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Grant Thornton India 2008

DealtrackerProviding business owners with M&A market insight

Third Annual Issue 2007

Deal value

51.11

19.03

70.14

16.32 20.30

2.03 7.86

18.35

28.16

-

20.00

40.00

60.00

80.00

2005 2006 2007

$billion

M&A PE All Deals

1. Introduction

It has been 3 years since we took up the

Dealtracker initiative as a bi-monthly

newsletter to cover the mergers and

acquisitions (M&A) and private equity (PE)deals in the Indian market and it is indeed

a matter of pride to be a part of the

unprecedented M&A growth era of India

Inc. We would like to take this opportunity

to thank our readers for the excellent

response, support and encouragement

extended. We are happy to publish the

Third Annual Issue of Dealtracker covering

the year 2007.Globally M&A deals worth $4.48 trillion

were announced during 2007 as against

$3.61 trillion during 2006, i.e. a growth of

24%. The year 2007 has seen very

significant deals in India in both Private

Equity (PE) and Mergers and Acquisitions

(M&A). Over this year, India Inc has not

only been an important destination for

International Private Equity funding and

Inbound M&As but also has been highly

active in acquiring International

companies, thus expanding its global

foothold. The year 2007 has witnessed anumber of multi billion dollar deals for the

first time in the history of Corporate India.

The total value of deals (M&A and PE)

announced in the calendar year 2007

was $70.14 billion as against $28.16

billion in 2006 and $18.35 billion in 2005.

The average Indian M&A deal size was

$75.61 Mn, while the average Indian PE

deal size was $ 47 Mn during 2007. We

have summarised the trend of M&A and

PE deals during 2007 and presented a

synopsis of top deals and sectoral

performances over the year.

1.1 Key Highlights 2007

There were more than 1,000 deals in

2007 (M&A and PE together), as

compared to 782 in 2006 and 467 deals in

2005.There were 13 M&A deals with deal value

of over $500 Mn in 2007 as compared to 8

deals and 7 deals in 2006 and 2005

respectively.

The value of Cross Border deals (both

Inbound and Outbound) announced in

2007 has almost tripled from 2006. The

value of inbound deals increased from

$5.1 billion in 2005 to $ 5.4 billion in 2006

to $15.5 billion this year and value of

outbound deals increased from $4.3 billion

in 2005 to $9.9 billion in 2006 to $32.8

billion in 2007. Tata-Corus, Vodafone-

Hutch and Hindalco-Novelis deals

accounted for 56.80% of total M&A deals

during 2007.

The value of domestic deals announced

has declined from $ 6.9 billion in 2005 to $

4.99 billion in 2006 to $ 2.85 billion in2007, even though the volume of domestic

deals has increased from 151 deals in

2005 to 214 deals in 2006 to 321 deals in

2007.

Though volume of M&A deals

has grown by 40.83% during

2007 as compared to 2006,

value of M&A deals has grown

by an astounding 152%.

Value (in million USD) Volume

Table 1 2007 2006 2005 2007 2006 2005

Inbound 15,500.95 5,399.75 5,173.93 112 76 56

Outbound 32,759.04 9,914.15 4,298.52 243 190 136

Cross Border 48,259.99 15,313.90 9,472.45 355 266 192

Domestic 2,852.48 4,990.87 6,848.01 321 214 151

Total M&A 51,112.47 20,304.77 16,320.46 676 480 343

PE 19,031.08 7,859.43 2,033.00 405 302 124

Total Deals 70,143.55 28,164.20 18,353.46 1,081 782 467

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6

0

100

200

300

400

500

600

700

2007 2006 2005

Value not disclosed < $49.9 m $50m - $99.9m

$100m - $499.9m $500m - $999.9m > 1000m

372

204

86

224

168

204

7

28

39

28

36

17

20

08

3 4

Value wise M&A Deal Break-up

2. Mergers & Acquisitions

The total number of M&A Deals

announced during the calendar year 2007

stands at 676 with a total announced

value of $51.12 billion as against 480

deals with a total announced value of

$20.30 billion in 2006. There were 321

domestic deals (both acquirer and target

being Indian) with an announced value of

$2.85 billion and 355 cross-border deals

with an announced value of $48.26 billion.

243 of the cross border deals were

outbound deals (Indian companies

acquiring businesses outside India) with a

value of $32.76 billion and 112 were

inbound deals (international companies or

their subsidiaries acquiring Indianbusinesses) with an announced value of

close to $15.5 billion. The average M&A

deal value was $75.61 Mn during 2007.

The average value of cross-border deals

(both inbound and outbound) was $136

Mn which was significantly higher when

compared to average value of domestic

deals which was close to $9 Mn.

2.1 Sectoral Spread of M&A Deals

Historically, sectors like Automotive, IT,

Pharma, Banking sectors etc. were the

leading players in M&A. However 2007

saw significant participation by sectors

such as Commodities (which primarily

comprised Steel, Aluminium and Metals &

Ores), Telecom, Power & Energy, Real

Estate & Infrastructure.

Steel and Telecom sectors were the clear

leaders as far as sectoral values were

concerned. These sectors accounted for

$14.9 billion and $ 11.3 billion worth ofdeals respectively. Together, they

accounted for as much as 51% of the total

M&A deal value during 2007 and more

than the total announced value of M&A

deals in 2006. Tata Steels acquisition of

Corus for $ 12.2 billion and Vodafones

majority stake in Hutchison Essar for

$10.83 billion were the major deals in

these sectors.

The other sectors which have significantly

contributed to M&A deal value in 2007 are

Aluminum and Power & Energy.

IT & ITeS leads the M&A volume

proportion with 23.5% share of total

number of M&A deals. Pharma,

Healthcare & Biotech have the second

highest share at 9.47%. Other significant

contributors to the deal volume were

Banking & Financial Services, Media,

Entertainment & Publishing and FMCG,

Food & Beverages sectors.

The key sectors contributing to M&A in

2007 are shown in Table 2 below.

Table 2: Sector wise break up of M&A Transactions

Final Sector Value % deal value Volume%deal

volume

Aluminium 6,000.00 11.74% 4.00 0.59%

Automotive 815.97 1.60% 31.00 4.59%

Breweries & Distilleries 1,123.43 2.20% 6.00 0.89%

Cement 632.87 1.24% 8.00 1.18%

Electricals & Electronics 739.56 1.45% 11.00 1.63%

IT & ITeS 2,885.58 5.65% 159.00 23.52%

Metals & Ores 1,260.54 2.47% 10.00 1.48%

Oil & Gas 1,297.97 2.54% 16.00 2.37%

Pharma, Healthcare &

Biotech 1,465.75 2.87% 64.00 9.47%

Power & Energy 3,807.35 7.45% 20.00 2.96%

Steel 14,897.62 29.15% 20.00 2.96%

Telecom 11,333.28 22.17% 11.00 1.63%

Others 4,852.54 9.49% 316.00 46.75%

Grand Total 51,112.47 100% 676.00 100%

Sector Wise Va lue - All deals by value

Metals & Ores

2%

Brew eries & Distilleries

2%

Cement

1%Pow er & Energy

7%


Biotech

3%

Oil & Gas

3%

IT & ITeS

6%

Real Estate &

Infrastructure

Management

1%

Telecom

22%

FMCG, Food & Beverages

1%

Automotive

2%

Aluminium

12%

Media,Entertainment &

Publishing

1%

Banking & Financial

Services

1% Others

5%

Electricals & Electronics

1%

Steel

29%

Sector wise M&A Deals by Value - 2007

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European Inbound & Outbound deals -Cumulative value and

volume

-

2

4

6

8

10

12

14

16

18

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

ValueinUS

$bn

0

10

20

30

40

50

60

70

80

90

Volumeofdeals

Inbound Value Outbound Value Inbound Volum e Outbound Volum e

North American Inbou

-

2

4

6

8

10

12

14

Jan Fe b Mar Ap

ValueinUS

$bn

nd & Outbound deals -Cumulative value

and volume

r May Jun Jul Aug Sep Oct Nov Dec

0

10

20

30

40

50

60

70

80

90

100

Volumeofdeals

Inbound Value Outbound Value Inbound Volum e Outbound Volum e

2.2 Multi Billion dollar M&A deals

There were 7 billion dollar M&A deals in

2007 compared to none in 2006. India Inc

also witnessed a lesser number of low

value deals as compared to previous

years. The deals for which value was not

disclosed were typically small sized deals.

The largest deals of 2007 were Tata-

Corus and Vodafone-Hutch deals which

were completed in early 2007 making it

the perfect start for a year of M&A

transactions. Of the 7 billion dollar

deals, 3 deals were in the metal sector, 2

deals in Power & Energy and 1 deal each

in Telecom and Breweries & Distilleriessectors. Together, these 7 billion dollar

deals accounted for 67.47% of total M&A

during 2007. A list of M&A deals with deal

value of $ 1 Billion+ are listed in Table 3.

2.3 Quarterly break-up of M&A deals

Jan-Mar quarter witnessed the largest

proportion of M&As in 2007 with $33.85

billion worth of deals accounting for

66.22% of total M&A deals during 2007.

As can be seen in table 4 below, both

Domestic and cross border deals declined

(value & volume) during Oct-Dec quarter

compared to their previous quarters. The

graphs below present the quarterly

movement of Cross-Border Deals (by

value & volume) for European and North-

American regions.

2.4 Cross Border Deal AnalysisCross border deals increased significantly

from 2006. There were 355 cross border

deals worth US $ 48.26 bn this year as

against 266 deals worth US $ 15.3 bn in

2006.There has been a phenomenal

growth in outbound and inbound deal

value as well as volume. The value of

inbound and outbound deals has

increased by more than threefold in 2007.

able 3: Billion Dollar Plus M&A Deals

Acquirer Target Sector

Acquisition

price in mn

USD Deal Type

Tata Steel Corus Steel 12,201.6 Acquisition

Vodafone Hutchison Essar Telecom 10,830.00

Majority

Stake

Hindalco

Industries Novelis Inc Aluminum 6,000.00 Acquisition

Suzlon Energy Ltd REpower

Power &

Energy 1,700.93

Controlling

Stake

Essar Steel

Holdings Algoma Steel Inc Steel 1,580.00 Acquisition

United Spirits Ltd Whyte & Mackay

Breweries &

Distilleries 1,112.99 Acquisition

Tata Power

PT Kaltim Prima

Coal

Power &

Energy 1,100.00

Significant

Stake

An analysis of cross-border deals reveals:

Outbound deals (Indian business

acquiring international companies) are

more than double the number of inbound

deals both in value and volume terms.

