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Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad
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Indcap
NEWSLETTER
March, 2015
Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad
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CONTENTS
Private Equity and Mergers & Acquisitions 3
M&A Deals – March 2015 4
PE Deals – March 2015 5
Indcap Opportunities 6-7
Indcap Performance 8
Markets/ Commodities 9
March, 2015
Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad
US-based visual discovery startup Pinterest Inc. has raised over INR 22,760 Mn in funding from
existing investors along with some new unnamed investors.
PremjiInvest participated in a Series C round of funding of INR 7,130 Mn in California-based Zuora Inc. led by BlackRock, Passport Capital and Marc Benioff, chairman and CEO of salesforce.com.
Foodpanda.com, a multi-location online food ordering marketplace, has raised INR 6,820 Mn in fresh funding from a group of investors, including existing investors like Rocket Internet AG, as well as new unnamed investors.
Ujjivan Financial Services Pvt. Ltd., one of the top-tier microfinance institutions in the country, has raised INR 6,000 Mn from CX Partners, CDC, NewQuest Asia Investments and Bajaj Holdings.
Silicon Valley-based Cyanogen Inc. has raised INR 5,000 Mn from a group of investors in Series C round of funding led by PremjiInvest, the personal investment vehicle of Wipro chairman Azim Premji.
Radio taxi company Meru Cabs raised INR 3,100 Mn from its existing investor India Value Fund Advisors (IVFA).
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AB Volvo, a Swedish auto manufacturing company, has sold 4.7 per cent or over half of its holding in
Eicher Motors Ltd. for around Rs 19,200 Mn.
Online cab booking service Olacabs.com run by Mumbai-based ANI Technologies Pvt. Ltd., has acquired Bangalore-based Serendipity Infolabs Pvt. Ltd., which runs rival service TaxiForSure for INR 12,400 Mn in a cash and stock deal
Malaysia's IHH Healthcare Bhd, Asia's largest hospital operator by stock market value, has acquired a controlling 51 per cent equity stake in Hyderabad-based Continental Hospitals Ltd. for about INR 2,810 Mn.
Fortis Healthcare Ltd., the second-largest hospital chain in the country, has sold its Singapore-based hospital to NYSE-listed Chinese healthcare services firm Concord Medical Services for INR 2,510 Mn.
Hinduja Group flagship Indian company Ashok Leyland Ltd., has sold its entire stake in AVIA Ashok Leyland Motors s.r.o. to an unnamed strategic investor for INR 700 Mn.
Coimbatore-based automotive components manufacturer Pricol Ltd. has sold its entire 49 per cent stake in DENSO Pricol India Pvt. Ltd. to JV partner Japan's Denso Corporation, for INR 200 Mn
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*An extensive list of M&A and PE deals announced in March 2015 is provided in the subsequent pages
March , 2015
Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad
M & A Deals – March 2015
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*INR to USD conversion rate considered at USD 1 = INR 62 N.A. – Not Available
March , 2015
Target Deal Type Buyer Industry Deal Value
Stake (%) INR in Mn
Eicher Motors Ltd. Acquisition A portfolio investment entity under City Group & others
Automobiles 19,200 5
Taxi For Sure Acquisition Olacabs Technology 12,400 N.A
Continental Hospitals Ltd. Acquisition IHH Healthcare Bhd. Healthcare 2,810 51
Fortis Healthcare's Singapore Hospital
Acquisition Concord Medical Services
Healthcare 2,510 N.A
AVIA Ashok Leyland Motors s.r.o.
Acquisition Unnamed strategic investor
Automobiles 700 100
Denso Pricol India Private Limited
Acquisition Denso Corporation Auto Component 200 49
Indian Real Estate Forum Acquisition Housing.com Technology/ Real
Estate 80 N.A
TSI Evolve Acquisition MPS Ltd. Publishing Services 62 N.A
Mindprint Inc., Canada Acquisition 8K Miles Software Inc. Information Technology
25 N.A
Colibrium Acquisition Hinduja Global Solutions Ltd.
Information Technology
N.A 90
Zydus BSV Pharma Pvt Ltd. Acquisition Cadila Healthcare Ltd. Pharmaceuticals N.A 50
Inga Capital Acquisition Fortune Financial Services India Ltd.
Financial Services N.A 68
UPL do Brasil Acquisition UPL Limited Agro- Chemicals N.A 27
Screen brand Acquisition Star India Pvt. Ltd. Media &
Entertainment N.A N.A
VDVL Consultants Telecom Internet BV
Acquisition Prodapt Solutions Pvt. Ltd.
