Deal communique volume 2

PE l VC l M&A May 05 – May 12 2013

Weekly Insight of Private Equity, Venture Capital, Merger & Acquisition

Piramal Buys 10% Stake In Shriram Transport

Tata's Indian Hotels To Restructure International Operations; Plans Fund Raise

Actis To Exit Vaishnavi Group

DEN Networks to raise $180mn; Goldman Sachs invests $110mn

CLSA Partner Buys Stake In Camson Bio Technologies

Avantha Group in talks with three PE firms to raise $250 mn

Blackstone Plans To Invest In Express Towers, Mantri Mall

©2013 INDEL Advisors LLP. All right reserved

Deal Concise

Piramal Buys 10% Stake In Shriram Transport

US private equity firm TPG Capital raised about $300 million by selling its roughly 10 % stake in Shriram Transport Finance to Piramal Group, generating a near seven times return on a 2006 investment.

Piramal Enterprises bought a 10 % stake in Shriram Transport through a block deal for about 16.52 billion Indian rupees at Rs.723 per share.

TPG, which manages about $55 billion globally, invested a little more than $100 million in Shriram Transport's parent company, ShriramGroup, in 2005. A year later it took a 20 % stake in Shriram Transport against its investment in Shriram Group, valued at Rs. 113 per share.

In February, 2013, TPG sold half its stake in Shriram Transport to a clutch of institutional investors and raised about $305 million.

Piramal is primarily engaged in the pharmaceutical industry and has interests in financial services and manages a property fund. Shares in Shriram Transport were up as much as 5.7 per cent, to Rs 776.50, after the deal. UBS advised Piramal on the deal..

Announcement Date | 10 May 2013Industry | Banking & Finance


Deal Concise

Tata's Indian Hotels to restructure international operations; Plans Fund Raise

Tata Group's hotel arm, Indian Hotels is planning to hive off its international operations into a new company and to raise funds by selling 49% stake to FIIs. The company has sought RBI approval for the same. Indian Hotels plans to bring all its overseas hotel assets under this step-down holding company and wants to monetize the international operations to repay a part of the debt.

The overseas operations include management contracts across the globe and five distinct asset purchases for which IHCL has spent around Rs.3000 Cr. Its International assets include ownership of Campton Place Hotel, Taj Boston, Starwood; a Management contract of The Pierre on which the company spent on renovation.

Minority stake in Orient Express is also part of key international assets of the company. Currently, the overseas assets are held by different holding companies and that needs to be restructured via transfer of shares within the company.As on March 2013, Indian Hotels had a consolidated debt of Rs 3800 Cr. Last December, Indian Hotel was working on revised offer to acquire British hospitality group Orient Express, which Orient turned down due to valuation reasons.

Announcement Date | 10 May 2013Industry | Hotel


Deal Concise

Actis PE to exit Vaishnavi Group

Emerging markets-focused Actis Private Equity might soon exit from its first and only real estate investment in India. The global PE firm had invested $25 million in early 2008 in a joint venture company floated with Vaishnavi Group to construct a residential and retail property in Bangalore. Of its total investment, $7.5 Mn was for developing Vaishnavi’s SPV a 1 Mn sqft mixed use project in Yeshwantpur, Bangalore and the remaining part of the investment was for other projects.

Actis has around $1 Bn invested in India across various sectors, including healthcare, automotive and infrastructure, among others.

The Vaishnavi Group, led by C N Govindaraju, isan alliance of companies who have over the

years collectively handled every aspect of real estate development across Bangalore, since 1998 – from sourcing legally unencumbered land, raising capital; to, planning, civil, structural, architectural design and taking it to the next level, of marketing mid-range and luxury properties, till date. It has so far developed around 6 Mnsqft of property.

Announcement Date | 06 May 2013Industry | Real Estate


Deal Concise

DEN Networks to raise $180mn; Goldman Sachs invests $110mn

DEN Networks Ltd, a leading Indian cable distribution company, has raised a total of $180 Mn through mix of preferential placement and qualified institutional placement (QIP). As a part of the preferential placement, the company raised an equity investment of $110 Mn. from Goldman Sachs, a global investment bank.Under the QIP, it has raised over $50 Mn. from other investors.

The investment will be used for funding DEN Network’s growth plans. DEN Networks reaches an estimated 11 Mn households in 150+ cities across India.

In January, Den Networks had increased its borrowing powers from R1000 Cr to R2000 Cr.

Last year Teachers Insurance and Annuity Association - College Retirement Equities Fund Investment LLC has acquired additional 1% stake in Den Networks

Goldman Sachs has invested actively in cable and broadband related companies in several countries globally, including Cequel and Marcus Cable (US), Diamond Cable (UK), e-Access (Japan), Kabel Deutschland (Germany), C&M (Korea), Cablecom (Switzerland) and Get (Norway).

