Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad
October, 2015
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October, 2015
CONTENTS
Mergers & Acquisitions 3
Private Equity 4
M&A Deals – October 2015 5
PE Deals – October 2015 6
Indcap Opportunities 7-8
Indcap Performance 9
Markets/ Commodities 9
October, 2015
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*An extensive list of M&A and PE deals announced in October 2015 is provided in the subsequent pages
Swedish contract drug manufacturing firm Recipharm has acquired a 74% equity stake in Nitin Lifesciences, a privately held sterile injectables manufacturing firm for INR 6,700 Mn.
AntWorks Pte. Ltd., a business process outsourcing and technology company set up by former vice president of Infosys BPO Asheesh Mehra, has acquired US-based Benchmark Systems, a healthcare application service provider, for INR 330 Mn
Homegrown auto major Mahindra & Mahindra Ltd has sold its entire 71.19% stake in Swaraj Automotives Ltd (SAL) for INR 248 Mn to b4S Solutions.
Jasper Infotech (P) Ltd., which runs online e-com marketplace Snapdeal, has invested INR 1,310 Mn more in logistics firm QuickDel Logistics (P) Ltd., which runs operations under the gojavas brand
Travel major Cox & Kings has acquired UK-based hotel booking website LateRooms.com -- owned by Germany-headquartered travel major TUI Group -- for INR 850 Mn
HCL Technologies, a leading global IT services provider, has acquired Minneapolis-based PowerObjects - a leading North American provider of Microsoft Dynamics CRM, for INR 2,990 Mn
October, 2015
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Global private equity firm General Atlantic Singapore Fund acquired 21.61-per cent stake in IIFL Wealth Management, a subsidiary of IIFL Holdings, for an estimated Rs 11,223 Mn
Green energy producer ReNew Power Ventures (P) Ltd. has raised INR 17,225 Mn in fresh equity from investors, including Abu Dhabi Investment Authority (ADIA).
*An extensive list of M&A and PE deals announced in October 2015 is provided in the subsequent pages
Netmeds.com, India Ki Pharmacy, raised INR 3,250 Mn from a group of investors, led by OrbiMed, a healthcare focused investment firm. OrbiMed was joined in the investment by CEO and founder Pradeep Dadha’s family investment fund, and boutique investment bank MAPE Advisory Group.
Premji Invest, the private equity arm of Wipro Group chairman Azim Premji, has picked up a minority stake in Hygienic Research Institute (HRI), the country's third-largest hair colour maker known for Vasmol and Streax products, for INR 2,145 Mn
Payment solutions company Citrus Payment Solutions has raised about INR 1,620 Mn in Series C funding from a consortium of new and existing investors, led by Sequoia Capital & Ascent Capital
Private equity firm Everstone Capital has picked controlling 51 per cent equity stake in Bangalore-based auto ancillary manufacturer SJS Enterprises for about INR 3,500 Mn
October, 2015
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Target Buyer Industry Deal Value
Stake (%) INR in Mn
Nitin Lifesciences Limited Recipharm AB Pharma 6,700 74
PowerTeam Inc HCL Technologies Limited IT/ITES/Technology 2,990 N.A
Quickdel Logistics Private Limited Jasper Infotech Private Limited Transport &
Logistics 1,310 N.A
Late Rooms Limited Cox and Kings Limited Travel & Leisure 850 N.A
Benchmark System Inc Antworks IT/ITES/Technology 330 N.A
Swaraj Automotives Limited b4s Solutions Private Limited Auto 248 71.2
Optimum Solutions Singapore Pte Ltd
ABeam Consulting IT Consulting N.A 25
Indian Energy Exchange Limited DCB Power Ventures Limited, Kiran Vyapar Limited
BFSI N.A 11
Georgia Tea And Coffee Business Hindustan Coca Cola Beverages Private Limited
Food & Beverage N.A N.A
EatShopLove Trend West IT/ITES/Technology N.A N.A
African Tower Assets Eaton Towers Limited Telecom N.A N.A
Zoyo MagicTiger IT/ITES/Technology N.A N.A
VBHC Value Homes Private Limited Daiwa House Industry Co Ltd Real Estate N.A N.A
Spid Info Media Fork Media Private Limited IT/ITES/Technology N.A N.A
M&A Deals- October 2015
*INR to USD conversion rate considered at USD 1 = INR 65 N.A. – Not Available
October, 2015
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Company Industry Investor Amount
Stake (%) INR in Mn
ReNew Power Ventures (P) Limited
Power Abu Dhabi Investment Authority, Global Environment Fund, Goldman Sachs (Principal Investments)
17,225 N.A
IIFL Wealth Management Limited
BFSI General Atlantic LLC 11,223 21.6
SJS Enterprises (P) Limited Auto Everstone Capital 3,500 51
Netmeds Marketplace (P) Limited
IT/ITES/Technology MAPE Advisory Group, Pradeep Dadha, OrbiMed
3,250 N.A
Hygienic Research Institute Private Limited
Consumer Goods PremjiInvest 2,145 N.A
Citrus Payment Solutions (P) Limited
IT/ITES/Technology Sequoia Capital India, Ascent Capital, econtext Asia, Beenos Asia
1,620 N.A
Voylla Retail Private Limited IT/ITES/Technology Peepul Capital LLC 975 N.A
Kurlon Limited Consumer Goods Motilal Oswal Private Equity Advisors (P) Limited
900 N.A
Carthero Technologies (P) Limited
IT/ITES/Technology Nexus India Capital Advisors (P) Limited, Sequoia Capital India
650 N.A
Attune Technologies (P) Limited
IT/ITES/Technology Norwest Venture Partners, Qualcomm Ventures
650 N.A
Cryptopy Technologies (P) Limited
IT/ITES/Technology Kalaari Capital Advisors (P) Ltd., Sequoia Capital India
650 N.A
Junior Sports And Services (P) Limited
Services Gaja Capital Partners 650 N.A
Razorpay Software (P) Limited
IT/ITES/Technology Matrix Partners India, Tiger Global Management LLC
585 N.A
PE Deals- October 2015
*INR to USD conversion rate considered at USD 1 = INR 65 N.A. – Not Available
October, 2015
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Sector Location Opportunity Brief Key Highlights
Renewable Energy
Tamilnadu &
Karnataka
The company is involved in power generation through wind turbine generators
Operating wind turbine generators located in Tamilnadu and Karnataka
Aggregate-rated generating capacity of 51 MW with an average PLF of 18-20%.