Information Technology
N.A N.A
Quickdel Logistics (GoJavas) Acquisition Snapdeal.com Logistics N.A N.A
Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad
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PE Deals – March 2015
March , 2015
Company Industry Investor Amount
Equity (%) INR in Mn
Pinterest Inc. Technology Existing investors, new unnamed ones have also joined the round
22,760 N.A
Zuora Inc. Technology BlackRock, Passport Capital & Marc Benioff, chairman and CEO of salesforce.com & PremjiInvest
7,130 N.A
Foodpanda.com Foods/ Technology Rocket Internet AG & Others 6,820 N.A
Ujjivan Financial Services Pvt. Ltd.
Banking/ Financial Services CX Partners, CDC, NewQuest Asia Investments and Bajaj Holdings.
6,000 N.A
Cyanogen Inc. Information Technology
PremjiInvest, Twitter Ventures, Telefonica Ventures, Smartfren Telecom, Index Ventures, Access Industries, Rupert Murdoch, Vivi Nevo & Others
5,000 N.A
Meru Cab Company Private Limited
Technology India Value Fund Advisors 3,100 N.A
Mumbai's affordable housing project – Tanaji Malusare City
Real Estate Brick Eagle 3,000 N.A
Kumar Urban Development Limited
Real Estate Xander Advisors India 2,800 N.A
Parksons Packaging Ltd. Packaging Kedaara Capital 2,000 N.A
Limeroad.com Technology Tiger Global &Matrix Partners and Lightspeed Venture Partners
1,880 N.A
Ozone Group Real Estate Aditya Birla Real Estate Fund 1,500 N.A
Oravel Stays Private Limited
Hospitality Greenoaks Capital and existing investors Lightspeed and Sequoia
1,250 N.A
Groupon.co.in Technology Sequoia Capital 1,240 N.A
*INR to USD conversion rate considered at 1 USD = 62 INR N.A. – Not Available
Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad
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March , 2015 IN
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Sector Location Opportunity Brief Key Highlights
Solar Power Gujarat & Rajasthan
30 Mw operational solar power plant located in Gujarat & Rajasthan
30 MW in Rajasthan (5 MW) & Gujarat (25 MW) PV Technology: Thin Film Commissioned in the year 2012 PPA signed at Rs. 12.50 per unit and Rs. 15 per unit
for Rajasthan & Gujarat respectively.
Real Estate West Bengal
The property is a private IT park building occupied by a single International IT/ ITES player, situated in Kolkata
The property was constructed in 2004, measuring 94,624 sq. ft of flexible, modern office space, arranged over one basement, ground and eight upper floors.
71 car parking spaces at basement level. The owners have tenanted the property to the
multinational IT giant for its third tenure with an option to renew for 2 more terms.
Stainless Steel
New Delhi The Company is one of the leading manufacturers and exporters of Stainless Steel architectural fittings from India
Manufactures furniture Handles, door handles, escutcheons, knobs, flush pulls, numerals, brackets, bathroom accessories & various other decorative hardware items in Stainless Steel
Plant in NCR – 1,900 sq mtrs of land, 23,000 sqft of build up area
Has a strong design competence with facility equipped to provide in-house designing and development
Long Standing relationship with large International Clienteles including Fortune 500 companies.
Plastic Compounds
Gujarat The company is into manufacturing of high precision Polymeric Compounds with multiple product line
Advance facility for manufacturing of High Precision Polymeric Compound of Engineering Plastic and Cross Linked Polyethelene under technology arrangement with AEI UK for XLPE compounds
Products are used for modern generation Silane Grafted Wires and Cables Insulation and Engineering compounds for Plastic Furniture, Automobiles, Electricals etc.
The exports contributes about 50% of turnover.
Infrastructure
Madhya Pradesh
The Company operates in commodities and Infrastructure domain
The company has signed Concession Agreement with Madhya Pradesh Road Development Corporation (“MPRDC”) for executing 9 Road projects on DBFOT basis.
The company is planning to exit from all the 9 projects since it wants to focus on the mainstay commodities business.
Renewable Energy
Karnataka The Group is engaged in a number of diverse activities such as Renewable Energy Generation, Business investments, and Infrastructure Development.
The group is planning to sell majority equity stake in four of its hydro- power projects, aggregating to 63.50 MW capacity.
The projects are located in four different locations in Karnataka.
The main focus of the group is Renewable Energy space in India.
Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad
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March , 2015
Sector Location Company Brief Acquisition Criteria
Pharmaceuticals Gujarat The group is engaged into manufacturing of dyes, pigments, caustic etc.
The company is diversifying into API and is interested in acquiring API manufacturing company.
Investment : Approx Rs. 1,000 mn.