Announcement Date | 06 May 2013Industry | Media


Deal Concise

CLSA Partner Buys Stake In Camson Bio Technologies

Bio Harvest Pte a part of CLSA Capital Partners isacquiring 19.6% stake in Camson BioTechnologies for US$10 Mn.

The company will issue of 41,95,513 equityshares at US$1.1 per share for a total of US$4.6Mn and 16,74,327 convertible warrants at $3.21per warrant for a total of US$5.37 Mn. Post theconversion of the warrants into equity the stakewould aggregate upto 19.6%.

Founded in 1993 Camson is an agriculturalbiotechnology company. Headquartered inBangalore Camson produces biopesticides,biofertilizers and hybrid seeds.

CLSA Capital Partners is an alternate assetmanagement arm of CLSA Asia PacificMarkets. CLSA Capital Partners hasapproximately USD 2.6 Bn undermanagement and offices across Hong Kong,Singapore and Tokyo.



Deal Concise

Avantha Group in talks with three PE firms to raise $250 million

Gautam Thapar led Avantha Group is in talks with three private equity (PE) firms to raise $250 million through a structured deal.The company has mandated Standard Chartered bank’s investment banking arm for the deal and approached Kohlberg Kravis Roberts and Co. (KKR), Aditya Birla Private Equity and Standard Chartered Private Equity Advisors (India) Pvt. Ltd for the capital.

Avantha Power and Infrastructure Ltd had earlier raised an undisclosed amount of debt from KKR India Financial Services Pvt. Ltd The group plans to create an SPV and investors will be issued bonds that can be converted into shares of Crompton Greaves, Avantha Group’s diversified electrical products company. The bonds will offer assured returns after three years.

Last week, Crompton Greaves and Indonesia’s PT Prima LayananNasionalEnjiniring (PLNE) have signed a joint venture agreement to manufacture and sell high voltage and extra high voltage switchgears in the Southeast Asian country. Earlier, the company had entered into an agreement with Karma Industries to acquire its CFL business for R14.5 Cr and it also acquired ZIV Group for Euro 150 Mn, US- Based QEI Inc for $30 Mn and Sweden- Based Emotron Group for $82.3 Mn. Last year, company closed down its Belgium plant.

Announcement Date | 06 May 2013Industry | Engineering


Deal Concise

Blackstone Plans To Invest In Express Towers & Mantri Mall

Blackstone is planning to invest in two properties - the Express Towers in Mumbai and the MantriMall in Bangalore - both of which are valued at under R1,000 Cr each.Blackstone already has its India head office located on the fifth floor of Express Towers and a couple of months back a detailed due diligence was carried out on Mantri Mall.

Blackstone has not divulged much information on Mantri deal as it is working on a possible structured debt transaction through its NBFC arm to invest in the 1.7 Mnsqft mall, developed by Mantri Developers Private Limited which has been in operation for three years.Headed by SushilMantri, Mantri Developers is the developer of residential properties, IT parks, shopping complexes, commercial buildings and educational institutions among others.

Blackstone is looking at four exits this year from its portfolio of 25-odd investments in India. It is also driving the migration of property investments from residential to commercial real estate, due to global recession dampening interest in the country’s once red-hot housing market. Blackstone was also planning to buy Unitech’s Gurgaon SEZ, VrindavanTechVillage, stake in JetPrivilege, and it also invested in Pune SEZ.


Jay Robotics plans to raise $8 million forexpansion

Srinath Devireddy of Hyderabad Angels invests in GenY Medium, joins board

Waste management firm Nepra in talks to raise $10-M

Indiaproperty.com Plans Series B Fund Raise

Former Disney India MD - Samir BangaraInvests In Qyuki Digital

Varthana Raises Funds From Accion's Venture Lab

SEBI Approves Startup Village's Angel Fund

Bakery Chain - Ovenfresh Raises Funds From Kalaari Capital

Helical IT Solutions Raises Angel Investment


Deal Concise

Jay Robotics plans to raise $8 million for expansion

Jay Robotics, a multidimensional robotics company, plans to raise $7 million to $8 million through venture capital for its expansion.With development of eight products in education and one in industrial sector, the company is growing at more than 50 percent.

Hyderabad based Jay Robotix Pvt. Ltd. was founded in 2010 by Sudhir Reddy.Its revenues during 2012-13 were Rs.70 lakh and it has set a target of Rs.1.80 crore for the current financial year business.

The company is targeting 100Cr top line including 20,000 licensed copies of RoboGuru and 350 deployments of RoboRuka in coming five years.It has already deployed 25 units of RobotGuru, each priced at R 8.5 lac.

The company designs, manufactures special purpose machines (industrial robots) and supplies advanced technology machined components.

RoboGuru, will enable students to get a hands-on experience of giving commands and operating a live robot. The kit comes with a brain (circuit) which can be attached with building blocks to build robots.The company will soon come out with a product for domestic sector designed to clean homes called RobotMade.

