movers)

61.1 10.4 Blackstone Advisors India

Cleartrip Travel Services 18.5 NA DAG Ventures; Draper Fisher Jurvetson; Kleiner Perkins Caufi eld & Byers; Kotak Mahindra Group; Sherpalo Inc./Sher-palo Ventures

Corrtech International 15.8 NA Axis Private Equity

DRS Warehousing Corp. 98.9 70.0 Merrill Lynch Global Private Equity

Elbee Express 4.1 35.0 Clearstone Venture Advisors

Harish Chandra India 29.5 25.0 Axis Private Equity

Kinetic Engineering 6.4 14.5 AIG Global Investment Corporation (Mauritius)

Mahindra Forgings NA 3.3 Promethean Investments LLP

Om Logistics 15.2 NA Merrill Lynch Global Private Equity

Pipavav Shipyard 8.1 0.7 Deutsche Bank-Mumbai Branch; Galleon Management, LP

QuikJet Cargo NA NA Tata Capital

Seaways Shipping 28.3 22.0 Amitayus Investments LLC

Shriram SEPL Composites

NA 26.0 New Vernon Private Equity


Stake (%)

Investors

Titagarh Wagons 6.6 2.4 Blackstone Advisors India; JP Morgan-Principal Investments Management

TVS Logistics Services 25.1 NA Goldman Sachs (Asia)

Wilson Sandhu Logistics 10.0 NA Blue River Capital Advisors (India)

Travel/hospitalityCicada Resorts 10.0 NA PremjiInvest

Eastern International Hotel/EIH

14.2 1.4 Promethean Investments LLP.

Kaati Zone NA NA Erasmic Venture Fund

Lemon Tree Hotels 30.0 5.9 Kotak Investment Advisors; Shinsei Bank

Mahindra Holidays & Resorts India

10.1 1.0 Jacob Ballas Capital India

Neesa Leisure 17.7 NA Axis Private Equity

Speciality Restaurants 23.0 20.0 Farallon Capital Management, LLC; LNM Internet Ventures

UtilitiesACME Tele Power 100.8 3.4 Jackson Heights Investments; Monsoon

Capital LLC

Bhoruka Power Corp. 17.9 NA Darby Asia Investors

KLG Power 50.1 20.0 TPG Growth, LLC

Shree Maheshwar Hydel Power

24.0 NA Henderson Equity Partners

Soham Renewable Energy India

15.2 NA Columbia Pacifi c Management Inc.; Odyssey Capital; Sequoia Capital India; Silicon Valley Bank; Vinod Khosla of Kleiner Perkins Caufi eld & Byers

Sophia Power 403.8 37.5 DE Shaw India Advisory Services


Stake (%)

Investors

Announced deals arranged alphabetically by sector; NA: not available Source: AVCJFor information on deals announced in 2006, log on to outlookbusiness.com

the exits

50


51

The year 2009 will be a sombre one for private equity in India on various counts. The most important of them all: exits, or

rather, the absence of exits. The period 2008-10 was tipped to be a mega exit period for a majority of players, nota-bly those who had started investing in 2003-04.

With the capital market in shambles, exits that were lined up via initial public offerings (IPOs) are likely to get postponed by a few years, which will have an impact on the long-term returns on these investments. Simi-larly, trade sale exits, which essentially mean the sale of holdings to strategic buyers or other private equity firms, have also slowed down significantly. already, players have started marking down their exit return expectations from the average 30-35% touted so far to 20-22%.

Going forward, trade sales are likely to dominate, as they have so far, more so because there is a whole bunch of new players in the market who will be looking to enter companies where existing investors may be looking for an exit. Valuations, needless to say, will be a big factor in such deals. n

In Limbo

2002

182

2003 2004 2005 2006 2007

218667

4,684

2,163 1,871

Value ($mn)

Trade Sale Exits

2002

10

2003 2004 2005 2006 2007

19 2132

4254

Number of deals

2002

218

2003 2004 2005 2006 2007

52 369

1,123

3,051

1,989Funds raised ($mn)

PE-Backed IPOs

2002

2

2003 2004 2005 2006 2007

2

913

2126

Number of IPOs

IPO exits compared well with trade sales in the last two years. But now, IPO exits will get tougher

Source:AVCJ

the exits

52


53

Trade Sale Exits In 2007Investee Amount ($ mn) Deal stake (%) Seller(s) Acquirer(s)/investor(s)Computer-relatedAnupam Global Soft Ltd. NA 100 GVFL Ltd. (India) Anupam Group of Industries (India)Educomp Solutions Ltd. 0.7 0.6 Gaja Capital Partners (India) Undisclosed Investor(s) (India)MosChip Semiconductor Technology, Ltd. NA 1.6 UTI Venture Funds Management Co., Ltd. (India) Undisclosed Investor(s) (India)

Neilsoft Ltd. 7.0 NA GVFL Ltd. (India) Trident Capital (US)Neilsoft Ltd. 1.0 NA GVFL Ltd. (India) Neilsoft Ltd. (India)ConstructionNagarjuna Construction Co., Ltd. 16.4 2.1 ICICI Venture Funds Management Co. Ltd. (India) Undisclosed Investor(s) (India)Punj Lloyd Ltd. 54.5 2.2 Standard Chartered Private Equity Ltd. (India);

Temasek Holdings Advisors India Pvt. Ltd. (India)Undisclosed Investor(s) (China (PRC))

Consumer products/servicesGodrej Beverages and Foods Ltd. 53.9 51.0 Godrej Industries Ltd. (India); IL&FS Investment

Managers Ltd. (India); Mr A. Mahendran (India)The Hershey Company (US)

MTR Foods Ltd. 100.0 NA Aquarius Investment Advisors (India) Pvt. Ltd. (India); JP Morgan Partners Advisers Pte Ltd. (Singapore); MTR Foods Ltd. (India)

Orkla ASA (Norway)

ElectronicsSamtel Color Ltd. 0.9 3.3 ICICI Venture Funds Management Co. Ltd. (India) Undisclosed Investor(s) (India)Financial servicesFederal Bank Ltd. 10.6 2.2 International Finance Corporation (IFC) (India) Undisclosed Investor(s) (India)SS Kantilal Ishwarlal Securities Pvt. Ltd./Sharekhan Ltd.

118.2 85.0 General Atlantic LLC (India); HSBC Private Equity Advisors (India) Pvt. Ltd. (India); Intel Capital (India); S S Kantilal Ishwarlal Securities Pvt. Ltd./Sharekhan Ltd.-Morakhias (India)

Citigroup Venture Capital International-India (US)

SS Kantilal Ishwarlal Securities Pvt. Ltd./Sharekhan Ltd.

49.3 NA NA Citigroup Venture Capital International-India (US)

Data arranged alphabetically by sector; NA: not available Source: AVCJ Trade Sale Exits In 2007: go to page 80

the exits

54


55

Weizmann Homes Ltd. 20.0 100.0 Asian Finance and Investment Corporation Ltd. (Singapore); Weizmann Homes Ltd. (India)

AIG Capital India Pvt. Ltd. (India)

Information technologyConnecturf India Pvt Ltd. NA NA eVentures India (India) Nexus India Capital Advisors Pvt. Ltd.

