Comparable transactions

Announced Date Target Buyer/Investor Seller Target EV(INR mm) Size(INR Implied EV/ Revenue
mm)

Jan-16-2018 Chengdu Road & Sichuan Hongyi Jiahua Industrial Co., Chengdu Chengdao Transport 35927.4 17066.9 4.8x
Bridge Engineering Ltd. Facilities Co., Ltd.
CO.,LTD
Jan-15-2016 Anhui Construction Anhui Water Resources Development Anhui Hydraulic Engineering - 34267.7 0.1x
Engineering Group Co., Co., Ltd. Construction General Company
Ltd
May-15-2015 IT Electronics Eleventh Wuxi Taiji Industry Company Ltd. Wuxi Industry Development Group Co., - 36944.8 0.9x
Design & Research Ltd., Chengdu Chengda Engineering
Institute Scientific & Co., Ltd., Wuxi Capital Co., Ltd.
Technological
Engineering Corp Ltd

Mar-25-2015 Xindi Energy Xinneng Mining Industry Co., Ltd. ENN Solar Energy Co., Ltd., ENN - 17740 1.0x
Engineering Group Co., Ltd.
Technology CO., Ltd.
Aug-16-2012 Sinoma International - Shihezi ZhongTian Development 94695.4 16705.6 0.2x
Engineering Co., Ltd. Equity Investment Co., Ltd.
Dec-30-2010 Road & Bridge China Communications Construction - - 14377.8 1.2x
International Co., Ltd. Company Limited
Dec-20-2010 MTD Capital Bhd Alloy Consolidated Sdn. Bhd., Alloy - - 19125.2 4.8x
Concrete Engineering Sdn Bhd,
Nikvest Sdn Bhd, Alloy Capital Sdn
Bhd

Jan-07-2010 UBG Berhad Javace Sdn Bhd Cahya Mata Sarawak Berhad, PPES - 18221.7 1.1x
Works (Sarawak) Sdn. Bhd., Majestic
Masterpiece Sdn. Bhd.
Mar-18-2017 Simplex Infrastructures Simplex Infraproperties Private Limited - 36618.6 40 0.8x
Limited

May-05-2014 ALSTOM India Limited GE Energy Europe B.V. - 49061 6.1 1.1x
(nka:GE Power India
Limited)

Oct-11-2010 JMC Projects (India) Kalpataru Power Transmission Limited - 37219.7 343.3 0.5x
Limited
Mar-18-2010 MSK Projects (India) Welspun Infratech Ltd Aaheli Construction Private Limited, 16671.9 689 1.9x
Ltd. (nka:Welspun Classic Inns Private Limited, D.A.
Enterprises Limited) Finvest Pvt. Ltd.
Jun-21-2010 Maytas Infra Ltd. Saudi Binladin Group Limited - 31758.5 2850.8 2.4x
(nka:IL&FS
Engineering and
Construction Company
Limited)
Implied EV/EBITDA