Announcement Date | 10 May 2013Industry | Engineering


Deal Concise

Srinath Devireddy of Hyderabad Angels invests in GenY Medium, joins board

Srinath Devireddy, a member of Hyderabad Angels, has invested an undisclosed amount in online branding and marketing firm GenYMedium Pvt Ltd. Devireddy made the investment in his personal capacity and acquired an undisclosed stake in the firm. He has also joined the company’s board as part of the deal

It uses proprietary analytics and online reputation management tools to give brands an edge versus their competitionThe company specializes in Search marketing; Community building and management on social platforms; Online reputation management; Social media analytics; Content creation and Mobile based branding. Devireddy also runs a tech firm

called Adroitent, Inc., which has operations in the US and India.Set up in late 2011 by Ravi Jain (co-founder and strategy advisor) and Richa Sethia (co-founder and director), Hyderabad-based GenY uses proprietary analytics and online reputation management tools to give brands an edge against competition. The firm’s key customers include companies such as IndiatimesShopping, Gitanjali Shop, NIIT, Max Bupa and Cigna TTK.

Announcement Date | 10 May 2013Industry | Services


Deal Concise

Waste management firm Nepra in talks to raise $10 Mn.

Nepra Resources Management, a dry waste management company is planning to raise $9-10 Mn investment to fund its expansion plans.In January, the company raised undisclosed amount from Aavishkaar Venture for 15% stake. The funds were used to prove the business model and set up a material recycling facility.

Nepra has drawn up a two-phased expansion plan that will require an overall investment of Rs 70-100 Cr. In the first phase, the company will ramp up its existing infrastructure which will primarily involve growing its network of dry waste collection centers in Ahmedabad and five more cities.

In the second phase, it plans to roll out a master franchisee model that will enable it to reach into other parts of the country.

Founded in 2006 by Sandeeppatel, NepraResources offers waste management services. The company handles chemical industrial waste and recovers various metals like zinc and copper from the dry waste. It also operates an online platform for generating awareness among individuals and businesses about waste management.Currently, the company works with 750-odd rag pickers in the city who deposit the waste at the company’s 35 collection centers. It has partnerships with 60 government certified recyclers who pick up the sorted and processed waste.



Deal Concise

Indiaproperty.com Plans Series B Fund Raise

Online real estate portal - Indiaproperty.com is planning to raise $10-12 Mn, according to BS.The company plans to use the $10-12 Mn in series-B funding to improve technology and support marketing initiatives. Existing investors would also participate in Series B fund raise.Last year, it raised $7 Mn from Canaan Partners and Mayfield Fund .

The fund-raising would help the company expand and strengthen its brand in north where it accounts for 35% of the market (online property portals), while in the south and west, it was the market leader.IndiaProperty.com is an initiative of Matrimony.com Private Limited that provides in-depth information on buying, selling and renting properties in India.

The site provides a medium for independent owners, real estate agents and builders to advertise their listings on the Internet and for potential buyers to search for properties. This feature rich portal offers its users an extensive search feature that allows them to locate property by region, area, price, amenities and availability.



Deal Concise

Former Disney India MD - Samir Bangara Invests In Qyuki Digital

Qyuki has raised an undisclosed amount of angel funding from former Disney India MD (Digital) Samir Bangara, reports MediaNama. Bangara will be the new CEO of Qyuki, replacing the existing CEO PoonachaMachaiah.

AR Rahman&ShekharKapur's - Qyuki Digital Media Private, a digital media startup allows co-creation of creative content. The technology will allow people to collaborate on creative projects and distribute it across devices

Last year, Cisco Systems invested R27 Cr for a 17% stake in this digital media company.Samir Bangara is the former Disney India MD (Digital), which is one of India’s leading digital businesses specializing in games, audio & video

content. He is responsible for driving growth and scaling the Digital business of the company, with about 15 years of experience in the media and technology space. Before the acquisition by Disney, he was the COO of Indiagames Ltd. He has been a regular on the startup investing circuit.

Announcement Date | 08 May 2013Industry | Technology


Deal Concise

Varthana Raises Funds From Accion's Venture Lab

Varthana, which provides finances to low cost private school has received investment from Accion’s Venture Lab, PRweb states.

Founded by Steve Hardgrave and Brajesh Mishra, Varthana, provides loans and support to affordable private schools in India, promoting access to and affordability of quality education for India’s poor and emerging middle class.It works with entrepreneurs who have launched schools for India’s underserved population. Varthana provides these Educational Institutions with the resources they need to keep pace with the dynamic, fast-growing education sector.Varthana provides secured and unsecured loans of R5 Lacs and above for 3-5 years of tenure. Apart from laons, the company also provides support for purchase and development of infrastructure, invest in teacher training and introduce new learning methods / tools / resources etc.

Varthana is coordinating a pilot program in India through which it is testing the effectiveness of providing low-cost laptops and training to affordable private schools in Bangalore.Launched in 2012, Accion Venture Lab is $10 million seed capital initiative, which invests in start-up companies that help expand global financial inclusion.