The average values of inbound and

outbound deals in 2007 are almost the

same at $ 134 and $ 138 Mn compared to

$ 71 Mn and $ 52 Mn in 2006.

The largest proportion of outbound

acquisitions in terms of value have been in

Europe (52% of deal value), followed by

North America (38% of deal value). In

terms of Volume, Indian companies

acquired more firms in North America (95

deals) than in Europe (84 deals).

Interestingly, of the $15.5 billion worth of

inbound deals in 2007, European firms

M&As in India stand at $13.84 billion

(accounting for 89.27% of all inbound

deals).

In terms of inbound deal volume, Europe

and North America formed 75.89% of total

inbound deal volume. USA and UK were

the mostactive cross border destinations

for India Inc over 2007.

Table 4: Quarterly Performance of M&A Deals

Jan Mar Apr Jun Jul - Sep Oct Dec

Volume Value Volume Value Volume Value Volume Value

Domestic 67 829.8 100 779.03 91 939.87 63 303.77

Inbound 26 12,327.93 23 2,060.59 33 706.55 30 405.88

Outbound 55 20,692.87 64 7,283.62 68 3,710.85 56 1,071.71

Total 148 33,850.60 187 10,123.23 192 5,357.28 149 1,781.36

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Table 5 below presents comparative

analysis of cross border transactions of

Indian companies with USA and UK based

companies. It can be observed that in

case of Indo-US and Indo-UK deals there

were more outbound deals (Indian

companies acquiring US/UK companies)

than inbound deals (UK/US companies

acquiring Indian companies). This is a

testimony to the confidence with which

India Inc has marched ahead to extend its

global foothold.


Sector Wise Value - PE deals by value

Telecom

18%

Textiles & Apparels

3%

Electricals &

Electronics

1%

Banking & Financial

Services

17%

Real Estate &

Infrastructure

Management

36%

Engineering

1%

Hospitality

1%

IT & ITeS

4%

Media, Entertainment &

Publishing

5%

Oil & Gas

1%

Others

4%


Biotech

2%

Power & Energy

4%

Shipping & Ports

1%

Cement

1%

Automotive

1%

3. PRIVATE EQUITYPrivate equity investments in India have

witnessed significant growth during 2007.

PE deals have increased from $1.1 billion

(60 deals) in 2004 to $2 billion (124 deals)

in 2005 to $7.9 billion (302 deals in 2006)

to$19.03 billion (405 deals) in 2007

The value of PE deals has increased by

152% over 2007. There were around 53

deals of over $ 100 Mn as against 11

deals in 2006. The average PE

investment ticket size increased from

$26.02 Mn in 2006 to $47 Mn in 2007.

Some of the big deals included Temasek

Holdings acquisition of 4.99% stake in

Bharti Airtel for $ 1.9 billion in July 2007,

and a group of PE investors (including

Temasek Holdings, The

Investment Corporation of Dubai,

Goldman Sachs, Macquarie, AIF Capital,

Citigroup and India Equity Partners),

acquisition of 10% stake in Bharti Airtels

subsidiary Bharti Infratel and a $1 billion

investment in GMR Infrastructure by a

group of private equity investors (Eton

Park Capital, Deutsche Asset

Management, Capital International,

Citigroup, T Rowe Price, Credit Agricole,

UBS and Kotak

Mahindra and SBI &

Canara Bank). Table 6

below presents a list of

PE investments with a

value of over $500m.

3.1 Sector wise performance:

The highest proportion of PE/VC

investment (in terms of announced value)

was made in the Real Estate &

Infrastructure, Telecom and Banking &

Financial services sectors with an

investment of $6.76 illion, $3.42 billion and

$3.23 billion respectively, together

accounting for over 70% of Private Equity

investment made in India during 2007.

The major PE investments influencing the

deal values of these sectors were

investments in GMR Infrastructures,

Bharti Airtel, Bharti Infratel, JaypeeInfratech , HDFC and SKIL infrastructure

which accounted for nearly 31% of the

total PE investment during 2007.

Table 6: $ 500 Mn Plus PE Deals

Acquirer Target Sector % StakeValue in Mns

US$

Temasek Holdings Bharti Airtel Telecom 4.99% 1,906.74

Eton Park Capital,

Deutsche Asset

Management,Capital International,

Citigroup, T Rowe

Price, Credit

Agricole, UBS and

Kotak Mahindra,

Canara Bank & SBI

GMR

Infrastructure

Real Estate &

Infrastructure

Management

9.00% 1,000.00

Temasek Holdings,

The Investment

Corporation of

Dubai, Goldman

Sachs, Macquarie,

AIF Capital,

Citigroup and India

Equity Partners

Bharti Infratel

(subsidiary of

Bharti Airtel Ltd)

Telecom

10.00% 1,000.00

ICICI Venture Funds

Management

Company

Jaypee Infratech

(subsidiary of the

Jaypee Group)

Real Estate &

Infrastructure

Management N.A. 800.00

Carlyle Group HDFC Banking &

Financial

Services 5.60% 650.00

Avenue Capital

Group

SKIL

Infrastructure

Real Estate &

Infrastructure

Management 26.00% 500.00

Table 5: Outbound Vs Inbound US and UK

Volume Value

Inbound Outbound Inbound Outbound

UK 10 24 12,577.50 12,592.03

USA 39 84 704.94 10,572.66

IT & ITeS led the charts in terms of

volume with 67 deals in its sector. This

was followed by Real Estate &

Infrastructure Management and Banking &

Financial Services sectors with 61 and 60

deals respectively. The sector wise

breakup of investment made by private

equity funds and venture capitalists in

Indian companies during 2007 is

presented in Table 7.

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Quarterly PE investment in India

-

1

2

3

4

5

6

7

8

Jan - Mar Apr - Jun Jul - Sep Oct - Dec

Valuein

US$

bn

-

20

40

60

80

100

120

140

Volume

Value Volume

0

50

100

150

200

250

300

350

400

450

2007 2006 2005

Value not d isclosed < $49 .9 m $50m - $99.9m $100m - $499 .9m > 500 m

216

57

130

81

241

6

10

18

103

0

8

1

12

47

Value wise PE Deal Break-up

During 2004-05, foreign private equity

primarily foicussed on Indias IT and

outsourcing story. However, currently the

opportunities are wider and in multiple

sectors.

The Real Estate & Infrastructure

Management sector has witnessed

continuous growth over the past two

years. The number of investments in this

sector has more than doubled in 2007 as

compared to 2006. In terms of proportion

of total PE investments, Real Estate and

Infrastructure Management sector formed

6.3% in 2006 and 35.54% in 2007.

The initiative taken by the Government of

India towards liberalizing the regulationsrelating to foreign direct investment in

construction and realty projects, and

creation of more Special Economic Zones,

along with factors such as sustained high

GDP, an upsurge in industrial activity and

rapid urbanization have resulted in

increased investment in the real estate

sector especially from international

Private equity institutions.

3.2 Quarterly performance:

PE investment in India witnessed an

upward trend based on quarterly analysis.

Oct Dec quarter witnessed the largest

share of PE investment in 2007 with 120

deals and an announced value of $7.29

billion. The value of investment in Jan

Mar quarter was comparatively lower at

$2.98 billion and, even though the number

of deals were as high as 112.

3.3 PE Investment trend 2005 2007:

The year 2007 saw bigger investments

than previous years. There were 6 deals

over $500Mn (3 of which were billion

dollar deals) in 2007 compared to 1 in

2006 and none in 2005. The proportion of

PE investments below $50 Mn was as

high as 83% during 2005.This reduced to

71.5% in 2006 and further declined to

59.5% in 2007. Deals valued between

$100Mn - $499.9Mn accounted for 11.6%

of total PE investments in 2007 compared

to 3.31% and 0.81% in 2006 and 2005.

Table 7: Sector-Wise break up of PE Investment

Sector Volume% of Total

Volume Value% of Total

Value

Automotive 8 1.98% 150.04 0.79%

Banking & Financial

Services

60 14.81% 3,230.71 16.98%

Cement 1 0.25% 137.67 0.72%

Electricals & Electronics 3 0.74% 133.26 0.70%

Engineering 8 1.98% 262.14 1.38%

Hospitality 6 1.48% 259.31 1.36%

IT & ITeS 67 16.54% 744.17 3.91%

Media, Entertainment &

Publishing

31 7.65% 999.22 5.25%

Oil & Gas 6 1.48% 221.34 1.16%


Biotech

35 8.64% 448.67 2.36%

Power & Energy 15 3.70% 681.51 3.58%

Real Estate &

Infrastructure

Management

61 15.06% 6,764.26 35.54%

Shipping & Ports 4 0.99% 258.11 1.36%Telecom 10 2.47% 3,421.30 17.98%

Textiles & Apparels 20 4.94% 595.25 3.13%

Others 70 17.28% 724.13 3.80%

Grand Total 405 100% 19,031.08 100.00%

In 2005 and 2006 majority of the PE

investments was concentrated in IT &

ITeS. In 2007 Technology companies

were joined by Realty, Telecom, Banking

& Financial services and Power & Energy

sectors as favourite destination for PE

investments.

4. Outlook for 2008

We had predicted 2007 to be a year of

M&A juggernaut (and it proved to be one!)

and we cannot say anything less about

2008 as we expect it to be a year of

continuum. The trend in 2007 of

increasing M&A activity will be sustained

with a continued focus on cross border

deals. We are seeing India Inc plunge in

with continued vigour into cross border

M&A with a series of acquisitions ranging

from less than $1 Mn to $13 billion, across

a wide range of sectors as diverse as

hotels, racing teams, steel mills, textiles,

metals, entertainment etc

The new and heightened deal activity is a

sign of M&A becoming a key element of

strategy for India Inc. There is strong

growth in cross border deals, as India Inc

is going with gusto across the world

buying up companies. This is different

from the state led acquisitions that China

Inc is doing where the deals are big,

strategic for China and comes with a

significant element of push and supportfrom the Government. India Inc is going

about international acquisitions on its own

steam. Increasing corporate capex,

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investment in public infrastructure and

fiscal stimuli will provide the impetus to

further drive the M&A engine for India Inc.