(India)Games2win India Pvt. Ltd. NA NA eVentures India (India) Nexus India Capital Advisors Pvt. Ltd.

(India)Global Vantedge Pvt. Ltd. 22.7 NA ChrysCapital Management Co. (India); Global

Vantedge Pvt. Ltd. (India)Aegis Communications Group, Inc (US)

IceNet.Net Ltd. NA 100.0 GVFL Ltd. (India); IceNet.Net Ltd. (India) YOU Telecom India Pvt Ltd. (India)Netmagic Solutions Pvt. Ltd. NA NA eVentures India (India) Nexus India Capital Advisors Pvt. Ltd.

(India)NIIT Ltd. 48.4 10.0 Intel Capital (India) Undisclosed Investor(s) (India)RelQ Software Pvt. Ltd. 40.0 100.0 Acer Technology Ventures Asia Pacific (India);

ICICI Venture Funds Management Company Ltd. (India); Karnataka Asset Management Co. Pvt. Ltd (KAMCO) (India); RelQ Software Pvt. Ltd. (India)

Electronic Data Systems Corp. (US)

InfrastructureGammon Infrastructure Projects Ltd. 17.9 3.5 Och-Ziff Capital Management Group, Inc (US) Gammon Cooling Towers Ltd. (India)Leisure/entertainmentMadhouse Media Pvt. Ltd. NA 100.0 BOA Consultancy Services Pvt. Ltd. (Band of

Angels) (India); Madhouse Media Pvt. Ltd. (India); Mumbai Angels (India)

Seventymm Services Pvt. Ltd./Karod-pati Marketing Pvt. Ltd., (India)

PVR Ltd. 3.2 3.7 ICICI Venture Funds Management Co. Ltd. (India) Undisclosed Investor(s) (India)Manufacturing-heavyACE Refractories Ltd 136.0 99.0 ICICI Venture Funds Management Co. Ltd. (India) Calderys (France)Colortek India Ltd. NA NA GVFL Ltd. (India) Undisclosed Investor(s) (India)Sintex Industries Ltd. 256.4 25.0 Warburg Pincus India Pvt. Ltd. (India) Undisclosed Investor(s) (India)MediaInfomedia India Ltd. 105.6 79.0 ICICI Venture Funds Management Co. Ltd. (India);

Undisclosed investor(s) (India)Television Eighteen India Ltd. (India)

Investee Amount ($ mn) Deal stake (%) Seller(s) Acquirer(s)/Investor(s)

the exits

56


57

Miditech Pvt. Ltd. NA 26.0 ICICI Venture Funds Management Co. Ltd. (India) Turner Broadcasting System Asia Pacific Inc (US)

Medical

Apollo Hospitals Enterprises Ltd. 30.3 5.3 Temasek Holdings Advisors India Pvt. Ltd. (India) Undisclosed Investor(s) (India)

Aurobindo Pharma Ltd. 23.2 2.5 Standard Chartered Private Equity Ltd. (India) Undisclosed Investor(s) (India)

Unichem Laboratories Ltd. 2.6 NA New Vernon Private Equity Ltd. (India) Undisclosed Investor(s) (India)

Retail/wholesale

Subhiksha Trading Services Ltd. 18.6 5.0 ICICI Venture Funds Management Co. Ltd. (India) Prudential ICICI Asset Management Co., Ltd. (India)

Trinethra Pvt. Ltd. 76.8 90.0 India Value Fund Advisors Pvt. Ltd. (India) Aditya Birla Group (India)

Services-non-financial

Contests2win India NA NA eVentures India (India) Nexus India Capital Advisors Pvt. Ltd. (India)

Firstsource Solutions Ltd. 52.6 14.0 ICICI Bank Ltd. (India); ICICI Venture Funds Management Co. Ltd. (India)

Metavante Corporation (US)

Firstsource Solutions Ltd. 22.4 6.0 ICICI Bank Ltd. (India); ICICI Venture Funds Management Co. Ltd. (India)

Galleon Partners (US)

Firstsource Solutions Ltd. 42.0 4.5 Sequoia Capital India (India) SUN Group (Russia)

MeritTrac Services Pvt. Ltd. 12.9 70.0 HSBC Private Equity Advisors (India) Pvt. Ltd. (India); MeritTrac Services Pvt. Ltd. (India)

Manipal Education and Medical Group India Pvt. Ltd. (India)

Quality Engineering and Software Technologies LLC (QuEST)

NA NA Carlyle Asia-India (India) Quality Engineering and Software Technologies LLC-Promoters (India)

Telecommunications

ACL Wireless Ltd. 12.3 30.0 Inter-Asia Venture Management Ltd. (Singapore) Naspers Ltd. (South Africa)

Jagran TV Pvt. Ltd. 5.1 10.0 New Vernon Private Equity Ltd. (India) Global Broadcast News Ltd. (India)

Music Broadcast Pvt. Ltd./ Radio City NA 20.0 India Value Fund Advisors Pvt. Ltd. (India) Star Group Ltd. (Hong Kong)

NEW Delhi Television Ltd. (NDTV) NA 7.7 General Atlantic LLC (India) Prannoy Roy and Radhika Roy (India)

YOU Telecom India Pvt Ltd. NA 5.0 Citigroup Venture Capital International (India) Bennett, Coleman & Co., Ltd. (India)


the exits

58


59

Textiles and clothingSangam India Ltd. 3.2 4.9 ICICI Venture Funds Management Co. Ltd. (India) Undisclosed Investor(s) (India)Sangam India Ltd. NA 2.0 ICICI Venture Funds Management Co. Ltd. (India) ICICI Bank Ltd. (India)Welspun India Ltd. 5.0 4.3 ICICI Venture Funds Management Co. Ltd. (India) Undisclosed Investor(s) (India)Transportation/distributionDeccan Aviation Ltd. 7.3 3.4 ICICI Venture Funds Management Co. Ltd. (India) Undisclosed Investor(s) (India)Deccan Aviation Ltd. 104.6 20.0 Deccan Aviation Ltd. (India); ICICI Venture Funds

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

Gateway Distriparks Ltd. 8.9 2.6 ICICI Venture Funds Management Co. Ltd. (India) ICICI Bank Ltd. (India); Undisclosed Investor(s) (India)

Ocean Sparkle Ltd. 18.0 18.0 APIDC Venture Capital Ltd. (India) India Equity Partners (India)Punjab Tractors Ltd. 215.5 43.5 Actis Capital LLP. (India); Burman Family (India) Mahindra & Mahindra Ltd. (India)Travelport 75.0 100.0 The Blackstone Group L.P. (US) Intelenet Global Services Pvt. Ltd.