Announcement Date | 07 May 2013Industry | Banking & Financials


Deal Concise

SEBI Approves Startup Village's Angel Fund

Telecom incubator, Startup Village has received SEBI’s approval to raise a $10 Mn for Startup Village angel fund which could go upto $20 Mnwith a 'Green Shoe' (over-allotment) option.Once the initial close of $2 Mn is received the angel fund will target telecom and internet sector.

The fund plan to invest $20,000 and $250,000 USD into startups and might also co-invest with other early stage funds for higher amounts.Startup Village aims to incubate 1,000 product start ups over 10 years and start the search for a billion dollar company from a college campus by turn of this decade.

KPMG is Advisor and ILFS is Trustee of the fund.Startup Village is a private partnership model technology business incubator.

The promoters of Startup Village are Department of Science and Technology, Government of India, Technopark Trivandrum and MobME Wireless. Kris Gopalakrishnan, Co-Founder and Co-Chairman of Infosys is the chief mentor for Startup Village.Gopalakrishnan, MobME, Ravi Pillai, founder of RP Group and other leading angel investors in India will be part of the fund.MobME Wireless Solutions recently received approval from the NSE to raise funds through IPO.

Announcement Date | 07 May 2013Industry | Telecom


Deal Concise

Helical IT Solutions Raises Angel Investment

Helical IT Solutions, a provider of data warehousing and business intelligence services has raised angel investment of R25 lakh from Singapore based Citibank official.

The company plans to use the funds primarily for recruitment and partnering with leading Business Interlligence vendors in the open source space such as Jaspersoft and Pentaho.

Founded by NikhileshTiwari and NitinSahu in 2011, Helical IT provides business intelligence, data warehousing, data visualization, data modelling and business intelligence using social media tools.Helical’s data can be accessed on mobile, can be implemented on SaaS, accessed via web browser

& also can be seamlessely integrated on users softwares or website as well. It connects different data sources and provides relevant reports, dashboard, graphs, charts etc to the key decision makers, which will help them make the right choices for growth of their company.It has catered to technology needs of clients in various domains including e-commerce, insurance, energy, social media analytics, healthcare and human resource while building and managing their Business Intelligence platforms.



Deal Concise

Bakery Chain - Ovenfresh Raises Funds From Kalaari Capital

Ubiquitous Foods, which runs bakery chain Ovenfresh has raised undisclosed amount from Kalaari Capital. The investment has been made from the Kalaari Capital Partners II fund and the transaction was advised by Vichar Partners. As a part of deal, Rajesh Raju and SampathkumarPudhukottai from Kalaari Capital join the company’s board.

Founded in 2007 by Rajiv Subramanian, Ovenfreshis a bakery chain that serves a wide variety of products including wraps and cutlets, birthday and other cakes, burgers and sandwiches and biryanis and kebabs. Currently, the company runs six outlets in Chennai.

Kalaari Capital Partners formerly known as IndoUS Venture Partners is a venture capital fund with its advisory team based in Bangalore investing in early-stage, technology-oriented companies in India. It advises on investments in companies in the early stages of growth, with Series A and Series B funding.

Announcement Date | 07 May 2013Industry | Retail/ Leisure

Riba Constructions Buys Stake In Gati Ship

Avantor Sells Product Line Of Its Medical Diagnostic Div To WBM Health Science

JSW Energy Plans Acquisition

DTDC entered into JV with NikkosLogistics

Allied Blenders Acquires Wales Distilleries

OCS Group Acquires Stake In CISS

VLCC Plans To Acquire Three Foreign Companies

MCX, Financial Technologies To Exit DGCX

GoAir Plans Stake Sale; Looking For Partner

Ceebros Hotel Acquires Chennai Project Divison From Viceroy Hotel

Servion Global Buys JAMS UK

Wipro Buys Minority Stake In Opera Solution

Metropolis Plans Acquisition In Africa

Global Edge Buys Dearborn Electronics

Amcor May Acquire Murugappa Group's Packaging Biz - Tuflex

Suzlon To Exit Non Core Assets

HCC To Sell Non Core Asset To Repay Debt

Pramati Buys WaveMaker Assets from VMware


Deal Concise

Riba Constructions Buys Stake In Gati Ship

Riba Constructions has acquired 40% stake in GatiLimited shipping business – Gati Ship for R8 Cr, ET states.Gati plans to divest further in the shipping division and eventually hold minority stake in GatiShips.Last year, group was in talks with German ship-management company Bernhard Schulte for the strategic stake sale. Gati Ship recently signed an MoU with International Shipping and Logistics FZE, Dubai, a wholly owned subsidiary of TM International Logistics and will be launching a joint container service operating from Gujarat to Kerala.