The attractive profit margins of Indian

Corporates will only attract more private

equity and the India Shining story is

expected to continue. We expect PE

houses to focus more on sectors such as

Real Estate and Infrastructure

Management, Retail, Aviation, Telecom

and NBFCs. The juggernaut is expected

to roll on in 2008

ABOUT GRANT THORNTON

Grant Thornton India is the Indian member

firm of Grant Thornton International, the

fifth largest accountancy firm network in

the world, with over 600 offices in over

110 countries and employing more than

22,000 people.

The Indian member firm has four full

service offices in New Delhi, Mumbai

(Bombay), Bangalore, Chennai,

Hyderabad, Pune and Gurgaon and

specialises in helping Indian business

owners and entrepreneurial companies

with international ambitions.

Grant Thornton member firms are global

leaders in mid- market M&A deal advisory

and have over 1,000 corporate financeprofessionals dedicated to deal advisory

globally. In each of the last three years,

the firm was amongst the top 5 M&A

advisors internationally for deals upto

$100 million in value.

Grant Thornton Indias services include:

Accounting and Assurance

- International Accounting and Assurance

(US GAAP/ IFRS Focus Group)

- Management Assurance & Risk

Services

Tax and Regulatory Services

- Indian Tax Compliance & Advisory

- International Taxation and Transfer

Pricing

- Inbound and Outbound Investment

Corporate Advisory Services

- Due diligence

- Mergers and Acquisition lead advisory

- Valuations

- Project Finance

- Distressed Assets Advisory

PRIMA Consultancy

For feedback / query please email on:

[email protected]

List of deals announced in the calendar year 2007

I. Domestic Deals


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Acquisition

price in US

$ Mn Deal Type % Stake

CoromandelFertilisers Limited

GodavariFertilisers andChemicals Limited(GFCL)

Agriculture & AgroProducts N.A.

Increasingstake to

74.92% (ofwhich 4.85%shares havebeen boughtthrough anopen offer) 29.85%

Avesthagen and itspartner GroupeLimagrain Swaghat Seeds

Agriculture & AgroProducts N.A. Majority stake N.A.

Avesthagen and itspartner GroupeLimagrain

Cee Kay Seedsand Seedlings

Agriculture & AgroProducts N.A. Majority stake N.A.

Shiva FertilizersLimited

Parvati FertilizersLimited

Agriculture & AgroProducts N.A. Merger N.A.

Advanta India LtdGolden Seeds PvtLtd

Agriculture & AgroProducts 13.95 Acquisition

CoromandelFertilisers Limited

GodavariFertilisers andChemicals Limited


Khaitan Chemicals& Fertlizers Limited

ShobhanEnterprisesPrivate Limited


Hindalco

Alcan's stake in

Utkal AluminaInternationalLimited Aluminium N.A.

Increasingstake to 100% 45.00%

Hindalco IndustriesLimited

Indian AluminiumCompany Limited(Indal) Aluminium N.A. Merger N

Bombay BurmahTradingCorporation Ltd

ElectromagsAutomotiveProducts PrivateLimited (EAPL) Automotive 12.22 Acquisition

Asian Paints Ltd

ICI India's auto

refinish business Automotive 11.56 AcquisitionMahindra &Mahindra (M&M) Punjab Tractors Automotive 222.22

Controllingstake 43.50%

ANG Auto Limited

ANG Auto TechPrivate Limited(AATPL) Automotive N.A. Merger N.A.



Acquisition

price in US


Jamna AutoIndustries Jai ParabolicSprings Automotive N.A. Merger N

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Mahindra andMahindra Limited Punjab Tractors Automotive 101.73

Increasingstake to 64.6% 20.00%

GE EquipmentServices (GEES)and Commercial

Finance

Titagarh Wagons

Limited (TWL) Automotive N.A. Minority stake 15.00%

Shriram TransportFinance Company

Ashley TransportServices Limited (a

WOS of AshokLeyland Limited) Automotive N.A. Strategic Stake 40.00%

Autoline IndustriesLtd

NirmitiAutocomponentsPvt. Ltd Automotive N.A. Acquisition

Sona Koyo SteeringSystems Limited

Arjan StampingsPrivate Limited Automotive N.A. Acquisition

Air India Indian Airlines Aviation N.A. Merger N.A.

Jet Airways Air Sahara Aviation 337.21 Acquisition

UB Group(Kingfisher Airline) Deccan Aviation Aviation 127.91

ControllingStake (openoffer to bemade) 26.00%

Punj Lloyd Airworks India Aviation 11.63 Minority stake 33.00%

Sundaram FinanceLimited

Sundaram HomeFinance Ltd.

Banking & FinancialServices N.A.

Increasingstake 25.00%

Shamrao Vithal Co-operative Bank Ltd(SVCB)

BangaloreCooperative BankLtd

Banking & FinancialServices N.A. Acquisition

AIG Capital IndiaPrivate Limited

Weizmann HomesLimited


HathwayInvestments

ING VysyaMutual Fund


SignificantStake 39.00%

EmamiJ B Marketing &Finance (JB)

Banking & FinancialServices N.A. Merger N.A.

Geojit FinancialServices Limited

Geojit CreditsPrivate Limited


Increasingstake to 51% N.A.

IDFC SSKI Banking & FinancialServices N.A. IncreasingStake to 66% 33.00%

Cosmos Co-operative Bank

Manasa Co-operative Bank


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Acquisition

price in US


HousingDevelopmentFinanceCorporation(HDFC)

HDFC Chubb

General InsuranceCompany's stake(HCGICL) fromChubb GlobalFinancial ServicesCorporation



Pioneer InvestcorpLimited

Infinity.ComFinancialSecurities Limited

Banking & FinancialServices N.A. Majority Stake 51.00%

Centrum group Ratnakar BankBanking & FinancialServices N.A.

Increasingstake to 6.5% N.A.

Genpact

Axis RiskConsultingServices PrivateLimited


InfrastructureDevelopmentFinance Company(IDFC) SSKI

Banking & FinancialServices 34.88

Increasingstake to66.67% 33.33%

SystematixCorporate Services

Golia Finance &Investment


Saraswat Co-

operative Bank

Kolhapur Maratha

Co-operative Bank

Banking & Financial

Services N.A. Acquisition

Almondz GlobalSecurities Ltd

Almondz CapitalMarkets Pvt Ltd(ACMPL)


State Bank of India(SBI)

State Bank ofSaurashtra (Whollyowned associatebank of SBI)


The FinancialTechnologies (India)Ltd (FTIL) ( fromicici bank )

National StockExchange (NSE)of India Ltd.

Banking & FinancialServices 29.07 Minority stake 1.00%

ConsolidatedFinvest andHoldings

Rishi TradingCompany


HDFC Ltd.

National StockExchange (stakepurchased fromCorporation Bank)

Banking & FinancialServices 4.97 Strategic Stake 0.16%

PanoramicUniversal Limited

Inter-connectedStock Exchange ofIndia Limited(ICSE)

Banking & FinancialServices N.A. Minority Stake 4.46%

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Acquisition

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Canara Bank

Can Fin Homes

Limited

Banking & Financial

Services N.A.

21%(increasing

stake to 51%) 51.00%

Kesoram Industries Minority stake 1.70%

Texmaco Limited Minority stake

Bombay StockExchange Minority stake 4.99%

Patton India,Hindustan NationalGlass, West BengalInfrastructureFinance &DevelopmentCorporation,Emami, Ravi Auto,

Jai Balaji and 16others

Calcutta StockExchange


Minority stakeby each buyer 44.30%

Fortis FinancialServices

Inter-connectedStock Exchange ofIndia Limited(ICSE)

Banking & FinancialServices N.A. Minority Stake 4.44%

HDFC BankHDB FinancialServices

Banking & FinancialServices N.A. Strategic Stake N.A.

Saraswat Co-operative Bank

Nashik People'sCo-operative Bank(NPCB)


McDowell HoldingsLimited

United BreweriesHoldings

Breweries &Distilleries N.A. Minority Stake 8.85%

TilaknagarIndustries

Unlisted companylocated in the stateof Karnataka

Breweries &Distilleries N.A. Majority stake N.A.

Rain Commodities Rain Calcining Ltd Cement N.A. Merger N.A.The Sekhsariagroup-Holcim ACC Limited Cement N.A.

Increasingstake 1.92%

ACC LimitedShiva CementLimited Cement 3.70 Minority Stake 13.00%

ACC LimitedShiva CementLimited Cement N.A.

Increasingstake to 14.7% 1.70%

Bajaj ElectricalsLimited

Starlite LightingLimited

Electricals &Electronics N.A.



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Acquisition

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L&T CapitalCompany Limited

Salzer ElectronicsLimited

Electricals &Electronics N.A. Minority Stake 14.95%

Sonata InvestmentsIndia (RelianceCapital)

NiccoCorporation Ltd

Electricals &Electronics N.A. Strategic Stake 15.00%

Bharat HeavyElectricals Limited(BHEL)

Bharat HeavyPlates and VesselsLimited (BHPV)

Electricals &Electronics N.A. Acquisition

Diamond CablesLimited

four companies ofthe Apex Group -

Apex Electricals,Amod Industries,Sarjak Electricals,Sheetal Cables andConductorsPrivate Limited

Electricals &Electronics N.A. Strategic Stake N.A.

Revathi EquipmentLimited

Potential ServiceConsultantsPrivate Limited Engineering 6.67 Minority Stake 40.00%

Tata Steel Incab Industries Engineering N.A. Acquisition

Esab India

ESAB Weldingand Cuttingsystems Engineering N.A. Minority Stake 14.29%

Sundram FastenersLtd

UpasanaEngineering Ltd

(from SundramFastenersInvestments Ltd) Engineering N.A. Acquisition

VVF LimitedColgate plant inKansas

FMCG, Food &Beverages N.A. Acquisition

Wadhawan FoodRetail Pvt Ltd(WFRL)

Sangam Direct(Unilever IndiaExports (UIEL))


Dollex IndustriesLimited

Godavari ManarSSK


Ruchi SoyaIndustries Limited

MAC Oil Palm

Limited (WOS ofMAC Oil PalmLimited)


Temptation FoodsKarens GourmetKitchen (KGK)

FMCG, Food &Beverages N.A.