(India)Travel/hospitalityThe Mars Hospitality Group-Mars Res-taurants and SkyGourmet Catering

91.6 100.0 Navis Capital Partners (Malaysia); Undisclosed Investor(s) (India)

India Hospitality Corp. (India)

Trade Sale Exits In 2008 (First-Half)st-half)Financial servicesGlobal Trade Finance Pvt. Ltd. 133.9 91.0 Exim Bank (India); First International Merchant

Bank Plc (Malta); IFC (India)State Bank of India (India)

Shriram Transport Finance Company Ltd. 35.3 10.0 ChrysCapital Management Co. (India) JP Morgan Securities Pvt. Ltd. (India)Information technologyAztecsoft Ltd. 28.9 32.6 e4e India (India) MindTree Consulting Pvt. Ltd. (India)Excelsoft Technologies Pvt. Ltd. 31.3 35.5 UTI Venture Funds Management Co. (India) The DE Shaw Group (US)OnMobile Global Ltd. 30.5 5.8 Argo Global Capital (Hong Kong); H&Q Asia Pacific

Venture Management Pte Ltd. (Singapore); Polygon Investment Partners LLP (UK); Satwik Venture Capital Partners (US)

Bessemer Venture Partners (US); DPF India Opportunities Fund (Canada); So-ros Fund Management LLC (US); Ward Ferry Management Ltd. (Hong Kong)


the exits

60


61

InfrastructurePetronet LNG Ltd. NA 5.2 Asian Development Bank (Philippines) LN Mittal Group (India)Services-non-financial Updater Services (P) Ltd. 25.4 40.0 New Vernon Private Equity Ltd. (India) ICICI Venture Funds Management

Company Ltd. (India)TelecommunicationsIdea Cellular Ltd. 23.5 NA Macquarie Investment Management Ltd.

(Australia)Undisclosed Investor(s) (India)

Transportation/distributionTitagarh Wagons Ltd. 6.6 2.4 Frontline Strategy (India); Titagarh Wagons-pro-

moter (India)Blackstone Advisors India Pvt. Ltd. (US); JP Morgan-Principal Investments Management (US)

IPOs Backed By PE Funds And VCs 2007Issuer Size ($ mn) PE/VC shareholder(s)Autoline Industries Pvt. Ltd.

17.0 Duke Equity Partners

Binani Cement Ltd. 37.9 Credit Suisse Private Equity Asia; JP Morgan Special Situations Asia

Consolidated Construction Consortium Ltd.

47.6 EIF Managers Ltd. (Evolvence India); UTI Venture Funds Management Co., Ltd.

Dhanus Technolo-gies Ltd.

28.9 Sourabh Venture Capital Trust; Volrado Ventures Partners

DQ Entertainment Ltd. 54.1 IL&FS Investment Managers Ltd.; iLabs Ltd.; International Finance Corporation (IFC); TDA Capital Partners, Inc.

Edelweiss Capital Ltd. 174.2 Americorp Ventures Ltd.; Galleon Management, L.P.; Government of Singapore Investment Corp. Pte Ltd. (GIC); Greater Pacific Capital India (P) Ltd.; Lehman Brothers; Sequoia Capital India

Everonn Systems India Ltd.

12.4 ST Asset Management Ltd.

Firstsource Solutions Ltd.

100.5 Galleon Management, L.P.; ICICI Venture Funds Management Co. Ltd.; Temasek Holdings Advisors India Pvt. Ltd.; WestBridge Capital Partners LLC

Fortis Healthcare Ltd. 121.1 Blue Ridge Capital LLC.; Soros Fund Management LLC; TCK Advisers Pvt. Ltd. (Trikona Capital)

Genpact 494.1 General Atlantic LLC; Oaktree Capital Management, LLC

Global Broadcast News Ltd.

23.9 IL&FS Investment Managers Ltd.

Issuer Size ($ mn) PE/VC shareholder(s)


Dataarrangedalphabeticallybysector;NA:notavailable Source:AVCJ

PEinvestorsarecurrentlyinvestedinthesecompaniesandcanexitaftertheoneyearlock-in Source:AVCJ

the exits

62


63

Idea Cellular Ltd. 481.6 2i Capital (India) Pvt. Ltd.; Citigroup Venture Capi-tal International-India; Sequoia Capital India

Jyothy Laboratories Ltd.

77.0 Actis Capital LLP.; CLSA Capital Partners

K.S. Oils Ltd. 31.4 Baring Private Equity Partners India Pvt. Ltd.; Citigroup Venture Capital International-India

Kaveri Seed Co., Ltd. 17.2 India Emerging Capital Pvt. Ltd.Koutons Retail India Ltd.

36.9 Argonaut Private Equity, LLC; Passport Capital LLC; UTI Venture Funds Management Co., Ltd.

KPR Mill Pvt. Ltd. 32.3 Argonaut Private Equity, LLC.; Blue River Capital Advisors (India) Pvt. Ltd.; Brandot International Ltd.; Peterson Partners, Inc.

Meghmani Organics Ltd.

25.2 Electra Partners Asia Pvt. Ltd.

MindTree Consulting Pvt. Ltd.

53.9 Capital International, Inc.; Global Technology Ventures Ltd.; Templeton Asset Management (India) Pvt Ltd.

Motilal Oswal Financial Services Ltd.

60.5 Bessemer Venture Partners; New Vernon Private Equity Ltd.

Mudra Lifestyle Ltd. 19.5 SIDBI Venture Capital Ltd.Mundra Port & SEZ (MPSEZ)

451.2 3i India Pvt. Ltd.; GIC Real Estate Pte. Ltd.

Religare Enterprises Ltd.

35.7 Merrill Lynch Global Principal Investments

Spice Communica-tions/Spice Telecom

128.8 Lehman Brothers Private Equity; Spinnaker Capital Limited

Supreme Infrastruc-ture India Ltd.

9.6 Hexagram Investment Advisors Pvt. Ltd.

Suryachakra Power Corporation Ltd.

16.8 Opulent Venture Capital

Take Solutions Ltd. 37.2 Galleon Management, L.P.; Passport Capital LLC

Zylog Systems Ltd. 30.6 Argonaut Private Equity, LLC; Magnus Capital Corporation Limited; UTI Venture Funds Management Co., Ltd.

2008 (First-Half)BGR Energy Systems Ltd.

111.3 Citigroup Venture Capital International-India

Future Capital Holdings Ltd.

125.5 Och-Ziff Capital Management Group LLC; Soros Fund Management LLC

Future Capital Holdings Ltd.

NA Och-Ziff Capital Management Group LLC; Soros Fund Management LLC

Gammon Infrastruc-ture Projects Ltd.

69.3 Och-Ziff Capital Management Group LLC

Gokul Refoils and Solvent Ltd.

32.9 Granite Hill Capital Partners, LLC

GSS America Infotech Ltd.

35.0 IL&FS Investment Managers Ltd.; Kubera Advisors Pvt. Ltd.

IRB Infrastructure Developers Ltd.