Gati Ships was set up as Gati Coast to Coast in 1996 as a service provider for all sea-bound cargo in the Bay of Bengal, Andaman Islands and Malacca Straits.

Currently, it has six container vessels and regular liner services between Indian ports and ports in Andaman Sea, Bay of Bengal and Malacca Straits. It also runs Colombo-Tuticorinbi-weekly service.Last year, Gati sold 30% stake in Express Distribution and Supply Chain(EDSC) and 3PL business to Japan based Kintetsu World Express Inc for R267.7Cr. The EDSC and 3PL business will be transformed in 70:30 JV - 'GatiKintetsuExpress' between Gati and Kintetsu.

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Announcement Date | 10 May 2013Industry | Transport/Logistics


Deal Concise

Avantor Sells Product Line Of Its Medical Diagnostic Div To WBM Health Science

Avantor Performance Materials, a company engaged in the business of manufacturing and marketing of laboratory chemicals and consumables and diagnostic products has sold product line of its medical science group diagnostic business division to WBM Health Science Private Limited., for an undisclosed amount, barandbench states.

Avantor Performance Materials is a manufacturer of performance materials and chemicals pharmaceutical, biopharmaceutical, laboratory, research and electronics applications. These products are widely used in biotechnology and pharmaceutical production; in the manufacturing of semiconductors, flat panel displays and photovoltaic cells; and in research, academic and quality control laboratories.

Avantor is owned by an affiliate of New Mountain Capital, L.L.C. In 2011, it acquired RFCL Limited from ICICI Venture Funds Management. RFCL is a leader in laboratory reagents and consumables as well as products for the medical diagnostics market in India.

Announcement Date | 10 May 2013Industry | Healthcare


Deal Concise

JSW Energy Plans Acquisition

JSW Energy is looking for acquisition of power plants. For acquiring assets, the company is looking at power plants with a size of over 1,000 Mw.

The company is already assessing projects which fits its criteria like fuel availability and sale prospects of power. However, it is looking to acquire only thermal power projects of any stage of construction and commissioning. Incorporated in 1994, JSW Energy Ltd (JSWEL) is a part of the JSW group headed by Mr. SajjanJindal. The JSW group has presence in the diversified business segments, such as steel, power, minerals and mining, cement, infrastructure and logistics. JSWEL is the holding company for the JSW group’s power business having operational capacity of 3140 MW.In addition, JSWEL has set up and is operating 165 km transmission lines for power generated

at Ratnagiri plant, lignite mines in Barmer, Rajasthan and has acquired 93.27% stake in coal mines under South African Coal Mining Holding Ltd. It has already received clearances for Chhattisgarh and West Bengal projects. Land has been acquired for three of the projects, including the expansion of Ratnagiriproject.

JSW plans to expand its operational capacity to 11,770 MW and has recently posted a 48.98 % rise in its consolidated net profit at R335.69 Cr for the quarter ended March

Announcement Date | 10 May 2013Industry | Energy / Utilities


Deal Concise

VLCC Plans To Acquire Three Foreign Companies

VLCC plans to acquire controlling stake in three beauty and wellness companies across South East Asia and Europe.VandanaaLuthra, founder and mentor of VLLC stated that the firm is close to finalizing the deal with two skin care companies in London and Singapore.The company is also looking to acquire a hair saloon chain in South East Asia.VLCC recently acquired a Malaysian slimming and personal care firm Wyann International and a Singapore-based company that manufactures dermatology products and other skin and hair-care products.The company plans to enter Indian Capital Market in 2014.In November, it was in talks with PE investor to raise money in a deal which could value it at up to $400 Mn in which Blackstone, Kohlberg Kravis & Roberts and Carlyle, had shown interest.

Currently, VLSS's overseas business contributes 30% which is expected to grow to 45% in two years. The company is also in process of establishing a manufacturing unit in Bangladesh to cater local needs and the Myanmar market.CLSA invested around $15 Mn in VLCC in 2004 and sold its stake back to the promoters. Everstone invested R60 Cr for a 15% stake in 2007.VLCC runs a chain of fitness centers and day spas across 300 outlets in India and is present across 16 countries. It also sells a range of personal care and dermatology products



Deal Concise

Allied Blenders Acquires Wales Distilleries

Allied Blenders & Distillers has acquired the Wales Distilleries based in Bengal for an undisclosed amount.

The acquisition will strengthen Alleid Blenders presence in the Eastern markets. Wales Distilleries is a modern distillery with a state-of-the-art blending and bottling plant. Its bottling plant has a capacity of 1 lakh cases per month and ABD plans to scale it up to 1.5 lakh shortly.

ABD is one of the top spirit companies in India with a flagship brand, Officer's Choice. Its other popular brands include Grain Vodka, Class 21, Jolly Roger and WodkaGorbatschow. The company currently bottles just 25% of its liquor and outsources the rest with a plans to increase inhouse production to 60% and is looking to buy more distilleries in Andhra Pradesh and Rajasthan.

