Private Equity Deals in India

Final Report

Final REPORT ON

Private Equity Deals in India And Hospitality Sector

By ABHISHEK KHOSLA 10BSPHH010021

SBI CAPITAL MARKETS LIMITED

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Private Equity Deals in India

Final Report

Final REPORT ON Private Equity Deals in India And HOSPITALITY Sector Analysis
By ABHISHEK KHOSLA 10BSPHH010021 SBI CAPITAL MARKETS LIMITED

A Report Submitted In Partial Fulfillment of The Requirements of MBA Program 0f IBS Hyderabad

Company Guide: Pooja Kansal Faculty Guide Mr. Trilochan Tripathy
MAY 20, 2011

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Private Equity Deals in India

Final Report

Authorization
This report was authorized by Pooja Kansal Vice President SBI Capital Market for use by the Equity team (Delhi Chapter) of SBI Capital Markets Ltd This report submitted in partial fulfillment of the requirements of MBA program of IBS, Hyderabad.

May 20 2011

Abhishek Khosla

Submitted To Pooja Kansal (Madam) Vice President SBI Capital Markets Ltd Prof. Trilochan Triparthy Faculty Guide IBS Hyderabad

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for providing me with necessary information. as part of training and internship programs. I would like to extend my gratitude to Neha Nagpal Manager at SBI Capital Markets. I would also like to extend my sincere thanks and gratitude to Professor Trilochan Triparthy. a success. I take the opportunity to express my sincere gratitude and thankfulness to all those who have helped me in making my training at SBI Capital Market. for taking time out of her busy schedule and helping me in every possible way. valuable inputs. She has been a constant source of inspiration throughout the project. Thank you Abhishek Khosla 4 . to proceed with my work. Through this report. the Summer Internship Program aims at overall development of the students by providing them an opportunity to gain corporate exposure and space to apply their theoretical knowledge in practice. SIP faculty guide assigned to guide me in settling all the issues related to this project. and guidance on the path ahead regarding my project. Last but not the least I would like to express my gratitude to all those who have in one way or the other interacted with me and have worked towards making my stay at SBI Capital Markets Ltd a great learning experience . Vinod Pandey Senior Vice President for having such a system in place. where students are given opportunities to learn about their areas of interest. No summer internship can be successful without the support of the different mentors who keep themselves closely involved with the student undergoing the program.Private Equity Deals in India Final Report Acknowledgement As a part of curriculum at IBS Hyderabad.. I would like to thank Pooja Kansal Vice President my guide and mentor at SBI Capital Market Ltd. He has been of utmost help in all matters and has been extremely cooperative and understanding. First of all I would like to thank Mr.

. Introduction………………………………………………………………………………………………………………06 2.73 11 Hospitality Sector Analysis …..……………………………………………………. Private Equity Deals in India …………….……. Private Equity Deal Analysis …………………………………………………………………………………….76 12 Unlisted Hospitality sector Detailed Report I. Methodology…………………………………………………………………………………………………………….….44 II. Larson& Toubro Infrastructure.……………………………………………………………………….…………………………………………………………….. Prabhudas Lilladher……………………………………………………………………………….…………………………………………………………………………………….………………………………………………………. Bharti Infratel ………………………………………………………………………………………….07 3. II..…70 X. Objectives ……………………………………………………………………………………………………………….……..10 6.………………………….……………………………………………………………64 VIII.…. Private Equity Working …….……………………………………………………………………………………..08 4..…09 5. PQR………. Adv & Dis Advantage of Private Equity……………….……………………………………………………. Ackme Telepower…….……………………………………………………………………………….. Rationale………… .Private Equity Deals in India Final Report Table of Contents 1..41 10.97 5 . Azure Knowledge………. .. Gaur son India Ltd .. Doshion Limited ………..…………………………………………………………………….48 III.89 ABC Ltd…………………………………………………………………………….…93 Amalgamated Bean Coffee Trading…………………………………….………………………….……………….67 IX.55 V. Coastal Project………………………………………... Unlisted Companies Detailed Report I.…………………………………………………………………………….…………………………………………………………………….…………………………84 Pride Hotel……….11 7. III.……………………………………………………………………………….………………………………………………………………………………58 VI.……………………….61 VII.51 IV. V...…………………………………………………. History of Private Equity in India …….80 XYZ …………………. Anand Rathi Securities………………………………………………………………………………. TATA Realty and Infrastructure ………………………………………………………………….…………………….12 8. IV.……………….13 9.

Grant Thornton private equity deal tracker and Indian Private Equity. IT & ITES and Banking and Financial services sector. amount of investment made by the private equity investor. Industry snapshot how the industry is performing and what are the growth trends and future prospective.listed companies in which private equity has taken place from different sources like V C Circle. 6 . Bharti infratel. Larson & Toubro infotech Ltd. Prabhudas Lilladher and Anand Rathi securities. Coastal project. pride hotel. growth of hotel and hotel rooms from 2000 – 2008 and financials of different listed companies in the premium. Gaursons India. The different companies analyzed are Tata real estate and infrastructure.Private Equity Deals in India Final Report Executive Summary The project Private Equity deals in India and Hospitality Sector Analysis from an IPO prospective can be explained as follows Firstly information about un-listed companies in which Private equity deal have taken place from 2006-2009 is found . The top 5 sectors on the basis of amount of Private Equity investment made are Real estate. promoter . This has helped in creation of a database of potential IPO companies in the forthcoming future which can be targeted by SBI Caps. Business overview looks at in depth what‟s the business model of the company. growth drivers. XYZ and ABC Ltd (name changed because of confidentiality of live projects). Telecom. and E&Y Private Equity Round up. What are the current financials of the company. sector. current trends.Information about what‟s the unlisted company location. Deal Curry. Analyzed the Hospitality sector and found what are the sector highlights. what are its current projects and what are its future expansion plans. Infrastructure. middle and budget segment. Doshion limited. Ackme telepower. The data was analyzed and top 5 sectors were identified on the basis of the number of PE Deals and amount of Private equity investment. Secondly after collecting information about 251 various un. PQR. Azure knowledge corporation. After finding the top 5 sectors then identified 2 companies each in every sector and have done a detailed analysis which involves introduction where it‟s briefly talked about the company and its management. if any stake has been acquired then what‟s the overall valuation of the firm . Analysis of unlisted companies Amalgamated bean coffee trading company.

Private Equity is very different from other sources of funds like debt or a loan. Growth Capital: Growth capital as the name suggests refers to capital that is provided for the company to grow and expand the existing operation. Mezzanine Capital: Mezzanine capital is either structured as debt (unsecured) or preference equity share capital or a hybrid of both.innovative technology . or enter into new market. (Source Trends in private equity by Ritankar Sahu and Ananya Nath) 7 . In the case of a debt or a loan the lenders have a legal right to interest on the loan and payback of the principal amount. Mezzanine capital is an expensive source of financing because it is unsecured debt and in case of a default it shall be repaid only before equity share holders. Venture capitalist acquires the share of these companies and invest in them for a period a long period of time around 5 to 10 yrs. Mezzanine capital is unsecured debt which has the option to be converted into equity in case the amount is unpaid. Venture capitalist generally invest in companies which have high growth potential . The advantage of a leverage buyout is the acquiring company only has to invest a part of the total amount required. A private equity investor is like a shareholder of an unlisted firm whose returns are dependent upon the growth and profitability of the unlisted firm. Venture Capital: It refers to the capital which is provided to the companies in the early stages of their operation seeking to growth rapidly. Mezzanine capital is advantageous to a company because it is treated as equity in the company‟s capital structure. Growth capital is often provided as normal equity share capital or preference equity share capital or hybrid options which might involve payment of interest along with equity share capital.Private Equity Deals in India Final Report Introduction Equity Investment made in shares of companies which are not publically traded or listed on a recognized stock exchange is called as private Equity. The firm shall also gain positive return if the internal rate of return of the target company is grater than the rate at which the amount is borrowed. The growth capital is generally required by those companies which don‟t have sufficient reserve and surplus. A private equity investment can be of following type: Leveraged Buyout Venture Capital Growth Capital Mezzanine Capital Leveraged Buyout: Under a leveraged buyout acquiring company doesn‟t need to raise or invest the entire capital required to buy the target company instead it leverages the assets of the target company to raise Debt which is used in the acquisition. well written business plan and an impressive management .

flexible capital base to meet the future growth and development plans of the company. Private equity investor acts as a true business partner sharing the risk and rewards of the organization.Private Equity Deals in India The Private Equity investment is made by different categories of investors like: Private Equity Fund Venture Capital Fund Angel Investor Final Report The advantages of Private Equity investment are as follows: They provide medium to long term capital to a firm / company. They are good for the cash flow of the company as the capital repayment. legal. The return earned by the private equity investor depends upon business growth and success. financial. dividend. If the business fails the private equity investor claim is similar to the existing share holder and shall be repaid at the end after settling the different loans and creditors of the company first. If the business runs into difficulties the private equity investor shall work hard to ensure that the company turns around. Their main aim is to get the company listed or secondary sale of investment and make listing gains. 8 . Private equity investor provides practical advice and expertise to assist the organization in achieving success. which could take several months before they make final decisions on investing . The Disadvantages of Private Equity Investment are as follows: - The Private equity raising is a lengthy process since private equity managers conduct detailed market. The cost of private equity investment is low. Conflict of Interest because the private equity firm involved in the running of the company may have different priority than the promoter of the company. Private equity firm invests capital from an investment point of view with a horizon of 5 yrs plus. Interest (if relevant) is tailored to companies need and what it can afford. environmental and management due diligence. They provide a solid.

Private Equity Deals in India Final Report Private Equity Working: The PE firm raises money from hni individuals. The GP-LP is essentially a principal agent relationship. pension fund and invests in unlisted companies which provide good opportunity for capital appreciation. LP Insurance company Pension fund Large corporate HNWI GP The PE fund Manager Portfolio Company A Company B Company C Company D Company E Company D The fund is a legal agreement between the investors and the private equity firm. Often GPs also contribute a portion of the fund capital so as to provide some form of assurance to the LPs on the quality of the deals that are going to be funded (Source Private Equity by spencerstuart. The investment objective of the fund clearly indicates what type of companies and sectors the fund would be allowed to invest in. The Private equity firm earns returns when they sell their investments on a public listing of the company or secondary sale. institutional investor. where the GPs (Agent) are the investment managers for the funds pooled by the LPs (Principal). Inventors are known as limited partners (LP) and the private equity firm is known as general partner (GP).com) 9 . After the exit from the investments made the fund returns the principal and returns to the investors.

After almost three years of downturn in 2001-2003. and the average deal size was approximately $4. Over the last few years. The initial PE investment was made in the Telecom.Private Equity Deals in India Final Report History of Private Equity Investment in India Private equity investment in India was very minimal till the mid 1990‟s. remained stagnant right through mid-2007.16 billion. Blackstone and the Carlyle Group have a presence in India while Indian players like ICICI Venture and ChrysCapital also have a large presence. In recent years. and gems and jewelry. Global firms such as Warburg Pincus. infrastructure. especially for those who had invested heavily in start-ups and early-stage companies. with India‟s stock markets booming and sectors like the life sciences. microfinance and education being growth stories for the future.in/Scripts/bs_viewcontent.PE investors began investing in India again in 2004 except this time they began investing in other sectors as well (although the IT and BPO sectors still continued to receive a significant portion of these investments) and most investments were in late-stage companies. A booming secondary market and regulatory reforms in the primary market widened the exit possibilities for private equity firms and hence attracted them to India. Early-stage investments have been dwindling or have. Private equity firms started making large investments in these sectors. auto-components. private placements. euro issues and external commercial borrowings and debt. real estate and infrastructure.org. This scenario began to change in the late 1990s with the growth of India‟s IT companies and with the simultaneous dot-com boom in India. at best. microfinance sector. real estate. The key driving factors behind the flow of PE capital into India are its strong macro-economic fundamentals characterized by high growth rate. infrastructure sector. Private equity has emerged as a potential source of corporate finance supplementing the traditional sources of resource mobilization such as equity Issue. entertainment and media. This happened because the growth in the Indian economy was no longer limited to the IT sector but was spreading more evenly to sectors such as biotechnology and pharmaceuticals. there has been a resurgence of these firms. however.14 million. retail. travel and tourism. healthcare and medical tourism. In 2000 the total value of Private equity deal was $1. high gross domestic investment and a booming stock market. private equity has emerged as a potential source of finance for the cash strapped small and medium enterprises. rbi. textiles. the PE market began to recover towards the end of 2004.aspx?Id=2109 ) 10 . the bust that followed led to huge losses for the PE and VC community. (Source RBI Website. education. IT and ITES sector.

o Valuation of the unlisted company on the basis of PE Investment and stake acquired by the PE investor. managed 700+ issues Some of their transactions in the recent past have been Reliance Power Limited Initial Public Offering. 1 in Public Equity offerings. rights offerings (debt and equity) in an excess of 450 transactions mobilizing an amount of approximately Rs. Mundra Port and SEZ Limited Initial Public Offering. o PE investor. mobilizing funds in excess of Rs. DLF Limited Initial Public Offering. both debt and equity.000 crores. This shall act as a reference point for identification of forthcoming IPOs‟. SBI Caps over the past two decades has handled more than 890 public offerings. o Current trends and key drivers in that sector.000 crores with over 500 transaction counts. 15. The project has been beneficial to the company in the following manner: It has provided them with a database of unlisted companies in which private equity has taken place (2006-2009). Reliance Petroleum Limited Initial Public Offering. The database provides following information : o Name. and certain pathbreaking primary market success stories such as ICRA Limited Public Offering. - - 11 . 105. amongst many others. SBI caps highlights in the recent past have been: No. location. Everest Kanto Cylinders Initial Public Offering. Educomp Solutions Limited Initial Public Offering. assisting domestic company‟s fundmobilization efforts for last many years.Private Equity Deals in India Final Report Rationale SBI CAPITAL MARKETS LIMITED (SBICAPS) is India's leading investment bank and project advisor. promoter and sector of the unlisted company. Selected Unlisted Companies detailed report provides the following information : o Background of the Company o Business overview of the unlisted company o Industry in Brief o Financials of the unlisted company o Peer comparison of the unlisted company o Comment on the valuation of unlisted company Hospitality Sector Analysis provides the following information : o Structure and key players in the Industry. size of the PE Investment in the unlisted company. 44.400 crores. private placement of debt to the tune of Rs.

Hospitality sector Analysis from an IPO prospective. Have learned about the Valuation of companies in a particular sector.Private Equity Deals in India The project has been beneficial to me in the following manner: It has helped me in learning about the Private equity Investment and current trend in private equity investment. Final Report Objectives Following are the main objectives achieved through this project: Creation of a database of private equity investment in unlisted companies in India (2006 -2009) In the database collect valuable information about the unlisted companies. It has made me understand about the different type of PE investment in the Unlisted Companies. While preparing the detailed report on unlisted company have learned about the industry. It has increased my overall knowledge about the unlisted companies in which private equity investment has taken place. It has provided me an overall prospective on different sectors in which the Private Equity has taken place. Have learned about the Current trends and key drivers in hospitality sector. Preparation of detailed report on unlisted companies in the hospitality sector. Preparation of detailed report on selected unlisted companies. similar listed companies. 12 .

and money control and companies website and then analyzed. ISI emerging market India. The data so collected had to be properly analyzed and presented in a structured format. news articles. For detailed report on the unlisted companies had to go through the company‟s website. annual reports. The data is analyzed to find the current macro trend in the industry. 13 . collect information about their financial performance. For Valuations of different companies and the Industry as a whole we have to collect information about the Price to Earning Multiple (P/E) and EPS (Earning per share) and other financial Information and analyzed them. NSE. Analyze the information collected of the private equity investment in the unlisted companies.Private Equity Deals in India Final Report Methodology Collected data about the private equity deals (2006 – 2009) in various companies from different sources: V C Circle Deal Curry Ernest and Young Private Equity round up Grant Thornton deal tracker ISI Emerging market India Database India Private equity From the information collected shortlist private equity investment in unlisted companies and search for the missing information required. For industrial analysis we had to first enlist which are different companies which are present in the industry. Capital line. Financials and valuation of other listed firm shall be obtained from BSE. Hospitality Sector Analysis Collected information about the industry from journals. growth rate from their annual reports. on line report. newspapers. Information collected is analyzed to find out what are the macro and micro factors affecting the industry. research reports. web sites. The information with regard to the financials of the unlisted company is collected through the Emerging market database.

com/blog/_archives /2008/2/22/3538707. Crore) Stake (%) Valuation as per PE Deal Location Sector PE Investors on Board Promoter Other Information / Link 1 PNC Infratech Agra Construction / Roads 150 DB International (Asia).vccircle.com/20061110Indivision-Buys-24-In-Lilliput-KidswearFor-Rs-45-Cr.com/20100531-SAIFPartners-Plans-30-Stake-in-Catmoss.com/20100531-SAIFPartners-Plans-30-Stake-in-Catmoss. PE Investm ent Date 2007 Company Name Invest ment (Rs.5 Nine River Capital 14 . 2 2007 Acme Tele Power Gurgaon Power 197 1.indiape.htm http://dealcurry.com/500/news/nine -rivers-capital-invests-6m-in-kolkatasgpt-infraprojects 6 Nov-06 New Delhi 42 24 175 Indivision 7 Apr-10 Liliput New Delhi 385 35 1100 Bain Capital 8 2007 GPT Infra Kolkatta 27. Jackson Heights Investments Mauritius Based Private Equity Fund Lehman Brothers 30 233. No. Earthstone Holding.economictimes.html 3 4 5 2008 Dec-06 May-10 Acme Tele Power Cellebrum Technologies Ltd Catmoss Retail Liliput Gurgaon New Delhi New Delhi Power Telecom Textile And Clothing Textile And Clothing Textile And Clothing Infrastructure 400 67 70 3.66 11867 Manoj Upadhyay http://www.indiatimes.Monsoon India Inflection.35 11940 Manoj Upadhyay Modi Group Ashwani Chawla Sanjeev Narula Sanjeev Narula Atul Tantia http://www.htm http://dealcurry.html http://dealcurry.htm http://dealcurry.Private Equity Deals in India Final Report Private Equity Deals in India S. Mauritius based PE funds . com/2011-0114/news/28429131_1_private-equitypnc-infratech-total-investments .com/blog/_archives /2008/2/22/3538707.indiape. Kotak.33 SAIF Partners Chakresh Jain http://articles.com/20061223-LehmanBrothers-to-invests-in-Delhi-based-VASprovider-Cellebrum.htm http://www.

New Enterprize Associates Sonoma Management Partners . 15 .http://investing.37 Baring PE Partners India invested Infrastructure India legatum Capital 49 216. New Enterprize Associates Sonoma Management Partners .theoutsourceblog.com/20081209-InfraIndia-Buys-49-In-Oriental-Tollways. PE Investm ent Date Aug-10 Company Name Sadbhav Infrastructure Project (SIPL) Oriental Tollways Oriental Tollways Intellecap Pvt Ltd Lady Ratan Seasons Printo Document Services Ltd RT Outsourcing Services Ltd Now known as Intarvo Location Sector Invest ment (Rs.htm Advisory services to social investors http://intellecap.com/news/static/r na/item.asp?privcapId=32739281 .in .com/research/stocks/private/snapsh ot. www.printo.asp?privcapId=32739281 . Printo has stores in bangalore .com/20100624-BaringPE-To-Invest-Rs-370-Cr-In-OrientalTollways.Pune .businessw eek.com/2010 /07/rt-outsourcing-gets-a-makeover-asintarvotechnologies/.com/research/stocks/private/snapsh ot. mobile phone http://www.do?newsId=65597035603496 Deliver Print Products . computer .htm http://dealcurry. No. computer . mobile phone http://www. Pravin Jain http://dealcurry. Hyd and Mumbai Integrated Service support for all kind of electronics . Integrated Service support for all kind of electronics .Private Equity Deals in India Final Report S.64 Trikona Capital Sadhav Engineering Bakshi Enterpeizes Bakshi Enterpeizes Vineet Rai 10 11 12 13 Jun-10 Dec-08 Oct-07 Oct-07 New Delhi New Delhi Mumbai Infrastructure Infrastructure Banking & Fin Services Real Estate 370 450 37 106 14 Oct-07 Bangalore Other 280 Sequoia Capital India Manish Sharma 15 Oct-07 New Delhi Information Technology 65 Motilal Oswal Venture Capital Advisors . Pravin Jain 16 2009 RT Outsourcing Services Ltd Now known as Intarvo New Delhi Information Technology 65 Motilal Oswal Venture Capital Advisors . Xander invested 20 49 1850 918.http://investing.htm http://dealcurry.com/2010 /07/rt-outsourcing-gets-a-makeover-asintarvotechnologies/.theoutsourceblog.com Bought 49% Stake http://www. Crore) 400 Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link 9 Ahmedabad Infrastructure Norwest Venture.hemscott.com/20100819Sadbhav-Infrastructure-To-Raise-Rs-400Cr-From-Norwest-Venture-Xander.businessw eek.

