Professional Documents
Culture Documents
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HandbooK & Directory
Y Investment Banking Handbook & Directory 2010
Indian PE Market 1
Interview with
Ranjan Biswas,
Partner & Head, Transaction Advisory Services
Ernst & Young
Capital Agenda 3
The View from Ernst & Young
West 47
South 56
North 63
East 67
In line w ith the growth in the Indian economy, the PE market in the country too
has experienced significant improvement over the last one year. The first six months
of 2010 have attracted PE investments (other than real estate sector) totaling
US$3.5 billion, almost equivalent to that of the whole of 2009. Global PE houses
after a phase of complacency through 2009, have stepped up their investment
activity with prominent players such as Warburg Pincus, Bain Capital, TPG, Temasek
and KKR, acquiring stakes in Indian companies. In addition, fund- raising has
gathered momentum, with a large number of global and domestic PE firms either
raising or announcing fresh funds for investments in the country. A total of
US$l.4 billion of PE funds were raised for the first half of 2010 for investments
in India.
The core infrastructure sector (power, roads and highways) has opened some of the
most sought-after investment avenues for PE investors, accounting for the majority
of PE investments during the past three years. In addition, domestic-demand driven
sectors such as retail and consumer products and services, along with sectors that
have significant unmet demand, such as microfinance, healthcare and education are
on the radar of the PE firms for investments. Further, investments in green
technology (cleantech) have also witnessed increasing investor interest.
The average deal size for deals with an announced deal value stood at $33.4 million,
an increase of approximately 67%, as compared with $20 million in 2009. The
improvement in average deal size, as compared with last year, is primarily on
account of the presence of large-sized deals during the first six months of 2010,
which were otherwise absent during 2009. There were nine large-sized (greater than
US$100 million) transactions during the first half of 2010, as compared with only six
for the whole of 2009 .
©TSJ Media Private limited. All Rights Reserved
V" Investment Banking Handbook & Directory 2010
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What key issues Financial Due Diligence (FDD) is being used for
FDD is going beyond the conventional health check of the investees as was
the case a couple of year ago. Apart from the regular historical review,
additional focus in FDD currently includes reporting structures and governance,
detailed assessment of working capital peaks and troughs and cash flows,
sustainable revenues and margins and validation of projections. This is
especially in companies demonstrating high future growth or turnaround from
a market triggered slump, related party transactions, changes in tax regulations
and impact on tax costs etc.We are also witnessing greater emphasis on
formal background and integrity checks of the Promoter management and
investee companies including assessing industry standing, reputation, disputes
and perception amongst the stakeholder group outside the company including
customers, vendors etc.
PE Exits are expected to gain steam in the next 6 to 12 months. The key driver for
this is the vintage of PE investments in India. Significant PE investments in India took
place in FY05 to FY07 period and a large part of these investments are approaching
maturity periods; And will trigger significant exit activity in the near future.
Exits can take the form of an IPO, a secondary sale to another PE fund, or a buyback
by the promoters. In the first two cases, PE funds need to ensure that the Company
has grown to scale and size either organically or in-organically, to be successful in
attracting further interest in either public markets or from other funds. The growth
story should be clearly articulated and future strategy thought through and
communicable. Additionally, from an internal perspective, proper governance
structure should have been implemented and financial controls and procedures
implemented.
Capital matters more today than ever before . Whatever your view on the recovery,
uncertainty is the only certainty there is. Those who have the organizational flexibility
to adapt and respond as the market changes will be able to exploit opportunities -
those who don't will miss them and weaken their competitive position.
The barometer indicates that the next 12 months will see the rise of a few w inners
in each industry - those who adapt their capital agenda to better manage
uncertainty and exploit opportunity.
leading businesses are adopt ing a range of disciplines in five key areas to build
competitive advantage:-
1. Preserving capital - Reshaping the operational and capital base to reflect the
risks and realities of a prolonged downturn.
2. Optimising capital - Driving cash and working capital, and managing the portfolio
of core and non-core assets to accelerate return on capital.
This may feel like a "back-to-basics" approach and in many ways it is - these are
good financial management disciplines after all.
However in less challenging times they have been allowed, in many businesses,
to slip.