Allied Blenders is also looking to raise R500 Cr PE investment and has appointed Ambit Holdings Pvt. Ltd as its investment banker . The funds will be used to grow its existing business, launch new brands and also create some in-house distillation and bottling capacity. It has strong national sales and distribution network and a Pan-India scale manufacturing base that includes 38 manufacturing / bottling units in 19 States with 14 sales offices across the country.Last month, the company was in talks with TilaknagarIndustries(TI) to form JV company valued at $1 Bn

Announcement Date | 10 May 2013Industry | Agro/Food & Beverage


Deal Concise

OCS Group Acquires Stake In Central Investigation & Security Services Ltd(CISS)

OCS Group is acquiring a minority stake in CISS for R37. With this acquisition CISS plans to enhance its presence and enable itself to provide complete service solutions to its clients in India. Last year, it acquired Mumbai based facility management services firm - Radiant Hospitality for R30-35 Cr; acquired 51% stake in AbsothermFacility Management Services for R130 Cr and acquired Cannon Hygiene India.

The acquisitions are a part of OCS Systems strategy to acquire atleast 3-5 companies to expand in India. Established in 1985, CISS is focused on manpower guarding and security business. It has a national presence spread across 20 states & union territories, with 4 Regional offices, and 55+ branches, along with a strong workforce of 15,000 security Guards, Security officers & Safety Officers.

It employs over 56,000 people worldwide and had reported a turnover of over 800 Mnpounds. Since 2010, OCS has continued to develop the company’s capacity to provide Total Facilities Management services through the acquisition of the Legion Group, TM Facilities Services and the Fountains GroupIn this space, Security and Intelligence Services received R500 Cr from PE investor CX Partners.



Deal Concise

MCX, Financial Technologies To Exit DGCX

The promoters of DGCX, FT and MCX are planning to sell their 44% stake in the company, ET states.This decision might be the result of recent RBI’s circular which restricts equity participation by any Indian entity in a foreign bourse that trades financial products linked to the rupee as the currency is not fully convertible.

Other than the Indian promoters, DMCC owns a 51% in DGCX and has the first right of refusal for the sale of 44% holding of the two Indian companies. The FT Group had sold a 1% stake in the exchange to its partner DMCC for $12.5 Mn in 2007 which was then valued over $1 Bn. Later, it also sold another 5% to Passport Capital

It mainly trade in three instruments i.e bullion, currency and metals. It commenced its trading in November 2005.DGCX is emerging as a serious contender in dollar-rupee trading to domestic bourses NSE and the MCX-SX. In this year, the exchange changed its technology solution provider from FT to Cinnober

Announcement Date | 09 May 2013Industry | Banking & Financials


Deal Concise

GoAir Plans Stake Sale; Looking For Partner

GoAir is planning to sell up to 49% stake and has appointed J.P. Morgan to search for a foreign strategic partner, according to ET.This deal will help GoAir to expand and reach global destinations through the partner airline's network.The company is in talks with German carrier Lufthansa and Dubai-based Emirates and Qatar Airways.

GoAir is a low-fare airline with a market share of about 7%, based in Mumbai and owned completely by the Wadia Group. It operates domestic passenger services to 21 cities with over 200 daily flights and approximately 1092 weekly flights and has a current fleet of 13 aircrafts. Last year, GoAir was planning to raise $200 Mn in equity to pare debt.

After the government allowed foreign carriers to own up to 49% in Indian passenger carriers, many Indian carriers have been searching for foreign strategic partners. Jet Airways became the first Indian airline to benefit from the relaxed norms by selling nearly 24 % stake to Etihad Airways for $379 Mn and at present Qatar Airways in is talks with Indian carrier IndiGo for a codesharing agreement.

Announcement Date | 09 May 2013Industry | Airlines / Autos


Deal Concise

Ceebros Hotel Acquires Chennai Project Divison From Viceroy Hotel

Ceebros has acquired the entire 'Chennai Project Division' comprising of 'Chennai Hotel Project’ and 'Chennai Residential Project' from Viceroy Hotel, Chennai for a total consideration of R480 Cr.The hospitality chain has been in the process of reducing its debt by roping in strategic partners for couple of its projects and divesting stake in others.Hyderabad based, Viceroy Hotels develops hotels, restaurants, and food and beverage concepts. The company owns and operates luxury hotels under the Marriott Hyderabad, J W Marriott Chennai, Renaissance Bangalore, and Renaissance Vizagnames; and a business hotel under the Courtyard Hyderabad name.In April, 2012 Rakesh Jhunjhunwala has acquired additional 3.43% stake in Viceroy Hotels and in the same month Viceroy Hotels had sold its Chennai hotel project in MRC Nagar to Chennai based Mahal Hotels.