Saif Partners . Helion Venture Partners and sierra Ventures Deep Kalra 23 Oct-07 Hurix System Private Ltd Mumbai Information Technology 22 Helio Venture Partners Subrat Mohanty . http://www.Vishwamitra Hariharan E . Holiday Packages and Hotels . Operators. It started in the Year 2000 .Domestic Bus and Rail Tickets.com/blog/_archives /2009/7/22/4263610. solar cell scribing / micro-machining system in industrial segment. Online Ticketing.netxcell. www. International and Domestic Air Tickets.sahajanandlaser. laser welding. PE Investm ent Date Company Name Location Sector Invest ment (Rs.com .hurix.indiape.M.Dutta Chairman B Srinivas Rao 21 Oct-07 Hyderabad Information Technology 4 22 Oct-07 Make My Trip New Delhi Information Technology 67 Tiger Fund .html Reach cargo Movers Pvt Ltd was started in 1971 and is one of the leading transport organization across India http://www.:Private Car and Taxi Rentals 18 Oct-07 Banking & Fin Services Banking & Fin Services 45 19 2009 ITZ Cash Card Reach (Cargo Movers) Private Ltd Netxcell Limited 49 20 Oct-07 Maharashtra Logistics 22 Matrix partners India and Intel Capital Lightspeed Venture Partners.http://www.Private Equity Deals in India Final Report S. No. Netxcell is broadly organized into three lines of business. Enterprises and Software license sales. Crore) Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link 17 Oct-07 Sahajanand Laser Technology Ltd ITZ Cash Card Gandhi Nagar (Gujarat ) Other 5 GVFL Ltd Arvind Patel Manufacturer of laser marking & engraving.co m/ Multipurpose Pre Paid Cash card . Matrix Partners and intel Capital Global Investment House Private Equity Arm Ike Lee Ruderman Capital Naveen Surya Naveen Surya S. laser cutting.Learning And Publishing Services .com 16 .

wwwsaiadvantium. Permission Based Mobile Marketing .Arun Sheth . nagpur .04 28 Oct-07 Prabhudas Liladhaer Advisory Mumbai Banking & Fin Services 45 2.com Operates Five Star Hotels at Ahmedabad.83 1590.Sanjay Nayak (MD) Madhusudha n Khemka V ganesh Ram MD S P Jain MD Prabhudas Liladhaer Sheth( Founder ) . www. Prabhudas liladhar was started in the year 1944 29 30 31 32 Oct-07 Oct-07 Oct-07 Nov-07 SAI Advantium ICA Powerica Limited M Ginger Hyderabad Kolkatta Mumbai bangalore Pharma And Healthcare Education Manufacturing Media & Entertainment 56 67 225 9 Sequoia Capital India Saif Partners Standard Chartered Private Equity Draper Fisher Jurvetson and NEA Indo US Ventures Naresh Oberoi Chaitanya Nallan Clinical Reserch Organisation . Mginger.wikipedia.1 Balyasny Asset Management Domestic Brokerage Firm . Bangalore . http://en.vetaglobal.com 17 .91 Indivision (Future Capital Fund ) Saif Partners Kotak India Real Estate Fund Gururaj Desh Pandey (Founder ). http://www.chennai. The company was started in Year 1981.pridehotel. Karnataka Information Technology 108 Goldman Sachs 25 26 Oct-07 Oct-07 Chennai Manufacturing Education 112 45 33 340. Leading Spoken English Training academy.com 27 Oct-07 Mumbai Hospitality 45 11.Private Equity Deals in India Final Report S.tejasnetworks.org/wiki/Tejas_Netw orks .com Vocational Training Institute 300 Plus study across country Leading Genset Manufacturer and Provider of Power Solutions Mobile Advertising . www.com Wind Turbine Maker and Indivision acquired 33% stake. No.11 405. Crore) Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link 24 Oct-07 Tejas Networks Regen Powertech Veta Pride Hotel Group Bangalore . Gurgoan And pune . PE Investm ent Date Company Name Location Sector Invest ment (Rs. Dhiren Sheth ( Directors ) Krishna Kanumuri Optical Transport Equipment .

But the company has not produced anything and is currently in bad shape . No. Crore) Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link 33 Nov-07 Soma Enterprise Hyderabad Infrastructure 454 3 I Group Rajendera Prasad Maganti Engineering And Construction Firm . Soma. Tano Investment has been used to acquire Cemp and setup a manufacturing facility In bangalore They had taken over daewoo Motors factory Near Delhi .com RG Stone is world largest chain of Super Speciality Urology & Laparoscopy Hospitals with 16 Centers in India.com . Sattva and IL &FS BVR Subbu former President of Hyundia Motors. PE Investm ent Date Company Name Location Sector Invest ment (Rs.co.in 34 Nov-07 Gvk Biosciences Private Limited Hyderabad Pharma And Healthcare 112 Sequoia Capital India Davinder S Barar Contract Research Services and Clincical Trails Gvkbio.in. Rghospital.Ajay singh 37 Nov-07 R G Stone Urological Reserch Institute Mumbai Pharma And Healthcare 45 ICICI Venture Funds Management Company Limited Bhim Sen Bansal 18 . 35 Nov-07 ABG Motors Mumbai Manufacturing 67 Tano Capital Rishi Agarwal 36 Nov-07 Argentum Motors Surajpur Near Delhi Manufacturing 225 10 2250 DE Shaw . http://business.com It develops AC Motors and altenators and Flame proof motors abgmotors.Soma takes up projects on EPC / Turnkey and Build Operate Transfer (BOT) basis.com/article/work-inprogress/dont-cry-for-meargentum/9562/1 Specialty Urology Hospital .Private Equity Deals in India Final Report S.

Unimarkremedies.Satyanaray ana Reddy .K.com/500/content/ai rworks-gets-funding-from-globaltechnology-investment-punj-lloyd Domestic Brokerage Firm . waste water and effluent treatment in India and overseas.in/ Doshion is a leading water management company . http://www. No. Crore) Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link 38 Nov-07 Hyderabad Manufacturing 292 26 1125 Black Stone Group P.83 Citigroup Venture Capital International Mehul J Paresh 42 Nov-07 Airworks India Mumbai Aviation 100 66 151.52 Global Technology Investment and Punj Loyd International Finance Corporation P S Menon . Jayaprakash Reddy Dhirajlal S Doshi Managing Director Critical Components and Products used for nuclear and space projects .5 1368 Dinesh Thakkar 19 . 43 Nov-07 Angel Broking Mumbai Banking & Fin Services 171 12. Doshion.com Founded in 1951 Airworks is one of the oldest family owned aircraft maintance firm in India http://www. Ravindra Reddy ( Chairman ).com Medical Equipment trivitron. PE Investm ent Date Company Name Machine Tool Aids & Reconditionin g (MTAR )Technologies Private Limited Doshion Limited Trivitron Diagnostics Private Limited Unimark Remedies Location Sector Invest ment (Rs.mtar..com Manufacturer . 39 Feb-07 Ahmedabad Infrastructure 40 IDFC Private Equity Ltd 40 Nov-07 Chennai Pharma And Healthcare 48 e planet Ventures and HSBC Private equity Asia G. P .S. Velu 41 Nov-07 Mumbai Santa Cruz Pharma And Healthcare 127 27 470.Private Equity Deals in India Final Report S. It provides equipment to Indian Defence and aerospace . B G Menon unimark is a research driven pharmaceutical company primarily engaged in the manufacture of Active pharmaceutical Indgredients . Pan India presence executed projects in water purification.vccircle.

Crore) Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link 44 Nov-07 KVK Energy Career Launcher 24*7 Laerning Ocimum Biosolutions Innovative B2B Logistics Solutions ( Inlogistics) Innovative B2B Logistics Solutions ( Inlogistics) Hyderabad Power 117 26 450 Old Lane Mauritius III K.vccircle.com/aboutus.Private Equity Deals in India Final Report S.as px?pageid=1&cpid=5 .com /500/news/kvk-energy-gets-rs-116-cradditional-funding-from-old-lane Education Service Provider Learning Solution for corporates And Institutions Ocimum is a life sciences reserch and development -enabling company delivering end to end genomic products.com/india/news/vatika-sells10-to-3-pe-funds/305978/ India largest Metal Building Manufacturer .vccircle.businessstandard. PE Investm ent Date Company Name Location Sector Invest ment (Rs. http://www. Baer Capital Anil Bhalla ( Chairman and MD ) 51 Dec-07 Interarch Building Products Private Limited New Delhi Manufacturing 112 Indivision Investment Advisors Limited Arvind Nanda Founder and Director 20 .Vijaya Kumar Energy And Infrastructure Company kvkenergy.vatikagroup.16 India Value Fund Sankalp Shukla ( CEO) 50 Dec-07 Vatika Group New Delhi Real Estate 1125 10 11250 Goldman Sachs .com/ 45 46 Nov-07 Nov-07 Education Information Technology Hyderabad Pharma And Healthcare 37 18 Gaja Capital Partners Capital 18 47 Dec-07 76 Kubera Partners LLC Anu Acharya 48 Oct-07 New Delhi Logistics 28 8 351.inlogistics. Wachovia Bank . http://www. No.56 Saga Capital Advisors Sankalp Shukla ( CEO) 49 May-09 New Delhi Logistics 200 51 392.interarchbuildings. http://www3. http://www.ocimumbio.http://www.It makes composite roofing system http://www. http://www.com/ Private cargo train Operating Company It started operation on the 1st April 2007.in/ Private cargo train Operating Company It started operation on the 1st April 2007.com/node/5155 Real Estate And Hospitaliity Player .com.

com/500/news/ybra nt-digital-raises-48m-from-oak-indiaothers Marketing and advertising Solution Company http://www.ybrantdigital.Private Equity Deals in India Final Report S. PE Investm ent Date 2007 Company Name Location Sector Invest ment (Rs.vccircle. Crore) 15 Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link 52 Perfint Chennai Manufacturing IDG Ventures India and Erasmic Venture Fund North West Venture Partners IDG and Accel S Nandakumar 53 Jul-10 Perfint Chennai Manufacturing 32 S Nandakumar 54 2007 Y Brant Digital Y Brant Digital Information Technology Information Technology 90 16 562.asp Leading Dry bulk Shipping Companies In India .vccircle. Israel. UK. The company was started in 2005 http://www. Germany. Singapore Government Investment Corp Pallonji Mistry Health Care Devices and Medical Equipment . Serbia.com/500/content/s hapoorji-pallonji-sells-15-in-real-estatespv-to-gic-cvci-for-290m-report http://shapoorji. Italy and Greece Real Estate Sector http://www.in/aboutus/default. 58 Dec-07 Oil&Gas 292 IDFC Private Equity Ltd 21 . Argentina. Uruguay. No. France.com/ Ybrant Digital has offices in 16 countries including North America.com/500/news/nor west-leads-72m-round-in-perfinthealthcare End to End Digital Marketing Service Provider . Poland. http://www. Chile. Mexico.5 Sansar Fund Suresh Reddy 55 2008 112 Asia Pacefic Capital Suresh Reddy 56 2011 Y Brant Digital Information Technology 216 Oak India Investments Suresh Reddy 57 Dec-07 Shapoorji Pallonji Goodearth Maritime Limited Mumbai Real Estate 1305 15 8700 Citigroup .vccircle.perfinttech. and representatives in Scandinavia.com/ Health Care Devices and Medical Equipment http://www. India and Australia.

fixed wireless and mobile services in Punjab .html http://asterinfrastructure.indiape.http://w ww.consumercomplaints.com/2007/08/27/new-silkroute-to-buy-725-stake-in-telecomtower-company-aster-infrastructure/ CE Info systems ltd offers Navigation .in/ A Leading full truck load transportation company .http://dealcurry.in/com plaints/ideb-projects-pvt-ltd--defaulterc308979.co.vccircle. They operate under the name mapmyindia 60 Mar-07 DARCL ( Delhi Assam Roadways Corporation Limited ) 15 IDEB Projects Pvt Ltd New Delhi Logistics 50 IDFC Private Equity II Krishnan Kumar Agarwal 61 Feb-07 Bangalore Infrastructure 144 Samsara Capital LLC 62 Feb-07 HFCL Infotel Punjab Telecom 401 40 1004.93 New Silk Route Private Equity Rakesh And Rashi Verma 65 2007 New Delhi Information Technology 11 Nexus India Capital 22 .com/ Engineering Construction and property development company .vccircle. PE Investm ent Date Company Name Location Sector Invest ment (Rs. and Gis map dataset .com/. http://www.Axon Capital 64 Feb-07 Secundrabad Infrastructure 255 72.6 New Enterprise Associates HFCL 63 2007 Divya Sree Developers Pvt Ltd Aster Infrastructure CE Info Systems Bangalore Real Estate 450 TPG .com/20070222-NewEnterprise-Associates-buys-40-in-HFCLInfotel-for-Rs-375-crores. http://www.html CDMA based wire line .5 351. No. Crore) Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link 59 Dec-07 Speciality Resturants Mumbai Hospitality 90 20 450 Saif Partners Anjan Chatterjee Speciality resturants owns mainland China and oh calcutta http://www.com . The company has problem in paying salary etc http://www.htm Divyasree.speciality.Private Equity Deals in India Final Report S.com/500/news/new s-roundup-speciality-restaurants-plansrs-200-cr-ipo .com/blog/_archives /2007/3/10/2794051. http://darcl.

com/contactrsb.theparkhotels.mapmyindia.rsbglobal.blogspot. No.html Mahesh Tutorials provides coaching for entrance test and vocational skills 72 Aug-07 Pune Infrastructure 170 73 Aug-07 Education 54 30 180 Helix Investments 74 2007 Textile And Clothing Hyderabad Infrastructure 49 6 825 Wolfensohn &Company LLC UTI Venture Fund and Citigroup Venture Capital Investors http://dealjunction.com 66 67 68 Aug-07 Aug-07 Aug-07 Sula Wines Sula Wines India Park Hotels Mumbai Mumbai Alcohol Alcohol Real Estate 56 15 225 10 2250 20 280 Indivision Capital Gem India Advisors Credit Suisse Apeejay Group Park Chainof LuxuryBoutique Hotels boast of six properties in India .html http://dealjunction.blogspot.vccircle.Private Equity Deals in India Final Report S. http://www.com/ The company shall develop an Integrated Shopping mall and hotel in Bhubaneswar http://www.com/20 07/07/wolfensohns-private-fund- 75 2007 315 30 1050 23 . Crore) Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link http://www.sulawines.com/20 07/07/wolfensohns-private-fundpicks-6-in.com/ 69 Aug-07 Safari Retreats Pvt Ltd Victory Transformer and Switch Gear Transport Corporation Of India RSB Group Mahesh Tutorials Educare Pvt Ltd FabIndia Ind Barath Infra Bhubaneswa r Real Estate 40 Landmark Land Holdings Rahul Saraf 70 Aug-07 Electric Equipments 81 26 315 Reliance Capital 71 Aug-07 Infrastructure 58 10 585 Fidelity Investments IL & FS Investment Managers and Evolvence Capital Logistics Company http://www. PE Investm ent Date Company Name Location Sector Invest ment (Rs.com/category/word press-category/real-estate-2?page=4 Fully Integrated Manufacturing Company Transformer Rajeev Samant http://www.

html 76 2007 Spandana Sphoorty Financial Services Spandana Sphoorty Financial Services Spandana Sphoorty Financial Services Infrasoft Technologies Ltd KMC Constructions Ltd Catholic Syrian Bank Microqual Techno IBS Software Amba Research Luminous Power Technologies Limited Hyderabad Microfinance 10 Lok Capital G Padmaja Reddy It’s a microfinance Company 77 2007 Hyderabad Microfinance 45 JM Financial India Fund G Padmaja Reddy It has over 4.com/ 85 2007 New Delhi Power 91 CLSA Capital Partners 24 . No. Crore) Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link picks-6-in. http://www. gartmore and Singuler Guff NEA Indo US ventures. UPS .Jafco Asia and BTS India Fund General Atlantic Helio Venture Partners Solution Provider in the telecom space The Company offers IT Solution to transport and Logistics Space Investment Research Outsourcing Firm LPT is India Leading Manufacturer and marketer of Inverters .luminousindia.Batteries and water purifiers .Private Equity Deals in India Final Report S.54 Million Borrowers 78 2009 Hyderabad Microfinance 99 11 900 Valiant Capital Partners Baring Private Equity Partners Blue River Capital & Sequoia Capital G Padmaja Reddy 79 2007 Mumbai Information Technology Infrastructure Banking & Fin Services Information Technology Information Technology Other 112 IT Solution focused on BSFI Vertical 80 81 82 83 84 2007 2007 2007 2007 2007 Hyderabad Kerela Mumbai Kerela 157 36 45 270 36 14 257 Infrastructure And Development Projects AIF Capital . PE Investm ent Date Company Name Location Sector Invest ment (Rs.

rathi. drslogisticsltd.01 Citi Venture Capital International Kotak Mahindra Bank Private Equity Group IDFC Private Equity And Gic Special Investment of Singapore Dr.vccirc le.Qvcreality.asp 91 Mar-07 Kolkatta Infrastructure 160 15. http://www. harbour towage.Vadodara.com 12 markets including tier I cities like Mumbai.com/news/ip o-upcoming-issues/avesthagen-to-raiseusd100mn-for-expansion_291338.5 1036.com/docs/thecom pany. No.com http://www. pilotage and ship-to-ship transfer of cargo http://www.avesthagen. Hyderabad.com/2007/04/12/prakash-gurbaxanisqvc-realty-gets-100-million-from-ilfsinvestment/ http://www.religroup. http://www.com They are known by agarwal Packers And movers quippoworld. Pune.com Transportation service Provider .com . Villoo Morawala Patell R C Juneja Anand Rathi 88 89 Jan-07 Mar-07 New Delhi Mumbai 108 100 90 Mar-07 Hyderabad 107 A K Agarwal Port Management Company .Private Equity Deals in India Final Report S. and Cochin. Nagpur.http://www.com/category/word press-category/deals-1?page=21 .com. New York Life Investment Management India Fund ChrysCapital 19. mooring.mankindpharma. It provides services such as control tower operations.oceansparkle. Indore. Kolkata and Chennai and tier II cities like Chandigarh. Delhi NCR.moneycontrol. PE Investm ent Date Company Name Location Sector Invest ment (Rs.www.5 Sunil Kanoria 92 Dec-07 QVC Realty Bangalore Real Estate 450 IL & FS Investment Managers Mr Prakash Gurbaxani 93 2007 Reliable Autotech Mumbai (160 KM Manufacturing 21 Bts India Private Equity Fund Rajendra Begum.vccircle. Ahemdabad.Bangalore.9 502.Anmo 25 .html Pharmaceutical Company .com/ http://www. Crore) Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link 86 2007 Ocean Sparkle Ltd Hyderabad Port Management 81 Indian Equity Partners MD Jairaj Kumar 87 2007 Avestha Gegraine Technologies Mankind Pharma Anand Rathi Securities Ltd DRS Logistics Pvt Ltd Quipo Infrastructure Equipment Ltd Bangalore Pharma And Healthcare Pharma & Health Care Banking & Fin Services Logistics 22.

Private Equity Deals in India

Final Report

S. No.

PE Investm ent Date

Company Name Private Ltd

Location

Sector

Invest ment (Rs. Crore)

Stake (%)

Valuation as per PE Deal

PE Investors on Board

Promoter

Other Information / Link

north of Mumbai)

l Chitnis,Deve ndra Bapat,Shaji Vergeese ( Directors ) Engineering Banking & Fin Services 36 787.5 112 81 21 22.5 75 51 10 1050 220.59 810 Tano Capital Citi Venture Capital International Legatum Capital HDFC Real estate Fund Future Capital Holdings Clearstone and SVB financial Group Alok Kejriwal Shrikant paranjape Manufactures Cement, process and Material handling plants on a turnkey Basis http://www.promacindia.com/ Broking House India Largets Microfinance Institution http://www.sharemicrofin.com/ www.pscl.in ; http://news.webindia123.com/news/Arti cles/India/20080518/955328.html ;Bibaindia.com Multiplayer Online Games Company . Games2win.com HSRIL is establishing a chain of dualformat stores modeled on the Lifestyle and Value segments, addressing Consumer Electronics, Furniture and Home Improvement . http://www.privateequityfund.kotak.co m/portfolio/current-investmenthsrl.html It Manages the Cotton Country Retail Chain . It has 400 Stores in 300 Cities Vishwavir Total number of branches to 98 spread

94 95 96 97 98 99

2007 2007 2007 2007 2007 Mar-07

Promac Engineering Industries Sharekhan Securities Share Microfin Limited Paranjape Schemes Biba Apparels Pvt Ltd Games2win India Pvt Ltd

Bangalore

Hyderabad Pune Mumbai Mumbai

Microfinance Real Estate Textile And Clothing Information Technology

100

Mar-07

Home Solutions Retail India Ltd

Real Estate

54

Kotak Mahindra Bank India Growth Fund

Pantloon Retail

101 102

Mar-07

Nahar Retail Ratnakar Bank

Ludhiana Kolhapur

Retail Banking & Fin

120 720

15

800

Citibank , Deutsche Bank and sequoia Capital HDFC , Beacon India

26

Private Equity Deals in India

Final Report

S. No.

PE Investm ent Date

Company Name

Location

Sector

Invest ment (Rs. Crore)

Stake (%)

Valuation as per PE Deal

PE Investors on Board

Promoter

Other Information / Link

Services

Private Equity Fund, Cartica Capital, Faering Capital, Gaja Capital Partners, Norwest Venture Partners and Samara Capital

Ahuja

across Maharashtra, Karnataka, Goa, Gujarat and Delhi and Union Territory of Dadra & Nagar Haveli. As on March 2010 http://www.theratnakarbank.com

103

Dee Development Engineers Limited

Faridabad

Other

Banyan Tree

K L Bansal

Dee is a pre-fabricated piping systems provider to the power sector, oil & gas & process industry. It has developed 2 Bio Mass fueled power Plant. http://www.vccircle.com/500/news/ban yantree-growth-capital-invests-in-deedevelopment-engineers http://www.livemint.com/2007/09/2801 3154/Four-Interactive-gets-10-mn-t.html

104

Sep-07

Four Interactive Pvt Ltd Four Interactive Pvt Ltd V&S International Pvt Ltd Laqshya Media Private Limited Laqshya Media Private Limited Bigshare Services JustDial

Bangalore

Other

45

Lightspeed Venture Partners, SVB India Capital Partners and Matrix Partners India. Matrix partners India SIDBI Venture Capital Fund UTI Ventures

Shriram Adukoorie Shriram Adukoorie

105

Dec-06 Dec2006 Nov2006 Jun-08 Oct2006 Oct-

Bangalore

Other

9

106

Other Media & Entertainment Media & Entertainment Other other

29

107

Mumbai

45

Alok Jalan

108 109 110

Mumbai

310.5 54.9 54

15 33

2070 166.36

Warburg Pincus Global Access Holdings SAIF Partners (India)

Alok Jalan

27

Private Equity Deals in India

Final Report

S. No.

PE Investm ent Date 2006

Company Name Services Paras Pharmaceutic als Ltd Microland Ltd.