34 Turbines of 1.5 MW each Date of commissioning- 2009-10
Diversified Gujarat A Conglomerate having diversified business
Looking to sell their 300 MW coal based power plant in Maharashtra
Expected Deal Size- INR 21,000 Mn
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Sector Location Company Brief Acquisition Criteria
Chemicals Gujarat The group is engaged into manufacturing of dyes, pigments, caustic etc.
The company is diversifying into API and is interested in acquiring USFDA approved API Unit.
Looking for running plant with all USFDA approvals for its API Products
Acquisition Size<= INR 500-1,000 mn.
Oil & Chemicals
Gujarat An MNC and independent tank storage provider for the oil and chemical industry.
Looking for acquiring existing petroleum and chemicals storage and tanking business at ports
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
Renewable Energy
Gujarat The Company is a diversified player based out of Gujarat
Looking to acquire wind and solar assets in Gujarat and Rajasthan
Hydro assets in Himachal Pradesh
October, 2015
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Sector Location Company Brief Acquisition Criteria
FMCG India The company is engaged in the manufacturing of FMCG products and is exploring to diversify into new businesses.
In FMCG • Sector includes Personal care products (natural and
Ayurvedic), Baby Care Products, Vitamins, Minerals & Dietary Supplements (VMS)- Natural & Herbal, Consumer Durables, Food Sector
• Revenue Size – INR 250 Mn to INR 1000 Mn. • EBIDTA – Should be positive • Scalable Business • Should have regional or Pan India presence
In Healthcare • Clinical Diagnostics centers, Fertility centre etc.
In Cement • Cement Grinding unit of about 1.0 mn tonne
capacity • Sufficient land preferably with railway siding • Location: W.B, Jharkhand, Odisha & Bihar • Captive Limestone mine would be preferred
Renewable Energy • Solar Power plant with crystalline technology • PPA scheme should be under central Govt. Scheme
like JNNSM-Batch
Any new disruptive technology oriented business
Real Estate
Gujarat They are a group of ultra HNIs running large chain of multiplexes and hospitality services in Gujarat
Interested in acquiring 5 Stars Property in Goa, Kerala or any of the metro cities
Looking for any sizable commercial real estate property fetching good lease rentals
Looking for IRR of around 12-15%
FMCG Gujarat The company is a leading player in the Chemicals and Cement business
The company is looking to acquire large size cement unit having capacity of more than 3.0 mn tonnes
Preferred Location- Western Part of India Lime reserve and captive power plant associated
with cement plant would be most preferred
Diversified
Gujarat They are a group of ultra HNIs
Looking to acquire export oriented API or other semi-regulated commodity business
Location – Western India Expected Deal Size- 1,250 – 1,500 Mn
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October, 2015
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Indcap has successfully assisted a leading Tea Company, based out of Kolkata, in Debt Syndication worth INR 149.40 Mn through a Leading Public Sector Bank at highly competitive rates
INDCAP PERFORMANCE
Stock Indices Opening
(1st Oct’15) Closing
(30th Oct’15) Change %
Sensex 26,344.19 26,656.83 1.19%
Nifty 7,992.05 8,065.80 0.92%
FTSE 6,061.60 6,361.10 4.94%
Nikkei 17,479.97 19,083.10 9.17%
Dow Jones 16,278.62 17,663.54 8.51%
Gold ( INR/10 Grams) 25,744.00 26,461.00 2.79%
Silver (INR /1 Kg) 34,196.00 36,285.00 6.11%
USD ($) 65.59 65.42 -0.26%
Euro (€) 73.46 72.29 -1.59%
GBP (£) 99.45 100.99 1.55%
Sources – Global Indices, BSE, NSE, RBI, MCX INDIA
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Indcap Advisors Pvt. Ltd. Offices
Kolkata New Delhi Mumbai
Chitrakoot, Suite # 68, 6thFloor, 230A, A.J.C Bose Road,
Kolkata – 700 020 Ph. No.:- +91 33 3052 4446 Fax No.:- +91 33 3052 4446
823, DLF Tower A Jasola District Centre New Delhi – 110 025
Ph. No.:- +91 11 2694 2340/ 41/ 42
Suite # 603, 6th
Floor, Balarama Bandra Kurla Complex, Bandra (E)
Mumbai – 400 051 Ph No.:- +91 22 3058 4445 Fax No.:- +91 22 3058 4450
Bangalore Ahmedabad
223, Embassy Habitat 59, Palace Road
Bangalore – 560 052 Ph. No.:- +91 96423 21155
A-707, Infinity Tower Corporate Road, Prahladnagar,
Ahmedabad – 380 015 Ph. No.:- +91 79 4002 6336
www.indcapadvisors.com
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