Our barometer indicates that while most companies are focused on at least part of
this agenda, many are finding limitations in their systems, processes and capabilities
that prevent them from managing the agenda with the rigor and foresight demanded
by the new environment.
We believe those who develop their capabilities to master this agenda will build
competitive advantage by:
• Increasing and maintaining investor confidence
• Winning the competition for scarce capital
• Anticipating and adapting to market conditions as they change
• Seizing acquisition and other growth opportunities that others are unable to
Those who fail to implement a more rigorous approach increase their vulnerability
as others in their industry move ahead.
A strong capital agenda now needs to be at the heart of all strategic decisions in the
boardroom. Should you embark on an operational restructuring? Should you divest?
Should you acquire opportunistically? Different options will suit different needs but
one thing is clear - doing nothing and trying to ride out the storm is not a strategy
for success.
Mumbai Office
CfrartereafilQocc 2 nd Floor, Wakefield House
Sprott Road, Ballard Estate
Management Ltd. Mumbai - 400 038
Chartered Finance Management Ltd. T: +91 22 22696944
F: +91 22 22624943
About Us W: www.charteredfinance.in
Chartered Finance Management Ltd
has engaged in providing custom- Regional Locations
ized financial solutions for both debt Chennai, Hyderabad,
raising and private equity and has Muscat, Dubai
successfully completed financial
tie-up assignments exceeding $6-B Contact Person
(around Rs .25,OOO Cr) for clients
Taral Sheth
which includes State Govts and
E: t.sheth@cfml.in
their Undertakings, Corporates,
M: +91 9820908828
Business Houses and upcoming
Indian MNCs. Ankit Jain
E: ankit.jain@cfml.in
Our Key Clientele Includes: M:+919619423173
1. Unitech Group Shashank Vaishampayan
2. EMAAR Properties PJSC E: shashank.v@cfml.in
3. Hiranandani Group, etc M: +91 9619423171
Subsidiary Associates
Chartered Finance Management LLC Mars Commercial Brokers LLC
has acqu ired the chem ica l has rai se d pr ivate eq u ity
bu siness of fu n ding from has d ivested its steel bus in ess
to
Gwalior Chemical Bain Capital / TPG
Industries Ltd. Growth Essar Steel Limited
for INR 3850 mi ll ion for INR 6000 milli o n
f or INR 5360 m illion
Ernst & Young acted as financial advisor to Ernst & Young acted as financial advisor to Ernst & Young acted as financial advisor t o
LANXESS India Pvt . Ltd. lIlIlput Kl dswear limited Shree Precoated Steels Limited (SPSL)
- :u ERNST& YOUNG 1-
:JJ ERNST & YOUNG
1--
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I.e.
Nurtunngbuslnessventures
Corporate Office
Experience
About Us
The investment banking arm of Bank of Montreal with focus on Cross-Border M&A.
Sectors
Metals & Mining, Oil & Gas, Technology & Media, Education, Food & Consumer,
Infrastructure
Corporate Address
19th Floor, Express Towers, Nariman Point, Mumbai - 400 021
www.bmocm.com
Corporate Address
252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai - 400 028
Contact Person
Timmy S Kandhari
E: timmy.s.kandhari@in .pwc.com
T: 91 22 6669 1580
www.pwc.com/in/en/
©TSJ Media Private limited . All Rights Reserved 9
V.. Investment Banking Handbook & Directory 2010
About Us
Religare Capital Markets Limited (RCML), is a wholly owned subsidiary of Religare
Enterprises Limited (REL), a global financial services group. REL is committed to create
in RCML, a global Investment banking and Institutional Securities business with a focus
on emerging markets. Currently, the principal areas of activity for RCML globally are
Instituional broking and research,Equity Capital Market and M&A. In UK, the firm also
offers broking services to UK Mid caps, contracts for difference and operates a London
lisitngs and broking business. RCML is continually adding to its suite of products and
strengthening its team.
Corporate Address
03 , P3B, District Centre, Saket, New Delhi - 110017
Contact Person
Sachin Batra, Managing Director - Investment Banking
E: sachin .batra@religare.in
About Us
RiverBridge is a boutique financial advisory firm with a focus on :
- Assisting small and mid size companies (turnover between Rs. 50-500 Cr) looking
for growth capital in raising Private Equity
- Enabling mid size companies in acquisition, strategic stake sale or identifying strategic
partners.