Tata TeaMount EverestMineral Water

FMCG, Food &Beverages 25.58 Majority Stake

24%(openoffer

made forfurther

20%)

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Acquisition

price in US


VIP IndustriesLimited

Blow PlastLimited

FMCG, Food &Beverages N.A. Merger N.A.

Champagne IndageLimited

SeabuckthornIndage Limited(SIL)

FMCG, Food &Beverages N.A. Majority Stake 52.63%

SPS Group ofCompanies Bharat Biscuits


Indian Hotels'subsidiary ResidencyFoods andBeverages Limited

Innovative FoodsLimited


Dabur India

Limited (DIL)

Dabur Foods

Limited (DFL)

FMCG, Food &

Beverages N.A. Merger N.A.Dhunseri Tea &Industries Limited

Tezpore TeaCompany Limited

FMCG, Food &Beverages N.A. Merger N.A.

Wadhawan FoodRetail Pvt Ltd(WFRL) S mart


Heritage Foods Vikram DairyFMCG, Food &Beverages N.A. Acquisition

Dollex Industries Kalamber SSKFMCG, Food &Beverages 3.26 Acquisition

McLeod RusselIndia Limited

Moran Tea

Company (India)Limited FMCG, Food &Beverages N.A.

Increasing

stake to86.69% 72.38%

Temptation FoodsLtd

Everfresh ( FromChambalFertilisers andChemicals )


Colgate PalmoliveIndia Ltd

Advanced OralCare Products Pvt.Ltd



Professional OralCare Products Pvt.Ltd.



SS Oral HygieneProducts Pvt. Ltd.


GL Hotels LimitedKwality Resortsand Hospitality Hospitality N.A. Acquisition

GL Hotels

Mayfair BanquetsPrivate Limited(MBPL) Hospitality N.A. Merger N.A.

Kamat HotelsConceptHospitality Hospitality N.A. Majority Stake 60.00%

BT Telecom India i2i enterprises IT & ITeS N.A. Acquisition


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Acquisition

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MindTree

Consulting Limited

An IC (integratedcircuit) design

company IT & ITeS N.A. Acquisition

Nexxoft Infotel LtdeZeesoft PrivateLtd IT & ITeS N.A. Acquisition

RPG groupZensar

Technologies Ltd IT & ITeS 37.33Increasingstake to 60% 29.50%

PVP EnterprisesPrivate Limited

Software SolutionIntegrated (SSI)Limited IT & ITeS 136.44 Majority Stake 51.00%

ORG InformaticsSix Dee TelecomSolutions IT & ITeS 0.59 Minority Stake 17.94%

WNS HoldingsMarketics

Technologies IT & ITeS 65.00 Acquisition

Logix MicrosystemsLimited

CarSite(automotive portalof PowerOneMedia) IT & ITeS N.A. Acquisition

ADC (through itssubsidiary ADCGmbH)

KroneCommunications(Krone India) IT & ITeS 1.89 Minority Stake 11.00%

Core Projects &TechnologiesLimited

Aarman SoftwarePrivate Limited IT & ITeS 0.50 Acquisition

United CreditLimited

United

NanotechnologiesPrivate Limited IT & ITeS N.A. Acquisition

Monet Limited

SpancoTelesystems &Solutions Limited IT & ITeS 14.51 Minority Stake 14.92%

NetWeb SolutionsLimited WebPercept IT & ITeS N.A. Majority Stake 51.00%

TVS InterconnectSystems Limited(TVSICS - WOS of

T.V. Sundaram

Iyengar and SonsLimited)

Ramco InfotechSolutions Limited

(WOS of RamcoSystems) IT & ITeS N.A. Acquisition

Sobha RenaissanceInformation

TechnologyObjective SystemsIntegrators IT & ITeS N.A. Acquisition

Quatrro BPOSolutions

ScopeeKnowledge IT & ITeS N.A. Majority Stake N.A.

Siemens Limited

iMetrexTechnologies(ITL) IT & ITeS N.A. Majority Stake 77.00%


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Infotech Enterprises

GeospatialIntegrated

Solution PrivateLimited (GeospaceIntegra) IT & ITeS N.A. Majority Stake N.A.

Karuturi NetworksLimited

EstelCommunicationsPrivate Limited IT & ITeS N.A. Acquisition

Datamatics Technologies Ltd Datamatics Ltd IT & ITeS N.A. Merger N.A.

3i Infotechaok in-house BPOServices IT & ITeS N.A. Majority Stake 50.50%

3i Infotechaok in-houseFactoring Services IT & ITeS N.A. Majority Stake 50.50%


Technology Infotrack IT & ITeS N.A. Acquisition


Technology Zipdrive IT & ITeS N.A. Acquisition

Khemkas of SunGroup

FirstsourceSolutions IT & ITeS 40.00 Minority stake 9.00%

Citigroup-owned

Internet serviceprovider, YOU

Telecom IceNet IT & ITeS N.A. Acquisition

Fabmall.com Indiaplaza.com IT & ITeS N.A. Acquisition

Tech MahindraiPolicy NetworksIndia IT & ITeS N.A. Acquisition

Satyam ComputerServices Limited Nipuna IT & ITeS 40.00 Merger N.A.

Accel FrontlineLimited

Banking solutionsdivision of TelesisGlobal Solutions IT & ITeS N.A. Acquisition

Cranes SoftwareInternationalLimited

Tilak AutotechPrivate. Limited IT & ITeS 2.22 Acquisition

Synopsys

ArchPro DesignAutomation Technologies IT & ITeS N.A. Acquisition

Cranes SoftwareInternationalLimited

Proland SystemsPrivate Limited IT & ITeS 4.65 Acquisition

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Acquisition

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Cranes Software

InternationalLimited

Caravel Info

Systems PrivateLimited IT & ITeS 2.33 Acquisition

JavelinTechnologies Ltd

Manasa OrganicsLtd IT & ITeS N.A. Majority Stake 51.00%

KTwo TechnologySolutions

AdamyaComputing

Technologies IT & ITeS N.A. Acquisition

Aftek Limited

C2SiliconSoftware SolutionsPrivate Limitedand Elven MicroCircuits PrivateLimited IT & ITeS N.A. Merger N.A.

SPIComat


Sundaram BusinessServices (SBS - theBPO arm ofSundram Finance)

ProfessionalManagementConsultants(PMC) IT & ITeS N.A. Majority Stake 74.00%

MIH IndiaACL WirelessLimited IT & ITeS 12.30 Strategic Stake 30.00%

Bhilwara Scribe, theIT arm of LNJ

Bhilwara Group Global Meditrans IT & ITeS N.A. Acquisition

Mistral Solutions

Mistral Softwareand MistralSolutions IT & ITeS N.A. Merger N.A.

Educomp SolutionsLimited

AuthorGenTechnologies PvtLimited IT & ITeS N.A. Majority Stake 51.00%

KLG Systel LimitedAtlantis LabPrivate Limited IT & ITeS N.A. Majority Stake 51.00%

IT People IndiaMarketplace

Technologies. IT & ITeS N.A. Acquisition

TV18MobileNXT

Teleservices IT & ITeS N.A. Strategic Stake 35.00%

Axon Infotech Ltd.QuasarInnovations IT & ITeS N.A. Merger 51.00%

Locuz EnterpriseSolutions Limited

Choice SolutionsLimited IT & ITeS N.A. Merger N.A.

Goldstone Technologies 4G Informatics IT & ITeS N.A. Majority Stake 51.00%

Mega ResourcesLimited

Accel FrontlineLimited IT & ITeS N.A.


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Acquisition

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Aegis business

process outsourcing,an Essar Groupcompany

TeleTech Services( A joint venture

between TeleTechEurope and Bharti Ventures ) IT & ITeS 13.00 Acquisition

Provogue India LtdPronet InteractivePvt. Ltd IT & ITeS N.A. Majority Stake 51.00%

TutorVista.comEdurite


3i Infotech Ltd

SDG SoftwareTechnologies Ltd(SDG - WOS of 3iInfotech) IT & ITeS N.A. Merger N.A.

Valuemart InfoTechnologiesLimited

Datatalk Services(India) PrivateLimited IT & ITeS N.A. Majority Stake 74.00%

3i Infotech Ltd

Linear Financial &ManagementSystems Pvt Ltd., IT & ITeS N.A. Majority Stake N.A.

Pahwa KBS Antya.com IT & ITeS N.A. Strategic Stake N.A.

3i Infotech LtdHCCA BusinessServices Pvt Ltd IT & ITeS N.A. Majority Stake 51.00%

3i Infotech LtdTaxsmile.comIndia Pvt. Ltd. IT & ITeS N.A. Strategic Stake 26.00%

Diamond Cables

Limited

Western

Transformer Manufacturing N.A. AcquisitionEveready IndustriesIndia

Powercell BatteryIndia Manufacturing N.A. Merger N.A.

Century PlyboardsIndia Limited(Centuryply) Sharon Veneers Manufacturing N.A. Acquisition

Century PlyboardsIndia Limited(Centuryply)

Sharon WoodIndustries Manufacturing N.A. Acquisition

Century PlyboardsIndia Limited

(Centuryply) Century Panels Manufacturing N.A. Acquisition

H&R Johnson(India) Limited

Sri VenkateswaraUdyog Limited Manufacturing N.A. Majority Stake 50.00%

JK Cement LimitedNihon NirmaanLimited Manufacturing 9.33 Acquisition

SPS Group ofCompanies

Indo AmericanElectric CompanyLimited Manufacturing 1.51 Acquisition


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Acquisition

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Nilkamal Limited

Material Handling

Business of PrinceContainers PrivateLimited (PCPL)and PrinceMultiplast PrivateLimited (PMPL) Manufacturing 17.92 Acquisition

VIP IndustriesAristocrat LuggageLimited Manufacturing N.A. Merger N.A.