Location

Sector

Invest ment (Rs. Crore)

Stake (%)

Valuation as per PE Deal

PE Investors on Board

Promoter

Other Information / Link

111

Sept2006 Aug2006 Jul2006 2009 Jun-06

Pharma & Health Care

189

23

821.74

Actis Capital LLP Cargill Ventures ; Intel Capital Corporation ; JAFCO Asia ; Trident Capital Pequot Ventures Sequoia Capital First Mark Capital Capital International ; IDFC Private Equity Co. Ltd. ICICI Venture Funds Management Company Ltd Vishwanath Alluri Vishwanath Alluri

112

Other Information Technology Information Technology Education

49

113 114 115

IMImobile IMImobile Manipal Universal Learning Metropolis Health Services I Pvt. Ltd. B Seenaiah & Company Projects Ltd Sandhar Locking Devices Ltd Sify Ltd Dr. Lal Pathlabs Pvt Ltd Biotor Industries pvt

45 58 315

http://researchpeindia.com/?q=news/21 1

116

May-06

Pharma & Health Care

34

117

Apr-06 Dec2005 Nov2005 Jun2005 Sep-08

Other

150

19

789.87

New Vernon Private Equity Limited ; Tiger Veda Management Actis Capital LLP Infinity Capital Ventures LP Westbridge capital Partners Morgan Stanley Private Mangaldas R Kapadia largest fully integrated producer of Castor Oil

118 119 120 121

Other Information Technology Pharma & Health Care Mumbai Agriculture & Agro Products

103.5 281 43 238

27 31.61 26 30.4

383.33 891.46 167.88 784.54

28

2 Sequoia Capital India .html Sanjay Kapoor Sanjay Kapoor 129 130 131 Jun-08 Oct-09 2008 New Delhi New Delhi 110 80 1012.vccircle.Private Equity Deals in India Final Report S.com/blog/IndiaPriva teEquityDeals/_archives/2008/8/7/3828 009.com/blog/_archives /2008/7/17/3796840.39 Carlyle Group IDFC Private Equity Fund II East Gate Capital Group ICICI Ventures Mezzanine Fund http://www.vccircle.4 611. Mayfield Fund and silicon vally Bank Henderson Equity Partners Gic Special Investments Pte Ltd 29 .5 1272.09 464.indiape.com/500/news/blac kstone-backed-nuziveedu-seeds-buys-51in-two-seed-firms .indiape.67 3986.nuziveeduseeds.com http://www. www.indiape.11 666.08 125 2008 124 49 254. No.http://www.html 124 2008 New Delhi 135 29.http://www.html. PE Investm ent Date Company Name ltd Location Sector Invest ment (Rs. Crore) Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link 122 Dec-08 Nuziveedu seeds Globe Capital Market Unicon Financial Intermediaries Pvt Ltd Repco Home Finance Limited Emergent ventures India Pvt ltd Avendus Capital MAS Financial Services Ltd Genesis Color Genesis Color Reid and Taylor India Ltd Hyderabad Agriculture & Agro Products Banking & Fin Services Banking & Fin Services Banking & Fin Services 225 Black Stone Group CITI Venture Capital International Sequoia Capital India M Prabhakar Rao Ashok Agarwal Gajendra Nagpal 123 Feb-08 New Delhi 184 14.com/biotor .5 45 Vinod Kala Ranu Vohra Ahmedabad Banking & Fin Services Textile And Clothing Textile And Clothing Textile And Clothing http://www.html E 126 127 128 2008 2008 2008 Gurgaon Banking & Fin Services Banking & Fin Services 45 112.4 .com/500/new s/morgan-stanley-pe-to-pick-up-stake-inmumbai-based-biofuel-co http://www.biotorindustries.com/blog/_archives /2008/4/7/3624477.5 18 12 25.

html http://www.6 2881. Crore) 150 360 540 338 Stake (%) Valuation as per PE Deal 1019. DB Zwirn.indiape.html http://www. DB Zwirn.com/blog/IndiaPriva teEquityDeals/_archives/2008/2/6/3508 105.com/blog/_archives /2008/8/12/3834931.8 5262.Private Equity Deals in India Final Report S.com/manage mentteam. No.com/blog/_archives /2008/7/11/3787597.5 PE Investors on Board Promoter Other Information / Link 132 133 134 135 Arrow Webtex Bpl Mobile Quippo Telecom Quippo Telecom Quippo Telecom Bharti Infratel Icomm Tele Aditya Birla Telecom Aditya Birla Telecom Essel Shyam Communicatio n Seaways Shipping V Mart Retail UniverCell Telecommunic Mumbai Textile And Clothing Telecom Telecom Telecom 14.seawaysindia.3 2117.moneycontrol.html http://www.com/500/news/prov idence-investment-in-aditya-birlatelecom-scaled-down http://www.9 17 18. PE Investm ent Date 29-Feb08 2008 1-Aug08 12-Aug08 2009 Company Name Location Sector Invest ment (Rs.com/blog/_archives /2008/2/29/3551661. IDFC Private Equity and Indivest Quippo Infrastructure.com/500/news/ico mm-tele-looks-to-raise-rs-200cr-in-ipo Subsidary Of Idea .html http://www.91 162. IDFC Private Equity and Indivest Kohlberg Kravis Roberts and company Tano Capital&Kotak Investment Advisors Providence Equity Partners Providence Equity Partners Kubera Cross border fund Rajeev Chandrasekh ar SREI Group SREI Group http://www.com/news/ip o-issues-open/essel-shyam-comm-tooffer-55-lakh-shares-_250011.indiape.html 136 Telecom 200 3.asp http://www.com/blog/_archives /2008/7/11/3787597.74 ICICI Ventures Mauritius Based Private Equity Fund Oman Investment Fund Quippo Infrastructure.14 56250 784.indiape.5 141 142 143 144 Jun-08 Jul-08 Jun-08 Noida Hyderabad New Delhi Chennai Telecom Shipping Retail Retail 55 75 40 100 22 25 340. http://www.5 Lalit Jain PVK Mohan Lalit Agarwal D Sathish Babu IDFC Private Equity II Aditya Birla Capital Peepul Capital 30 .31 8000 6629.6 SREI Group Sunil Bharti Mittal Sumanth Paturu IDEA Group IDEA Group http://www.html 137 138 139 140 2008 2008 May-08 Jan-09 Gurgaon Hyderabad Telecom Telecom Telecom Telecom 1125 120 1600 1070 2 15.indiape.vccircle.vccircle.3 20 16.indiape.

html http://www.com/blog/_archives /2010/11/6/4673410.indiape. PE Investm ent Date Company Name ations India Pvt Ltd Ujjivan Financial Services Ujjivan Financial Services Tree House Education Tree House Education Dixon Technologies Control And Switchgear Moser Bayer Photo Voltaic / Moser Bayer Solar Limited Polycab Wires Deepak Cables Deepak Cables Corrtech International Pvt Ltd Location Sector Invest ment (Rs.html http://www.5 31 .indiape.com/blog/_archives /2008/6/20/3754064.vccircle.vccircle.com/500/news/mfiujjivan-raises-rs-40cr-via-ncd-route http://www.com/2007/10/19/m oser-baer-photovoltaic-biz-gets-100mfrom-idfc-pe-gic-cdc-group-and-idfc/ http://www.Lok Capital .indiaprwire.indiape.htm http://www.Sequoia Capital.vccircle.indiape.Sidbi Connecticut Samit Ghosh http://www.com/500/news/mat rix-backed-pre-school-player-tree-houseto-raise-rs-150cr-in-ipo http://www.Morgan Stanley International Finance Corporation UTI Ventures IDFC Private Equity Axis Private Equity Rajesh Bhatia 149 Jun-08 Noida 40 Sunil Vachani 150 8-Jul New Delhi 100 R N Khana 151 Oct-07 New Delhi 462 6.com/blog/_archives /2008/12/16/4023299.com/pressreleas e/electroniccomponents/2008071611180. Crore) Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link 145 Nov-08 Bangalore Microfinance 95 Unitus Equity Fund .com/500/news/ban galore-mfi-ujjivan-raises-rs-94-crorefrom-unitus-others http://www.5 Deepak Puri Jaisinghani Family K Surya Rao K Surya Rao Late Shri I S Mittal 152 153 154 155 Sep-08 Jun-08 Dec-08 2008 Mumbai Bangalore Bangalore Ahmedabad 620 85 200 67 12 5170.vccircle.com/blog/_archives /2008/12/16/4023299.Private Equity Deals in India Final Report S.html http://www. Credit Suisse .com/500/news/ifcinvests-120-million-in-polycab-wires http://www.html 146 Jan-11 Bangalore Microfinance 40 Samit Ghosh 147 Aug-08 Mumbai Education 59 Matrix Partners Rajesh Bhatia 148 May-10 Mumbai Education Electric Equipments Electric Equipments Electric Equipments Electric Equipments Engineering Engineering Engineering 31 Foundation Capital Motilal Oswal India Business Excellence Fund GE Commercial Finance Nomura.com/500/news/mat rix-backed-pre-school-player-tree-houseto-raise-rs-150cr-in-ipo http://www.vccircle. No.vccircle.5 7113.CDC Group .

com/500/news/futu re-groups-indivision-buys-blue-foodsrestaurants Lemontreehotels.com/category/word press-category/private-equity-1 Chain of Specality Resturants http://www.Private Equity Deals in India Final Report S.livemint.4 Ashmore Amarjit Bakshi Devendra Shah 159 Jun-08 Pune Fmcg 60 Motilal Oswal Venture Capital Advisors 160 2008 Bangalore Fmcg 112 Derby Asia Mezzanine Fund VG Sidhartha 161 Jul-06 Bangalore Fmcg 157 Sequoia Capital and IFC VG Sidhartha http://www.com/category/word press-category/private-equity-1 158 Mar-08 New Delhi Real Estate 2475 35 7071.9 2288. No.com/Reposit ory/ml. Crore) 225 40 Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link 156 157 Mumbai New Delhi Engineering Engineering Goldman Sachs Alcazar Capital Holdings Ltd Khurshed Daruwala B Jaikumar http://www.html http://www.com http://articles.economictimes.html http://epaper. PE Investm ent Date Jun-08 Jul-08 Company Name Sterling and Wilson Pvt Ltd Bumi Geo Engineering Pvt Ltd Central Park Estates Parag Milk Foods Pvt Ltd Amalgamated Bean Coffee Trading Company / CCD Amalgamated Bean Coffee Trading Company / CCD Blue Foods Pvt Ltd Lemon Tree Hotels Lemon Tree Hotels Location Sector Invest ment (Rs. com/2006-0801/news/27442485_1_room-rateslemon-tree-hotels-patu-keswani 162 2008 Hospitality 150 50 300 Indivision Kotak Reality Fund And Shinsei Bank Warburg Pincus Sunil Kapur 163 2008 New Delhi Hospitality 135 5.vccircle.vccircle.com/2011/02/0114 5811/Parag-Milk-Foods-plansRs4005.asp?Ref=RVRELzIwMDgvMDMvMj EjQXIwMDkwMA==&Mode=HTML&Local e=english-skin-custom http://www.vccircle.1 Patu Keswani 164 Aug-06 New Delhi Hospitality 280 27 1037 Patu Keswani 32 .indiatimes.com/news/bu siness/bumi-raise-pe-investmentrs40cralcazar-cap_344970.moneycontrol.timesofindia.

com/2008-04-24/news/28381010_1_elearning-gaja-capital-education-space http://www.htm 174 Feb-09 Mumbai ITES Information Technology 190 56.html http://www.htm 167 Feb-08 45 168 Feb-08 38 169 2008 42 170 Jan-10 I Yogi Gurgaon 67 Uday Challu 171 Dec-10 I Yogi ExcelSoft Technologies ExcelSoft Technologies CMS Computers Ltd Teledna Communicatio ns Pvt Ltd Gurgaon 135 Uday Challu 172 173 2008 Apr-08 Mysore Mysore 45 125 10 35.Canaan .html http://www. PE Investm ent Date 2008 Feb-08 Company Name Bharat Matrimony Netmagic Solutions Clear Trip Travel Services Ltd Clear Trip Travel Services Ltd I Yogi Location Sector Invest ment (Rs.indiape.11 http://www.economictimes.com/blog/_archives /2008/2/28/3549660.com/20101214-iYogiRaises-30-Mn-From-Sequoia-Capital-AndExisting-Investors.indiape.indiatimes.com/blog/_archives /2008/2/28/3549660.Svb.com/500/news/blac kstone-invests-rs-190-crore-in-cmscomputers http://dealcurry.vccircle.Draper Fisher Jurvetson Arohi Asset Management D E Shaw Murligaver Janakiraman Sharad Sanghi Stuart Crignton Stuart Crignton Uday Challu http://www.Yahoo Fidelity Investments and Nexus India Capital Draper Fisher Jurvetson Mahindra Group SAP Ventures .indiape.com/blog/_arch ives/2008/2/28/3549660. Canaan Partners and Silicon Valley Draper Fisher Jurvetson Sequoia Capital.html http://www.com/blog/_arch ives/2007/12/14 http://articles.html http://dealcurry.com/20081106-PeepulCapital-Invests-10-mn-In-TeleDNAComm.com/20101214-iYogiRaises-30-Mn-From-Sequoia-Capital-AndExisting-Investors.com/20101214-iYogiRaises-30-Mn-From-Sequoia-Capital-AndExisting-Investors.1 Blackstone Group Ramesh Grover Varun Prasad Praveen Nallapothula 175 Nov-08 Bangalore 45 Peepul Capital 33 .7 335.indiape. Crore) 52 90 Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link 165 166 Information Technology Information Technology Information Technology Information Technology Gurgaon Information Technology Information Technology Information Technology Education Education Mayfield Caanan Partners.com/blog/_archives /2008/2/12/3518872.Private Equity Deals in India Final Report S.indiape.htm http://dealcurry.htm http://dealcurry. No.5 450 352.

indiape.vccircle.com/blog/IndiaPriva teEquityDeals/_archives/2008/1/28/349 1242.com Tutor Vista. Crore) 250 Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link 176 Hyderabad ITES Undisclosed Investor Sridhar Reddy R S Sandhu 177 Apr-08 Mumbai Logistics 45 Blue River Capital Sequoia Capital And Light Speed Venture Partners 17 59 3679.com Tutor Vista.vccircle.com Goldengate Properties Futura Infra Projects Vikram Hospital Times Inovate Media ( Subsidary Enil ) Times Inovate Media ( Subsidary Enil ) Independent News Service ( Location Sector Invest ment (Rs.html http://www.com/500/news/ctrls -datacenters-gets-rs-250-crore-pefunding http://archive.64 Pearson Pearson RREEF Alternative Investments ( Detusche Bank Arm ) 10 1800 Frontline Ventures http://www.Private Equity Deals in India Final Report S.html http://www.html http://www.com/blog/IndiaPriva teEquityDeals/_archives/2008/1/31/349 7165.com/blog/IndiaPriva teEquityDeals/_archives/2008/1/24/348 178 Jul-08 Bangalore Education 81 K Ganesh 179 180 181 Jun-09 Jan-11 Jan-08 Bangalore Bangalore Bangalore Education Education Real Estate 625.indiape.com/blog/IndiaPriva teEquityDeals/_archives/2008/1/23/348 1568.com/blog/IndiaPriva teEquityDeals/_archives/2008/1/24/348 3279.indiape.html http://www.indiape.com/blog/IndiaPriva teEquityDeals/_archives/2008/1/24/348 3279.7 Goldman Sachs A P Parigi 186 Jan-08 100 20 500 Shyam Equities 34 .28 1207.indiape.indiape.5 571. PE Investm ent Date Dec-08 Company Name CtrlS DataCenters Pvt Ltd Wilson Sandhu Logistics Tutor Vista.4 968.html http://www.5 315 K Ganesh K Ganesh K Pratap Rajesh Kakani Vikram 182 Jan-08 Mumbai Real Estate Pharma & Health Care Media & Entertainment 180 183 Jan-08 Mysore 95 ICICI Ventures 184 Jan-08 100 8.indiape.7 Lehman Brothers A P Parigi 185 Jan-08 Media & Entertainment Media & Entertainment 100 8.28 1207.html http://www.com/wordpress/2 008/04/24/blue-river-capital-invests-10million-in-wilson-sandhu-logistics/ http://www.com/blog/_archives /2008/7/24/3807336.vccircle.com/500/news/pear son-snaps-up-76-in-tutorvista-investsanother-127m Pearson has acquired majority stake of 74 % http://www. No.

com/blog/_archives /2008/5/17/3695631.com/blog/_archives /2008/4/12/3634353.com/wordpress/2 http://www.Private Equity Deals in India Final Report S. Jay Ruparel Alok Pathak Suresh Krishna Ashok Ramsighnai Harish Chandra Harindra Singh Harindra Singh Senthil Kumar Mudit Khosla http://www.com/blog/IndiaPriva teEquityDeals/_archives/2008/1/24/348 3275.html Padam J Challani.com/500/news/grea ter-pacific-to-pick-up-38-in-outsourcingco-azure-for-33-million http://www.17 265.indiape.vccircle. Crore) Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link 3275.indiape. No.businessstandard.4 12 553. PE Investm ent Date Company Name Holding Company India TV) Independent News Service ( Holding Company India TV) Saravana Global Energy Limited Azure Knowledge Corporation Idhasoft TVS Logistics Services Ltd Lizer Cylinders Ltd Harish Chandra India Ltd Percept Ltd Percept Ltd Real image Media Tech Pvt Ltd Seventymm Location Sector Invest ment (Rs.html http://archive.indiape.html 188 Feb-08 Chennai Power 112 NYLIM Jacob Ballas India Fund 189 190 191 192 Aug-08 2008 Apr-08 Apr-08 Ahmedabad Mumbai ITES ITES Logistics Manufacturing 146 135 112 45 26.html 187 2007 Media & Entertainment 50 19.html http://dealcurry.com/india/news/saravanaglobal-energy-gets-25mnfunding/314743/ http://www.D B Prakash Chand Jain Dushyant Joshi.52 Comventures http://www.com/blog/IndiaPriva teEquityDeals/_archives/2008/8/2/3820 743.98 1125 Greater Pacific Arcapita Bank Goldman Sachs First Rand PLC 193 194 195 196 197 May-08 2008 2008 Aug-08 Aug-08 New Delhi Mumbai Mumbai Chennai Bangalore Manufacturing Media & Entertainment Media & Entertainment Media & Entertainment Media & 135 73 67 72 56. 25 10 540 731.25 Axis Private Equity Indivision Capital J P Morgan Nomura NEA Indo US ventures 35 .htm http://www.indiape.com/20080423FirstRand-Invests-10-Mn-In-LizerCylinders.vccircle.

com/content.com/20070118-Osian-sraises-Rs-55-crores-via-privateplacement-valued-at-Rs-590-crores.vccircle.html 201 Mar-08 Mumbai Agriculture & Agro Products 96 R V Bubna 202 Jan-07 Osian Mumbai Other 55 9.vccircle.com/blog/IndiaPriva teEquityDeals/_archives/2008/3/31/361 2373.indiape.com/shownews/ DE_Shaw_makes_debut_in_amusement_ park_business-nid-42438. Shiv Nadar.89 1800 Ashmore J P Morgan & American 205 206 2008 2008 Hyderabad Bangalore 101 450 36 .2 Temasek Vijay Darda 199 Dec-08 Lokmat Punj Llyod Upstream Limited Sharda Worldwide Exports Pvt Ltd Maharashtra 34 4.vccircle.htm http://www. Gautam Thapar. and Vallabh Bhansali D E Shaw Vijay Darda 200 Oct-08 New Delhi 135 Vikram Walia 008/08/21/seventymm-raises-12-millionin-third-round-from-nea-indo-usventures/#more-5766 http://www.com/20101231-PrintMedia-Firm-Lokmat-Files-DRHP-WithSEBI.com/500/news/ifcsupports-delhi%E2%80%99s-rocklandhospital-with-14-million http://www.siliconindia. Crore) Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link Entertainment 198 Dec-08 Lokmat Maharashtra Media & Entertainment Media & Entertainment Oil&Gas 127 15 853.htm http://www.com/500/news/tem asek-india-equity-partners-to-invest-rs163-cr-in-lokmat-group http://dealcurry. Kumar Mangalam Birla.html http://www.5 773 India Equity Partners International Finance Corporation Henderson Equity Partners Abraaj Capital.Private Equity Deals in India Final Report S.4 585. PE Investm ent Date Company Name Services Pvt Ltd Location Sector Invest ment (Rs.a spx?section=AboutUs&id=0 203 Jun-08 International Amusement Ltd Rockland Hospital Care Hospital Narayana Hrudayalya Noida Other 630 3000 Robin Vijeshwar Rajesh Srivastava . Jerry Rao.11 Neville Tuli http://dealcurry. No. Prabhat Srivastava B Soma Raju Devi Shetty 204 Aug-08 New Delhi Pharma & Health Care Pharma & Health Care Pharma & Health Care 55 International Finance Corporation 19 25 532.com/500/news/ifcinvests-30-million-in-punj-lloydsonshore-drilling-arm http://www.carehospitals.

html http://www.html http://www. KFC .3 Ravi Jaipuria E R P Surya 37 .vccircle.indiape.Private Equity Deals in India Final Report S.5 1395. No.businessweek.com/blog/_archives /2008/6/19/3752409. 215 2008 Bangalore Power 67.com/blog/_archives /2008/1/18/3472195.htm http://www.dealcurry.html http://www.asp?privca pId=28013843 http://www.com/500/news/soh am-clinching-follow-on-deal-with-deshaw-in-a-rs-90cr-fundraise Devyani runs Pizza Hut.com/500/news/soh am-clinching-follow-on-deal-with-deshaw-in-a-rs-90cr-fundraise http://www.com/blog/_archives /2008/1/12/3460872.com/20081125Baring-To-Invest-15-mn-In-SphaeraPharma.vccircle.com/blog/_archives /2008/7/10/3785685.5 216 2010 Bangalore Power 90 217 218 Jun-08 2008 Hospitality Hyderabad Real Estate 300 45 21.indiape.com/blog/_archives /2007/1/31/2697566. Costa Coffee . D E Shaw 25 NYLIM Jacob Ballas India Fund Amitayus Investments http://www. Yum Resturant .indiape.net/500/content/idf c-private-equity-invests-rs-50-crore-inhealthcare-global-enterprises http://investing.com/rese arch/stocks/private/snapshot.indiape.http://www.indiape.html http://www. Crore) Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link international Group Maharashtra Gurgaon Hyderabad Bangalore Pharma & Health Care Other Pharma & Health Care Pharma & Health Care Pharma & Health Care Pharma & Health Care Pharma & Health Care Power 162 88 135 48 22 400 ICICI Ventures Blackstone Group Evolvence India Life Sciences Fund IDFC Private Equity Charu Dutt Apte Vandana Luthra P V N Raju B S Ajai Kumar B S Ajai Kumar Janak Shah Sundeep Dugar S N Agarwal Sadanada Shetty Sadanada Shetty 207 208 209 210 2008 Jan-07 Jan-08 Jul-06 211 212 213 2008 Jul-08 Nov-08 Bangalore Mumbai Gurgaon 90 101 67 Premji Invest NYLIM Jacob Ballas India Fund Baring PE Partners Darby Overseas Investment 25 270 D E Shaw FE Clean Fund 65 .html 214 2008 Bangalore 78. PE Investm ent Date Company Name Pvt Ltd Sahyadri Hospital Ltd VLCC Gland Pharma Health Care Global Enterprises Health Care Global Enterprises Themis Laboratories Sphaera Pharma Bhoruka Power Corporation Soham Renuable Energy India Soham Renuable Energy India Devyani International Satya Vani Location Sector Invest ment (Rs.vccircle.