237.9 Deutsche Bank-Mumbai Branch; Goldman Sachs (Asia) Ltd.; Merrill Lynch Corporate Principal Investments Group

OnMobile Global Ltd. 120.8 Argo Global Capital; Bessemer Venture Partners; Deutsche Bank-Mumbai Branch; DPF India Op-portunities Fund; Gilbert Global Equity Partners, LLC; Goldman Sachs (Asia) Ltd.; Greenoaks Ventures; H&Q Asia Pacific Venture Management Pte Ltd.; Paul Harris Mana

Shriram EPC Ltd. 37.8 Argonaut Private Equity, LLC; Bessemer Venture Partners; Galleon Management, L.P.; New Vernon Private Equity Ltd.; UTI Venture Funds Management Co., Ltd.

Titagarh Wagons Ltd. 32.0 2i Capital (India) Pvt. Ltd.; Blackstone Advisors India Pvt. Ltd.; ChrysCapital Management Co.; JP Morgan - Principal Investments Management; Strategic Ventures Fund (Mauritius) (SVFML)

Issuer Size ($ mn) PE/VC shareholder(s) Issuer Size ($ mn) PE/VC shareholder(s)

PEinvestorsarecurrentlyinvestedinthesecompaniesandcanexitaftertheoneyearlock-in Source:AVCJForinformationonexitsannouncedin2006,logontooutlookbusiness.com

the deals

64


65

Transactions In 2006

Announced deals arranged alphabetically by sector; NA: not available Source: AVCJ

Agriculture/FisheriesSuguna Poultry Farms 11.0 NA Temasek Holdings Advisors India Computer-relatedFlextronics Software Systems

900.0 85.0 Kohlberg Kravis Roberts & Co.; Sequoia Capital India

Geometric Software Sol. 10.1 6.4 ICICI Venture Funds Mgmt. Comp. Guruji.com Software 7.0 NA Sequoia Capital IndiaHarbinger TechAxes NA NA Rajasthan Asset Management Co.Ilantus Technologies 2.0 NA Pequot Capital Management, Inc.Indium Software (India) 1.0 NA SIDBI Venture Capital Insilica Semiconductors India

18.0 NA Crossbow Ventures; Dow Corporate Venture Capital; Flextronics Interna-tional Singapore Pte; Intel Capital; NewPath Ventures LLC

Kenati Technologies NA NA TCK Advisers (Trikona Capital)Paymate India 5.0 NA Kleiner Perkins Caufield & Byers; Sher-

palo Inc./Sherpalo VenturesProteans Software Sol. NA NA Karnataka Asset Management Co. Shriram EPC 22.6 33.0 ChrysCapital Management Co.Shriram EPC 10.0 NA Bessemer Venture PartnersSkelta Software 1.5 NA Baring Private Equity Partners India SSI 3.0 5.2 Blackstone Advisors India Tejas Networks India 20.0 NA Battery Ventures, LP; Gururaj

Deshpande; Intel Capital; Mayfield; Sandstone Capital; SUN Technologies

VMLogix 3.5 NA Bain Capital Partners, LLC


Stake (%)

Investors ConstructionConsolidated Construction Consortium

27.2 22.0 EIF Managers (Evolvence India); UTI Venture Funds Management Co.

Indiabulls Infrastructure 3.4 60.0 Farallon Capital Management, LLCKapstone Constructions 18.7 16.0 Citigroup Venture Capital International-

IndiaLok Housings & Construc-tion

1.5 NA H&M Global Selection India Pte; Jina Ventures Inc.

Sanghvi Movers 28.8 23.0 General Atlantic LLCSobha Developers 6.6 NA SKS Microfinance-borrowers; Unitus

Investment Management Co.; Vinod Khosla of Kleiner Perkins Caufield & Byers; Vistaar Technologies-Ravi Reddy and Sandeep Tungare

Supreme Infra. India 1.6 9.6 Hexagram Investment Advisors Consumer products/servicesAmalgamated Bean Coffee Trading Co. (Coffee Day)

5.0 NA International Finance Corporation

Amalgamated Bean Coffee Trading Co. (Coffee Day)

20.4 NA Sequoia Capital India

Amalgamated Plantations 7.8 19.0 International Finance Corporation Bakers Circle NA 26.0 ChrysCapital Management Co.Capital Foods 3.0 33.0 Indivision Investment Advisors Cremica Group 10.8 10.0 Goldman Sachs (Asia) Eastern Condiments 10.1 15.0 IL&FS Investment Managers Gayatri Sugar Complex NA 30.0 Clearwater Capital Partners, LLCGodrej Tea 13.6 40.0 IL&FS Investment Managers KS Oils 20.0 16.1 IDFC Private Equity Co.


Stake (%)

Investors

the deals

66


67


Stake (%)

Investors

Mason & Summers Alcobev NA 6.0 GEM India AdvisorsMcLeod Russel India 4.0 2.7 Capital International, Inc.McLeod Russel India 3.4 2.5 Capital International, Inc.Mrs. Bector’s Food Specialities

16.5 NA Undisclosed venture capital firm(s)

Nilgiris Dairy Farm 64.7 65.0 Actis Capital LLP; GIC Special Invest-ments Pte; NC Venugopal

Nutrine Confectionery Company

54.1 100.0 Godrej Beverages and Foods; IL&FS Investment Managers

Paras Pharmaceuticals 42.0 23.0 Actis Capital LLPParas Pharmaceuticals 12.0 NA Sequoia Capital IndiaTata Tea-North Indian Plantation Operation

NA 40.0 Infrastructure Leasing & Financial Services; International Finance Corp.

Vallabhdas Kanji 6.0 NA UTI Venture Funds Management Co.ElectronicsDiamond Cables 5.1 14.9 Clearwater Capital Partners, LLCFCI OEN Connectors 11.6 20.0 Bain Capital Partners, LLCGenus Overseas Electron-ics


Ravin Cables 5.8 19.0 Tano India Advisors; Temasek Holdings Advisors India

Su-Kam Power Systems 10.1 20.0 International Finance Corporation Universal Power Trans-formers

2.0 NA H&M Global Selection India Pte; Jina Ventures Inc.

Financial servicesBajaj Auto Finance 10.2 5.0 Indivision Investment Advisors Centurion Bank of Punjab 55.6 NA Citigroup Venture Capital International-

India; EIF Managers (Evolvence India); India Value Fund Advisors


Stake (%)

Investors

Development Credit Bank 7.9 14.1 Amtel Finance; Satpal Khattar, private investor

Dove Finance NA 80.0 Temasek Holdings Advisors India Dove Finance NA 18.0 Temasek Holdings Advisors India Federal Bank 40.0 7.8 International Finance Corporation IL&FS 100.4 10.0 TCK Advisers (Trikona Capital)India Infoline 11.2 5.0 Farallon Capital Management, LLCIndiabulls Buildcon 3.2 36.0 Farallon Capital Management, LLCIndiabulls Credit Services 20.1 NA LNM Internet VenturesIndiabulls Credit Services 20.4 8.2 Farallon Capital Management, LLCIndiabulls Housing Finance 25.4 NA Farallon Capital Management, LLC;