Bihar Tubes LimitedApollo MetalexPrivate Limited Manufacturing 0.28 Acquisition

Shree RenukaSugars Limited

DhanukaPetroChem Manufacturing 1.40 Acquisition

Mehala group

Finlane groupsSanmarco TexmacPrivate Limited Manufacturing N.A. Majority Stake 99.11%

Reliable Papers Manufacturing 61.63 Acquisition

Opel Paper Mill Manufacturing 12.33 Acquisition

Speciality Papers Prime Industries Manufacturing 2.33 Acquisition

PG Foils Prem Cables Manufacturing N.A. Merger N.A.

Jai Corp Limited Pet Fibres Manufacturing N.A. Acquisition

Adhunik MetaliksV Cube Forge(India) Limited Manufacturing N.A. Majority Stake N.A.

Bright AutoplasticPvt Ltd (subsidiaryof Sintex Industries) Bright Brothers Manufacturing 34.65 Acquisition

Simpson & Co.Limited (a memberof the

AmalgamationsGroup)

India PistonsLimited (IPL) Manufacturing N.A.


Kirloskar BrothersLtd (KBL)

GondwanaEngineers PvtLtd(GEPL) Manufacturing 1.78 Acquisition

GeodesicInformationSystems Limited

ChandamamaIndia Limited

Media,Entertainment &Publishing 2.27 Majority Stake 94.00%

TV18 Group'sInternet arm,

Web18

BigtreeEntertainmentLimited


Adlabs FilmsKatch 22Entertainment

Media,Entertainment &Publishing N.A. Merger N.A.

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Acquisition

price in US


The Star group &

India Value Fund

Music Broadcast

Pvt Ltd


Publishing N.A. Minority Stake 20.00%Madison World andSelvel Outdoor

Advertising

ProfessionalManagementGroup (PMG)

Media,Entertainment &Publishing N.A. Majority Stake N.A.

Seventymm Madhouse

Media,Entertainment &Publishing N.A. Acquisition

Eros International

AyngaranInternationalLimited


South Asia FM Ltd(a unit of Sun TVNetwork) Red FM

Media,Entertainment &Publishing N.A. Strategic Stake 48.90%

OOH Media AdImpact.


Prime FocusLimited

Post Productionbusiness of UTV


PVP EnterprisesPvt. Ltd

TelephotoEntertainment Ltd

Media,Entertainment &Publishing N.A. Minority Stake 11.16%

TV Today NetworkLtd

Radio TodayBroadcasting Ltd

Media,

Entertainment &Publishing N.A. Merger N.A.

HT Medias internetsubsidiary FireflyeVentures Limited Desimartini.com

Media,Entertainment &Publishing 10.00 Acquisition

TV18Infomedia IndiaLtd

Media,Entertainment &Publishing 41.40 Strategic Stake 40.00%

Pyramid Saimira

Theatre Limited

Dimples CineAdvertising PvtLtd and Dimples

Cine


Publishing N.A. Majority Stake 51.00%RelianceEntertainment (partof Anil AmbanisReliance ADAGroup)

AnirightsInfomedia


ACK Media

Amar ChitraKatha & TinkleMagazine businessof India BookHouse (IBH)


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Acquisition

price in US


ACK Media

Quiet Men Studios

Private Limited


Publishing N.A. Acquisition

9.9 MediaworxPrivate Limited

Jasubhai DigitalMedia (JDM)


Global BroadcastNews (GBN)

Jagran TV PrivateLimited (fromNew VernonPrivate EquityLtd.)

Media,Entertainment &Publishing 5.00 Minority Stake 10.00%

Adhunik MetaliksLimited

Orissa Manganese& Minerals PrivateLimited (OMM) Metals & Ores N.A. Acquisition

SPS Steel & PowerPawan Sut SpongeIron Metals & Ores 6.98 Acquisition

SPS Steel & Power Suraj Fabrics Ltd Metals & Ores 9.30 Acquisition

Exide IndustriesLimited

Tandon MetalsPrivate Limited Metals & Ores N.A. Acquisition

Jai Balaji IndustriesNilachal Iron &Power Ltd (NIPL) Metals & Ores 16.74 Acquisition

Gujarat NRE CokeLimited

India NREMinerals Limited(an Australian

subsidiary ofGujarat NRECoke Limited) Metals & Ores N.A. Merger N.A.

Reliance IndustriesLimited IPCL Oil & Gas N.A. Merger N.A.

Andhra SugarsLimited (ASL)

AndhraPetrochemicalsLimited (APL) Oil & Gas N.A.


Goa CarbonLimited (GCL)

Paradeep CarbonsLimited Oil & Gas N.A. Merger N.A.

Indian Oil

Corporation

IBPs petroleum

retail business Oil & Gas N.A. Merger N.A.

Tata Sons Ltd. Nagarjuna oils Oil & Gas 81.40 Strategic Stake 26.00%

Tata Sons Praj Industries Oil & Gas 79.07 Strategic Stake 7.30%

IVRCLInfrastructure andProjects Limited

Alkor PetroLimited Oil & Gas 1.40 Acquisition

Indian OilCorporation (IOC)

Oil India Limited(OIL) Oil & Gas N.A. Minority Stake 5.00%

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Acquisition

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Bharat Petroleum

Corporation

Oil India Limited

(OIL) Oil & Gas N.A. Minority Stake 2.50%Regency CeramicsLtd

Regma CeramicsLtd Others N.A. Merger N.A.

CarborundumUniversal Limited

IndustrialCeramics Divisionof IVP Limited Others N.A. Acquisition

Educomp Solutions

ThreeBrix E-Services PrivateLimited Others 0.56 Majority Stake 76.00%

Manipal Educationand Medical Group TutorVista Others 2.50 Strategic Stake N.A.

Arch Infra ProjectsNirman PrivateLimited Trinity Forge Others 3.95 Acquisition

Mahindra StokesHolding CompanyLimited N.A.

MahindraForgings OverseasLimited N.A.

Mahindra ForgingsLimited

MahindraForgings MauritiusLimited Others N.A. Merger N.A.

SB&T International Mimansa Jewellery Others N.A. Merger N.A.

Gitanjali GemsLimited

D'DamasJewellery (India)Private Limited Others N.A. Majority Stake 51.00%

Manipal EducationGroup MeritTrac Others N.A. Majority Stake 70.00%

GMR HyderabadInternational

Airport Ltd (a unitof GMR

InfrastructureLimited)

Cadence CargoPrivate Limited Others N.A. Majority Stake 51.00%

Aegis LogisticsLimited

Konkan StorageSystems (Kochi)Private Limited(KCPL) Others N.A. Acquisition

IID ForgingsGlobal LogisticsSolutions Others N.A. Majority stake 60.00%

Prism International

Private Limited

GatewayDistriparks

Limited Others N.A.

0.3%(Increasingstake to

11.22%) N.A.

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Acquisition

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Vision Corporation

Limited

Pol India Agencies

Limited. (PIAL) Others N.A. Majority Stake 51.00%

Gati LimitedKausar IndiaLimited Others 3.32 Majority Stake 52.96%

Apollo Tyres group,through its logisticsarm ApolloInternational

Seaport Container Terminal Others N.A. Acquisition

Solar ExplosivesLtd

NavbharatCoalfields Ltd Others N.A. Majority Stake 74.00%

Epic EnergyLimited SRS Engineers Others N.A. Acquisition

Jay EngineeringWorks Usha International Others N.A. Merger N.A.

Shree RenukaSugars Limited

KBK Chem-EngineeringPrivate Limited Others 8.14 Acquisition

Zydus CadilaHealthcare Liva Healthcare

Pharma, Healthcare& Biotech N.A. Majority Stake 97.50%

Kovai MedicalCenter & HospitalLimited

Idhayam HospitalsErode Limited

Pharma, Healthcare& Biotech 2.06 Acquisition

Global Hospitals Sankara HospitalPharma, Healthcare& Biotech 59.76 Acquisition

Synchron ResearchServices Pvt Ltd Innovance

Pharma, Healthcare& Biotech N.A. Acquisition

Fortis HealthcareHiranandaniHospital


Cadila HealthcareLimited

Sarabhai ZydusAnimal HealthLimited

Pharma, Healthcare& Biotech N.A.


Twilight LitakaPharma

17 brands of SamiLabs



Ranbaxy

Laboratories Jupiter Bioscience

Pharma, Healthcare

& Biotech 10.86 Minority Stake 14.91%

Strides ArcolabLimited

GrandixPharmaceuticalsLimited


Lupin LaboratoriesSymbiotecPharmalab

Pharma, Healthcare& Biotech N.A. Majority stake N.A.

Nicholas PiramalIndia Limitedsdiagnostic lab chain

Wellspring Jhankaria ImagingPharma, Healthcare& Biotech N.A. Majority Stake 70.00%

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Acquisition

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Ranbaxy

LaboratoriesLimited

Krebs

Biochemicals &Industries Ltd Pharma, Healthcare& Biotech 2.09 Minority Stake 14.90%

Alembic IndiaLimited

domestic non-oncologyformulationbusiness of DaburPharma


RPGPharmaceuticalsLimited

RPG Life SciencesLimited'spharmaceuticalsbusiness


Indoco Remedies

La Nova ChemIndia PrivateLimited

Pharma, Healthcare& Biotech N.A. Merger N.A.

Bodal ChemicalsLimited

Milestone OrganicLimited (MOL)


Aurobindo PharmaLimited

APL Life SciencesLimited (APLLife) and SenorOrganics (Senor)


MSN group ofcompanies

ArmourPharmaceuticalsLimited


Arch PharmaLabsLimited

Watsol OrganicsLimited


Monsanto HoldingsPrivate Limited

Monsanto IndiaLimited

Pharma, Healthcare& Biotech N.A.


Alchemist Limited Kaiser HospitalPharma, Healthcare& Biotech N.A. Majority Stake N.A.

Lupin Limited

RubaminLaboratoriesLimited (RLL)


Fortis HealthcareLimited - (throughits subsidiaryInternationalHospitals Limited(IHL)) and OscarInvestments

Malar HospitalsLimited

Pharma, Healthcare& Biotech 5.98 Majority Stake 53.00%

RanbaxyLaboratories

ZenotechLaboratories

Pharma, Healthcare& Biotech 49.77


Arch Pharmalabs Avon OrganicsPharma, Healthcare& Biotech 4.65 Strategic Stake 42.00%

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Acquisition

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Ipca LaboratoriesLtd Tonira PharmaLtd Pharma, Healthcare& Biotech N.A.