FMCG Gujarat The company is based out of western India, and is a well established brand throughout India
The company is looking to acquire cement unit and basic chemicals companies.
FMCG West Bengal
The company is engaged in the manufacturing of FMCG products.
Engaged in healthcare, homecare, personal care category preferably on herbal/ natural platform.
Well established brand (Regional/PAN India)
Gross Margin should be more than 50%.
Real Estate Gujarat The company based out of Ahmedabad, is engaged in Real Estate Sector
Interested in acquiring companies in the following sectors: • 4/5 Star Hotel Property (preferably in
Goa, Kerala) • 3-5 MTPA Cement plant in western
India • Warehousing
Architectural Hardware Fittings
New Delhi
The Company is one of India’s most popular Architectural Hardware Solution provider through a wide range of standard & customized products
The company is looking for acquisition in the following space: • Door manufacturers- Fire door, clean
room used in pharmaceutical and hospital
• Kitchen manufacturer - Prefer into retail but can also look in commercial
• Electronic home security- example door phone
Looking at companies with revenue INR 500-1000 Mn
Buy Side Opportunities
Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad
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Indcap- Q4 Performance
Client Industry Transaction detail INR in mn
Concast Group, Kolkata
Iron & Steel Diversified
*Debt restructuring under CDR mechanism *Additional funding for a door to door period of 10 years with concessional interest rate. http://www.financialexpress.com/article/industry/banking-finance/cdr-cell-recasts-concasts-rs-7500-cr-debt/59260/
57,000 18,000
Adhunik Group, Kolkata
Iron & Steel
*Debt restructuring under CDR mechanism *Additional funding for a door to door period of 10 years with concessional interest rate. http://www.thehindubusinessline.com/companies/empowered-group-approves-debt-restructuring-plan-for-adhunik-metaliks/article7031914.ece
37,000 14,000
Vadodara Based
Power Transmission, EPC
*Debt restructuring under JLF mechanism *Additional funding.
5,480 1,139
Pune Based Group
Steel Industry
*Debt restructuring under JLF mechanism *Additional funding
2,970 200
Kolkata based Group
Iron & Steel
Arranged Viability Gap term loan 2,520
Kolkata based Group
Iron & Steel
*Second restructuring of debts *Additional funding.
700 89
Kolkata Based IT & ITES *Debt restructured * Additional Funding
460 70
Shillong based Cement Debt Rectification by way of Long Term Corporate Loan 330
Kolkata based Group
Tea Raised fresh working capital credit facilities 235
Guwahati based
Infrastructure
Raised Working Capital Credit facility 230
Kolkata based Fly Ash Bricks
Rupee Term Loan for setting up an AAC Blocks project at Bhilai
140
Total Restructured Amount 103,610
Total Fresh Loans/Additional Loans 36,953
Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad
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Indcap Advisors Pvt. Ltd. Offices
Kolkata New Delhi Mumbai
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Ph. No.:- +91 11 2694 2340/ 41/ 42
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Bangalore – 560 052 Ph. No.:- +91 96423 21155
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Ahmedabad – 380 015 Ph. No.:- +91 79 4002 6336
www.indcapadvisors.com
Disclaimer
This document is issued by INDCAP ADVISORS PVT. LTD. The information contained herein is derived from various public documents we believe to be reliable, but which we have not independently verified. INDCAP makes no guarantee as to the accuracy or completeness of this information and is not responsible for errors of transmission of factual or analytical data, nor shall it be liable for damages arising out of any person’s reliance upon this information. The opinions in this document constitute our present judgment, which is subject to change without notice. The document is intended to be distributed in its entirety. No consideration has been given to the particular investment objectives, financial situation or particular needs of any recipient. Unless governing law permits otherwise, you must contact a INDCAP member in your home jurisdiction if you wish to use INDCAP services in effecting a transaction in any investment mentioned in this document. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of INDCAP.
Stock Indices Opening
(2nd Mar’15) Closing
(31st Mar’15) Change %
Sensex 29,533.42 27,957.49 -5.34%
Nifty 8,953.85 8,491.00 -5.17%
FTSE 6,946.70 6,773.00 -2.50%
Nikkei 18,869.40 19,206.99 1.79%
Dow Jones 18,134.05 17,776.12 -1.97%
Gold ( INR/10 Grams) 26,801.00 26,232.00 -2.12%
Silver (INR /1 Kg) 37,231.00 36,983.00 -0.67%
USD ($) 61.89 62.34 0.73%
Euro (€) 69.26 66.97 -3.31%
GBP (£) 95.14 92.55 -2.72%
Sources – Global Indices, BSE, NSE, RBI, MCX INDIA
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