Detusche Bank Barings .4 ICICI Ventures Manish Kalani Manish Kalani 224 Mar-08 Mumbai Real Estate 75 4 1875 ICICI Ventures Barings .businessstandard.Private Equity Deals in India Final Report S.vccircle.Detusche Bank Blackstone Group http://www. Crore) Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link Prakash Hyderabad Bangalore Bangalore Real Estate Real Estate Hospitality 43 120 66 26 30 30 165.5 S Surendra http://articles. com/2010-01-12/news/27569847_1_pefirms-coastal-projects-private-equity http://www.indiatimes.indiatimes.Fidelity.economictimes.Fidelity. No. PE Investm ent Date Company Name Homes Saket Engineers Pvt Ltd Palladium Constructions Platinum Hospitality Services Ramprastha Promoters and Developers Indore Entertainment World Entertainment World Development Coastal Projects Location Sector Invest ment (Rs. Sequoia Capital . com/2008-0329/news/27734954_1_omaxedevelopers-lodha-group Subsidary of Development Entertainment World T Radha Krishna 219 220 221 2008 2008 2008 222 2008 New Delhi Real Estate 360 40 900 Deutsche Bank Arvind Walia 223 Mar-08 Mumbai Real Estate 227 14 1621. Sequoia Capital .com/500/news/new s-roundup-blackstone-to-invest-rs-200crin-bangalore-realty-deal 227 Apr-08 Bangalore Real Estate 81 38 .38 400 220 Yatra Capital Ltd Yatra Capital Ltd Yatra Capital Ltd http://articles.com/india/news/entertainment -world-raises-rs-307-cr-pefunds/318243/ 225 Mar-08 Hyderabad Real Estate 160 16 1000 S Surendra 226 Jan-10 Coastal Projects Synergy Property Development Services Hyderabad Real Estate 250 16 1562.economictimes.

vccircle.com/500/news/cred it-suisse-pe-invests-113-million-inhydrabad%E2%80%99s-indu-projects http://www.com/500/news/cred it-suisse-pe-invests-113-million-inhydrabad%E2%80%99s-indu-projects 233 Aug-08 Hyderabad Real Estate 500 Credit Suisse Citigroup50 m and Matrix Labrotaries 20 m Indiareit Fund Advisors Liberty International I Syam Prasad Reddy I Syam Prasad Reddy Nayan Bheda 234 Jan-07 Indu Projects Neptune Group Prozone Enterprises Sri Biotech Laboratories pvt ltd Financial Information Networks and Hyderabad Real Estate 315 18 1750 235 2008 Mumbai Real Estate 270 15 1800 http://www. PE Investm ent Date 2008 2008 Oct-07 Jul-08 Company Name Location Sector Invest ment (Rs.htm http://www.vccircle.ennovent.com/500/content/li berty-international-invests-rs-202-crorein-prozone-enterprises http://dealcurry.com/500/news/bahr ains-taib-bank-picks-up-26-stake-inanant-raj-projects-for-50m 232 2008 New Delhi Real Estate 281 3 9375 J P Morgan Chase Kabul Chawla http://www. Intel Capital .Private Equity Deals in India Final Report S. Crore) 126 280 500 240 Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link 228 229 230 231 Vaishnavi Group Lavasa Corporation Lavasa Corporation Anant Raj Projects Business Park Town Planners ( BPTP) Indu Projects Bangalore Mumbai Mumbai New Delhi Real Estate Real Estate Real Estate Real Estate Actis Capital 2.com/uploads/ media/20101014_Venture_Intelligenc e.vccircle.vccircle.indiape.5 5 26 11250 10000 934.com/500/news/finoraises-rs-70-cr-from-hsbc-pe-others 236 Oct-06 Real Estate Agriculture & Agro Products Microfinance 202 25 810 Provogue 237 Mar-09 Hyderabad 45 28-38 160.com/20100915-LavasaCorp-Files-DRHP-For-Rs-2000-Cr-IPO.N.html http://www.62 Axis Bank Detusche Bank TAIB Bank C.Govindar aju Anantraj Industries http://archive.com/blog/_arch ives/2008/7/21/3802620.7-118 Rabo Equity Advisors HSBC Pvt Equity .vccircle.htm http://www.pdf http://www.com/20090304-RaboEquity-To-Invest-Rs-45-Cr-In-SriBiotech.html http://www. IFC KRK Reddy Manish Khera 238 Dec-09 Mumbai 70 39 .com/wordpress/2 008/05/29/actis-invests-28-million-inbangalores-vaishnavi-group/#more-4132 http://dealcurry.com/blog/_archives /2007/10/18/3298123. No.vccircle.indiape.

asianahotels.html http://www.Private Equity Deals in India Final Report S.com/news/bu siness/matrix-partners-buys-18basixsmicrofinance-arm_450096.htm http://www.html http://dealcurry.com/20091224-SIDBIAcquires-10-92-In-Bandhan-MFI-For-107-Mn.htm http://www.com/20100413-BSFLTo-Raise-Rs-75-Cr-Via-NCD-s.5 SIDBI Venture Capital Fund Blue Orchard Pvt Equity Fund Chandra Shekhar Ghosh Vidya Sravanthi Vijay Mahajan http://dealcurry.IDG Ventures DFJ Sushil Sahani Shri Sridharan Ashok Chattaraj Atul Jalan 246 247 May-09 Oct-09 Chennai Bangalore Hospitality Hospitality Information Technology 146 45 248 Nov-09 Bangalore 67 40 .com/500/news/mat rix-puts-10m-in-hospitality-service-firm http://researchpeindia.com/?q=news/20 6 240 Sep-09 Hyderabad Microfinance 49 241 2009 Hyderabad Microfinance 45 242 Apr-10 Hyderabad Microfinance 100 18 555. PE Investm ent Date Company Name Operation (FINO) Bandhan Financial Services Pvt Ltd Asmitha Microfinance Ltd Bhartiya Samruddhi Finance (BSFL) Bhartiya Samruddhi Finance (BSFL) Bhartiya Samruddhi Finance (BSFL) FIITJEE Pranav Construction Systems Pvt Ltd Asiana Hotels Siesta Hospitality Pvt Ltd Manthan Systems Location Sector Invest ment (Rs. No.indiape.moneycontrol.pdf http://www.56 Matrix Partners Hivos Triodos and Lok Capital Matrix Partners Vijay Mahajan Vijay Mahajan Dinesh Kumar Goel 243 Apr-10 Hyderabad Microfinance 8 244 Jul-09 New Delhi Education 100 245 Feb-09 Mumbai Engineering 49 Nine rivers Capital Management Banyan Fund Management Matrix Partners Fidelity International.moneycontrol.com/news/bu siness/matrix-partners-buys-18basixsmicrofinance-arm_450096.com/press/the economictimes15_05_09.com/blog/IndiaPriva teEquityDeals/_archives/2009/2/19/409 8365.vccircle.com/news/b usiness/matrix-partners-buys-18basixsmicrofinance-arm_450096.html http://www. Crore) Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link 239 Dec-09 Kolkatta Microfinance 49 11 454.html http://www.com/blog/IndiaPriva teEquityDeals/_archives/2009/9/3/4309 138.moneycontrol.indiape.html http://www.

vccircle. Crore) 45 300 35 Stake (%) Valuation as per PE Deal PE Investors on Board Promoter Other Information / Link 249 250 251 Mumbai New Delhi Gurgaon Information Technology Logistics Textile And Clothing Helix Investments 37. In 2009 the PE investors invested a lot of funds in a number of microfinance companies. Spandana Sphoorty Financial Services are examples of companies in the microfinance sector in which the PE firms have invested.htm http://www. Osian are examples of Companies in the niche segment in which the Private equity investor have invested. Real estate. No. Bandhan financial services.com/20090711LearningMate-Raises-Rs-49-corres-HelixInvestments. They have invested in Bhartiya samruddhi finance. VLCC.04 140 Blackstone Group Alchemy Ashmore Samudra Sen Prem Krishan Gupta Narinder Singh http://www. Ashmita microfinance. PE Investm ent Date Jul-09 Nov-09 Mar-09 Company Name Learning Mate Solutions Pvt Ltd Gateway Rail Freight Numero Uno Clothing Location Sector Invest ment (Rs. International amusement. PE investor has also started to invest in niche companies on the basis of their current business plan and future plans.5 25 800.com/node/6540 http://www. While 4 out of 10 industry classes accounted for majority of the investment in 2004 now the investments are much more evenly distributed across industry classes.dealcurry.com/500/news/alch emy-ashmore-invests-rs-35-cr-inapparel-retailer-numero-uno The Private equity investment has matured over the years and become much more broad based. Pharma. IT and Ites sector has been their all time favorite.vccircle. 41 .Private Equity Deals in India Final Report S. education has also gained attention.

Education 42 .Private Equity Deals in India The private equity investment has been made in the following sectors: Sector Agriculture Banking &Financial Services Education Electric Equipment Engineering Fmcg Hospitality IT &ITES Logistics Media & Ent Microfinance Infrastructure Manufacturing Pharma Power Real Estate Telecom Textile & Clothing other Total No of deals 4 15 13 5 7 3 9 32 8 13 12 13 11 21 8 30 11 10 18 251 Ranking 17 5 6 16 15 18 13 1 13 6 9 6 10 3 14 2 10 12 4 Amount (Cr) 605 2640 2157 1305 703 330 1258 2967 866 1147 725 3005 1285 2169 1155 10900 5880 1960 2055 43112 Final Report Ranking 19 5 7 15 18 20 12 4 16 14 17 3 11 6 13 1 2 9 8 The top five sectors in which PE investment has taken place on the basis of no of Deals: .Banking &Financial Services .IT &ITES Sector .Pharma .Real Estate .

43 .Private Equity Deals in India Final Report The top five sectors in which PE investment has taken place Value wise (amount of investment) Real Estate Telecom Infrastructure IT & ITES Banking and Financial Services Education Banking &Financial Services Pharma Real Estate IT &ITES 0 5 10 15 20 25 30 35 Banking & Financial Services IT & ITES Infrastructure Telecom Real Estate 0 2.00010.000 8. Lehman brothers and Goldman Sachs. ICICI Venture.000 PE Investment ( Cr) PE Deals Top 5 Sectors (PE Deals) Top 5 Sectors (PE Investment) Large international private equity firms operating in the Indian market are Bearings PE.00012. Axis private Equity and Kotak.000 4. Blackstone. matrix partners.000 6. Indian private equity firms operating in the India market are IDFC Private Equity. Draper Fisher Jurvetson and Sequoia Capital.

telecom. Real Estate Sector o Tata Realty and Infrastructure Ltd o Gaur sons India Ltd Telecom Sector o Bharti Infratel Ltd o Ackme Telepower Infrastructure Sector o Doshion Limited o Coastal Project IT and ITES Sector o Larson and Toubro InfoTech Limited o Azure Knowledge Corporation Banking and Financial services sector o Prabhudas Lilladher Advisory Services Ltd o Anand Rathi Securities - - - - 44 . infrastructure.Private Equity Deals in India Final Report Unlisted Companies Detailed Report The top 5 sectors on the basis of Private Equity investment are real estate. IT &ITES and banking and financial services sector. We begin our analysis with the real estate sector following is the list of companies that have be analyzed from each sector.

Tata reality infrastructure limited is focused upon the development of the following: Internal Group Assets Special Economic Zones (SEZ) Logistic Parks and Bridges Airports and Ports Tata Reality and Infrastructure is a subsidiary of Tata sons and promoted by the Tata Group. Tata Reality Infrastructure Fund raised 700 mn $ (3150 Cr) in 2009. Chairman Managing Director Director Director PE Investment R K Krishna Kumar Sanjay Ubale S. focusing on projects in the real estate and infrastructure sectors. including opportunities within other Tata group companies . Tata Realty Infrastructure Limited (TRIL) is the real estate arm of the Tata‟s. 45 . Anantharaman IDFC invested 150 crores in 2010. and 107 operating companies in seven business sectors. Tata‟s is one of India's largest conglomerates.Private Equity Deals in India Final Report TATA Reality and Infrastructure Introduction Tata reality and infrastructure is a subsidiary of Tata Sons.Mahalingam G. employing over 250.1 billion.000 people worldwide. with a total market capitalization of nearly $55.

Tata Reality and Infrastructure along with Indian Hotels Company Limited (IHCL) and Tamil Nadu Investment Development Corporation (TIDCO) are building Ramanujan IT SEZ at Chennai named after the famous mathematician Srinivas Ramanujan.54 acre plot of land which it had won in an auction by PUDA (Punjab urban development authority). Rajasthan. Delhi and Kolkata. etc. It will also have a super luxury apartment‟s complex with 150 units spread over three lakh sq feet. Kolkata. including the construction period. TRIL is making in total 8 Sez for Tcs at Hinjewadi. cross docking. The project is targeted to be completed by May 2012. Kolkata and Guhawati for setting up of the logistics park. (Source http://www. Punjab. warehousing (general & FTWZ). 3. Kolkata (2. Kochi. Ramanujan SEZ will have a notified IT/ITES zone along with residential apartments. Along with the various international amenities and facilities it shall be a state of the art residential complex at Cochin.) 46 . Gujarat. The company is planning to setup 14 logistic parks across the country at a cost of 1400 crores and has allocated 200 crores for setting up logistic park at Chennai. 4 BHK apartments. TRIL in the heart of Amritsar city is developing a city center on a 5. mall & entertainment complex. Trivandrum.) Hinjewadi (Pune. 1371 crores.). Nov 23 2009 Press trust of India. serviced apartments. Logistic parks are intended to provide integrated logistics services covering amongst others. Nagpur and Mangalore TRIL developing IT SEZs Ahmedabad (1.9 million sq ft) and are expected to be completed by 2012. row houses and a provision for convenience shopping center. TRIL along with Atlantia Spa of Italy shall be constructing Highways. multi-modal transportation. TRIL along with its partner Atlantia (Italy) shall be developing 4-lane Pune-Sholapur Highway of National Highways Authority of India (NHAI). Delhi. Express ways and Bridges. Hindu Aug 6 2010 and Oct 7 2010 projects today. TRIL is actively evaluating the development of logistics parks across the country. TRIL is developing a residential complex TRITVAM in Cochin at Marine Drive which is a high end residential locality. ft.Over the next three years an additional investment of nearly Rs 3500 crores would be made in the highway development programme of NHAI in different states like Maharashtra.com/projects/current_projects. The 110 kms long stretch is expected to cost Rs.Private Equity Deals in India Final Report Business Overview Tata Reality and Infrastructure ltd (TRIL) focuses on the development of internal group properties. TRIL has initially identified Chennai. Punjab and Andhra Pradesh. Tamil Nadu.4 million sq. The residential complex shall consist of 2. Hyderabad. Madhya Pradesh.htm and TRIL report by Mira Inform private Limited. Ahmedabad. 5 Star Hotel and an international convention center.tata-realty. Karnataka. Hindu May 28 2009. ft. The city center shall comprise of a 7 lakh Sq ft residential complex and 5 star complex created by Indian hotel company limited. 3 million sq. The concession period for this project is 21 years.

Regulatory measures by the Reserve Bank of India (RBI) will have a considerable impact on the real estate sector during 2011. is expected to be the main driver of the industry in the medium-term. This has again created demand-supply disequilibrium. with a negative bias. with the recovery in residential markets. Sudden rise in property prices has led to affordability deterioration in Mumbai. is a cause for concern. driven by the high growth rate in the Indian economy and rapid urbanization. Oversupply in this segment. This coupled with the expected increase in interest rates will dampen demand and further increase liquidity pressure on real estate companies.income projects in the downturn. Major lenders have already acted or are likely to act on withdrawing teaser rate schemes on the advice of the RBI. the focus again shifted to premium projects in 2010.a major demand-driver for office space in the country -. Gurgaon and Ahmedabad. Fitch expects that renewed hiring by the IT/IT-enabled services (IT/ITeS) sector since H2CY10 in India -. coupled with inflationary pressures. which are among the key residential markets for listed developers. After being stuck with premium and high ticket size inventory in 2008. as the majority of the companies are highly leveraged and their dependence on debt refinancing is high. and is likely to remain stable during 2011.Private Equity Deals in India Final Report Industry Brief Fitch Ratings says the 2011 outlook for the Indian real estate sector is stable. However. The demand for residential units. the absorption rate is likely to be slowed down over the near-term on account of the strong increase in residential unit prices witnessed in the second half of calendar year 2010 (H2CY10). however.is likely to give the commercial real estate sector a boost in 2011. (Source Fitch Rating – Indian real estate sector) 47 . a slowdown in the residential markets is imminent in the short run. developers concentrated on launching mid. However. The overall demand environment improved during 2010. With interest rates expected to rise further. The withdrawal of teaser interest rates by lenders and the increase in interest rates expected in H1CY11 are also likely to dampen residential demand during the same period. Any increase in risk weights on bank lending to real estate companies would adversely affect the amount of funding available to the industry and cause liquidity problems.

42 The other income earned and dividend earned by the firm in both the years is much more than the Net sales as a result of that gross profit margin and Ebit Margin are very high .32 765.33 788.44 0.33 790.82 205.00 65.33 0.10 87.71 1.38 FY 10( Cr) 725.31 10.00 63.40 236.31 10.90 40.57 83.20 837.Private Equity Deals in India Final Report Financials The Financial snap short of Tata Realty and Infrastructure Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income Operating Profit Gross Profit Earnings per share EBITA EBIT Gross Profit Margin (%) Ebit Margin (%) (Source ISI Emerging Market) FY 09( Cr) 725.00 1215.00 1213.76 53.72 205. 48 .93 204.33 225.69 52.33 0.93 186.31 53.69 35.33 225.87 24.36 128.

The company was promoted by Mr. Gaur son has always focused upon quality work which has helped it gain rich dividends along with trust of thousand of families staying in their residential complex.L Gaur and his two sons Rahul Gaur and Manoj Gaur. Gaur sons since its inception has stressed upon on Customer satisfaction and architectural excellence which has helped it in wining the customer trust. Incorporated Promoter Managing Director Director 1995 B L Gaur Rahul Gaur Manoj Gaur The people trust and belief in the Gaur sons India can be seen from the response received by Gaur Ganga at vishali where all the 300 apartments were bought by eager customers with in 48 hours of its launch. Some of the successfully Gaur sons completed project include Gaur Green Avenue. Gaur Grandeur and Gaur Gracious 49 . Gaur Ganga. Gaur son ensures that it meets its deadlines for the project well in advance this has also boasted the confidence of the customers. Gaur Homes Elegante. Gaur Heights. Gaur son believes that they just don‟t make houses but make adobes where their customers spend the best part of their life. B.Private Equity Deals in India Final Report Gaur sons India Ltd Introduction Gaur son India was incorporated in the year1995. Gaur son is a prominent builder in Delhi – NCR (National capital region) and has built properties ranging from high end pent houses to highly affordable apartments.