Increasing

stake to14.09% 9.12%

Indiaco VenturesLtd

Laser CosmeticsPvt Ltd

Pharma, Healthcare& Biotech 0.06 Strategic Stake 22.54%

QRG Enterprises(through HavellsIndia)

Central Hospital &Research


The HindustanTimes Limited

ChambalFertilisers andChemicals Limited Plastic & Chemicals N.A.


Pidilite IndustriesLimited

Manufacturing

unit of VinylChemicals IndiaLimited Plastic & Chemicals N.A. Acquisition

Excel Crop CareLimited

Business units ofExcel IndustriesLimited's (EIL)Environment andBiotech Division Plastic & Chemicals N.A. Merger N.A.

Expert Chemicals(I) Private Limited Wanbury Limited Plastic & Chemicals N.A.


Pidilite IndustriesLimited

Pagel ConcreteTechnologiesPrivate Limited Plastic & Chemicals N.A. Majority Stake 75.00%

Time TechnoplastLimited (TTL)

NED EnergyLimited Plastic & Chemicals 11.70 Majority Stake 71.00%

India GlycolsLimited (IGL)

Shakumbari Sugar& Allied IndustriesLimited Plastic & Chemicals 10.93

Controllingstake 96.56%

Tata PowerCompany

Coastal GujaratPower Power & Energy N.A. Acquisition

Texmaco LimitedShree ExportHouse Limited Power & Energy N.A. Merger N.A.

Jai Balaji SpongeLimited

Nilachal Iron &Power Limited Power & Energy N.A. Acquisition

Texmaco LimitedNeora HydroLimited Power & Energy N.A. Merger N.A.

KEC InternationalLimited

RPGTransmissionLimited andNationalInformation

Technologies Ltd Power & Energy N.A. Merger N.A.

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Acquisition

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PTC India (formally

known as PowerTradingCorporation ofIndia)

Indian EnergyExchange (IEX) Power & Energy N.A. Minority Stake 26.00%

Suryachakra PowerCorporation

Sri PanchajanyaPower Pvt Ltd Power & Energy 1.86 Majority Stake 51.00%

GailRatnagiri Gas andPower Pvt Ltd Power & Energy 110.47

Increasingstake to 32.88 4.55%

NTPCRatnagiri Gas andPower Pvt Ltd Power & Energy 110.47

Increasingstake to 32.89 4.55%

Maharasthra StateElectricity Board(MSEB)

Ratnagiri Gas andPower Pvt Ltd Power & Energy 58.14


SAAG RR InfraTechni BharathiLtd

Real Estate &InfrastructureManagement N.A. Majority Stake 60.00%

ParsvnathDevelopers Limited

ParsvnathLandmarkDevelopersPrivate Limited(PLDPL)

Real Estate &InfrastructureManagement N.A.


GMR Infrastructure

Limted

GMR Aviation

Private Limited

Real Estate &Infrastructure

Management N.A. Acquisition

DMC InternationalLimited Jaaydaad.com

Real Estate &InfrastructureManagement 0.89 Minority Stake 10.00%

Modern IndiaLimited

Modern IndiaRealty &InfrastructuresLimited

Real Estate &InfrastructureManagement N.A. Acquisition

Satra Properties

India Limited

Satra PropertyDevelopersPrivate Limited

(SPDPL)


Management N.A. AcquisitionGodrej Properties(realty arm of theGodrej Group) Happy Highrises

Real Estate &InfrastructureManagement 23.26 Acquisition

Texmaco Limited

EvershineMerchants PrivateLimited

Real Estate &InfrastructureManagement N.A. Merger N.A.

Phoenix MillsLimited

Ashok RuiaEnterprisesPrivate Limited

Real Estate &InfrastructureManagement N.A. Merger N.A.

Nitco Tiles Shark Properties(SPPL)

Real Estate &

InfrastructureManagement N.A. Merger N.A.

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Acquisition

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Nitco Realties

(NRPL)

Motivation

Properties(MPPL)


Management N.A. Merger N.A.

KapashiCommercial

NashimaDevelopersLimited



KapashiCommercial

RunishaCommercialLimited



Sterlite OpticalTechnologiesLimited (SOTL)

SterliteInfrastructurePrivate Limited(SIPL)


Phoenix MillsLimited

Big Apple RealEstate Pvt Limited


Larsen and ToubroLtd (L&T)

FeedbackVentures Pvt. Ltd

Real Estate &InfrastructureManagement 9.30 Strategic Stake 26.00%

Indiabulls RealEstate Ltd. Piramyd Retail

Real Estate &InfrastructureManagement 48.37 Majority Stake 63.92%

Radhe Developers

India Limited

RadheInfrastructure &Projects (India)

Limited


Management N.A. Merger N.A.The Aditya Birlagroup

Trinethra SuperRetail Limited Retail N.A. Acquisition

A K Capital ServicesLimited

A K Capital RetailLimited Retail N.A.


Videocon Industries(through itssubsidiary NEXT) Planet M Retail 46.51 Acquisition

ABG Shipyard Vipul Shipyard Shipping & Ports N.A. Acquisition

Punj Lloyd Limited

(PLL)

Pipavav Shipyard

Limited Shipping & Ports 93.72 Strategic Stake 25.10%

Shree PrecoatedSteels

AnikDevelopmentCorporation Steel N.A. Merger N.A.

Kirloskar BrosLimited (KBL)

Kolhapur SteelLimited Steel 4.19 Acquisition

Tata SteelRawmet FerrousIndustries Steel 9.18 Acquisition

Jaiprakash Group Malvika Steel Steel 48.14 Acquisition

Kirloskar BrothersLtd (KBL

The KolhapurSteel Ltd (TKSL). Steel N.A. Acquisition

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Acquisition

price in US


JSW Steel Limited

Southern Iron &Steel Company

Limited Steel N.A. Merger N.A.

Bharti AirtelLimited

Bharti AquanetLimited("Aquanet") Telecom 3.59


Bharti Airtel Network i2i Telecom 110.00Increasingstake to 100% 50.00%

Suri Group Fibcom India Telecom N.A. Acquisition

S. P. ApparelsLimited (SPAL)

Sri Balaji BakiamSpinning Mill Textiles & Apparels 6.05 Acquisition

Chiripal Group Arunodaya Mill Textiles & Apparels 7.78 Acquisition

Krishna Glass Pvt.Ltd

Soma Textiles &Industries Ltd Textiles & Apparels N.A.


Rajasthan Spinningand Weaving Mills(RSWM) Limited,part of the LNJBhilwara Group Cheslind Textiles Textiles & Apparels 6.18 Strategic Stake 48.17%

KamadgiriSynthetics Stripes Apparels Textiles & Apparels N.A. Merger N.A.

Maxwell Industries Microtex India Textiles & Apparels N.A. Merger N.A.

House of PearlFashions Limited Texport Fashions Textiles & Apparels N.A. Acquisition

S.P. ApparelsLimited

Natalia Brandfrom SM Apparels Textiles & Apparels N.A. Acquisition

S.KumarsNationwide Limited

BrandhouseRetails Limited(BHRL) Textiles & Apparels 2.88 Acquisition

Suryajyoti InfotechLtd

SuryajyotiSpinning Mills Ltd(SSML Textiles & Apparels 0.03 Strategic Stake N.A.

Indus Fila Limited

Indus Garments

(India) PrivateLimited Textiles & Apparels 2.17 Majority Stake 51.00%

Primus Retail Weekender Textiles & Apparels 22.09 Acquisition

Texport Syndicategroup

Vanasthali TextileIndustries Textiles & Apparels N.A. Majority stake 75.00%

PioneerEmbroideries

Manufacturingfacilities of Arcot

Textile Mill Textiles & Apparels N.A. Acquisition

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Acquisition

price in US


Bombay RayonFashions Ltd

LNJ Apparels

(unit of RajasthanSpinning &Weaving MillsLtd) Textiles & Apparels 5.93 Acquisition

SEL ManufacturingCo Ltd Kudu Industries Textiles & Apparels N.A.

Increasingstake to99.00% N.A.

Indian TourismInfrastructure Ltd(ITIL)

Gem Tours & Travels Pvt Ltd Travel & Tourism 88.89 Acquisition

Travelguru Desiya.com Travel & Tourism N.A. Acquisition

PanoramicUniversal

Hi-Flyers TravelServices Pvt Ltd Travel & Tourism N.A. Majority Stake 51.00%


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II. Cross Border Deals Outbound



Acquisition

price in US $

Mn Deal Type % Stake

Advanta IndiaLimited (Through itssubsidiary PacificSeeds Australia)

LongReach PlantBreeders

Agriculture & AgroProducts 14.01

ControllingStake

ITC Limited(through its whollyowned subsidary,Russell CreditLimited)

Technico PtyLimited

Agriculture & AgroProducts N.A. Acquisition

Karuturi Networks Sher AgenciesAgriculture & AgroProducts 69.09 Acquisition

Neha InternationalLimited

GlobeagroHoldings

Agriculture & AgroProducts 9.61 Acquisition

Hindalco Industries Novelis Inc Aluminium 6,000.00 Acquisition

Varroc group Imes SpA Automotive N.A. Acquisition

Greaves CottonLimited (through itssubsidiary GreavesCotton NetherlandsB.V)

Bukh-FarymannDiesel GmbH(Bukh-Farymann) Automotive 5.59 Acquisition

EnduranceTechnologies PrivateLimited Paioli Meccanica Automotive N.A.

StrategicStake N.A.