Ceebros is a Chennai based property developer and is into real estate, hospitality(Raintree Hotels ) and wind energy generation. Imperiale and Belvedere are its upcoming residential projects in Chennai. Raintree Hotels operates two hotel properties in Chennai one on St. Mary's Road and other on Anna Salai Road. Its has installed wind turbines at Govindapuram, Udumalpet and Kanyakumari district which provide electricity to Raintree Hotels.Publishing company S Chand & Co was close to selling its Chennai hotel property, Atlantic Hotels, to CeebrosProperty Development for about R180 Cr.

Announcement Date | 09 May 2013Industry | Leisure/Hotel


Deal Concise

Servion Global Buys JAMS UK

Servion Global Solutions has entered into definitive acquisition agreement with JAMS UK and JAMS India, which develops software products used in contact centers. The acquisition will enable Servion to widen its footprint and network in UK and it will also give a new development center in Pune. Post acquisition JAMS becomes a fully owned subsidiary of Servion.

JAMS Technologies is a software development company engaged in developing software products used in Call Centers that are integrated with Cisco IP Contact Centers Product Suite. JAMS provide services in all the aspects of Software Development Life Cycle. It specializes in developing software products used in Contact Centers and comes with ready skill-sets that are complementary to Servion’s skill-sets in the CIM space.

Founded in 1991, Servion is engaged in providing end-to-end Customer Interaction Management (CIM) solutions and IP based solutions in the contact centre space. With over 600 customers and 1000 installations in more than 60 countries, Servion’s products and solutions handle in excess of 7 Bn voice / fax / ACD / Web / e-mail interactions per year.

Servion Global offers its solutions majorly to banking and telecom sectors and plans to hire around 150 people this fiscal.



Deal Concise

Wipro Buys Minority Stake In Opera Solution

Wipro has signed an agreement to enter into a strategic partnership and take a minority position for $30 Mn in Opera Solutions, LLC a global big data science company.

With this deal, Opera Solutions aims to capture the increasing demand for big data analytics.The strategic partnership would help Wipro to expand in big data analytic space. The acquisition will help Wipro customers to maximize the ROI of Big Data analytics implementation through faster adoption. Last month Wipro had announced that it was seeking to acquire companies.

Opera Solutions, LLC is a technology and analytics company mainly focused on capturing profit growth opportunities emerging from big data. The firm uses a combination of analytics, technology, machine learning science, large-scale data

management, and human expertise to build and deliver analytics solutions to large and mid-sized clients in a number of sectors, including financial services, investment firms, consumer goods, retail, manufacturing, distribution and government.Opera Solutions is backed by PE players such as Silver Lake Sumeru, Accel-KKR, JGE Capital, TolaCapital and New York based Invus and it had raised $84 Mn in September 2011 from them. this fiscal.



Deal Concise

Metropolis Plans Acquisition In Africa

PE backed Metropolis Healthcare is planning buyouts in East and West African to expand its global footprints, BS States. The diagnostic chain is currently in talks with diagnostic centres in Nairobi, Lagos, Rwanda and Zambia with revenue of $1- $5 Mn. It is also eyeing four to five buyouts in India in 2013-14. Post buyouts, Metropolis plans to do tests at its collection centres in the African markets for 70-80% samples, while the rest that need detailed studies will be sent to India.

In 2010, Warburg Pincus invested $85 Mn in the company, which provided exit to ICICI Venture, which had invested $7.5 Mn for a 25% stake in Metropolis in 2006 through its India Advantage Fund Series I. Metropolis Healthcare offers a range of services including laboratory medicine,

radiology and imaging services, hospital laboratory management and remote pathology testing services.

It has 55 labs spread across India, Sri Lanka, UAE, South Africa, Bangladesh and Seychelles.Recently, Westbridge Capital along with TA Associates invested $44 Mn in Pathology Chain –Dr Lal Pathlabs for minority stake.



Deal Concise

Global Edge Buys Dearborn Electronics

Global Edge Software has acquired Dearborn Electronics India Private Limited, specialising in automotive and automotion control, communication and information solutions space, BS Stated. The acquisition will help Global Edge's focus on automotive electronics and industrial automotion embedded systems.

Founded in 2000, Dearborn Electronics provides solutions for design, development and testing of control and network systems using our unique service delivery models, re-usable technology components and rich Automotive and Automation experience. The company caters to large OEMs and tier I suppliers providing embedded software solutions and services focusing on diagnostics, ECU software systems and control systems for the automotive and industrial automation segments.

Global Edge Software is an embedded solutions and services company focused on wireless communications, Telecom and IP Networking domains. In 2005, it acquired Ionic Microsystems, another Bangalore-based technology provider for wireless LAN and broadband residential gateways.



Deal Concise

Amcor May Acquire Murugappa Group's Packaging Biz - Tuflex

Australia's Amcor plans to buy Murugappa Group's Packaging business Tuflex to expand its operations.Murugappa Group wants to divest smaller non-core assets, thus leading to this deal.