3.6x

27.4x

21.0x

22.0x

7.1x

12.4x

6.4x

10.1x
-
 Company

1 Saipem

2 Petrofac

 Daelim
3 Industrial
Co

4
SNC-
Lavalin

5
wood
group
 Description
Saipem S.p.A. engages in the engineering, drilling, and construction of projects in the energy and infrastructure sectors worldw
five divisions: Offshore Engineering & Construction (E&C), Onshore E&C, Offshore Drilling, Onshore Drilling, and Floaters segm
procurement, project management, and construction services primarily for the oil and gas, complex civil and marine infrastructu
company offers offshore E&C products and services, including platforms, pipelines, subsea field developments, and MMO activ
hydrocarbon production and treatment facilities, and large onshore treatment and transportation systems and facilities. It also p
Petrofac Limited,inan
drilling services oilfield
deep service
water, company,
in frontier, providesareas
and remote facilities
and solutions
environment to the
foroil
oiland
andgas
gasproduction
industries,and processing
national companies,industryan
through
refinery, three
syngas segments: Engineering
and fertilizer, & Construction;
petrochemical, upstream, Engineering
LNG, high & Production
tech Services;
floater, offshore fulland Integrated
field Energy
development, Services.
trunkline, and The
re
segment
as well asprovides
life-cycleonshore
servicesand offshore
under engineering,
the XSIGHT name.procurement,
In addition, the construction,
company offers installation,
vessels andandcommissioning
fabrication yards;services.
and reseaThe
segment
services, offers
as wellconcept, feasibility,
as engineering, and front-end
technology, and engineering
commissioning andservices.
full projectAsdelivery,
of December as well31,as2018,
a range of operations,
its offshore drillingmainte
fleet c
Daelim
onshore Industrial
and offshore
ultra-deep-water Co., projects.
units,Ltd. operates
2 high as a construction
The Integrated
specification Energy3and
jack-ups, petrochemical
Services
standard jack-ups,company
segment provides
and 1 barge worldwide.
an integrated Itsservice
tender rig; Plant Business
for clients
and onshore Division
under
drilling is invc
rig flexibl
fleet
procurement,
aligned with their
headquartered construction,
Milan, Italy. in projects, including upstream developments, related energy infrastructure projects, and investT
in requirements design, commissioning, O&M of oil and gas, petroleum refinery, petrochemical, and power plants.
in the project
founded in 1981planning,
and is financing,
headquarteredconstruction, and Jersey.
in St Helier, O&M of bridges, dams, ports, railways, roads, and water resource facilities.
Division constructs apartments, office buildings, and hotels, as well as medical, education, sports, and logistics facilities. The co
SNC-Lavalin
polybutene, and GroupBOPPInc.films.
provides
Daelimconsulting,
Industrial design, engineering,
Co., Ltd. was founded construction,
in 1939 and and is operation and maintenance
based in Seoul, South Korea. services world
Metallurgy; Oil & Gas; Nuclear; Clean Power; Infrastructure; Engineering, Design and Project Management; and Capital segme
for projects in the aluminum, gold, copper, iron ore, nickel, fertilizer, sulphur, and other projects, as well as commodities related
mobile phones, and other electronic devices. It also undertakes oil and gas projects in the upstream, midstream, downstream,
sectors,
John Wood as well
Groupas PLC,
supports clients
together in the
with asset lifecycle
its subsidiaries, from front-end
provides project, evaluation
engineering, through decommissioning.
and technical services inInenergy,
addition, the co
industry,
nuclear life cycle with the spectrum of services from consultancy, field services, technology services,
operates through five segments: Asset Solutions Europe, Africa, Asia, Australia; Assets Solutions Americas; Specialist Technic spare parts, reactor suppo
management,
Infrastructure Solutions; and Investment Services. The company offers engineering, fabrication and construction, and bundledtra
as well as engineering, procurement, and construction management services. Further, it delivers hydroelectric
and undertakes infrastructure
decommissioning services; and projects in various
operations sectors consisting
and maintenance services.of mass
It alsotransit,
provides heavy rail, roads,
scaffolding, bridges,
rope access, airports,
thermalports an
insulat
engineering, industrial, geotechnical engineering, materials testing, and water infrastructure, as well
specialist construction and civils, asbestos remediation, mechanical, and piping support services, as well as electrical, control, as operations and mainten
company
company provides engineering,
offers project management,design, and projectproject,
EPC/EPCM management services for
and construction andprojects in transportation,
field services; environment infrastructure, aerospas
and infrastructure
technology sectors; and invests in various infrastructure assets, such as bridges and highways,
studies, permitting and compliance, environmental remediation, public infrastructure, geotechnical and materials, and engineer mass transit systems, power fa
water treatment plants. SNC-Lavalin Group Inc. was founded in 1911 and is headquartered in
Further, it provides clean energy solutions, such as engineering, design, and project management; analytics, technology, and laMontreal, Canada.
regulatory; and plant operations and life extension services. Additionally, the company offers mineral resources and project ass
design, mineral processing and metallurgy, and material handling; and information management, IoT and connected devices, s
analytics, visualization, and digital project delivery, as well as automation and control, and consulting solutions. The company a
systems comprising operational support and integrity; engineer, procure, and fabricate; flow assurance; subsea, umbilical, riser
marine terminals. John Wood Group PLC is based in Aberdeen, the United Kingdom.
EV/EBITDA P/E P/BV