3. The Properties which are completed and available for procession include Gaur Gracious villas (Independent plots at Kanth Road Moradabad). Gaur Homes Elegante (2 Bedroom apartment at Govindpuram Ghaziabad). bedroom premium apartments located at NH -24 Indrapuram these apartments provide all the modern facilities of a swimming pool . It shall consist of 2.gaursonsindia. After the successful launch of Gaur Grandeur. Gaur Grandeur –II is launched at sector 119 noida it shall consist of 2. 3. 3 bedroom residential apartment only. Gaur green global village provides luxury lifestyle in a peaceful environment. Noida and moradabad The projects it has completed and sold out include Gaur Green Avenue (3 . card table. badminton court.com/projects ) 50 . billiards table. jogging park and a lot open green spaces . 4 bedroom apartment at Govindpuram Ghaziabad)and Gaur Gracious ( 2 . children pool. Gaur Homes (2. 3.3 bedroom apartment at vaishali ) and Gaur Ganga ( 2 Bedroom apartment at vaishali ).Gaur grandeur. Gaur city is a township being developed by Gaur sons and its spread across 125 acres and it shall consist of hospitals. Gaur grandeur 2 Gaur city and Gaur city -2 . 3. shopping mall. Gaur Heights ( 2. 3 bedroom residential apartment located at crossing republic NH 24 Ghaziabad. sauna & steam bath. Gaur green global village provides all the modern amenities. residential complex. table tennis. Gaur son city is being developed by Gaur son along with savior builder Private Ltd. gymnasium.4 bedroom residential apartment at Kanth road moradabad ). 4 bedroom Apartment at Indrapuram). in house Gymnasium . schools. Jacuzzi. The new properties and projects which are under construction are Gaur green vista phase II . Gaur son has completed a number of projects in Indrapuram (Ghaziabad).3 bedroom premium apartments at Indrapuram ) . The club shall consist of a swimming pool. Gaur Green Vista ( 2. Gaur green global village is 2. tennis court and other facilities. reading room. 4 bedroom residential apartment. Gaur Grandeur is state of the art homes which combine comfort and luxury. Gaur global village . Gaur son has also announced the launching of Gaur son City 2 at Noida extension in Grater Noida (Source Gaursons report by ICRA and http://www. Gaur Grandeur is being constructed at sector 119 Noida.Private Equity Deals in India Final Report Business Overview Gaur son is one of a prominent builder in the NCR (National Capital Region) and has been in existence for the past 15 years. multiplex. Gaur green vista phase -2 is a residential project of 2.

48 246.07 74.98 14.89 23.98 101.49 2.85 8.31 209.03 10.96 (Source ISI Emerging Market) 51 .17 38.01 152.13 0.47 1.71 32.05 213.49 8.8 32.73 73.69 38 19.28 61.69 0.66 108.39 17.Private Equity Deals in India Final Report Financials The financials of Gaur son India is as follows Financial Snap short Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income Operating Profit Gross Profit Earnings per share EBITA Depreciation EBIT Operating Profit Margin (%) Gross Profit Margin (%) Ebit Margin (%) FY 09( Cr) 11.81 217.71 202.08 64.26 39.68 87.73 224.38 15.68 10.83 18.75 31.80 FY 10( Cr) 13.

On January 31.indiape. aircel and mts .250 crores. Bharti Infratel is a pioneer in shared telecom infrastructure services Bharti Infratel has helped many telecom operators maximize their reach in a short period of time – by providing them capex saving opportunities ( telecom tower‟s) channelizing their investment in reaching out to more and more customers across the country. owns and manages telecom tower and communication structure for all wireless operators.com/blog/IndiaPrivateEquityDeals/_archives/2008/2/6/3508105.e. Bharti Infratel is one of the largest telecom passive infrastructure providers that deploys.html ) 52 . Chief Executive Officer Managing Director Chief Financial Officer Director PE Investment Prem Pradeep Akhil Gupta Suresh Wadhwani Manik Jhangiani Kohlberg Kravis Roberts invested 1125 crores for 2 % stake in 2008. as per the scheme of arrangement approved by High Court of Delhi the passive infrastructure business (namely telecom tower portfolio) of Bharti Airtel was transferred to Bharti Infrastructure limited. bsnl. As per stake sale the overall valuation of the company is 56.uninor . reliance mobile .Idea . (Source Bharti Infratel Website and http://www. and contributing in offering highly affordable telecom services to their customers .Tata teleservices. 2008.vodafone.Private Equity Deals in India Final Report Bharti Infratel Limited Introduction Bharti Infratel was incorporated in November 2006 as a 100% subsidiary of Bharti Airtel Limited. airtel . The clients of Bharti Infratel includes almost the entire telecom industry i.

Bharti Infratel provides telecom towers (passive and capital intensive infrastructure) to the telecom operators on a mutually beneficial terms and conditions. 2011 HT Media and Jan 22 2011 outlook Business) 53 . Uttar Pradesh. Bharti Infratel and Vodafone would each has a 42% stake and Idea has balance 16 % stake in Indus Towers. Himachal Pradesh. Manipur. Madhya Pradesh. Haryana. Indus tower operates in 16 telecom sectors in India in these sectors Bharti Infratel is only allowed to manage the existing towers and not allowed to open any fresh telecom tower. Bharti Infratel is a registered IP 1 Infrastructure provider with the department of telecommunication. extending its services to all telecom operators in India. Chhattisgarh. Mizoram and Nagaland Bharti Infratel entered into an agreement with Vodafone and Idea Cellular to form another telecom infrastructure company – Indus Towers1. Rajasthan. Bihar. Sept 16 2008 HT Media. Vodafone and Idea Cellular. Jharkhand.000 towers each and Idea Cellular transferred around 10. October 3 2008 Telecom paper. Meghalaya. Feb 12. In the following circles (Assam. and provides following benefits: Telecom operator gets the largest geographical spread across 18 states in India. Indus tower came into existence when as per the agreement between Bharti Infratel limited (BIL) and Vodafone transferd around 30. Indus Tower1 shall provide passive infrastructure services (Telecom towers) in 16 telecom circles of India. Telecom operators are able to roll out their services at a lower operating cost and at a faster pace. Indus Tower was created as a joint venture between Bharti Infratel. Orissa. News articles Sept 15 2008 HT Media. Arunachal Pradesh. Telecom operators are provided state of the art fully automated tower operations center leading to superior customer satisfaction. North East and Orissa) Bharti Infratel (BIL) would manage the existing telecom towers and also roll out new telecom towers. (Source Bharti Infratel web site. Bihar. Assam. Madhya Pradesh. Himachal Pradesh. Uttarakhand. Jammu & Kashmir.000 plus towers and operate in 18 states and union territory in India namely Jammu & Kashmir. Tripura. Bharti Infratel has over 30. Indus tower has over 70. Bharti Infratel is both a pioneer and a market leader in shared telecom Infrastructure (telecom tower) in India. Telecom operator receives the benefit of scale and experience leading to operational efficiencies.Private Equity Deals in India Final Report Business Overview Bharti Infratel was formed with the objective of creating an independent wireless telecom tower infrastructure company.000 towers to Indus Towers.000 telecom tower and is one of the largest Telecom tower company all over the country.

At the end of March 2010. from 392 m to 584 m.96 m in March 2009. India has one of the lowest tariff plan in the world as a result of which cellular services in India attracts a number of customers. As per Pricewaterhouse Coopers. The guidelines also pose hurdles for mergers and acquisition activities in the sector (Source Equity master Outlook on the Telecom Sector) 54 .9 m to about 36. India's mobile subscriber base is expected to exceed 1 billion by 2014 and will be driven by additions in the rural areas. If applied. the country's total telecom subscriber base (fixed plus mobile) stood at about 621 m. The tele-density level stood at about 53% by the end of the fiscal.96 m subscribers in March 2010 from 37. The mobile subscriber base (GSM and CDMA combined) has grown from under 2 m at the end of FY00 to touch 584 m at the end of March 2010 (average annual growth of nearly 76% during this ten year period). During FY10. The segment's subscriber base has grown by over 49% YoY in FY10. Telecom Regulatory authority of India (Trai) has introduced new polices for charging spectrum fee and merger and acquisition in the sector. The fixed line segment has actually seen a decline in the subscriber base.9 m.7%.Private Equity Deals in India Final Report Industry Brief India's teledensity has improved from under 4% in March 2001 to around 53% by the end of March 2010. FY10 saw the continuance of strong growth for the Indian telecom market. these guidelines would increase the financial burden for the GSM operators by making them pay higher spectrum charges and humongous fee for holding higher quantities of spectrum. from 37. It has declined to 36. These guidelines appear to be more detrimental for the sector rather than helpful. The decline was mainly due to substitution of landlines with mobile phones. while the fixed subscriber base declined by about 3%. Cellular telephony has emerged as the fastest growing segment in the Indian telecom industry. India's rural tele-density for mobile subscribers currently stands at 32. India's mobile subscriber base grew by 49% YoY. which witnessed a 45% YoY increase in its subscriber base during the 12-month period. The 2 main factors which have contributed to the growth of the sector are reduction in tariff plans and the cellular segment is playing an important role in the industry by making itself available in the rural and semi urban areas where teledensity is the lowest.

66 18.48 10450.01 13. The overall company‟s net sales have increased substantially from 2008 to 2010.72 250.56 447.77 1355.16 62.8 600 14.54 1741.44 5.07 71.01 14.38 63.12 14.82 3.390.27 21.31 1154.Private Equity Deals in India Final Report Financials The Financials of Bharti Infratel is as follows Financial Snap short Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Net Sales Total Income Operating Profit Net Profit Earnings per share EBITA Depreciation EBIT Operating Profit Margin (%) Net Profit Margin (%) Ebit Margin (%) FY08( Cr) 0.31 437.17 2866.94 56. 55 .15 484.80 4.73 (Source ISI Emerging Market) In 2008 private equity investment took place and shares were issued to Kohlberg Kravis Roberts.7 386.72 13.82 30.91 13670.03 2929.27 1638.05 10256 10256.89 13019.76 39.05 3134.584.41 97.81 250.43 16.35 152.38 2453.78 1741.08 447.16 9885.48 1638.77 320.64 4134.90 FY 09( Cr) 565.45 FY 10( Cr) 650.07 15.270. The companies operating profit margin has been increasing over the years.55 2624.

passive infrastructure solutions. Acme telepower has helped many telecom operators maximize their reach in a short period of time – by providing them capex saving opportunities ( telecom tower‟s) channelizing their investment in reaching out to more and more customers across the country.com/blog/_archives/2008/2/22/3538707. ACME tele power (ATPL) has developed a wide range of innovative products that provides cost-effective. and contributing in offering highly affordable telecom services to their customers . energyefficient.940 crores to the company. channel partner or associates.indiape. integrated. Acme Telepower is present in many countries across the world either through its own establishment.com / management and http://www.html ) 56 . Acme tele power is different from other passive infrastructure companies as it provides end to end solution as compared to partial solution by most of its competitors.35 % stake in 2008 giving a valuation of 11. to telecom companies. (ATPL) provides comprehensive passive infrastructure solutions to wireless telecom players both in India as well as overseas. (Source acmetelepower. Acme tele power main business is providing and maintain telecom tower to various telecom companies and its side business is construction of solar power plant and cold chain.Private Equity Deals in India Final Report ACME Telepower Introduction Acme telepower is a Gurgoan based passive infrastructure (telecom tower) solution company promoted by Mr Manoj Kumar Upadhay ACME Tele Power Ltd. Company Secretary Managing Director Chief Financial Officer Director PE Investment Jitendra Kumar Manoj Kumar Upadhay Sunil Sethy Arun Seth Monsoon India and Jackson Heights have invested 400 Crores for 3.

The company unique solution can be of 2 types: Energy Management Solution Ultra Low cost site Solution Energy management solution provides state of the art products which work together seamlessly to optimize cooling. the company and its group companies provide technology solutions to clients spread across several countries. Ultra low cost site solution (ULCS) helps in reducing the overall operating cost.html ) 57 . (Source http://www. energy efficient and eco friendly. lower capital investment. Ultra low cost site solution helps in providing integrated solution for efficient and low energy consumption. minimize power conditioning losses and maximize power back up thus facilitating reduction in energy consumption. Internationally. packaged in the unique “Green Shelter” concept. Acme telepower offers end to end comprehensive solution including provision of enclosures.acmetelepower. The company Research and Development (R&D) has enabled acme telepower limited (ATPL) to build solutions that are environmentally-friendly. Energy management solution is cost efficient.Private Equity Deals in India Final Report Business Overview Acme telepower main business is providing passive infrastructure solution (Telecom Tower) to the different telecom operators on mutually beneficial terms and conditions. and reduced battery back-up requirements. ATPL‟s solutions are built to ensure that the company‟s clients benefit from reduced operation costs.acmetelepower.com/download/energy-management-system. Canada. The low cost site solution consists of fuel cell. Thermal management system insulates the shelters allowing the temperature to remain low for longer period of time. The product portfolio of the company includes:Telecom shelters which protect telecom transmission equipment. and http://www. Singapore. cooling and electrical solutions. The company offers an innovative product portfolio based upon advanced technology. DCPH (DC power house). and Bangladesh. Energy management solution reduces the amount of battery back up required. It reduces the energy loss while converting AC to DC power conversion. battery cooler and Split power interface unit (PIU). ATPL has a presence in all 23 telecom circles in the country by way of consultancy. sales.pdf . including the USA.com/solutions. Indonesia. installation and after-sales support infrastructure. cost-effective and energy-efficient while providing its clients with enhanced return on investment. Nano Cooled Shelters Advanced telecom air conditioners with filter less technology.

93 649.28 29.63 36.51 40. 58 . operating profit and gross profit all have shown an increasing trend over the years but both the operating profit margin and gross profit margin has been declining.69 40.58 30.19 3.8 162.29 37.39 387.28 425.13 1.79 385.49 399.30 FY 07( Cr) 4.62 247.95 46.84 155.15 352.17 642.43 13.28 423.8 348.75 156.84 156.10 29.27 888.06 435.98 243.57 156.57 38.Private Equity Deals in India Final Report Financials Acme Telepower Financial Snapshot is as follows: Financial Snap short Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Net Sales Total Income Operating Profit Gross Profit EBITA EBIT Depreciation Operating Profit Margin (%) Gross Profit Margin (%) Ebit Margin (%) FY06( Cr) 4.62 40.7 38.36 922.83 FY 08( Cr) 34.46 0.92 1446.21 961.22 247.04 1468.98 246.33 167.43 (Source ISI Emerging Market) The Net sales.33 1.7 9.43 435.32 168.28 4.

spanning a whole spectrum of technologies from simple DI plants to large and complex turnkey projects.com/500/content/water-management-firm-doshion-gets-9-millionfrom-idfc-pe ) Business Overview Doshion is an Ahmedabad based water management company. Doshion with an average growth of 45-50 percent over the last 13 years. pharmaceutical. Doshion has joined hands with Buckman Laboratories. It is a leading solutions provider and dedicated to purification of water with a wide gamut of water management services. cost effective. microelectronics. In 1998 it tied up with Kinetico USA as its exclusive distributor for manufacturing and distribution of fully automatic non-electric filtration/softening and de-mineralization systems in the Indian sub-continent. Chairman Managing Director Director PE Investment Dhirajlal S Doshi Ashit D Doshi Rakshit D Doshi IDFC Private Equity invested 40 Crores in Feb 2007 Doshion has completed over thousands of projects in almost all possible applications of water treatment in every industry from power. which is a water treatment chemical major for manufacture.doshion. chemical / process. manufacturing capabilities. and bottled water to community Doshion has dedicated all resources to deliver. reliable.vccircle. marketing. attractive profits that ensure a regular dividend and trained manpower strength of more than 800 people has established its leading position in the Indian market. In 1992 Doshion became the first Indian company to supply sea water to water maker to ONGC offshore. Dhirajlal eldest son Ashit Doshi is the managing director of the company.Private Equity Deals in India Final Report Doshion Limited Introduction Doshion limited is a water purifying company which was started 3 Decades ago by Dhirajlal S Doshi. project management and engineering infrastructure all covered under one roof. biotech. Doshion offers a complete gamut of technologies.com/pages/about-us and http://www. supply and 59 . industrial pure water solution to their customer everywhere . (Source http://www.

doshion. one third for municipal water treatment and one-third for industrial water treatment. expertise. medium & large size EPC Projects for Water & Waste Water Management facilities in Municipal. Doshion Veolia Water Solutions aims at executing small. About 85 per cent of India‟s urban population has access to safe drinking water but that number falls to less than 50 per cent in rural areas. but it is estimated the total market is worth more than US$1 billion. it increased by over 30% to around Rs500 crore. Despite global recession. While almost half of India‟s urban population (46 per cent) has access to sanitation services.Veolia water solutions & technology .6 Industries 37 Energy 4.com/pages/subsidiary ) Industry Brief Reliable information on the Indian water market is scarce. it‟s expected to increase by 70 % expecting the group's turnover to increase to Rs850 crore.4 Inland Navigation Flood Control A forestation 33 Ecology 5 Evaporation 36 Total 693 Source: National Commission for Integrated Water Resources 2025 688 52 67 13 4 67 10 42 942 2050 1008 67 81 40 7 134 20 65 1422 60 . March 15 2009 Indian express and http://www.Private Equity Deals in India Final Report servicing the diverse Indian market. The joint venture shall provide technology. In 2010-11. Worldwide Veolia Business units shall benefit from Doshion Veolia Water Solution (DVWS) low cost high quality manufacturing standard solutions and fabrication capacity and enhance their product offering. divided about onethird for water provisioning.and formed Doshion Veolia Water Solutions. less than 12 percent of rural residents have similar access. customers of Veolia water solution to Doshion. In 2009-10. Water Requirements for Different Uses (in BCM) Category 2010 Irrigation 536 Domestic 41. group‟s turnover grew by 46% in 2008-09. Aug 21 2008 Business Line. Doshion joined hands with a French company . Infrastructural and Industrial projects. Some of the large projects undertaken by Doshion include a Rs 50 crore turnkey project from Indian Oil Corporation to build the world's largest refinery effluent recycling plant at Haldia in West Bengal and Rs 200 Crore waste water management facility at Indira Gandhi International airport (Source 15 June 2008 Indian express.

95 98.11 7.63 7.54 0.15 75.06 8.76 26.56 82.35 8.31 379.09 353.98 73.58 9.75 FY 10( Cr) 1.84 19.41 4.7 1.63 7.16 70.13 22.52 1.39 76.80 (Source ISI Emerging Market) 61 .52 1. Financials Doshion Financials are as follows Financial Snap short Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income Operating Profit Gross Profit Earnings per share EBITA EBIT Operating Profit Margin (%) Gross Profit Margin (%) Ebit Margin (%) FY 09( Cr) 1. Government spending is negligible compared to the total estimated requirement of almost US$5 billion for water/wastewater treatment facilities.10 5.09 0.03 81. To bridge this gap the Indian government allows 100 per cent Foreign Direct Investment for municipal water and wastewater treatment projects.86 1.87 7.14 6.98 68.46 9.31 19.Private Equity Deals in India Final Report Opportunities exist for companies to provide technical consultancy services through the contractual and/or joint venture route.99 10.

Surendra 1995 G Harihara Rao P. completing the works well ahead of the project schedules to the satisfaction of the clients. and is endowed with most efficient work force. Coastal Projects by Mira Inform. Surge Shaft. Fidelity invested 250 crores in 2010 for 16% Stake (Source Coastal Project by Care Rating. CPL has emerged as one of the pioneers and specialists in the Underground Excavations covering all jobs of civil construction of Hydro Power Projects like Power House Complex.Sequio Capital . The Company incorporated in the year 1995. is mainly engaged in various civil works/construction activities in different states of the country. and http://coastalprojects. Surge Chamber. Fidelity invested 160 Crores in 2008 for 16 % Stake Bearings capital . Desilting Chambers.co ) 62 . Adits etc. Chairman & MD Year of Incorporation Director Director PE Investment S. Vasudeva Rao Bearings capital . The Company has complete and well equipped technical backup and suitably trained and specialized man power in their respective fields and has been able to make commendable strides in its chosen field of infrastructure. The Company has achieved optimum quantities in record time. Sequio Capital .Private Equity Deals in India Final Report Coastal Projects Introduction Coastal Projects Limited (CPL) is one of the prosperous construction companies in private sector engaged in developing infrastructure projects all over the country.

co/project. The overall turnover of the company crossed 100 million in 99 -2000 and 500 million on the basis of direct and the subcontract received by the company in 2002 – 2003 In 2005-2006 the company had undertaken Allian duhangan hydro electric project at Himachal Pradesh in a joint venture with SEW construction.1200 million . Hydro electric power project in Himachal Pradesh at Chamba and Khangara Dist.80 million Rs . Coastal projects has completed the Rampur Hydro Electric Project for Satluj Jal Vidyut Nigam which is valued at 188. The company has completed Allain Duhangan Hydro electric project along with SEW Coastal for AD hydro power limited valued at 530 Million Rs. Saeleemnabad carrier canal in Madhya Pradesh. In 2006-07 Secured four major projects worth Rs.7352 million The Company has executed contracts of well established Corporations both in Private and Public Sector and is well versed with the dynamics of project execution.1300 million -Pula Subbiah Veligonda Project . In 2005 -06 the company had secured ISO certification 9001:2000 for high quality of work done by the company. The initial big brake through was achieved in 1997 when it undertook excavation work at Srisailam hydro power project for Patel Engineering. 2000 Skilled and 6000 semi skilled employees all over the country.AMR Tunnel scheme (Irrigation. CPL with its experience has developed best and committed workforce in the field with a team of efficient leaders supported by experienced and well trained technical staff which includes 400 Engineering personnel. The company has procured the state of the art equipment to achieve international standard of working. The project details are as follows .P): Rs. Hydro electric power projects at Sikkim Teesta Hydro Electric project and Chuzachen Hydro electric project.The company has also completed Larji Hydro Electric Power Project for Continental Construction Company and the project is valued at 900 Million Rs. 950 million -Budhil Hydro Electric Power Project Rs.php?id=1) 63 .P) Rs.Gati Hydro Power Project Rs. The company has completed Karnataka State highway improvement project for Afcons infrastructure the project was valued at 310 Million Rs.Tunnel (Irrigation in A. The Company has currently under taken Construction of Indo – Bangladesh Boarder road.in A.10802 million.Private Equity Deals in India Final Report Business Overview The Company was started in the year 1995 as a sub contractor working on small scale of operation. Irrigation tunnel in Udaipur Rajasthan. (Source Coastal Projects by Mira Inform and http://coastalprojects.