Established in 1985, Tuflex India has attained the leadership position in the polymer net and knitted fabric manufacturing industry. Its product line includes agro products, garden landscaping products, mosquito proofing products, packaging products and geosynthetic products.Recently, Murugappa Group’s Coromandel Acquired Liberty Phosphates and MurugappaGroup's E.I.D. - Parry (India) Limited purchased the entire stake of its JV partner Cargill Asia Pacific Holdings PTE.

Amcor is a multinational packaging company with operations in operating across 30 countries and 89 plants. Amcor Flexibles operates as two independent business groups across two regions – Flexibles Europe and America’s and Flexibles Asia Pacific. Last year Amcor acquired Uniglobe Packaging Private Limited, a packaging firm for $20.7 Mn to expand market in Indiadeveloper of TestersDesk.com.

Announcement Date | 07 May 2013Industry | Basic Industries


Deal Concise

Suzlon To Exit Non Core Assets

Suzlon Energy is planning to raise up to $400 Mnby selling 15 of its non-core assets to partly retire the debt of nearly R14,600 Cr.The company, which got a lifeline from its lenders in January with R9,500 Cr debt restructuring, has planned to reduce debt and interest by selling non-core assets and cut its fixed costs by nearly 20%.

The company has already initiated the process to sell stake in its wholly-owned Chinese subsidiary Suzlon Energy Tianjin, through which it will realise$60 Mn and the entire proceeds from these planned sales will go into retire debt.Suzlon is also planning to sell stake in its forging business SE Forge and selling some of their components manufacturing facilities in the country.

The company this March raised $647 Mn in overseas bond sale, which was guaranteed by its lead banker SBI as part of its plan to retire its $650 Mnforex loans.Late January Suzlon managed a R9,500 Cr CDR out of its R14,568 Cr loans from 19 lenders led by State Bank of India. Following the CDR, 21 banks and other financial institutions would hold 32.1% stakes. Last year Suzlon Energy Limited has raised 750 Mn Euros for its wholly owned subsidiary RePower Systems SE.

Announcement Date | 06 May 2013Industry | Cleantech


Deal Concise

HCC To Sell Non Core Asset To Repay Debt

HCC aims to raise up to R1,000 Cr by selling stake in real estate and non- core infrastructure assets for paring some of its debt and reducing the strain on its balance sheet.

Last year, the company got approval to restructure term loans of R3,200 Cr and the company had a debt of R4,600 Cr.The company has put on the block land parcels in Mumbai and Pune. It is also looking at selling stake in 247 Park, an office property in Mumbai's Vikhroli area, in which it holds 26% equity stake.The company hopes to sell stake in some of their existing BOT (build-operate transfer) projects this year. It is considering selling further stake in its infrastructure subsidiary, which owns infrastructure development projects totaling R7,000 Cr.

The group had raised R240 Cr by selling 14.5% in this arm to Singapore-based Xander Group in September 2011. Analysts said that the debt recast would provide some relief to HCC as it has lowered the interest rate but added that debt reduction, meeting equity requirement for road projects and delay in monetization of Lavasa project would continue to pose challenges

Announcement Date | 06 May 2013Industry | Infrastructure


Deal Concise

Pramati Buys WaveMaker Assets from VMware

Pramati Technologies, a software engineering firm in Hyderabad has acquired certain assets of the US firm WaveMaker owned by VMware for an undisclosed amount. Terms of the transaction were not disclosed.

WaveMaker is a rapid application development platform that helps developers reduce time in writing codes. Pramati is planning to use this WaveMaker offers a RAD (rapid application development) platform that can be used to develop Java applications for the cloud, using a visual interface that reduces the amount of code that needs to be written from scratch. The company has generated a developer community of more than 35,000 participants.

WaveMaker simplifies the process of building enterprise Java applications to boost both developer productivity and quality, without compromising flexibility. Its applications are cloud-ready, highly scalable, multi-device, and backed by a strong developer community.VMware purchased WaveMaker in 2011 for simplifying the construction of enterprise Java applications and made it part of its SpringSourcebusiness unit.


This document captures the list of deals announced based on information available in the public domain and public announcements and istherefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professionaljudgment. Neither INDEL Advisors LLP nor any other member of the INDEL global can accept any responsibility for loss occasioned to anyperson acting or refraining from action as a result of any material in this report. On any specific matter reference should be made to theappropriate advisor.

For more details on this please contact:E: [email protected] on to: www.indelglobal.com

INDEL Advisors LLPTAX|LEGAL|TRANSACTION ADVISORY

INDEL Advisors LLP is a global business advisory and consulting firm led by experienced banking andoperating professionals dedicated to serve middle-market companies. With the unique depth of thoughtcombined with the global expertise of leading professionals, INDEL is committed to protect and enhancethe enterprise value of its clients. Founded in 2009, the firm is headquartered in New Delhi and has officeslocated in major financial centers.

Deal communique volume 2

Economy & Finance

Transcript of Deal communique volume 2