Autoline Stokota Automotive 14.84 Majority Stake 51.00%

Ashok LeylandLimited

Defence Testingand EngineeringServices Inc. Automotive 17.00 Acquisition

Tata Africa (asubsidiary of TataInternational)

Nissan Motorfacility Automotive N.A. Acquisition

Sakthi Sugars

(through its WOS -Sakthi AutoComponent Limited(SACL)) Intermet Europe Automotive N.A. Acquisition

Autoline Industries

DetroitEngineeredProducts Automotive 7.65 Majority Stake 51.00%

Setco Automotive(through Setcos UKsubsidiary Setco

Automotive N.A.Inc)

Haldex BrakeProductsCorporation Automotive 4.90 Acquisition

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Acquisition

price in US $


The Ashok Piramalgroup Bakonyi Automotive 14.53 Acquisition

Amtek Auto Limited

JL French's(Witham)Limited Automotive 35.00 Acquisition

TRF Limited, a TataGroup enterprise

York TransportEquipment (Asia)Pte Automotive 16.50 Majority stake 51.00%

Sundram FastenersLimited

PUTGrundstucksGmbH Automotive 0.04 Acquisition

Orange IndiaHoldings ( VijayMallya and theMichiel Mol Familyfrom Netherland 50-50 joint venture )

Spyker FerrariFormula Oneteam Automotive 60.79 Acquisition

Bajaj Auto LimitedKTM PowerSports AG Automotive 81.40

MinorityStake 14.50%

Amtek AutoTiplex - KetlonGroup Automotive N.A. Acquisition

ABG Engineering &ConstructionsLimited (an ABGGroup Company) Cemp SpA Automotive 40.00 Acquisition

Bank of India PT Bank SwadesiBanking & FinancialServices N.A. Majority Stake 76.00%

Shriram group(through itsSingapore-basedsubsidiary)

MonarchInsuranceCompany


StrategicStake 40.00%

Geojit FinancialServices Limited

Aloula GeojitBrokerageCompany

Banking & FinancialServices 7.47 Majority Stake 28.00%

General Insurance

Corporation

East AfricanReinsurance

Company

Banking & Financial

Services 1.86

Minority

Stake 14.76%United Spirits(promoted by liquortycoon Vijay Mallya) Whyte & Mackay

Breweries &Distilleries 1,112.99 Acquisition

United Spirits(through its Cyprus-based wholly ownedsubsidiary Zelinka) Liquidity Inc

Breweries &Distilleries 3.00 Acquisition

Moser Baer IndiaLimited

Optical Mediaand Technology(OM&T) B.V.

Electricals &Electronics N.A. Majority Stake 80.00%

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Acquisition

price in US $


Havell's India

Limited

SLI Sylvania

lighting business

Electricals &

Electronics 300.00 AcquisitionMoser Baer Photo

Voltaic ( a whollyowned subsidiary ofMoser Baer India)

SolarvalueProizvodnja

Electricals &Electronics 10.00


RSWM Limited SISA S.A. (SISA)Electricals &Electronics N.A. Majority Stake 50.00%

Shree GaneshForgings Limited Hertecant N V Engineering N.A. Acquisition

Shree GaneshForgings Limited ELFE Engineering N.A. Acquisition

VA Tech Wabag(India),

VA Tech WabagGmbH Engineering 100.00 Acquisition

Larsen and Toubro(L&T)

TamcoSwitchgear ( aswitchgear unitof TamcoCorporateHoldings ) Engineering 108.00 Acquisition

VVF Limited Teo CorpFMCG, Food &Beverages N.A. Acquisition

Godrej Sara LeeLimited (GSLL)

Sara LeeCorporation's

subsidiarybusinesses inIndia and SriLanka

FMCG, Food &Beverages 13.00 Acquisition

Wipro ConsumerCare Unza


Godrej ConsumerProducts (GCPL)

Godrej GlobalMideast FZE(GGME)


LT Overseas(through LTO NA,

subsidiary of LTOverseas) Kusha Inc


DLF Ltd Amanresorts Hospitality 250.00 Acquisition

Indian HotelsCompany Limited(collectively knownas Taj Hotels,Resorts and Palaces)

Hotel CamptonPlace Hospitality 62.79 Acquisition

Jain IrrigationSystems Limited

Aquarius BrandsInc Irrigation 21.50 Acquisition

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Acquisition

price in US $


Jain IrrigationSystems Limited

Naandan

IrrigationSystems (CS) Ltd Irrigation 50.00 StrategicStake

Jain IrrigationSystems

Na'an DanIrrigation Irrigation 17.50 Majority Stake 50.00%

Ybrant Technologies AdDynamix IT & ITeS 10.00 Acquisition

Teledata InformaticsLtd

eSys Technologies IT & ITeS 105.00 Majority Stake N.A.

Aegis BPO (EssarGlobal company) Global Vantedge IT & ITeS 22.22 Acquisition

Zensar Technologies(through Zensar

Technologies Inc,USA) ThoughtDigitalLLC IT & ITeS 24.90 Acquisition

HOV Services BPO Lason IT & ITeS 148.00 Acquisition

GenpactICE EnterpriseSolutions IT & ITeS N.A. Acquisition

Quintegra SolutionsLimited ValleyUS IT & ITeS 9.50 Acquisition

Quintegra SolutionsLimited

JadeLiteTechnologies IT & ITeS 1.00 Acquisition

Paradyne InfotechLimited (through its

WOS - DyneTechservices Inc)

Links GroupInternational Inc IT & ITeS 4.75 Acquisition

Core Projects andTechnologies

Emacs Technologies Inc IT & ITeS 3.00 Acquisition

Nihar Info GlobalMassif

Technologies IT & ITeS 0.03 Majority Stake 51.00%

Ybrant TechnologiesLimited Seenetix IT & ITeS N.A. Acquisition

ISGN Dynatek IT & ITeS N.A. Acquisition

Triton Corp

West TalkCorporate

Limited IT & ITeS N.A. Acquisition

Triton CorpNew BeginningsFinance Limited IT & ITeS N.A. Majority Stake 80.00%

EMR TechnologyVentures

Rubicon Group'sthree companiesRubicon Health,Rubicon Claimsand RubiconInspections IT & ITeS 20.00 Acquisition

Tata ConsultancyServices TCS do Brasil IT & ITeS 33.40


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Acquisition

price in US $


CambridgeTechnologyEnterprises Ltd(CTEL) ComCreation Inc IT & ITeS 3.50 Acquisition

MoldtekTechnologiesLimited

Cross RoadsDetailing Inc(CRD) IT & ITeS 1.30 Acquisition

Kaveri TelecomProducts

DCI DigitalCommunications IT & ITeS 2.20 Acquisition

ORG InformaticsLimited

DGIT SolutionsPte. Limited IT & ITeS N.A. Acquisition

i-flex solutionsLimited

Capco CapitalMarketsCompany Pte Ltd(Singaporesubsidiary ofCapco) IT & ITeS N.A. Acquisition

Firstsource Solutions

Limited

BPM Inc alongwith itssubsidiaries -MedPlans 2000Inc. andMedPlans

Partners, Inc IT & ITeS N.A. AcquisitionTeledata InformaticsLimited

Soltius Pte.Limited IT & ITeS 45.00 Acquisition

SubexAzure Limited Syndesis Limited IT & ITeS 164.50 Acquisition

Cranes SoftwareInternational Limited

Dunn SolutionsGroup IT & ITeS 13.95 Acquisition

Patni ComputerSystems

Logan-OrvissInternational(LOI) IT & ITeS N.A. Acquisition

Educomp Solutions Ask n Learn IT & ITeS 3.88 Acquisition

WNS Holdings

through itssubsidiary WNS

AssistanceFLOvateTechnologies IT & ITeS N.A. Acquisition

RoltaOrion

Technology IT & ITeS N.A. Acquisition

Maples ESMTechnologies

US-basedcompany in theapplicationsservices segment IT & ITeS N.A. Acquisition

Bhilwara Scribe, theIT arm of LNJ

Bhilwara Group

BensonTranscription


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Acquisition

price in US $


Persistent SystemsPrivate. Limited

Metrikus (India)Private Ltd(a

subsidiary ofMetrikusInc,USA) IT & ITeS N.A. Acquisition

Megasoft Limited

BostonCommunicationsGroup, Inc(BCGI) IT & ITeS 65.00 Majority Stake 83.00%

Infosys Technologies

Philips Globalsfinance andaccounts BPO IT & ITeS 28.00 Acquisition

Patni ComputerSystems Limited

TaratecDevelopmentCorp IT & ITeS 27.20 Acquisition

Take Solutions Clearorbit IT & ITeS 20.60 Acquisition

KaashyapTechnologiesLimited (formerlyKaashyap RadiantSystems)

consultancydivision ofLogisticsSolutions Inc IT & ITeS 8.50 Acquisition

MastekVector InsuranceServices LLC IT & ITeS 4.50 Majority Stake 90.00%

Logix MicrosystemsLimited

ReckonUp (ACRM product

from PrizeCorporation) IT & ITeS 4.00 Acquisition

Quatrro BPOSolutions

PreferredFinancial Group,Inc (PFG) IT & ITeS N.A. Acquisition

Wipro Technologies

Infocrossing Incand itssubsidiaries IT & ITeS 600.00 Acquisition

Geometric SoftwareSolutions CompanyLimited TekSoft Inc IT & ITeS N.A.


Firstsource SolutionsLimited

MedAssistHolding, Inc IT & ITeS 330.00 Acquisition

Murugappa groupcompany Laserwords

Four LakesColorgraphics IT & ITeS 11.00 Acquisition

Apollo HospitalsEnterprise Ltd'sassociate firm,

Apollo Health StreetLtd Zavata Inc IT & ITeS 180.00 Acquisition

Kale Consultants Ltd Zero Octa IT & ITeS N.A. Acquisition

Hero Group

Telecom Service

Centers (TSC) IT & ITeS 80.00 Acquisition

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Acquisition

price in US $


Usha Martin GroupConversoContact Centres IT & ITeS N.A. Acquisition

Tricom IndiaApex DocumentSolutions IT & ITeS 2.00 Acquisition

Educomp Savicca IT & ITeS N.A. Majority stake 70.05%

Nettlinx LTDHost DepartmentLLC IT & ITeS N.A. Acquisition

Wipro Technologies

OkI TechnoCentre SingaporePte Limited(OTCS), a

wholly-ownedoutfit of OKIElectric IndustryCo Limited IT & ITeS N.A. Acquisition

Infinite ComputerSolutions

ComnetInternationalCompany IT & ITeS N.A. Acquisition

Core Projects &Technologies Ltd

AzzurriEducation andHamletComputer Group IT & ITeS 30.00 Acquisition


KC ManagementGroup IT & ITeS 12.00 Acquisition


HamletComputer Group IT & ITeS 3.00 Acquisition

Mahindra &Mahindra andReliance Ports &

Terminals LocaModa Inc IT & ITeS 6.18StrategicStake

Allsec TechnologiesLtd

KingdomBuilders Inc IT & ITeS 1.50 Acquisition

Quintegra SolutionsLtd PA Corporation IT & ITeS 49.00 Acquisition

Ruia Group

Industronics

Berhad IT & ITeS N.A.