Corporate Address
A 707 Mayflower block, Brigade Millennium, J P Nagar 7th phase, Bangalore - 560 078
Contact Person(s)
N. Muthuraman V. Satheesh
E; muthuraman@riverbridge.in E: satheesh@riverbridge.in
M: +91 9952091011 (Chennai) M:+91 9980682455 (Bangalore)
T:+91 4442040889 T:+91 8041602587
"Akasam"
10-1-17/1/1, Masab Tank,
Hyderabad - 500 004
Tel : 91 4066444955
Fax: 91 4023335511
E: info@akasamconsulting.com
www.akasamconsulting.com
Contact:
Raghunath, Director
Contact: Contact:
Sunit Shang Ie, Head - PE and M&A Sanjay Sakhuja, CEO
Axis Bank
Contact:
Siddharth Roth, Sr. Vice President
Brics Securities
Contact:
V.R. Srinivasan, CEO
Contact
Taral Sheth
Edelweiss Capital
Contact:
Rashesh Shah, Chairman, MD & CEO
4th Floor, Fortune 2000, 'A' Wing 1st Floor, Tower A, Building no 8
Bandra Kurla Complex DLF Cybercity Phase 2
Bandra (East) Sector - 25
Mumbai - 400 051 Gurgaon - 122 002
Tel : 91 22 2653 0600 Tel : 91 124457 5000
Fax: 91 22 2653 0601 Fax: 91 1244575200
E: mumbai@equirus.com E: ranjan .biswas@in.ey.com
www.equirus.com
Contact:
Contact: Ranjan Biswas, Partner & Head
Ajay Garg, MD & CEO Transaction Advisory Services
Europlus Capital
Contact:
Sunil G Raheja, Director
©TSJ Media Private limited. All Rights Reserved 16
V. Investment Banking Handbook & Directory 2010
Goldman Sachs
Rational House
951-A, Appasaheb Marathe Marg
Prabhadevi
Mumbai - 400 025
Tel : 91 2266169000
Fax: 91 22 66169001
www2 .goldmansachs.com
Contact:
Brooks Entwistle, MD & CEO
HU Consultancy
Contact:
Haresh Shah, Chairman
success.
offe r a w i de r a nge
pr oduct s w hi ch a
you an edge on
same time h elp
th e dea l re i ri sks.
Contact:
Zerin Rahiman, Co-Founder
KPMG
lodha Excelus,
Apollo Mills Compound
NM Joshi Marg, Mahalaxmi
Mumbai - 400 011
Tel : 91 22 39896000
Fax: 91 22 3983 6000
E: adiwanji@kpmg.com
www.in .kpmg .com
Contact:
Abizer Diwanji, ED - Financial Advisory
Contact: Contact:
Dev Raman, Principal K Balakrishnan, MD & CEO
LGT Associates
Contact:
Ashok Malagikar, Sr Manager
Contact: Contact:
Sanjay Bhandarkar, India Head Vikas Sharma, President & CEO
Omega Capital
Contact:
Raju Panjwani, Chairman and MD
Contact:
Atul P. Anand, President
Religare Capital Markets (RCM) is a part of Religare Enterprises limited (REL) - a global financial
services group. REL is committed to create in RCM, a global emerging markets focussed
Investment Banking and Institutional Securities business. Currently, the principal areas of activity
for RCM globally are Institutional Braking and Research, Equity Capital Market and M&A. In UK,
the fi rm also offers Braking Services to UK Mid caps, Contracts for Difference and operates a
London listings and Braking business.
-RE I AND
• RELIGA
INVESTMENT BANKING •
SECURITIES
Values that bind
ReM comprises Relioa,,: capital Markets Pic (autllorised and re-gulatoo by the Financial 5c)rvice AuthO/ity; Member of the l ondon Stock Exchange and the NASDAQ Oubai alK! acts as a broker lor companies
trailed on the main and AIM UK Markets. and a PLUS Madre!s CO/para te Adviser) and ReM (UK) Umited 'IIfllCh is au tholised and II!9Ulated by the Financial Services Authority and is able to act as Sponsor to
companies on the Ol1icial list 01 the UK listing Authority and as Nominzled AdViser to AIM Companies.