8 66. operating profit and net profit has also increased tremendously.09 20.84 17.51 48.74 10.35 58.77 10.68 17.69 844.29 96.9 2.01 45.29 297.61 8.21 22.17 429.92 1.24 192.4 936.83 FY08( Cr) 17.64 210.68 FY 09( Cr) 17.51 58.09 16.62 31.28 44.23 467. Along with the net sales the total income.66 134.13 167.36 45.87 946.11 0.70 171.47 19.35 359.62 245.2 248.87 225. 64 .05 12.66 48.43 225. The operating profit margin net profit margin and Ebit Margin all have shown an increasing trend.88 377.47 12.15 45.23 217.84 96.46 508.35 120.53 422.35 280.82 15.Private Equity Deals in India Final Report Financials The Financials of Coastal Projects is as follows Financial Snap short Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income Operating Profit Net Profit Earnings per share EBITA Depreciation EBIT Operating Profit Margin (%) Net Profit Margin (%) Ebit Margin (%) FY07(Cr) 13.84 (Source ISI Emerging Market) The Net sales have increased tremendously from FY (07) to FY (09) it has almost tripled from FY (07) to FY (09).01 29.22 24.

Desai S. It‟s ranked no 5 globally among the best IT services providers by global services in 2009. savvion . congos and informatica . it‟s ranked by Nasscom among the top software and services exporters from India. Free scale.lntinfotech. They provide a winning edge to their clients by leveraging their Business-to-IT Connect and deeply committed workforce.actuate.aspx and http://www. with global operations.T.R. one of the fastest growing IT services companies. Larson and turbo InfoTech has formed alliances with Sap . among others. manufacturing and construction conglomerate.Private Equity Deals in India Final Report Larson and Turbo InfoTech Ltd Introduction L&T InfoTech is a global IT services and solutions provider.com/aboutus/overview. Larsen and Toubro InfoTech Limited (L and T InfoTech). This rich corporate heritage has provided Larson and turbo many inherit advantages and tangible benefits for their clients. tibco . Ranked as leaders in the prestigious Global 100 list by International Association of Outsourcing Professionals (IAOP) 2009. Larson and turbo InfoTech is a subsidiary of Larsen & Toubro Ltd. engineering. Sanyo and Lafarge.aspx ) 65 .Iyer (Source http://www.eucalyptus.cordys.red hat . Hitachi.lntinfotech. Their clients include industry leaders like Chevron. (L&T). Chairman & Managing Director Chief Financial Officer Chief Executive Officer Director Director A M Naik Y M Deosthalee Sudip Banerjee S. Collabnet .people soft . oracle . a technology.com/aboutus/management.

In these industries the different services they offer include application outsourcing. L&T infratech has overseas office located at USA. insurance.system integration services and testing services . Korea. Under enterprise integration consulting services. the world leader in business-to-business pricing and margin optimization software.lntinfotech. an application system effectiveness review and master data management service is done. have announced a global strategic partnership agreement.integrated engineering services . Mysore and Vadodara. manufacturing (consumer packaged goods/ retail. energy and petrochemicals. application development services. This group consists of key solution deployment architects who analyze and suggest architecture for better performance.aspx) 66 .Private Equity Deals in India Final Report Business Overview Larson and turbo InfoTech Limited (Land T InfoTech) offers comprehensive.business analytics. Under the enterprise architecture the company helps enterprises to integrate disparate applications and platforms to create a seamless foundation for future growth.aspx . Under consulting Business consulting.enterprise integration .com/services/application_development/overview. Asia. Under the architecture services L&T InfoTech focuses on enterprise architecture. L&T infratech is head quartered in Mumbai and has offices at Bengaluru.com/services/business analytics/overview.product life cycle management . Europe.legacy modernization . The application development can be of two forms it can either be a completely new process being designed or some major enhancement and changes to the existing application. Performance engineering group study performance improvement of various applications from application code and deployment perspectives.aspx. and Qatar. process consulting. Under the application outsourcing L&T InfoTech does application development and application support and maintaince. Under the application development Larson and turbo with its in-depth domain and technical expertise and industry standard quality processes. In case of Business analytics business performance management dashboards.lntinfotech. high-tech. Pune. business process services . South Africa. business process management services and business to business services is done . consulting . L&T InfoTech and PROS.aspx and lntinfotech.http://www. automotive) and product engineering services (Telecom). enables their clients to solve complex problems. operation consulting and technology consulting is done.ERP services .com/industries/industries. margins. architecture services . service oriented architecture services and performance engineering. Canada. Service Oriented Architecture (SOA) is primarily intended to provide business-level software modularity and rapid reuse of software components. Chennai. Singapore. http://www. mitigate risks and meet their business objectives. Infrastructure management services . Oracle and Microsoft platforms with PROS advanced pricing technology to help clients implement pricing solutions and strategies that drive growth. application integration services . industrial products.com/services/services. architecture advisory services .lntinfotech. (Sourcehttp://www. end-to-end software solutions and services in the different industry verticals banking and financial Services. Its new emerging verticals include media and entertainment and life sciences and healthcare. The partnership will combine L&T Infratech deep domain expertise in SAP.

14 48.74 48.26 171.87 (Source ISI Emerging Market) 67 .43 17.85 153.30 486.58 1027.07 195.47 17.89 694.27 13.76 1811.17 365.98 14.74 365.50 15.16 15.08 44.07 24.72 523.24 317.48 746.14 16.15 282.41 1649.46 1664.44 15.99 0.69 0.27 179.88 FY 09( Cr) 15.47 105.58 20.Private Equity Deals in India Final Report Financials The Financials of Larson & Turbo infotech is as follows Financial Snap short Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income Operating Profit Gross Profit Earnings per share EBITA Depreciation EBIT Operating Profit Margin (%) Gross Profit Margin (%) Ebit Margin (%) FY07(Cr) 15.39 1776.36 297.72 280.11 0.63 173.49 310.96 959.25 245.26 FY 10( Cr) 16.74 362.08 1281.77 198.46 198.21 538.78 569.99 87.93 141.12 942.57 FY08( Cr) 15.02 282.79 83.50 20.59 17.84 1977.99 343.72 37.15 67.84 553.15 1278.07 45.62 156.76 1950.05 279.57 343.36 325.15 0.71 17.07 334.

Private Equity Deals in India

Final Report

Azure Knowledge Corporation
Introduction
Azure Knowledge Corporation is a very well known and trusted ITES Sector company incorporated in 2001 and it provides the following services: - Research services - Business process outsourcing (BPO) services -Customer interaction service -Information technology solutions Azure Knowledge Corporation has more than 3500 employees across its different offices in India, China and USA. Azure serves clients across the globe in more than 15 international languages covering 75 different countries. Azure provides its services across a number of industries which include information technology, telecom, energy & utilities, healthcare, automotive transportation, banking financial services industry and consumer goods. Azure is an ISO 9001 and ISO 27001 certified company.

Promoter Chief Executive officer Chief Financial Officer Director PE Investment

Dushyant Joshi Jay Ruparel Sohil Parekh Joe Sealy Azure capital has raised 130 crores from Greater Pacific Capital for 26.4% stake in 2008 giving it an overall valuation of 492.42 crores.

(Sourceazurecrm.com/board-directors.html and vccircle.com/500/news/greater-pacific-to-pick-up-38-in-outsourcing-co-azure-for-33-million)

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Private Equity Deals in India

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Business Overview
Azure Knowledge Corporation is head quartered at Ahmedabad and it has other offices in Delhi, Chennai, China and USA. Azure Knowledge Corporation provides research services, business process outsourcing services, customer interaction services and information technology solution. Under the research services it does data collection, survey programming, data processing and mystery shopping. Azure has partnered some of the largest research firms of the world and has created a reliable name for itself it has conducted over 22 million businesses to consumer survey and over 1 million business to business survey. The company has been able to retain 90 % of its clients in the market research segment. It has completed more than 6000 projects involving research with decision makers, CxOs, and the different business heads of different companies. Azure has one of the best data collection tools to address client needs for acquiring authentic and well-managed data across multiple methodologies – embracing new technologies while maintaining traditional execution project goals and industry values. Azure proffers first-hand, organic, front-line experience and expert, insightful research knowledge. Azure uses face to face interviews, phone interviews, cawi interview and focus group interview to collect data for its clients. Azure conducts mystery shopping store audits and it is an excellent method of tracking performances of various products/services etc. Azure has all the infrastructure and personnel requirements to enable you to conduct a flawless store audit/mystery shopping research. Mystery shopping provides vital insights to make key decisions about the market place. Azure business process outsourcing (BPO) is a leading provider of BPO services focusing on the complex, voice and non-voice based segment of customer-care services. They apply proven process methodologies to significantly reduce costs, enhance effectiveness and optimize business processes. Azure Business process outsourcing specializing in Customer acquisitions, Finance and Accounting and Mortgage Loan Processing Services. Azure has over 10 years of experience in Customer Interaction Services and has served a global clientele. Azure has created its own CRM platform, dialer, MIS reporting systems for customer interaction services. Under the customer interaction azure carries out welcome and awareness calls, customer verification and complaint resolution and has created customer helpdesk inbound and customer retention inbound and outbound.

Azure provides IT enabled services for Telecom, Enterprise Solutions, Market Research, Financial Services, Web/Application Development, Digital Signature, E procurements, Mobile Applications, SMS Engines.
(Source azurecrm.com/Research, azurecrm.com/bpo, azurecrm.com/data collection and azurecrm.com/contact center)

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Financials
The financials of Azure Knowledge Corporation is as follows Financial Snap short
Particulars Total Assets Current Assets Receivables Cash & Cash Equivalents Fixed assets Tangible assets Other Long-term Asset Shareholders' Equity Total Liabilities Long Term Liabilities Current Liabilities 13.39 12.9 9.64 3.26 FY08( Cr) 26.29 12.17 11.85 0.32 14.07 14.07 FY 09( Cr) 67.74 51.74 24.07 25.02 15.26 15.26 0.63 60.4 7.34 3.51 3.82

(Source ISI Emerging Market)

70

It helps in raising Capital and other investment banking services including the management of public offerings. which include Delhi. Prabhudas Lilladher capital market private ltd: Prabhudas Lilladher is an Investment banking arm of Prabhudas Lilladher group.90 crores . Prabhudas Lilladher Advisory Services: A Prabhudas Lilladher advisory service is a wealth management arm of Prabhudas Lilladher group. Ltd. Paintings. mutual fund and insurance. and Uttar Pradesh. The different companies under Prabhudas Lilladher advisory services are Prabhudas Lilladher Pvt Ltd: Stock Broking Company of Prabhudas Lilladher Group. - - 71 . operates as a subsidiary of Prabhudas Lilladher Advisory Services Pvt. Joint Managing Director Managing Director Director PE Investment Amisha Vohra Arun P Sheth Dhiren Sheth 45 Crores has been invested by Balyaysn Asset management company for 2. Madhya Pradesh. mergers & Acquisitions etc. It advises on Real estate. share buybacks. Tamil Nadu. open offers/delisting. It provides wealth management advisory on various products ranging from debt to Private equity. Nse and provides trading facility to its clients through its own outlets and channel partners. Kerala.83% stake giving the company an overall valuation of 15. Prabhudas Lilladher Distribution Company: Prabhudas Lilladher distribution company is evolved in the distribution of different financial products across India through different Branches. Prabhudas Lilladher Financial services private ltd: It‟s a NBFC (Non banking financial corporation) approved by the RBI. Prabhudas Lilladher advisory services is a holding company. West Bengal. Rajasthan. It provides financial advisory and helps its clients to raise resources from both domestic and international sources. Art fund..Private Equity Deals in India Final Report Prabhudas Lilladher Introduction Prabhudas Lilladher was founded in 1944 and is based in Mumbai. Orissa. private equity. India. rights issues. Prabhudas Lilladher Pvt. It‟s a member of Bse. It has branch offices and centers in various states in India. It provides loan against shares and margin funding to the customers of Prabhudas Lilladher. Maharashtra. private placements (including qualified institutional placements).Ltd. Gujarat.

com/investBanking .plindia.com/about us. Under the institutional broking it provides services to some of the leading domestic and institutional investors including pension funds. Majorgianz. plindia. e broking.com.www. Loan against shares can be in the form of margin funding where in the broker shall fund a part of the investment of the client and in return shall get interest. The equity and derivative broking can be further subdivided into Institutional broking and retail broking. Loan Against Shares Mutual Funds.plindia. Majorgianz.com/instBroking. franchisees and associates. hedge funds. (Source plindia. Under the Corporate Advisory Prabhudas Lilladher designs innovative and customized solutions and successfully implements them.com/services.Private Equity Deals in India Final Report Business Overview Prabhudas Lilladher has a team of dedicated experts and a nationwide distribution network of branches. Prabhudas Lilladher has a dedicated research team comprising 19 analysts engaged in macroeconomic studies. IPO‟s and Insurance. ensuring consistent delivery of high quality investment ideas. It looks at the clients with a long term perspective and provides well researched professional advice. relevant to their business needs including expansion.com/MajorGainz/Online Trading ) 72 . divestment. Prabhudas Lilladher services include the following: - Equity & Derivative Broking Investment Banking Corporate Advisory Wealth Management PMS.asp. It provides extensive information on markets and relevant data which enables a customer to make quick. sound and informed decisions. and plindia. Prabhudas Lilladher provides a comprehensive gamut of financial services in both Institutional and Retail domain.plindia. depository services and advisory services on other financial products.com provides Online Trading in Equity. mutual funds. Prabhudas Lilladher for online trading has launched majorgainz.com is a complete financial portal which serves as clients personal investment guide.com group Companies.com/research . Under the retail broking it provides expert equity research. Online Trading. acquisition and restructuring. Derivatives & Mutual Funds through a web based platform. plindia. industry and company specific equity research. insurance companies and banks. In case of loan against securities the client is given loan and the shares are held as a security and interest is charged to the client.

5 45.89 41.94 101.Private Equity Deals in India Final Report Financials The Financials of Prabhudas Lilladher is as follows Financial Snap short Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Loan and Advances Current Assets Current Liabilities Net Current Asset FY 09( Cr) 1.87 76.27 1.36 78.99 101.91 (Source ISI Emerging Market) 73 .04 81.36 45.23 3.95 99.67 81.33 48.7 47.86 3.36 FY 10( Cr) 1.89 0.94 101.94 18.

com/about_us.com/category/word press-category and . high net worth individuals and their families. AnandRathi has been named the best domestic private bank in India by asiamoney in their Fifth Annual Private Banking Poll 2009. Anand Rathi business operation includes broking activities at BSE. Anand Rathi and Pradeep Gupta. wealth management services. corporate or an institution. distribution of financial products depository services at CDSL. institutional equity and investment services. It provides a wide range of financial services and wealth management solutions to institutions. The firm provides services to all the different category of investor weather it‟s an individual. Anand Rathi has 350 offices located all over India including foreign branches located at Hong Kong.rathi. (Source vccircle. It employees around 2500 employees in India and at its foreign branches. private client.Private Equity Deals in India Final Report Anand Rathi Securities Introduction Anand Rathi securities was started in the year 1994 by Mr.9 % stake by citi venture capital in 2007 giving the overall firm a valuation of 500 crores. Dubai and London.html ) 74 . corporate. The firm is completely client centric and aims at providing long term value addition to their clients. Promoter Vice Chairman &CO Promoter Managing Director Director PE Investment Anand Rathi Pradeep Gupta Amit Rathi P G Kakodkar Anand Rathi has raised 100 crores for 19. investment banking.

portfolio management services. FX trading. life insurance. risk taking capacity is different. They assist the company in their capital raising plans . mutual funds alternative asset classes like private equity fund. In case of Investment banking it provides the following services:Capital Market Debt Capital Market Advisory Private Equity Restructuring AnandRathi is a leading underwriter of public offerings and private placements for middle–market companies in India.com/Equity and rathi.www. Anand Rathi is known for innovative financing solutions that support complex corporate strategies. commodities. they prepare all investor material managing all communication with the potential investor . general insurance. Anand Rathi offer only third-party products and do not manufacture any in-house products.com/ib/service offerings) 75 .com/ib. as well as long–standing client relationships. Under the wealth management they provide to their client‟s direct equity. Anand Rathi believes the separation of advisory from product manufacturing is critical to offering a conflict-free and truly objective advice to the clients. rathi. rathi. his needs.Private Equity Deals in India Final Report Business Overview Anand Rathi provides a number of services to a wide variety of client ranging from an individual to an institutional investor.rathionline. structured product.com/iel . Every client should have a separate and unique wealth management plan.com/pwm/products services. wants aspirations. The different services by Anand Rathi include the following: Private Wealth Management Investment Banking Institutional Equities Investment services Under the private wealth management Anand Rathi believes that every client is distinct and different from the other. (Source rathi. real estate opportunities fund.

89 20.86 0.Private Equity Deals in India Final Report Financials The financials of Anand Rathi securities is as follows: Financial Snap short Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income FY 09( Cr) 22.01 86.92 133.56 FY 10( Cr) 22.65 58.43 219.6 132.62 58.77 (Source ISI Emerging Market) 76 .62 218.42 109.56 20.79 110.45 36.68 35.71 83.96 0.

Favorable government policies. Continued domestic economic growth and investments in infrastructure i.4% over the past five years. Hyderabad and many more following). The market is expected to touch approximately US$ 266. rail and air connectivity has enhanced demand for organized hospitality and hotel rooms.000 rooms (~USD 6-7 bn) over the next two to three years.7 billion in 2009. and the country is expected to require an additional 50. In recent times. Increased medical tourism.3 million. The Growth Drivers for the Hospitality sector shall be Increased inbound tourist arrivals due to preference towards India for leisure and business travel.1% between 2005 and 2010. Increased domestic business travel due to higher corporate spending. growing at a compounded annual growth rate (CAGR) of 16.1 billion by 2019 on back of continued economic growth and India attractiveness in the global context. midmarket hotels.000. (Source : Extract from Hospitality in India by Tourism Finance Corporation of India) 77 . Bangalore. according to World Travel and Tourism Committee (WTCC) estimates. Growing domestic leisure travel because of rising income levels and affordability. Mumbai. roads.e airports(world class in New Delhi. reaching 5. the product mix is shifting as the country has witnessed huge growth in budget. Sector Highlights International tourist arrivals in India have increased at a CAGR of 8. The average room rental has also been increasing at a small pace but with the increase in supply and overall price senility of the customer to the room rentals it can be said that the prices shall not growth at a very high rate in the future . premium hotels in larger cities and alternate forms all of which are increasingly targeted by organized hotel chains - Trends for the Hospitality sector show that the occupancy levels are rebounding towards the peak level of 2007 – 2008.Private Equity Deals in India Final Report Hospitality Sector The Hospitality Sector in India reached US$ 91. The current count of hotel rooms is 130.

Private Equity Deals in India Final Report Hotel Rooms in India Particulars Number of Hotels Rooms: Two Star Number of Hotels Rooms: Five Star Number of Hotels Rooms: Four Star Number of Hotels Rooms: Three Star Number of Hotels Rooms: Heritage Number of Hotels Rooms: One Star Number of Hotels Rooms: Above Five Star Number of Hotels Rooms: Total Number of Hotels Rooms: Classification Awaited 2000 15078 9269 7588 19271 1758 6169 14329 77193 3731 2001 16153 9845 7958 20542 2530 6296 15241 82181 3616 2002 15999 10107 8551 22783 2124 6343 16240 85481 3334 2003 17629 10416 8655 26071 2124 6606 16885 91720 3334 2004 18449 10982 8831 28783 2173 6765 17885 97770 3902 2005 5673 7367 5483 19985 1970 1629 15739 67613 9767 2006 5823 8470 7354 20342 2211 1435 20943 75836 8924 2007 6637 9792 7584 24496 2450 1774 20110 83781 10415 2008 8494 11387 9299 30577 1921 2834 22254 95087 7807 (Source ISI Emerging Market) The above table shows the number of Hotel rooms which are available in various hotels and how their numbers have grown over the years 2000 – 2008. 78 .