Karrick Indiaideas.com/Billdesk 7.5 NA Iris CapitalIT park project in Pune 32.7 NA New Vernon Private Equity; Vascon

Engineers

JM Financial 17.8 4.2 Blue Ridge Capital LLC; Tiger Global Management, LLC

Kotak Mahindra Bank 95.0 4.5 Clearwater Capital Partners, LLCMahindra & Mahindra Financial Services


MAPE ADMISI Securities NA 100.0 ADM Investor Services International Limited; MAPE Advisory Group; Para-cor India Investments

MAS Financial Services 1.5 NA Caspian Advisors Private Limited Motilal Oswal Financial Services

27.8 9.3 Bessemer Venture Partners; New Vernon Private Equity

Parsec Interact 3.3 NA Baring Private Equity Partners India Reliance Asset Reconstruc-tion

0.0 21.0 Blue Ridge Capital LLC; Soros Fund Management LLC

the deals

68


69


Stake (%)

Investors

Shriram City Union Finance 14.3 10.0 Reliance Private EquitySKS Microfinance 2.3 NA SIDBI Venture Capital SS Kantilal Ishwarlal Securities/Sharekhan

32.4 15.0 Tano India Advisors

Ujjivan Financial Services 0.3 24.0 Unitus Investment Management Co.UTI Bank 79.8 4.9 ChrysCapital Management Co.Vascon Engineers 30.2 NA HDFC Venture Capital Vivek Hire Purchase and Leasing

NA 75.0 AIG Global Investment Corporation (Mauritius)

Information technologyAllsec Technologies 25.4 27.7 Carlyle Asia-IndiaAutomotive Exchange NA 30.0 SeedfundBharatMatrimony.com 8.7 NA Canaan Partners; Yahoo! Inc.Cellebrum.Com 15.0 NA Lehman BrothersCybernet Software Systems 22.5 NA SAIF PartnersDhanus Technologies 3.9 NA Sourabh Venture Capital Trust; Volrado

Ventures PartnersFour Interactive (Asklaila) 2.0 NA Matrix India Asset Advisors Hexaware Technologies 67.9 15.0 General Atlantic LLCIMImobile 10.0 NA Citigroup Global Investments (CGI)Indiabulls.com/Indiabulls Financial Services

105.9 10.7 Clearstone Venture Advisors; State Bank of India

Info Edge (Naukri.com) 6.0 NA Abu Dhabi Investment AuthorityIntegra Software Services NA NA Baring Private Equity Partners India JiGrahak Mobility Solutions 2.2 NA New Vernon Private Equity KMG Infotech 2.4 10.0 Citigroup Venture Capital International-

IndiaKnowcross/Triton NA NA SIDBI Venture Capital


Stake (%)

Investors

KPIT Cummins Infosystems 2.4 2.9 Argonaut Private Equity, LLC; UTI Venture Funds Management Co.

MakeMyTrip 13.0 NA Helion Ventures; SAIF Partners; Sierra Ventures

MakeMyTrip NA NA Gabriel Venture PartnersMicroland 11.0 NA Cargill Ventures; Intel Capital; JAFCO

Investment (Asia Pacific); Trident Capital

Nanocast R&D (India)/Nanocast Labs

2.7 NA ComVentures

OnMobile 27.8 NA Deutsche Bank-Mumbai Branch; Gold-man Sachs (Asia); Polygon Investment Partners LLP

People Infocom Ptv./mauj.com

10.0 NA Intel Capital; Sequoia Capital; West-Bridge Capital Partners LLC

People Interactive/Shaadi.com

8.0 NA WestBridge Capital Partners LLC

Quatrro BPO Solutions (P) 100.0 NA Olympus Capital Holdings AsiaSulekha.com 10.0 NA Norwest Venture PartnersTELiBrahma Convergent Communications

NA NA Karnataka Asset Management Co.

TutorVista 2.0 NA Sequoia Capital India

TutorVista 10.8 NA Lightspeed Venture Partners; Sequoia Capital India; Silicon Valley Bank

TV 18 Home Shopping Network

NA 100.0 SAIF Partners; Television Eighteen India

Ugenie 5.0 NA BlueRun Ventures; Sierra VenturesInfrastructureAnsal IT City & Parks NA 33.0 HDFC Venture Capital Ashoka Buildcon 21.5 NA IDFC Private Equity Co.

the deals

70


71


Stake (%)

Investors

B Seenaiah & Company (Projects)

33.3 19.0 New Vernon Private Equity; Tiger Veda; Touradji Capital Management

Gayatri Projects 5.7 15.0 2i Capital (India); IL&FS Investment Managers

GMR Industries 21.6 10.3 Citigroup Venture Capital International-India

GMR Infrastructure 55.5 2.9 ICICI Venture Funds Magmt. Comp. GMR Infrastructure NA 4.3 IDFC Private Equity GMR Infrastructure 21.6 1.3 Citigroup Venture Capital International-

IndiaGMR Infrastructure 15.6 0.8 Soros Fund Management LLCIL&FS Transportation Networks

9.0 2.5 Infrastructure Leasing & Financial Ser-vices; TCK Advisers (Trikona Capital)

IL&FS Trikona Infra. 100.0 100.0 Intel CapitalIndiabulls Infrastructure Development

100.4 13.3 Farallon Capital Management, LLC

Intelligent Infrastructure 6.5 50.0 New Vernon Private Equity International Recreation Parks

16.7 10.0 IDFC Private Equity

L&T Infrastructure Hold-ings/L&T Infrastructure Dev.

122.1 21.6 IDFC Private Equity Co.; JP Morgan Partners Advisers Pte

L&T Urban Infrastructure 20.7 NA HDFC Venture Capital; Housing Development Finance Corp.

Navayuga Engineering 44.4 NA 3i India New Delhi airport moderni-sation project

5.1 8.0 IDFC Private Equity Co.

RR Skyline Project 45.0 100.0 Old Lane, LP; RR IndustriesITESCelunite, Inc. 30.0 100.0 Garnett & Helfrich Capital


Stake (%)

Investors

Cleartrip Travel Services 5.0 NA Kleiner Perkins Caufield & Byers); Sherpalo Inc./Sherpalo Ventures

Cleartrip Travel Services 8.0 NA DAG Ventures; Kleiner Perkins Caufield & Byers; Sherpalo Inc./Sherpalo Ventures

Leisure/entertainmentMadhouse Media 0.2 NA BOA Consultancy Services (Band of

Angels); Mumbai AngelsReal Image Media Tech. 6.7 NA Intel CapitalSeventymm Services/Kar-odpati Marketing

7.0 NA Clearwater Capital Partners, LLC; undisclosed investor(s)

ManufacturingAcme Tower NA NA ACME Tele Power, Indivision Invest-

ment Advisors Action Construction Equipment

2.9 NA ICICI Venture Funds Management Company

Amtek Auto 63.2 9.0 Warburg Pincus India Amtek India 41.2 14.0 India Equity Partners; New Vernon