Contact: Contact:
Divyadeep Indra, Head - IB Sunil Sing la, Director
PricewaterhouseCoopers
Contact:
Timmy Kandhari, ED,
Corporate Finance &
Investment Banking Group
Contact: Contact:
Sachin Batra, MD - IB V. Satheesh, Co-founder and Director
Contact:
Rahul Nayar, Managing Director
Technology Holdings
Contact Person :
Vivek Subramanyam - Managing Director
Tower Capital
Contact:
Sandeep Bhardwaj, CEO
Unitus Capital
Contact:
Gautam Verma, Director
Contact:
C. Venkat Subramanyam, Founder & Director
CapitalPlus
Corporate Advisors Carnation Consulting
www.capitalsquareadvisors.com www.carnationconsulting.in
Daiwa Securities
Capital Markets Dawn Consulting
www·ip·daiwacm.com www.consultdawn.com
IDFC-SSKI IFCI
www.sski.co.in www.ifciltd.com
Jefferies JM Financial
www.jefferies.com www.jmfinancial.in
KMCC KNAV
www.kmcc.co.in www.knavcpa.com
Ladderup Leverage
Corporate Advisory Capital Partners
www.ladderup.com www.leveragecp.com
Matrix
Mape Advisory Group Financial Consultants
www.mapegroup.com www.matrixfc.com
MP Advisors MotiialOswal
www.mpadvisorsindia.com www.motilaloswal.com
Universal Unicon
Consulting India Investment Solutions
www.universalconsulting.com www.uniconindia.in
We are #l.
But don't take our word for it.
No.1 Indian M&A advisor in terms of Mumbai Office
deal count for 8 consecutive years Ernst & Young
- Bloomberg League Tables 18th Fl oor, Express Tower s
Nariman Point
Asia Pacific M&A - Investment Bank of the Mumba i - 400 021
Year award and Deal of the Year award T: +91 22 2282 5000
(2009) F: +91 22 2282 6000
W: www.ey .com\india
- Asia M&A Atlas Awards
Contact Person
Most Active Transaction Advisor award in
Ajay Aro ra, Partner
PE and M&A (2009) E: ajay.arora@in.ey.com
- Venture Intelligence APEX Awards
Other Locations
Financial Advisor of the Year - In dia (2008 Gu rg aon, Ko lkata, Pune,
and 2009) Ah medabad, Bangalore,
- Mergermarket & Financial Times Chennai, Hydera bad & Koch i
Experience
Ernst & Young acted as tlnanclal advisor to Ernst & Young acted as financial advisor to Ernst & Young acted as financial advisor to
Tata Realty & Infrastructure limited HeC Limited larsen & Toubro Limited
11th Floor, Times Tower 241/242, Nirmal, 2nd & 6th floor
Kamala City, Senapati Bapat Marg Nariman Point
Lower Parel. Mumbai - 400 021
Mumbai - 400013 Tel : 91 224031 3300
Tel : 91 22 4047 7000 Fax: 91 224031 3400
Fax: 91 22 4047 7070 Email: ankur.joshi@antiquelimited .com
www.rathi .com www.antiquelimited .com
Contact: Contact:
Roy Rodrigues, CEO Ankur Joshi, Manager - IB
Contact: Contact:
Ranu Vohra, MD & CEO Siddharth Roth, Sr. Vice President
Contact: Contact :
Asit Bhatia, Head - IB T.R Prashanth Kumar, MD & CEO
Contact: Contact:
Ajay Garg, Managing Director & CEO Sunil G Raheja, Director
ICiCI Centre, H.T. Parekh Marg The IL&FS Financial Centre,Plot C22
Churchgate G Block
Mumbai - 400 020 Bandra Kurio Complex
Tel : 91 22 22882460 Bandra East
swapna .bhandarkar@icicisecurities.com Mumbai - 400 051
www.icicisecurities.com Tel : 91 22 2653 3333
Fax: 91 22 2653 3038
Contact: E: info@ilfsindia.com
A Murugappan, Executive Director www.ilfsindia.com
Contact:
Avdhoot Deshpande, EVP
©TSJ Media Private limited. All Rights Reserved 52
Y. Investment Banking Handbook & Directory 2010
KPMG Lastaki
Contact: Contact:
K Balakrishnan, MD & CEO Sanjay Bhandarkar, India Head
Contact: Contact:
Divyadeep Indra, Head - IB Sunil Sing la, Director
Contact: Contact:
Timmy Kandhari, ED, P. R. Somasundaram - MD