Private Equity Deals in India Final Report Hotels in India Particulars Number of Hotels: Above Five Star Number of Hotels: Four Star Number of Hotels: Three Star Number of Hotels: Five Star Number of Hotels: Two Star Number of Hotels: Classification Awaited Number of Hotels: One Star Number of Hotels: Total Number of Hotels: Heritage 2000 2001 2002 2003 2004 2005 2006 2007 2008 61 104 401 71 444 68 111 440 78 479 71 120 472 81 476 74 122 551 85 533 78 126 634 89 560 80 80 447 117 209 86 111 477 71 217 93 116 587 81 231 105 121 683 94 287 87 185 1420 67 84 191 1541 90 81 192 1570 77 79 201 1722 77 119 207 1892 79 145 54 1190 58 133 46 1213 67 175 53 1425 83 115 118 1593 64 (Source ISI Emerging Market) The above table shows how have the numbers of hotels in different categories ranging from one star to five star have grown over the years from 2000 – 2008. 79 .

8% 6.4 39.3 54.9 23.3 190.6 175.7 137.2 4.5 29.0 5.2% 16.3 896.4% -4.4 61.361.0% 17.8 228.0 11.8 212.8 2.4 329.3% 43.524.0 7.4 0.4 - 3.0 58.1 77.6 296.9 235.1 2.3 -2.4 336.9 199.2 7.3 1.3 2.8 -25.1 (Capital line and Compare 4 ) 80 .9 26.2% 7.4 0.5% 8.8 0.3 2.4% Adj P/E(TTM) 59.7% 7.5 48.4 313.3 1.0% 15.5 0.9 123.1% 6.2 90.9 41.5% 15.5% 16.2% 17.4% 18.6 327.3% 4.0 1.9 34.2% 25.5% 5.8 102.0 950.906.9 20.0 21.473.2 192.0% 2.8 15.9% 7.4 11.9 0.6% 2.9 0.9 0.2 35.2 24.1 30.6% 29.8 468.8 14.1 110.9 0.4 145.7% ROCE 7.932.1 Debt/ MCap 0.9 13.9 133.5% Adj NetMargin 7.2% 4.6 2.6 1.8 1.0% 23.1 449.8 1.7 9.5 271.7 152.7 10.9% 20.4 3.3 145.0 24.5 2.4 22.4 79.5 1.1% -5.9 8.2 2.9% 12.3 774.4% 4.6% 63.0 57.1 0.0 2.5% 6.7 18.4 Total Assets 5.6 41.2 34.4 36.0 -43.3% 10.8 3.1 4.0 28.9 Net Sales 1.8 18.7 189.5 665.8 17.7 189.0 872.1 P/Book 2.8 0.5 118.4% 16.7% 58.8 418.3% 11.3 1.2% -20.1 1.4 0.4% -7.8 2.2 4.4 3.2 117.2% 15.4% 29.8 1.9 0.6 27.5 17.1 186.6 1.6% 87.0 28.3% 5.2 0.6 0.2% 19.7 16.5 42.6% 9.1% 8.8 Adj PAT Op Margin 18.5% 10.3% 20.3% 82.1% 1.9% 7. Average 6.1 -14.572.8% 14.0 Mid Market and Budget Hotels 57.6% 31.7% 8.3 147.6% 16.9 540.676.2% 24.299.0 3.7% 8.1 7.1 0.7 Premium 117.0 9.8 10.7% 6.0% 18.254.8 9.4 576.114.9 -9.7% 70.4 18.8% 5.2 36.9% 18.2 0.0 477.1% 12.2 234.5 0.6 4.Private Equity Deals in India Final Report Different Listed Hotels in India and their Valuation MCap Indian Hotel East India Hotel Leela Taj GVK Orient Hotels Asian Hotels Royal Orchid Average Viceroy Bhagwati Hotels Sayaji Hotel Blue Coast Hotels CHL Ltd UP Hotels Suave Hotels Average Mahindra Hotels Kamat Hotels Country Club Gravis Hospitality Sinclairs Hotels India Tourism Mac Charles Foment Hotels Average Consol.3 442.4 10.6 89.0 1.8% 0.5% 15.9% 5.8 0.2 2.9% 18.

Gurgaon(3). Chennai. 81 . Bengaluru and Hotels Hyderabad Prism hotel (name changed) is the parent company of the upscale hotel PQR. PQR Hotels operate in the mid-price segment of Rs 3000-5000 per room night and cater to business and leisure travelers looking for upscale accommodation at moderate prices. Year of Incorporation Promoter V P Finance V P Operations SVP Eng Services 2002 Shyam Ramani ( name changed) Kapil Sharma Rahul Pandit Jagdish Kumar Chawla Funding of Rs 280 CR by Warburg Pincus in Aug 2006 for 27 % Stake PE Investment Funding of Rs 135 CR by Kotak Reality fund and Shinsei Bank in 2008 for 5. Ahmedabad. Muhamma . upscale. business and leisure hotels. East Delhi. full service.West of Kumarakom. Aurangabad.Private Equity Deals in India Final Report PQR Introduction PQR Hotels are India's first.9% stake giving it a valuation of Rs 2288 Crore. Goa. Pune. Detail of Existing Indore. largest and largest chain of moderately priced.

321 80 8. PQR plans to increase rooms in Bangalore from 400 to 1.166 5.877 5.166 10 2015f 8.896 8. Pune.891 100 5. PQR is opening new hotels at Chandigarh (Sept 2011). Goa. Aurangabad.091 74 8. 2007 Arrivals ('000) Tourists ('000) % change y-o-y Tourist arrivals by purpose of trip ('000) Leisure Business Source: World Tourism Organization 5. shimla (Dec2012).301 97 5.398 8 2011f 5.050 99 5.176 8. The aim is to own 2800 room in 2012. Delhi. Bengaluru Chennai.41mn.200 and in Mumbai to 1.150 16 2008 5.351 5. In total PQR has 1337 rooms spread across all over India. Industry Brief Data released by the Indian Ministry of Tourism in January 2011 showed that India experienced a strong rebound in the tourism industry in 2010.593 6. Gurgaon (Dec2012). Hyderabad and Kerala.985 4.249 97 4.000. Indore.819 67 82 . PQR currently employs 1500 people. which is likely to attract considerable domestic and international visitors. with the Commonwealth Games in October acting as a major arrivals focus.000 rooms. a strong rebound from the decline of 7% y-o-y in 2009. Delhi International Airport (June 2012). Ahmedabad.581 12 2013f 7.888 9 5.414 7. triple the capacity in Delhi to 1.774 93 6. A key boost to tourism should be the Cricket World Cup in February-April 2011.493 87 7. representing growth of 8% y-o-y.868 9 2012f 6.347 4 2009 4.Private Equity Deals in India Final Report Business Overview PQR has 14 resorts spread across Gurgoan. Growth accelerated in the second half of the year. Pune (Dec2012) and Mumbai (Dec2012). Arrivals totaled 5.402 12 2014f 8.992 -7 2010e 5. Analysts expect the positive growth trend to continue in 2011. although the rate may slow as the statistical rebound from 2009 passes through.406 5.

98 59.96 169.39 24. analysts anticipate that the number of foreign visitor arrivals will be close to 8.9mn.09 289.32 0.585 Particulars Net Sales Total Income Operating Profit EBITA EBIT Net Profit Margin EBIT Margin Operating Profit Margin Earnings Per Share Equity Reserves Net worth Total Debt Debt Equity Ratio (Source ISI Emerging Market Database) FY08(Cr) 50. The financial details of PQR are as follows: Financial Snapshot FY09(Cr) 56.4 0.72 235.44 45.09 24.51 31.91 22.47 22.87 226. after receiving a slight boost from the Commonwealth Games in New Delhi in 2010.Private Equity Deals in India Final Report By 2015.49 2. Analysts anticipate that visitor arrival growth will remain pretty robust following a dip in 2009. banquet rental and restaurant.4 63.38 34.55 79.337 83 .91 21. (Source Ministry of Tourism report on the Hospitality Sector) Financials The main source of revenue for PQR is room.39 17.14 52.77 0.78 43.83 189.75 4.21 8.

7 0. PQR are planning to public in 2012 -13 after commencing of their new projects in Delhi and Mumbai.40% 1.9 329.3 Average 141.1 1.49 5.Private Equity Deals in India Final Report Peer Comparison PQR Comparison with other similar hotels: Company Audited MCap Total Assets 234.9 0.1 199.50% 18.9 0.4 16.3 Mac 2010 141.8 Universal UP Hotels 2010 115.68% ROCE Adj P/E 51.9 Net Sales 82.20% 6.9 -11 14.72 (source Capitaline and Compare4) 7.9 2 1.4 0.8 47 Adj Op Adj PAT Margin Margin 4.2 6. 84 .8 110 70.78% 16.96 29.2 77.7 8.9 0.3 576 200.70% 45.2 15.2 58.90% 18.81 57.00% 43.50% 24.2 10.2 41.20% 16.5 Hotel Panoramic 2010 122.40% 6.50% 15. The IPO along with debt and internal resources would finance the next round of growth in the company.10% 23.9 0.36 0.4 255.9 0.50% 21.6 12.5 19.7 Hotels Royal 2010 177.60% 16.3625.9 11.5 0.40% 8.7 P/Book Debt/MCap Sayaji 2009 201.728 and a Price to Book Value of 1.1 Orchid Blue Coast 2010 152.30% 12.70% 8.8 1 0 2.10% 5.8 87.70% 22.6 CHL LTD 2010 82.4 336.7 On an average Hotels similar to PQR are receiving a Price to earning (P/E) multiple of 16.40% 9.70% 10.90% 49.5 Charles Kamat 2010 140.3 7 18 1.8 21.90% 16.5 0 0.5 102.20% 3.47 70.4 10.70% 10.

The company started its first hotel in 1988 under the dynamic leadership of Founder Chairman Mr.Khajuraho. Ram Puri ( Name Changed) Jyotsna Keshav Arvind Sachdev Gujrat Hotel has sold 5 % stake to Dubai Ventures in May 2007 for 40 Million $(180 Cr) giving the Hotel a Valuation of 800 million $(3600 Cr) New Delhi . 3600 rooms in the five-star deluxe segment. All hotels were operated under the brand of The Grand Hotels. who had spearheaded the Group‟s unprecedented expansion plans. The Hilton Hotels and InterContinental Hotels Group . The company has also been associated with internationally renowned hospitality groups like Holiday Inn Hotels (opening Asia-Pacific‟s first Crown Plaza Hotel). Rapid expansion and consolidation of its leadership position continues under the equally dynamic stewardship of Dr. Palaces & Resorts till November 19. Srinagar. till he passed away in 2006.Kolkata. Bangalore Udaipur. under The XYZ Hospitality Group which has seventeen luxurious hotels. when the company re-branded as „The XYZ for its top line hotels.Private Equity Deals in India Final Report XYZ Introduction Gujarat Hotel (name changed) Limited is the parent Company of XYZ. Ram Puri. Year of Incorporation Promoter Chairperson and MD Executive Director Senior Vice President Finance PE Investment Detail of Existing Hotel 1982 Late Mr.Goa. Chairperson & Managing Director. Gujarat Hotels limited is India largest and fastest growing Hospitality group headquartered in New Delhi.Bekal(Kerala).IHG (with whom it still operates its Mumbai and Goa hotels).Chandigarh 85 . 2008.Mumbai. Jyotsna .

On November 30. It‟s planning to Launch XYZ Ahmedabad.Goa . In 2003 XYZ opened 2 more hotel one in Mumbai and Goa. under approval of the CCD (Cabinet Committee on Disinvestment. Srinagar . which is a spectacular heritage hotel and the former residence of the Maharajas. In April. Government of India). The XYZ Hotels has recently launched XYZ Chandigarh. XYZ Hotel by the end of 2012 aims at having 17 operational hotels all across India . This is the Group 8 Th Hotel . XYZ Grand Fort Dubai and XYZ Resort & Spa Koh Samui (Thailand).Private Equity Deals in India Final Report Business Overview Established in 1982. In May 2007. Mumbai (2) . XYZ Noida and XYZ Amritsar in 2011. the company opened its first and flagship hotel in 1988 – a 457 room 5-star deluxe hotel at Barakhamba Avenue. the company signed a deal to operate and manage the 186-room. The hotel now wears a contemporary new look and is know as The XYZ Ashok Bangalore. XYZ Mumbai has 368 rooms and boasts of the largest atrium lobby in Asia. Chandigarh. 2001. which has also been completely renovated as a top line boutique hotel. 86 . Gujrat Hotels successfully bid for two more ITDC properties – The 55-room Laxmi Vilas Palace in Udaipur. In early 2002. Gujrat Hotels announced its first overseas project – The XYZ Grand Fort Dubai. The XYZ Resort & Spa Bekal is operational since November 2009. during the British Era –it went through restoration and re-opened as . . in early 2008 an existing resort was taken over in Koh Samui (Thailand). In 2010 launched a 5 star deluxe hotel in Kerala. Udaipur . 2007. work commenced on the company‟s properties in Jaipur and Bekal. along with the 47-room property in the temple town of Khajuraho. XYZ Hotel shall be launching forthcoming hotels in 2012 XYZ Dehradun. Bangalore . in collaboration with Nakheel of UAE.The XYZ Spa and Resort Bekal is a 44 room property .The XYZ Great Eastern Kolkata in 2010. XYZ Goa is 255 all suits super luxury resort with its very own golf course.a top of the line luxury beach resort set up on 26 acres of virgin stretch of northern Kerala in the lap of Arabian Sea. Bekal ( Chennai) . In 2005 XYZ successfully bid for Great eastern Kolkata Built in 1840. Madhya Pradesh .Gujrat Hotels second property started in 1998 with the opening of the 115-room the „Grand Palace‟ in Srinagar. which now operates as The XYZ Laxmi Vilas Palace Udaipur. Jaipur and Kolkata . Hotel Ashok in Bangalore on a management contract from ITDC. Currently XYZ Hotel has 11 operational Luxury hotels at Delhi .The XYZ temple view Khajuraho. Khajuraho . XYZ Jaipur and XYZ Kolkata in 2010.

with the Commonwealth Games in October acting as a major arrivals focus. Growth accelerated in the second half of the year. a strong rebound from the decline of 7% y-o-y in 2009.301 97 2011f 5.347 4 5.891 100 2010e 5.414 7.Private Equity Deals in India Final Report Industry Brief Data released by the Indian Ministry of Tourism in January 2011 showed that India experienced a strong rebound in the tourism industry in 2010.774 93 2012f 6.398 8 5.166 5.896 8.877 5.321 80 2014f 8.581 12 6.868 9 5.888 9 8. after receiving a slight boost from the Commonwealth Games in New Delhi in 2010.050 99 2008 5. Given rising government support for the sector -. which is likely to attract considerable domestic and international visitors. although the rate may slow as the statistical rebound from 2009 passes through. representing growth of 8% y-o-y.176 8.9mn.351 5.402 12 7.249 97 2009 4.41mn. Particulars Arrivals ('000) Tourists ('000) % change y-o-y Tourist arrivals by purpose of trip ('000) Leisure Business Source: World Tourism Organization (UNWTO). Ministry of Tourism 2007 5.and assuming improvement in relations with Pakistan Analyst predicts that the tourism sector will become an increasingly important contributor to the Indian economy over the coming years. Arrivals totaled 5.493 87 2013f 7. Analyst expects the positive growth trend to continue in 2011.150 16 5.091 74 2015f 8. A key boost to tourism should be the Cricket World Cup in February-April 2011.985 4. analyst anticipates that the number of foreign visitor arrivals will be close to 8.166 10 8.992 -7 4.406 5. Analyst anticipate that visitor arrival growth will remain pretty robust following a dip in 2009.819 67 By 2015.593 6. (Source Ministry of Tourism Report on the Hospitality Sector) 87 .

87 14.25 69.14 732.48 958.42 20.03 478.56 19.99 888.05 46.92 398.Private Equity Deals in India Final Report Financials The Financials of Gujrat Hotels are as follows: Financial Snap short FY07(Cr) FY08( Cr) 71.48 739.65 259.99 419.42* 586.09 FY 10( Cr) 75.03 102.05 6.95 623.46 136.5 0.47* 420.45 78.9 Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income Operating Profit Gross Profit Earnings per share EBITA EBIT Operating Profit Margin (%) Net Profit Margin (%) Ebit Margin (%) FY 09( Cr) 75.99 406.44 532.72 which has not been included in the Net worth.8 0.97 1385.89 75.80 95.1 27.99 982.28 189.51 9.14 3.35 91.05 77.42 41.76 367.18 340.96 (Source ISI Emerging Market Database) *The Reserve and Surplus for FY09 and FY10 includes Revaluation reserve of 246.78 78.17 102.26 0. 88 .25 133 14.63 488.37 66.3 717.17 189.25 24.8 172.54 0.42 23.83 and 325.84 699.25 73.68 155.66 1644.02 260.58 94.44 37.16 413.8 174.4 13.68 155.53 3.78 481.31 11.34 8.

492.2 313.20% 2.00% 0.7 1.932.3 2010 1.2 0.035.34 and on the basis of FY (10) Eps 3.70 2.3 2.1 468.70% -32 3.4 36.70% Adj NetMargin 7.3 0.9 2 3.10 -7.08 30 13.254.8 41.3 610.98 -14.30% 29.30% 15.6 18.90% ROCE Adj P/Book Debt/MCap P/E(TTM) 58.80 449.9 0.60% 25.4 Indian Hotel Co Ltd EIH Ltd Mahindra Holiday and Resorts Hotel Leela Ventures ITDC Ltd Taj Gvk Hotel Average 2010 6.9 418 271.4 59.867.80 4.10% 0.8 58.03.2 11.6 228.13 -5.70% 18.706.9 2010 2010 896. The Company is looking at an IPO in 2013.676.30% 42.7 35.50 1.361.34 2.9 117.45 20. The firm had made an open offer at Rs 28 per share on 25th Feb 2003 to buy back its share and the firm got delisted on 11th June 2003 89 .30 7.03 0 0.7 0.60% 15.10% 7.00 5.87 (Source Capitaline and Compare4) The Average P/E of similar companies is 35.4 0.60 1.452.3 6.473.Private Equity Deals in India Final Report Peer Comparison XYZ Hotel Comparison with other similar hotels: Company Audited MCap Total Assets Net Sales Adj PAT 117 Op Margin 18.50 2.60% 9. Gujrat Hotel was listed in 1981.90% 2010 2010 4.17 the expected share price can Rs 112.52 2. In 2001 Gujrat Hotel was considering a buy back and delisting from the bourses when the share price was trading at Rs 17 per share on account of lower valuation received by the company .7 582.90% 0.60% 20.60 3.531.40 774.70% 7.

Pride group of hotel runs hotel on the following 3 formats  Pride Hotel  Pride Biznotel  Pride Resorts Pride Hotel are the chain of luxury hotel which are present at Pune. Pride Resort is a resort based hotel and is present at Mahabaleshwar and Jaipur. Ranipet and Chinchwad (Pune).11 % stake giving a company a valuation of 405 crores (Source Pride Hotel. The group had an annual turnover of 300 crores in 2010 out of which 100 crores was contributed by the Hospitality division. 90 . Jain Satyem Jain M Narayanan Anil Harish Kotak India real-estate fund invested 45 crores in Oct2007 for 11. Nagpur. P. Pride Biznotel is a three star business hotel and is present at Puducherry. financial services and construction. Ahmedabad.com and VC Circle) Business Overview Pride Group of Hotels is promoted by SP Group which is also present in other business such as Consultancy. Chennai and Bangalore.Private Equity Deals in India Final Report Pride Hotel Introduction Promoter Chief Executive Officer Chairman Director PE Investment S.

166 10 2015f 8. Indian Express March 31 2009 and Business Line Oct 25 2008 ) Industry Brief Data released by the Indian Ministry of Tourism in January 2011 showed that India experienced a strong rebound in the tourism industry in 2010. will have total of around 3.000 crore (US$217 million) in the next five years to open ten new properties across India and expand existing ones.000 rooms when its planned expansion is completed. resort and luxury hotel. The Pride Hotel is willing to invest Rs 1.774 93 6. 3 biznotel and 2 resorts which have a total capacity of 1000 rooms . Ministry of Tourism 5. (Source Business Line Sept 7 2010.868 9 2012f 6.321 80 8.819 67 2007 5.050 99 5.176 8. Indian Express Oct 15 2009 .Private Equity Deals in India Final Report The Pride Hotel Currently operate in total 10 hotel 5 luxury hotel. which has around 1. with the Commonwealth Games in October acting as a major arrivals focus.414 7.877 5. Growth accelerated in the second half of the year.249 97 4. Arrivals totaled 5.166 5. a strong rebound from the decline of 7% y-o-y in 2009. By 2015 the company expects to have 10 more properties including business hotel. Asia Pulse Aug 10 2010.985 4.347 4 2009 2010e 4.406 5.992 -7 5.888 9 91 .301 97 5. The company. Delhi Goa and Alibaug. although the rate may slow as the statistical rebound from 2009 passes through.150 16 2008 5.000 rooms in its ten properties at present.402 12 2014f 8. press trust of India Aug 9 2010 . Particulars Arrivals ('000) Tourists ('000) % change y-o-y Tourist arrivals by purpose of trip ('000) Leisure Business Source: World Tourism Organization (UNWTO). Pride hotel has expanded the Capacity of Ahmedabad hotel by adding 60 rooms. A key boost to tourism should be the Cricket World Cup in February-April 2011.398 8 2011f 5.351 5.891 100 5. representing growth of 8% y-o-y. The Pride group is in the process of launching pride hotel at Mumbai.41mn.896 8.493 87 7.091 74 8.593 6. Analyst expects the positive growth trend to continue in 2011. It is expecting revenues from the hospitality business to touch Rs 300 crore in the next five years from the current Rs 100 crore. Nagpur hotel by 73 rooms and Pune hotel by 43 rooms in 2009.581 12 2013f 7. which is likely to attract considerable domestic and international visitors.