Private Equity Atul 7.5 NA International Finance Corporation Aurangabad Electricals 10.2 NA Blue River Capital Advisors (India) Autoline Industries 2.4 25.4 Duke Equity PartnersBhushan Power & Steel 33.7 10.0 Baring Private Equity Asia GroupBinani Cement 32.6 10.1 Credit Suisse Private Equity AsiaEMI Transmission 10.8 23.0 Temasek Holdings Advisors India Everest Kanto Cylinder 20.0 9.7 CLSA Capital PartnersInternational Cars & Motors 22.6 10.0 3i India Jamna Auto Industries 8.9 26.7 International Finance Corporation Kinetic Engineering 2.5 NA INC3 Ventures, LLC

the deals

72


73


Stake (%)

Investors

Kinetic Motor 21.0 10.0 Clearwater Capital Partners, LLCPhoenix Lamps 37.3 46.1 Actis Capital LLPPhoenix Lamps 23.2 20.0 Actis Capital LLPThe REVA Electric Car Company

20.0 NA Draper Fisher Jurvetson (DFJ); Global Environment Fund Corp.

Manufacturing-heavyContinental Carbon India 2.0 NA International Finance Corporation Dalmia Cements Bharat 30.0 11.0 Actis Capital LLPDynaspede Integrated 6.7 100.0 Kotak Investment Advisors GPT Steel Industries NA 15.0 AIF Capital (India) Himadri Chemicals & Industries

23.1 15.0 Citigroup Venture Capital International-India

Indo Shell Mould 3.5 NA Kleiner Perkins Caufield & Byers; Sher-palo Inc./Sherpalo Ventures

International Tractors 45.3 10.0 3i India Jindal Poly Films 12.7 6.7 Helion Ventures LG Balakrishnan & Bros 5.0 6.6 International Finance Corporation Maxop Engineering NA NA Zephyr Peacock Management India Oriental Containers 32.6 70.0 Navis Capital PartnersPSL 5.0 NA International Finance Corporation Saurashtra Cement 23.3 23.0 BOA Consultancy Services (Band of

Angels)Tecpro Systems 0.1 NA Avigo Capital Partners TurboTech Precision Engineering

0.6 NA International Finance Corporation (IFC)

Uma Precision 4.0 NA H&M Global Selection India Pte; Jina Ventures Inc.; ST Asset Management

Virgo Engineers 9.8 NA Tano India Advisors


Stake (%)

Investors

Manufacturing-lightJK Paper 11.3 10.0 SAIF PartnersMoja Shoes NA NA Tano India Advisors Parksons Packaging 25.0 25.0 ChrysCapital Management Co.Textrade International Pvt 9.7 26.0 Reliance Private EquityMedia18 Holdings Cyprus NA NA SAIF PartnersA&M Publications 13.1 18.0 DE Shaw India Advisory Services Amar Ujala Publications 13.1 18.0 DE Shaw India Advisory Services Dainik Bhaskar Group/Writ-ers and Publishers

33.9 7.0 Warburg Pincus India

E-City Entertainment 22.6 26.0 IL&FS Investment Managers Just Dial Service NA NA SAIF PartnersWeb18 Caymans 10.0 NA Tracer Capital ManagementMedicalAdd Life Medical Institute/Sterling Hospitals

15.5 41.0 Actis Capital LLP

Arch Pharmalabs 21.7 NA ICICI Venture Funds Management Company

Celestial Biologicals 0.4 NA GVFL Claris Lifesciences 20.0 NA Carlyle Asia-IndiaElder Pharmaceuticals NA 4.5 Citigroup Venture Capital International-

IndiaEmcure Pharmaceuticals 50.0 NA Blackstone Advisors India Fortis Healthcare 33.3 NA Blue Ridge Capital LLC; Soros Fund

Management LLCFortis Healthcare 6.6 1.0 TCK Advisers (Trikona Capital)Fulford India 2.8 7.0 Goldman Sachs (Asia) Glenmark Pharmaceuticals 27.0 NA Paul Capital Partners

the deals

74


75


Stake (%)

Investors

Grandix Pharmaceuticals 2.0 30.0 Agnus; Xenox

HealthCare Global Enterprises

10.9 NA IDFC Private Equity Co.

Intas Pharmaceuticals 11.8 12.5 ChrysCapital Management Co.

JB Chemicals & Pharma-ceuticals

10.0 4.6 Clearwater Capital Partners, LLC

Kopran 13.1 NA BOA Consultancy Services (Band of Angels)

Manipal Health Systems 19.6 NA IDFC Private Equity Co.

Morepen Laboratories 48.0 40.0 Deutsche Bank-Mumbai Branch; Sabre Capital Worldwide; Spinnaker Capital Ltd

Napo India 3.0 9.0 IL&FS Investment Managers

Ocimum Biosolutions 3.9 20.0 International Finance Corporation

Unichem Laboratories 12.6 5.2 New Vernon Private Equity

Unimark Remedies 9.0 NA International Finance Corporation

VLife Sciences Tech. NA NA Kotak Investment Advisors

Mining and metals

Aryan Coal Benefications 66.0 NA Warburg Pincus India

Deccan Gold Mines 6.2 26.0 SUN Group

Dolphin Offshore Enter-prises

15.0 21.0 Clearwater Capital Partners, LLC

Garware Offshore Services 6.5 2.8 Sycamore Ventures

Garware Shipping Corpora-tion

3.4 12.6 Sycamore Ventures

Reliance Petroleum 12.8 0.3 ICICI Venture Funds Management Company


Stake (%)

Investors

Real estateAlpha G:Corp Development 65.2 NA Morgan Stanley Real Estate FundBE Billimoria & Co. 12.0 26.0 GEM India AdvisorsEmaar MGF Land 41.0 NA EIF Managers (Evolvence India)Jubilee Hill Landmark Projects

75.6 NA ICICI Venture Funds Management Company; Nagarjuna Construction Co.; Satyam Computer Services

Lodha Group 60.0 NA JP Morgan Asset ManagementMantri Developers Ptv. 67.9 NA Morgan Stanley Real Estate Fund

Nitesh Estates 100.0 NA Siachen CapitalRetail/wholesaleDigital Shoppy 3.9 NA IL&FS Investment Managers Home Solutions Retail India 26.4 21.0 ICICI Venture Funds Management

Company; Kotak Investment Advisors MobileNXT Teleservices 5.0 NA Undisclosed investor(s)Nirulas Corner House 19.6 NA Navis Capital PartnersRedington Group/Redington (India)


Vishal Retail 8.6 10.0 Burman Family; Gaja Capital Partners; Housing Development Finance Corp.; Reliance Group

Services-Non-financial247 Learning Solutions P. /24x7learning

10.0 NA Karnataka Asset Management Co.

Accutest Research Laboratories

4.0 NA Aureos Advisers India

Andromeda Marketing 6.0 NA NSD FinanceBerggruen Education 12.0 NA Berggruen Holdings, Inc.Brickworks India NA NA Karnataka Asset Management Co.