Corporate Finance &
Investment Banking Group
Tower Capital
Contact:
Sandeep Bhardwaj, CEO
Bangalore Office
Ernst & Young
2008 13th Floor, UB City
Ranked no. 1 on no. of deals Canberra Block
Vittal Mallya Road
2007 Bangalore - 560 001
Ranked no. 1 on no. of deals T: +91 8040275000
F: +918022106000
W: www.ey.com\india
2006
Ranked no. 1 on no. of deals
Contact Person
2005 Ranjan Biswas
Ranked no. 1 on deal value and no. of deals Partner & Head
Transaction Advisory Services
2004 E: ranjan .biswas@in.ey.com
Ranked no. 1 on no. of deals
Other Locations
2003
Gurgaon, Kolkata, Mumbai,
Ranked no. 1 on no. of deals
Pune, Ahmedabad, Chennai,
Hyderabad & Kochi
2002
Ranked no. 1 on no. of deals
Experience
has raised private equity funding has raised private equity funding
from has completed secondary stake
from sale to
Standard Chartered AIF Capital
Temasek Holdings
Private Equity for INR 1300 million (Private) Limited .
for INR 1500 million for INR 1000 million
Chennai Office
Ernst & Young
TPL House, 2nd Floor
3, Cenotaph Road
Teynampet
Chennai - 600 018
T: +9144 4219 4400
F: +91442431 1450
W: www.ey.com\india
Contact Person
Sailesh Rao, Partner
E: sailesh .rao @i n.ey.co m
~ 10 locations
~ Approx 400 transactions professionals
~ 20 dedicated Partners
Experience
Ernst & Young acted as financial advisor to Ernst & Young acted as financial advisor to Ernst & Young acted as f inancial advisor to
Mr. Kalanithl Ma r an Coastal Energen Private Umlted TVS Logistics Services Ltd.
through better
c systems and
... Planning / structuring support ... Fundraising (equity and debt) -
transactions to optimize
IPO readiness, rights issues,
stakeholder returns
PE, private placement and
.... Due diligence I risk mitigation capital markets .
.... Implications of investment on
current capital structure
... Divestment of assets to fund future growth
... Valuing assets I synergies of transactions
... Infrastructure projects
... Ensuring cost and tax efficient structures
Contact: Contact:
S. P. Reddy Ranjan Biswas, Partner & Head
Transaction Advisory Services
Contact: Contact:
Sailesh Roo, Partner Sailesh Roo, Partner
Contact: Contact:
Zerin Rahiman, Co-Founder Ashok Malagikar, Sr Manager
..a ---
Renewable energy In Indla-
Delhi Office
the evolvtng dynamics Ernst & Young
6th Floor, HT House
18-20, Kasturba Gandhi Marg
New Delhi - 110001
T: +91 22 2282 5000
F: +912222826000
W: www .ey.com\india
Contact Person
Ashish Basil, Partner
E: ashish.basil @in.ey.com
Other Locations
Gurgaon, Kolkata, Pune,
Mumbai, Ahmedabad, Chennai,
Bangalore, Hyderabad & Kochi
-~-
Experience
Contact: Contact:
Sajeve Deora, Managing Director Atul P. Anand, President
Experience
Contact:
Ajay Arora, Partner
Databases
~ Profiles of all Private Equity, Venture Capital and M&A deals since 2004 .
~ Includes searchable profiles of all PE/VC firms and PE/VC backed
companies .
Newsletters
~ Daily & Weekly formats for practicioners in the deal ecosystem .
~ Sector-Focused monthly format for entrepreneurs.
Directories
~ Private Equity & Venture Capital Directory.
~ Directory of Early Stage Investors.
~ Investment Bank Directory.
Conferences
Venture Intelligence conferences are a leading platform that bring together investors
and entrepreneurs in a focused manner that facilitates discussion and networking .
Speakers at Venture Intelligence Conferences are typically investors, entrepreneurs and
CXO/Boardlevel executives from accomplished companies .