7.4 35.23 1.03

4.51 6.26 1.95

5.17 6.78 0.76

8.76 9.32 1.26

5.55 8.69 0.76

 Company
Renew Power

Welspun
2 Energy Ltd

Suzlon

Azure Power
4

5 Inox
6 Torrent Power
 Description
ReNew Power Ltd. (formerly ReNew Power Ventures Pvt. Ltd.) is an independent power producer (IPP). It is engaged in the pr
through wind energy, solar energy, and solar rooftop projects. The firm sells the output to state electricity boards and large indu
was founded in 2011 and is based in Gurgaon, Haryana with additional offices in Bengaluru, Karnataka, Bhopal, Madhya Prade
Maharashtra, and Ranchi, Jharkhand.

Welspun Energy Ltd. is engaged in providing the solar energy and service. It offers development of renewable energy projects
energy projects. The company was founded in 2002 and is based in Kutch, Gujarat. Welspun Energy Pvt. Ltd. operates as a su

Suzlon Energy Ltd. is engaged in manufacturing and selling wind turbine generators (WTGs) and related components of variou
three segments: Sale of WTG, which includes the sale of WTGs and allied activities, including sale,sub-lease of land and proje
which includes the sale of foundry and forging components; and Others, which includes power generation operations. It has ap
facilities in India, China, and America. Its services range from feasibility studies, front-end engineering design, undertaking con
commissioning of wind farms, operations, and maintenance, as well as the customer requirements across the wind energy. Its
technology, nacelle, tower and foundation, park control and system integration. The company was founded in 1995 and is base

Torrent Power
EV/EBITDA P/E P/BV

28 21.51 1.66

6.86 26.87 0.98

12 - 16.16
 Company
Egphil Solar
1
Solutions
2 Al Ayuni
Delmon Solar
3

4 GTEK Solar
Rawabi Oil
5 and Gas
Description
EV/EBITDA P/E P/BV
 Company
Gammon
India Limited
(BSE:509550)
1

L&T
Hydrocarbon
2 Engineering
Limited

Punj Lloyd
Limited
3 (BSE:532693)

Hindustan
Construction
Company
4 Limited
(BSE:500185)

Tata Projects

5
 Description
Gammon India Ltd. is an infrastructure construction company. The company operates in three segments construction and engi
development. It caters to the requirements of transportation, including bridges, flyovers, roadways, and railways; power projects
and thermal power; transmission and distribution for executing high voltage transmission lines and constructing cooling towers;
gas, oil and water; marine structures such as sea ports, jetties, wharves and bridges; irrigation projects and ground engineering
was founded in 1922 and is based in Mumbai, Maharashtra.

L&T Hydrocarbon Engineering Ltd. is engaged in manufacturing and trading of engineering goods. Its services include modular
onshore, offshore and engineering services. It caters to the industry of oil and gas processing; petroleum refining, chemicals an
sectors. The company was incorporated in 2009 and is based in Mumbai, Maharashtra. L and T Hydrocarbon Engineering Ltd.
and T Ltd.

Punj Lloyd Industries Ltd. (formerly Spectra Infrastructure Ltd.) is a project development company. It develop transport, urban i
power plants and renewable energy infrastructure projects. The company was founded in 1993 and is based in Gurgaon, Harya
operates as a subsidiary of Punj Lloyd Pte Ltd.

Hindustan Construction Company Ltd. is an engineering and construction company. Its solutions are hydro power; water solutio
concrete placement, tower cranes, ropeways, etc.; nuclear power generation, transportation. The company was founded in 192
Maharashtra with an additional office in Delhi.

Tata Projects Ltd. is infrastructure company. It is engaged in providing turnkey solutions to set up power generation plants, pow
systems, fully integrated rail and metro systems, commercial buildings and airports, chemical process plants, water and waste
mining and metal purification systems. It operates through four strategic business units including industrial infrastructure, urban
utility services. The firm also provides third party inspection and expediting services in civil, mechanical, electrical and instrume
undertakes sea water desalination projects and water related treatment projects. The company was founded in 1979 and is bas
Tata Projects Ltd. operates as a subsidiary of Tata Sons Ltd.
EV/EBITDA P/E P/BV

7.4 - 1.03

1.51 23.77 3.06

25.62 -0.01 -0.03

3.92 -0.98 1.76

4.7 - -