02 5.74 2.08 0.71 7.36059 FY 10( Cr) 30.73332 35.45 30.61 74.61786 47.17 78.88046 43.06154 45.09 6.62 20. analyst anticipates that the number of foreign visitor arrivals will be close to 8.(Source Tourism Ministry Report ) Financials The Financials of Pride Hotel are as follows: Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income Operating Profit Net Profit Earnings per share EBITA Depreciation EBIT Operating Profit Margin (%) Net Profit Margin (%) Ebit Margin (%) (Source ISI Emerging Market Data Base) Financial Snap short FY08( Cr) FY 09( Cr) 20.56132 41.22 164.99 70.21 24.09 71.233472 0.58 126.37 143.67 35 33.62 84.93 112.96 105.305602 5.38 35 33.0757 43.56 26.48 76.76 48.228751 4.3 32.55 2. after receiving a slight boost from the Commonwealth Games in New Delhi in 2010.52 31 4.3 6.65 38.33 31 25.78 0.78 176.79587 33.74 31 29.Private Equity Deals in India Final Report By 2015.44 41. Analyst anticipate that visitor arrival growth will remain pretty robust following a dip in 2009.98 32.57 130.and assuming improvement in relations with Pakistan Analyst predicts that the tourism sector will become an increasingly important contributor to the Indian economy over the coming years. Given rising government support for the sector -.94 74.59 105.9mn.64784 92 .

52 Pride share is 141.4 329.8 82.2 576 369.1 Net Sales 77.2 Adj Op PAT Margin 8.9 0.7 7 16.70% 6.9 1.60% 21.8 22.3 4.65 0.25% 14.20% 17.com) The average P/E multiple of similar companies is 25.53% 6.8 Royal Orchid Sayaji Hotel Blue Coast Hotel Kamat Hotel Average 2010 2009 2010 192.45 16.93% 1.70% 5.8 188.9 234.7 2010 144 178.50% 16.8 5.10% 6.3 47.70% Adj ROCE Adj P/Book Debt/Mcap NetP/E(TTM) Margin 10.Private Equity Deals in India Peer Comparison Final Report Pride Hotel in comparison with other similar hotels: (Crores) Company Audited MCap Total Assets 336.90% 17.3 187.9 1.7 0.70% 8.65 on the current EPS of 5.588.40% 7.1 0.55 2.2 87. 93 .8 87.5 1.9 1 3.30% 6.1 102.2 1.00% 5.325 (Source Capitaline and Capital 4 .6 25.

94 .Private Equity Deals in India Final Report ABC Limited ABC Ltd is a subsidiary of PQ Corp( name changed) and is engaged in running all over the country:    Pizza Hut KFC Costa Coffee Disney Artist ABC Ltd signed a deal with White Bread group UK in 2005 to pocket the rights of Indian operation of Costa Coffee.35 crores in 2008. KFC. Business Overview P Q Corp P Q Corp was started in the year 1991 by Mr. In 2003 Cream bell was launched it‟s a joint venture between Candia and P Q corp and manufactures ice creams. Promoter Chief Executive Officer Director Director PE Investment Ravi Jaipuria Santosh Unni Arjun Das Verma Raj Pal Gandhi NYLIM Jacob Ballas India fund has invested 300 crores for 21. Costa coffee and Disney artist outlet in various parts of the Country. Under the agreement Varun Beverages manufactures carbonated and non carbonated soft drink and mineral water. Ravi Kant Jaipuria when he signed the license agreement with Pepsi. The group started ABC Ltd which is engaged in running Pizza hut.5 % stake giving a company a valuation of 1395.

The Company Plans to Invest 70 Crores over the next 2 Years and open Pizza Hut and KFC outlet across Gangtok. higher real estate prices. Cyrobanks International USA is a leader in stem cell banking and Cyro international India is a stem cell is a part of research initiative and stem cell banking in India. (Source News Articles Projects Today 7 Feb 2011. ABC Ltd ABC Ltd operates a total of more than 200 outlets among Pizza Hut. Mumbai. ABC Ltd plans to open 15 Vaango stores (South Indian Joint) by 2012.by National Restaurant Association of India (NRAI) anticipates rapid growth in restaurant business in the next five years. Changing Consumer lifestyle. 95 .( Source Restaurant Market in India 2010 by Research on India ). Current revenues (2010) amount to a sizeable Rs 43. The Company plans to open 50 more Costa Coffee outlets at an investment of 40 crores and take the total tally to 120 units by 2012. In a recently introduced “White Paper on the Indian Restaurant Industry – 2010. increasing urbanization. Pune and Agra. Patna. Business Line Feb 6 2011. The fast food service market includes fine dining restaurants. Costa Coffee and KFC.500 crore. Some of the barriers in the industries growth are cumbersome licensing procedure.000 crore and Rs 8. P Q corp has also signed a franchise agreement with DPS for Gurgoan and Jaipur . Press Trust of India 18th Jan 2011 . Business Line 8 th Jan2011. Kolkata and Howrah. higher disposable income. P Q corp then ventured into the education sector and has signed a tie up with Modern Montessori international Singapore to open pre school institutions across the country.Private Equity Deals in India Final Report In 2006 P Q corp signed a joint venture with Belgium based beer brewing In Bev to give rise to Inbev India International private limited and some of its major brands are bud wiser and becks. fluctuating food prices and lack of skilled manpower.000 crore. with a growth rate of 5-6% per annum. Shillong. Recently ABC Ltd launched South Indian based restaurant Vaango in New Delhi. HT Media Nov18 2010. and favorable demographics have all contributed in the Growth of the Industry. Business Line Feb 21 2009 and Economic Times June 20 2008 ) Industry Brief The restaurant / Fast Food Service market was valued at INR 58 crores in 2008 and growing at an average rate of 20 % annually. The company has around 70 Costa coffee stores predominantly located at Delhi. the relatively new organized segment of the industry is estimated at between Rs 7. The Company has 18 Pizza Hut and 17 KFC outlets in eastern India which contribute around 30 percent of the company‟s revenue. NCR. fast food chains and Cafes.In 2006 P Q corp signed an agreement with Cyro banks International USA and formed Cyrobanks International India.

32 19.14 8.29 175.55 33.97 153.14 257.48 12.571851 6.62 8.24625 4.372083 96 . The market size and potential of restaurants are only expected to rapidly grow in the future.800245 90.19 9.74 73. (Source Restaurant market in India by Research on India) Financials The Financials of ABC Ltd are as follows: Financial Snap short Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income Operating Profit Net Profit Earnings per share EBITA Depreciation EBIT Operating Profit Margin (%) Net Profit Margin (%) Ebit Margin (%) (Source ISI Emerging Market) FY09( Cr) 8.19 17.05 24.81 31.54 12.87 9.99 33.01 23.08 71.24 104.518939 9.78064 87.84 382.55 378.9 79.49 8. By 2030.16 65.49 11. we would have 350 million (35 crore) people in urban areas we shall provide a huge opportunity to the restaurant industry.760954 4.Private Equity Deals in India Final Report The organized sector of the restaurant industry constitutes nearly 16 – 20 % of the total industry and is growing at 20 – 25 % per annum.49 31.3 257.16 63.131213 FY 10( Cr) 8.

4 32.1 61.9 34.1 (Source Capitaline. Valuing ABC Ltd similarly to Jubilant Food Works on the current EPS of 19.3 Net Sales 423.Private Equity Deals in India Final Report Peer Comparison Company Audited MCap Total Assets 126.3 Op Margin 9.com) There exists Jubilant Food works which runs Dominos Pizza similar to ABC Ltd running Pizza Hut. 97 .9 0 Jubilant Food Works 2010 3871.99 the share price should be 1.227 and mcap 1001 crores.9 Adj PAT 33. Jubilant food works was issued at 145 Rs / Share at a PE multiple of 35.3 and company raised 329 Crores ABC Ltd is looking to list itself in a year‟s time and planning to raise 500-750 crores the amount of money generated shall be used for the company‟s expansion plans.7 Adj ROCE Adj P/Book Debt/MCap NetP/E(TTM) Margin 7. KFC and Costa Coffee.

000 crore Group owns 10. (100%) Valuation: Rs 1.ft by 2015. COFFEE DAY RESORTS (75%) TANGLIN DEVELOPMENTS(100%**) Valuation: Rs 1. Ittiam Systems and Global AGRI BUSINESS. DARK FOREST FURNITURE CO. G. build residential units GLOBAL TECHNOLOGY VENTURES(100%**) Valuation: Rs 700 crore Venture fund that owns Way2Wealth fully and has minority stakes in a clutch of firms WAY2WEALTH In the business of financial trading and investment services Outlets: 200-plus in 50 cities Plans: To grow to 400 branches in 30 months OTHER Stakes Includes GTV's venture capital investments in companies such as MindTree. Siddhartha and family.500 pieces of furniture to Cafe Coffee Day outlets Plans: To set up furniture retail stores 98 .500 crore Revenues: Rs 850 crore (FY 2010) Retail and coffee trading operations COFFEE DAY HOTELS & RESORTS Valuation: Rs 250 crore Expanding number of resorts to 10 (from three) with Plans: To expand to 6 million sq.Private Equity Deals in India Final Report Amalgamated Bean Coffee Trading Company Introduction Amalgamated bean coffee trading company is the holding company of Café coffee Day and other sister concerns.300 crore Scale: 120-acre Global Village Technology Park. Amalgamated bean coffee trading runs the following businesses:THE COFFEE DAY EMPIRE The spread of businesses controlled by V. Valuation: Rs 2. M'lore AMALGAMATED BEAN COFFEE TRADING CO. B'lore and 23-acre TechBay.000 acres of coffee plantations Timber sourced from the plantations is used to make and supply 2.

200 by end of fiscal 2011 COFFEE DAY BEVERAGES Business: Coffee vending machines Presence: 14. airports.000 Edge Software COFFEE DAY EXPORTS Business: Exports of green coffee beans Scale: 18. Ratings Reports 99 .000 Plans: To expand number of installations to 18. Tamil Nadu. Spotted at malls.000 stores in India in four years. Andamans & Nicobar CAFE COFFEE DAY Business: Cafes Revenues: Rs 510 crore (approx. Source: Industry. Kerala. railway stationsPresence: 999 outlets Plans: 1.Private Equity Deals in India Final Report investments of Rs 400 crore. Standard Chartered PE ** Siddhartha's 100 per cent ownership in Tanglin Developments and Global Technology Ventures *** Stakes vary in different companies. including in-house stores and retailers * The remaining 25 per cent is owned by PE funds such as KKR. beverages.) Presence: 918 outlets in 139 cities (excluding four in Vienna and two in Karachi) Plans: 2. corporate premises.000 tones Plans: Exports will diminish as Cafe Coffee Day absorbs more of plantation produce COFFEE DAY PERFECT Business: Packaged coffee-chicory blend Scale: Sold through 15. Locations: Karnataka. quick eats. New Silk Route. 100 abroad in three years Business: Retail of freshly ground coffee Presence: 450 outlets Plans: 500 by end of fiscal 2011 COFFEE DAY FRESH N' GROUND COFFEE DAY XPRESS Business: Grab & Go kiosks selling coffee.000-plus outlets.

com/category/word press-category/private-equity-1and coffeeday. which topped an estimated Rs 850 crore revenues in fiscal 2010. the group is the largest producer of Arabica beans in Asia. Amalgamated bean coffee trading company other than CCD (Café Coffee day) also runs Coffee Day Fresh and Ground Coffee Day Express Coffee Day Beverages Coffee Day Exports Coffee Day perfect 100 . Coffee Day is the third largest manufacturer of vending machines in the world. CCD has some 14. It makes 300 vending machines a month. With 10. It has a current rate of adding four new cafes a week in the last 2 years.000 kiosks dispensing coffee across India.com ) Business Overview CCD opened its first outlet in Aug 1996 at Bangalore Brigade road and from there it has expanded massively and currently CCD (Coffee café Day) has 918 cafes in 139 cities (excluding four in Vienna and two in Karachi) spread from Mumbai to Gangtok. CCD cafes contribute 60 per cent of those revenues and return operating margins of 23 per cent.000 vending machines and 1. CCD is a division of Amalgamated Bean Coffee Trading Company Ltd. and from Srinagar to Thiruvananthapuram. It serves 1 million customers a day.Private Equity Deals in India Final Report Promoter Managing Director Chief Financial Officer Director PE Investment V G Siddhartha Siddartha Veerappa Jayraj N Malvika Hegde Derby Asia Mezzanine Fund invested 112 crores in 2008 ( Source vccircle.000 acres of coffee plantations.

beverages. higher real estate prices. with a growth rate of 5-6% per annum. Current revenues (2010) amount to a sizeable Rs 43. higher disposable income. Café day beverages are in the business of installing coffee vending machine and have currently installed 14000 coffee vending machines all over India. corporate premises. and favorable demographics have all contributed in the Growth of the Industry. and India express online Media Nov18 2010) Industry Brief The restaurant / Fast Food Service market was valued at INR 58 crores in 2008 and growing at an average rate of 20 % annually. fast food chains and Cafes. Article in Business Line on Oct 7 2009.( Source Restaurant Market in India 2010 by Research on India ).Private Equity Deals in India Final Report Amalgamated bean coffee trading company (ABCTC) runs coffee day fresh and ground which is in the business of freshly ground coffee it currently has 450 outlets. Coffee day perfect is in the business of sale of packaged coffee-chicory blend and is sold through 15000 plus outlets including in house stores and retailers. Some of the barriers in the industries growth are cumbersome licensing procedure. Coffee Billionaires on May 16 2010 in Business Today. The fast food service market includes fine dining restaurants. euro monitor report on cafes in India.by National Restaurant Association of India (NRAI) anticipates rapid growth in restaurant business in the next five years.000 crore and Rs 8. airports. fluctuating food prices and lack of skilled manpower.000 tones all over the world. railway stations and has a presence at 999 locations. In a recently introduced “White Paper on the Indian Restaurant Industry – 2010. Café day export is in the business of export of coffee bean and currently exports s around 18.500 crore. The market size and potential of restaurants are only expected to rapidly grow in the future.000 crore. CCD enjoys tremendous integration benefits its major strength is its ability to control quality of coffee bush to cup. CCD main advantage is it uses its own grown coffee beans this reduces its cost by 14 -20 % on the operating level and it also does not have to pay any royalty (around 3. Asian Age Aug 17 2009. we would have 350 million (35 crore) people in urban areas we shall provide a huge opportunity to the restaurant industry. Changing Consumer lifestyle. increasing urbanization. the relatively new organized segment of the industry is estimated at between Rs 7. quick eats located at malls. The organized sector of the restaurant industry constitutes nearly 16 – 20 % of the total industry and is growing at 20 – 25 % per annum.7 %) like other international chain. Press Trust of India Sept 16 2010. (Source Care rating and Mira Inform report on Amalgamated bean Trading Corporation. (Source Restaurant market in India by Research on India and Euro monitor report on cafes in India) 101 . By 2030. HT media 2010. Coffee day express are kiosks selling coffee.

28 18.9 1.86 58.43 158.40 17.89 0.81 16.32 644.68 694.12 460 842.70 13.69 17.21 468.44 10.93 48.31 FY 10( Cr) 10.14 20.62 611.60 (Source ISI Emerging Market) 102 .71 3.75 19.2 117.53 11.38 75.8 1031.86 62.61 FY 09( Cr) 10.41 566.89 584.08 306.Private Equity Deals in India Final Report Financials The Financials of Amalgamated bean coffee trading Company is as follows: Financial Snap short Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income Operating Profit Gross Profit Earnings per share EBITA EBIT Operating Profit Margin (%) Gross Profit Margin (%) Ebit Margin (%) FY08( Cr) 10.99 554.41 2.16 503.66 185.62 10.16 83.42 0.28 117.38 60.66 181.16 191.66 196.93 49.04 108.92763 10.38 10.17 1.63 108.64 169.77 83.

The analysis of the private equity investment among the various sectors gives a tentative indication about the various sectors from which an IPO can be expected in the future. Over the years the trend of private equity investment has changed earlier on they used to focus only on IT and ITES sector now they have become much more broad based in nature and investing in all most all the sectors. revenue. In the future we can expect a number of IPO from medium sized niche companies which have a good business plan and strong management in place. high gross domestic investment and a booming stock market. A booming secondary market and regulatory reforms in the primary market widened the exit possibilities for private equity firms and hence attracted them to India. 103 . Private equity investors have started to invest in a number of niche companies like Doshion. In 2009 the PE investors invested a lot of funds in a number of microfinance companies. and banking and financial services.Private Equity Deals in India Final Report Conclusion The private equity investment provides a number of advantages to the un-listed companies. They have invested in Bhartiya samruddhi finance. Some of the new sectors which have gained are education sector. gross margin and management. Ashmita microfinance. The sectors current performance and the valuation of different companies and the future prospect of that sector determine weather an unlisted company from that sector shall be listed or not. future plans. The private equity investor is influenced by the companies current business plan. The key driving factors behind the flow of PE capital into India are its strong macro-economic fundamentals characterized by high growth rate. Spandana Sphoorty Financial Services are examples of companies in the microfinance sector in which the PE firms have invested. VLCC. telecom. International amusement. Osian etc. Bandhan financial services. pharma.

com/india/news/entertainment-world-raises-rs-307-cr-pe-funds/318243 economictimes.com/2010-01-12/news/27569847_1_pe-firms-coastal-projects-private-equity business-standard.com/india/news/saravana-global-energy-gets-25mn-funding/314743/ livemint.html moneycontrol.com/blog/_archives/2008/2/22/3538707.htm 104 .org.indiatimes.com/20061110-Indivision-Buys-24-In-Lilliput-Kidswear-For-Rs-45-Cr.com/news/Articles/India/20080518/955328.com/2008-03-29/news/27734954_1_omaxe-developers-lodha-group business-standard. rbi.webindia123.htm dealcurry.com/news/business/matrix-partners-buys-18basixs-microfinance-arm_450096 economictimes.indiatimes.indiatimes.indiatimes.html indiape.indiatimes.com/2006-08-01/news/27442485_1_room-rates-lemon-tree-hotels-patu-keswani economictimes.com/2011-01-14/news/28429131_1_private-equity-pnc-infratech-total-investments.com/2007/07/wolfensohns-private-fund-picks-6-in.com/2011/02/01145811/Parag-Milk-Foods-plans-Rs4005.html moneycontrol.com/news/ipo-issues-open/essel-shyam-comm-to-offer-55-lakh-shares-_250011.aspx?Id=2109 economictimes.com RBI website.com/news/ipo-upcoming-issues/avesthagen-to-raise-usd100mn-for-expansion_291338.html news.html business-standard.com/india/news/vatika-sells-10-to-3-pe-funds/305978/ moneycontrol.com/2008-04-24/news/28381010_1_e-learning-gaja-capital-education-space economictimes. dealjunction.Private Equity Deals in India Final Report Reference The data about the Private equity deals in un-listed companies has been obtained from V C Circle Deal Curry Ernest & Young Private Equity round up Grand Thornton Private equity deal tracker India Private Equity ( IPE) ISI Emerging market database Other sources refereed Trends in private equity by Ritankar Sahu and Ananya Nath Private Equity by spencerstuart.blogspot.in/Scripts/bs_viewcontent.

ybrantdigital.rathionline. 2011 HT Media and Jan 22 2011 outlook Business Equity master outlook on Telecom sector acmetelepower.asp rathi.com/contact center plindia.html Bharti Infratel web site. Specific Companies website .com/bpo.indiape. rathi. Coastal Projects by Mira Inform.htm and TRIL report by Mira Inform private Limited Hindu May 28 2009.com .com/services/service lntinfotech. interarchbuildings. luminousindia. unimarkremedies. oceansparkle.com/blog/_archives/2008/2/22/3538707.com/blog/IndiaPrivateEquityDeals/_archives/2008/2/6/3508105.com mankindpharma. March 15 2009 Indian express National Commission for integrated water resources Coastal Project by Care Rating.com pridehotel.com.com theoutsourceblog.com/pwm/products services.com group Companies. quippoworld.lntinfotech.com Hospitality in India by Tourism Finance Corporation of India Restaurant market in India by Research on India Financials have referred to ISI Emerging market. gvkbio. mapmyindia. October 3 2008 Telecom paper. plindia.com .com .com. Sept 16 2008 HT Media.com . Capitaline.com/industries/industries.com . perfinttech. Hindu Aug 6 2010 and Oct 7 2010 projects today Fitch Rating – Indian real estate sector Gaursons report ICRA . azurecrm. Nov 23 2009 Press trust of India.com.com rsgglobal.com/ib.com/services.com/data collection and azurecrm.com .com.com. rathi. sharemicrofin.html Doshion.indiape.co lntinfotech. veetaglobal.com/Research. rathi.com . divyasree. Feb 12.Private Equity Deals in India Final Report - intellecap..com/2010/07/rt-outsourcing-gets-a-makeover-as-intarvo-technologies nextcell.com / management and http://www.plindia.com Bharti Infratel Website and http://www.com .com doshion.com . azurecrm.com .com/services/application_development azurecrm. plindia. Gaursons. pscl. 105 . sulawines.com hurix. Compare4.com/projects/current_projects.com promacindia. and http://coastalprojects.in Detailed Analysis of unlisted Company Sources tata-realty.com .com/iel .com/instBroking. News articles Sept 15 2008 HT Media. 15 June 2008 Indian express.com/about us. Aug 21 2008 Business Line.com .com. trivitron.

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