Controlling

stake 30.00%

i-flex Solutions Castek Software IT & ITeS N.A.Increasingstake to 100% 49.00%

3i Infotech J&B Software Inc IT & ITeS 25.25 Acquisition

GatewayTechnoLabs PrivateLimited NINtec B.V. IT & ITeS N.A. Merger N.A.

Satyam Computer

Nitor GlobalSolutions Ltd IT & ITeS 5.50 Acquisition

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Acquisition

price in US $


Prithvi Information

Solutions Limited

Agadia Systems

Inc IT & ITeS 4.50 Acquisition

Mold TekTechnologies

Unnamed Ohiobased structuralEngineeringKPO Company IT & ITeS 2.00 Acquisition

MindTreeConsulting

TES-PVElectronicSolutions (Purple

Vision -the India-based subsidiaryof Frenchcompany TESElectronicSolutions SA) IT & ITeS 6.55 Acquisition

California SoftwareCompany Limited(Calsoft)

InternationalInnovations Inc IT & ITeS 1.32 Acquisition

Fortis FinancialServices (through itsSPV's RegiusInfotech Pvt Ltd andRegius OverseasHolding Company)

Capital MarketSolutions IT & ITeS N.A. Majority Stake 76.00%

Aurionpro Solutions

IntegroTechnologies PteLtd IT & ITeS N.A. Acquisition

Jyoti CNCAutomation

HuronGraffenstaden IT & ITeS 55.81 Acquisition

Ybrant TechnologiesLimited Oridian IT & ITeS 13.00 Acquisition

Intelenet GlobalServices

Firm owning twoglobal entities --Upstream and

Travelport ISO IT & ITeS 75.00 Acquisition

Hero Group Dalglen IT & ITeS 74.42 AcquisitionCalifornia SoftwareCompany Limited(Calsoft)

InatechInfosolutions IT & ITeS 6.17


CS SoftwareEnterprise Limited

Reps ResourcesInc IT & ITeS N.A. Majority Stake 51.00%

Batliboi Quickmill Inc Manufacturing 4.88 Acquisition

ITC LtdKing MakerMarketing Inc Manufacturing N.A.


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Acquisition

price in US $


Zicom Electronic

Security SystemsLimited

Unisafe Fire

ProtectionSpecialists LLC Manufacturing 4.50 SignificantStake 49.00%

Kamla Dials &Devices Limitedthrough its WOS inSwitzerland, Pylania

AG J Boegli Manufacturing 0.75 Acquisition

Motherson SumiSystems Limitedthrough itssubsidiaries,MothersonElastomers PtyLimited andMothersonInvestments PtyLimited

Empire Rubber(from HuonCorporation PtyLimited) Manufacturing N.A. Acquisition

Crompton GreavesLimited

MicrosolHoldings Limited Manufacturing 13.65 Acquisition

Action ConstructionEquipment Limited(though its Cyprus-based subsidiary,

Frested Ltd)

Romanian

company Manufacturing 2.15 Majority Stake 74.00%Dynamatic

TechnologiesLimited through theCompany's whollyowned subsidiaryDynamatic Limited,UK

The HydraulicBusinessDivision(Swindon Unit)of Sauer DanfossLimited, UK Manufacturing 10.00 Acquisition

Easun ReyrolleLimited (through its

wholly owned

subsidiary,ERLPHASE PowerTechnologiesLimited)

`relay and

recorderbusiness' ofNxtphase T&DCorporation Manufacturing N.A. Acquisition

ISMT LimitedStructoHydraulics AB Manufacturing N.A. Acquisition

Binani CementLimited

ShandongRongan GroupCo Limited Manufacturing 11.00

Significantstake 49.00%

Maini PrecisionProducts (MPP)

Mec.com and itssubsidaries Manufacturing N.A. Acquisition

Shetron LtdShetron SobemiEurope N.V Manufacturing N.A. Acquisition

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Acquisition

price in US $


Voltas Limited

UniversalComfort

Products Limited(UCPL) Manufacturing 1.74 StrategicStake 50.00%

Time TechnoplastLimited (through itssubsidiary, NEDEnergy Ltd)

Gulf PowerbeatWLL (from Al-Tajir Group ofUAE) Manufacturing N.A. Acquisition

ORG InformaticsBelgacom'ssatellite business


Television EighteenGroup (TV18)

MTV NetworksIndia (MTVI)

Media,Entertainment &Publishing 46.51


Pyramid SaimiraTheatre Ltd (throughits subsidiaryPyramid SaimiraEntertainment

America) FunAsiA


Infinity FilmCompletion Services Lumiere

Media,Entertainment &Publishing N.A.


S4 Ind Software Pvt

Ltd

CarlislePublishing

Services


Publishing 3.50 Acquisition

FX Labs Studios

Knibble.com(owned byInteractive Media

Technology Inc)


NuovaRenopressEndurance

Technologies PrivateLimited

AmannDruckguss Metals & Ores 60.52 Acquisition

Gujarat NRE CokeLimited

Elouera Colliery(A subsidary ofBHP Bilton) Metals & Ores 50.00 Acquisition

Aban Offshore Sinvest Oil & Gas N.A.Increasingstake to 97% 57.00%

Indian Oil Company(IOC)

Trans AntolianPipeline Co Oil & Gas N.A.

MinorityStake 12.50%

Aban Offshore(Aban SingaporePTE Ltd) Sinvest ASA Oil & Gas N.A.

Increasingstake

compulsory buy ofremaining 1.99%stake

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Acquisition

price in US $


Reliance Industries

limited (through itswholly ownedsusidiary RelianceIndustries MiddleEast )

Gulf AfricaPetroleumCorporation(GAPCO) Oil & Gas N.A. Majority stake N.A.

Videocon IndustriesLimited and BharatPetroResourcesLimited

Encana BrasilPetroleoLimitada (EBPL) Oil & Gas 425.00


Rain / CII HoldingsInc (WOS of RainCalcining Limited) CII Carbon LLC Others N.A. Merger N.A.

Manipal UniversalLearningInternational U21 Global Others N.A.


Gitanjali GemsLimited (through itssubsidiary GitanjaliUSA Inc)

Tri-Star Worldwide LLC Others N.A. Majority Stake 70.00%

Shrenuj & CompanyLimited (through itssubsidiary AstralHoldings Inc)

Simon Golub &Sons Inc Others 22.70 Majority Stake 84.60%

Gitanjali Gems LtdRogers JewelersLtd Inc Others 18.50 Acquisition

House of PearlFashions Limited(HOPFL through itssubsidiary PoeticgemLimited) FX Imports Ltd Others N.A.


SQL StarInternational Limited TalentFuse Inc. Others N.A. Acquisition

Usha Martin Limited(through its UK

subsidiary)

De Ruiter

Staalkabel B.V. Others 4.15 Acquisition

Shreyas Shipping &Logistics Ltd

Haytrans IndiaLtd ( subsidary ofHaytrans Ltd.) Others N.A. Majority stake 51.00%

GremachInfrastructureEquipments &Projects Limited

OshoMozambiqueCoal Mining Others 100.00 Majority Stake 75.00%

TopsGrupUK basedsecurity company Others 130.00 Acquisition

Batliboi LimitedAESA AirEngeneering, SA Others 2.09 Majority Stake 70.00%

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Acquisition

price in US $


Joint venture ofStrides Arcolab and

Iceland based InventFarma Farma Plus Pharma, Healthcare& Biotech N.A. Acquisition

Reliance LifeSciences GeneMedix Plc


GlenmarkPharmaceuticals(through its wholly-owned Swisssubsidiary, GlenmarkHoldings SA(GHSA) Medicamenta

Pharma, Healthcare& Biotech N.A. Majority Stake 90.00%

Jubilant OrganosysHollister-StierLaboratories


Cadila HealthcareLimited (ZydusCadila)

NipponUniversalPharmaceuticalsLimited


Sun Pharmaceuticals Taro PharmaPharma, Healthcare& Biotech 454.00 Acquisition

RanbaxyLaboratories

(through its WOS)RanbaxyLaboratories Inc.

Acquisition ofUS rights for 13dermatologyproducts of

Bristol-MyersSquibb Company(BMS)


Strides Arcolab

Diaspa SpA'sfermentationassets


Wockhardt Negma LeradsPharma, Healthcare& Biotech 253.49 Acquisition

LambdaTherapeuticsResearch Limited

CBK-MPRPharma


Dabur PharmaLimted

Biosciences CoLimited


Avesthagen

Undisclosedingredientssupplier in US


Cadila HealthcareLimited Nikkho Pharma


AccentiaTechnologies

Limited

G.S.R.PhysiciansBilling ServiceInc (GSR PBS)and GSR Systems

Inc.

Pharma, Healthcare

& Biotech N.A. Acquisition

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Acquisition

price in US $


ElderPharmaceuticals Ltd

Neutra HealthPlc

Pharma, Healthcare& Biotech 10.93


DishmanPharmaceuticals &Chemicals Limited

SolvayPharmaceuticalsBV's finechemicals and

vitaminbusinesses


GlenmarkPharmaceuticalsLimited

Two NewbiologicalEntities (NBE)from Canada-based ChromosMolecularSystems Inc


Natco PharmaLimited

SaveMartPharmacy


Elder PharmaceuticalLimited Biomeda Group


Ipca Laboratories

Unnamedformulationmanufacturer


Wockhardt

The MortonGrove

Pharmaceuticals

Pharma, Healthcare

& Biotech N.A. Acquisition

Lupin Ltd

KyowaPharmaceuticalIndustry Co Ltd

Pharma, Healthcare&a

tracker+ +2007

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