the deals

76


77


Stake (%)

Investors

Carzonrent India 7.0 NA Sequoia Capital IndiaDigital Music India (vJive) 4.5 NA Matrix India Asset Advisors EBS Worldwide Services 5.4 NA EIF Managers (Evolvence India);

IL&FS Investment Managers Everonn Systems India 3.0 NA ST Asset Management Firepro Systems 12.0 15.0 AIG Global Investment Corporation

(Mauritius) Laqshya Media 10.0 NA UTI Venture Funds Management Co.Manipal Universal Learning 70.0 NA Capital International, Inc.; IDFC Private

Equity Co. Metropolish Health Services

7.8 18.0 ICICI Venture Funds Management Company

Osian’s-Connoisseurs of Art

2.5 5.0 Venus Capital Management

PharmArc Analytic Solu-tions

10.0 NA Baring Private Equity Partners India

Praj Industries 26.3 10.0 Berjis Desai; Marubeni Corp.; Pramod Chaudhari; Shashank Inamdar; Vinod Khosla of Kleiner Perkins Caufield & Byers

Sanshadow Consultants NA NA Clearwater Capital Partners, LLC; Olympus Capital Holdings Asia; Voyager Venture Partners, LLC

SIRO Clinpharm NA 30.0 UTI Venture Funds Management Co.Updater Services 10.0 NA New Vernon Private Equity Vignani Technologies 4.0 NA Intel Capital; JAFCO Investment (Asia

Pacific) ; KT Venture Group, LLCTelecommunicationsGlobal Broadcast News 8.9 9.0 IL&FS Investment Managers


Stake (%)

Investors

Idea Cellular 1028.0 34.5 2i Capital (India), ChrysCapital Man-agement Co., Citigroup Venture Capital International-India, GLG Partners LP; Macquarie Investment Management; NSS Ventures; Providence Equity Partners; Sequoia Capital India; Spin-naker Capit

Iqara Telecom (BG Broadband)

NA 100.0 Citigroup Venture Capital International-India

Tata Teleservices 339.4 9.9 Temasek Holdings Advisors India Tracmail (India) NA 100.0 HandsOn Ventures, LLCTextiles and clothingEastern Silk Industries 11.4 NA New Vernon Private Equity Genesis Colors Ptv. NA NA JM Financial Investment Managers GPI Textile 43.1 100.0 Avenue Capital Group/Avenue Asia

Capital Management, LLCKoutons Retail India 5.9 4.5 Warburg Pincus India Koutons Retail India 16.4 NA UTI Venture Funds Management Co. KPR Mill 23.6 11.0 International Finance Corporation Lilliput Kidswear 10.0 24.0 Indivision Investment Advisors OCM India 37.2 100.0 WL Ross & Co. Shri Lakshmi Cotsyn 3.6 10.0 KSK Energy Ventures SP Apparels 7.7 10.7 Kotak Investment Advisors Spentex Industries 1.4 2.0 Jacob Ballas Capital India Sports Station Group 5.0 0.0 BNP Paribas Singapore; Goldman

Sachs (Asia); Istithmar PJSR; Tata Group; TATA Investment Corp.; undis-closed investor(s)

V&S International 6.7 NA SIDBI Venture Capital

the deals

78


79


Stake (%)

Investors

Transportation/distributionAllcargo Global Logistics (Allcargo Movers)

13.4 5.4 New Vernon Private Equity

Delhi Jagson Airlines 24.8 15.0 Undisclosed investor(s)Direct Logistics India 2.2 NA SIDBI Venture Capital DTDC Courier & Cargo 15.8 44.0 Reliance Private EquityEndurance Technologies 32.3 NA Standard Chartered Private Equity Expressit Logistics Worldwide

1.4 NA SIDBI Venture Capital

Gateway Distriparks 27.1 5.2 ICICI Venture Funds Management Company

Gati 17.6 NA AMP Capital Investors Mundra Port & SEZ 100.0 NA 3i India; GIC Real Estate Pte Ramakrishna Forgings 5.0 15.0 UTI Venture Funds Management Co. RSB Group 7.7 NA International Finance Corporation SpiceJet 67.4 25.0 Citigroup Venture Capital International-

IndiaTitagarh Wagons 15.0 10.0 ChrysCapital Management Co.Travelguru 10.0 NA WestBridge Capital Partners LLCTravelguru 15.0 NA Battery Ventures, LP; Sequoia Capital

IndiaVarun Shipping 2.5 NA IL&FS Investment Managers Yatra Online 5.0 100.0 Norwest Venture Partners; Reliance

Technology Ventures Ltd; Television Eighteen India

Travel/hospitalityBerggruen Hotels 100.0 NA Berggruen Holdings, Inc.Dynamix-Balwas Group-hotel business

44.9 NA IL&FS Trikona Capital

Announced deals arranged aphabetically by sector; NA: not available Source: AVCJ


Stake (%)

Investors

Lemon Tree Hotels 45.6 27.0 Warburg Pincus India Lemon Tree Hotels 6.9 NA Kotak Investment Advisors Moods Hospitality (Yo! China)

5.6 NA Matrix India Asset Advisors

Red Fox Hotels 15.2 NA Warburg Pincus India Red Fox Hotels 0.4 NA Kotak Investment Advisors Sayaji Hotels 13.0 NA ADM Capital; Brescon Corporate Advi-

sors; Toro ManagersTristar Hotels NA NA Undisclosed venture capital firm(s)UtilitiesAuro Mira Energy 0.0 NA Baring Private Equity Partners India Central Uttar Pradesh Gas 2.6 20.0 Asian Development BankCESC NA 2.0 Government of Singapore Investment

Corp. Pte; Nomura Asset Manage-ment Co.

Chamoli Hydro NA NA KSK Energy Ventures Krishna Godavari Gas Network

59.1 50.0 Argonaut Private Equity, LLC; Blue River Capital Advisors (India); Brandot International

KVK Energy & Infrastruc-ture

7.6 NA KSK Energy Ventures

Lanco Amarkantak Power 15.9 11.8 German Investment and Develop-ment Co.

Naturol BioEnergy NA NA SIDBI Venture Capital; UTI Venture Funds Management Co.

Shalivana Projects NA NA Matrix India Asset Advisors Techno Electric & Engineer-ing Company

13.8 15.9 Citigroup Venture Capital International-India

Vijai Electricals 25.8 NA 3i India

the exits

80


81

Trade Sale Exits In 2006

Computer-related

Progeon Ltd. 115.0 23.0 Citigroup Venture Capital International - India (India)

Infosys Technologies Ltd. (India)

Scicom Technologies Pvt. Ltd. 0.3 NA GVFL Ltd. (India) Scicom Technologies Pvt. Ltd. (India)


Maharashtra Dairy Products Manufactur-ing Co

NA 40.0 Bain Capital Partners, LLC. (US); Carlyle Asia - India (India); Thomas H. Lee Partners, L.P. (US)

Ghai Enterprises (India)

Saraf Foods Ltd. 1.0 49.0 GVFL Ltd. (India) Saraf Foods Ltd. (India)

Electronics

Celetronix International 180.0 100.0 Alta Partners (US); Baring Private Equity Partners India Pvt. Ltd. (India); Celetronix International (India); Charterhouse Group International Inc. (US); Golden Gate Capital (US); New Enterprise Associates (US);

Jabil Circuit Inc. (US)

Havell’s India Ltd. NA NA CLSA Capital Partners (Hong Kong) Undisclosed Investor(s) (India)

Samtel Color Ltd. 0.8 2.3 ICICI Venture Funds Management Company Ltd. (India)

Undisclosed Investor(s) (India)

Financial services

IL&FS Investment Managers Ltd. 2.4 3.1 International Finance Corporation (IFC) (India) Undisclosed Investor(s) (India)

India Infoline Ltd. 4.5 2.8 Intel Capital (India) Undisclosed Investor(s) (India)

Infrastructure Develop. Finance Co., Ltd. 58.5 3.8 Asian Development Bank (Philippines) UBS Securities India Pvt. Ltd. (India)

Infrastructure Leasing & Financial Services Ltd (IL&FS)

NA 6.2 International Finance Corporation (IFC) (India) IL&FS Employees’ Welfare Trust (India)

S S Kantilal Ishwarlal Securities Pvt. Ltd./Sharekhan Ltd.

32.4 15.0 Carlyle Asia - India (India) General Atlantic LLC (US)

TTK Healthcare Services Pvt. Ltd. NA 26.0 India Value Fund Advisors Pvt. Ltd. (India) Swiss Re (Switzerland)

Investee Amount ($ mn) Deal stake (%) Seller(s) Acquirer(s)/investor(s)

the exits

82


83



Accel Frontline Limited 1.6 9.0 ICICI Venture Funds Management Company Ltd. (India); Intel Capital (India)

Frontline Technologies Corporation Ltd. (Singapore)

Accel Frontline Limited 1.1 3.5 ICICI Venture Funds Management Company Ltd. (India)

Frontline Technologies Corporation Ltd. (Singapore)

Cybernet Software Systems Pvt. Ltd. 22.5 NA Baring Private Equity Partners India Pvt. Ltd. (India)

SAIF Partners (Hong Kong)

Flextronics Software Systems - BPO NA 100.0 Kohlberg Kravis Roberts & Co. (KKR) (US) Quatrro BPO Solutions (P) Ltd. (India)

Info Edge (India) Pvt. Ltd. (Naukri.com) 17.8 5.0 ICICI Venture Funds Mgmt. Company Ltd. (India) Fidelity Investment (US)

MphasiS BFL Ltd. 367.4 51.3 Baring Private Equity Partners India Pvt. Ltd. (India); Public shareholders (India)

Electronic Data Systems Corp. (US)

Omnitech Infosolutions Ltd. 1.2 NA Canbank Venture Capital Fund Ltd. (India) Omnitech Infosolutions Ltd. (India)

Webshastra Pvt. Ltd. NA 100.0 Warburg Pincus India Pvt. Ltd. (India); Webshastra Pvt. Ltd. (India)

Position2 (US)

World Network Services/WNS Global Ser. 30.0 11.1 Warburg Pincus, LLC (US) Undisclosed Investor(s) (US)

Infrastructure

Gammon India Ltd. 97.3 7.0 ChrysCapital Management Co. (India) Undisclosed Investor(s) (India)

Simplex Infrastructure Ltd. 29.0 7.5 ChrysCapital Management Co. (India) Undisclosed Investor(s) (India)


PVR Ltd. 10.8 9.0 ICICI Venture Funds Management Company Ltd. (India)

OppenheimerFunds, Inc (US)

Manufacturing-heavy

India Cements Ltd. 48.8 5.8 ADM Capital (Hong Kong) Undisclosed Investor(s) (India)

Micro Inks Ltd. 75.1 20.0 ChrysCapital Management Co. (India) Huber Group (Germany)

Medical

Glenmark Pharmaceuticals Ltd. 66.9 6.7 Actis Capital LLP. (India) HSBC Global Investment (India)

Grandix Pharmaceuticals Ltd. NA 100.0 Agnus (US); Grandix Pharmaceuticals Ltd. (India); Xenox (US)

Actavis Group (Iceland)

the exits

84


85

Intas Pharmaceuticals 11.8 12.5 ICICI Venture Funds Mgmt. Company Ltd. (India) ChrysCapital Management Co. (India)

Matrix Laboratories Ltd. 530.1 51.5 N. Prasad (India); Newbridge Capital India (India); Spandana Foundation (India); Temasek Holdings Advisors India Pvt. Ltd. (India)

Mylan Laboratories Inc. (US)

Retail/wholesale

OyzterBay 9.1 100.0 ICF Ventures Pvt. Ltd. (India); OyzterBay (India) Rajesh Exports Ltd. (India)

Telecommunications

ITFinity 15.0 100.0 Ashish Dhawan (India); Edelweiss Capital (India); Luis Miranda (India); Naren Gupta-Private Investor (India); Rajat Gupta-Private Investor (India); Rajesh TS Reddy (India)

OnMobile (India)

Parsec Technologies (India) Ltd NA 20.0 GVFL Ltd. (India) Parsec Technologies (India) Ltd (India)

Spice Communications Ltd./Spice Telecom

178.9 49.0 Ashmore Investment Management Ltd. (UK); Deutsche Bank AG (Germany)

Telekom Malaysia Bhd. (Malaysia)

Tracmail (India) Pvt. Ltd. NA 100.0 IEP Milestone LLC (US); The VIEW Group L.P. (US) HandsOn Ventures, LLC (US)

Tracmail (India) Pvt. Ltd. 3.7 30.0 HandsOn Ventures, LLC (US) HOV Services Ltd. (India)


DGP Hinoday Industries Ltd. NA 66.0 DG Piramal Group (India); JP Morgan Partners Advisers Pte Ltd. (Singapore)

Mahindra & Mahindra Ltd. (India)

Gujarat State Petronet Ltd. 20.5 4.4 IDFC Private Equity Co., Ltd. (India) Franklin Templeton Group (US); HSBC Global Investment (India)

Travel/hospitality

Hotel Leela Venture / Leela Hotels Ltd. 48.2 8.1 IDFC Private Equity Co., Ltd. (India) Capital International, Inc. (US); JM Morgan Stanley Ltd. (India); Nomura Group (Japan)

Sansara Hotels India Pvt. Ltd. 5.0 90.0 HDFC Venture Capital Ltd. (India); Portman Hold-ings LLC (US)

Citigroup (US)

Utilities

Suzlon Energy Ltd. 176.3 NA Citigroup Venture Capital International - India (India) Undisclosed Investor(s) (India)


Data arranged alphabetically by sector; NA: not available Source: AVCJ

Documents

Mini Booklet Private Equity