HANDBOOK

In Collaboration With

ERNST & YOUNG

Private Equity In Numbers

Every bit of data you would ever want to know on deals in India

CONTENTS
Foreword The Big Picture The Players The Trends The Deals The Exits 2 4 9 12 17 50

Ernst & Young Team Srikant Krishnan, Ashish Bakhshi, Rushik Patel Project Editor Snigdha Sengupta Design Manish Marwah Graphics Kishore Das
COVER DESIGN: MANISH MARWAH

Copyright Outlook Publishing (India) Private Limited, New Delhi. All Rights Reserved No part of this book may be reproduced, stored in a retrieval system or transmitted in any form or means electronic, mechanical, photocopying, recording or otherwise, without prior permission of Outlook Publishing (India) Private Limited and World Bank. Printed and published by Maheshwer Peri on behalf of Outlook Publishing (India) Pvt. Ltd. Editor: M Anand. Published from AB-10 Safdarjung Enclave, New Delhi.

FOREWORD

OUTLOOK BUSINESS-ERNST & YOUNG

PEs Here To Stay

HE GLOBAL financial turmoil and slump in M&A activity has put private equity players on high alert. While private equity in India has hit its first major hurdle in five years, its far from a crisis. The Indian success story remains intact as global sponsors continue to favour India as an investment destination. PE momentum is expected to pick up, however, with due caution. Compared to 2007, the excitement has abatedthe first nine months of 2008 saw PE funds invest $8.5 billion in India, which is half of the $17.2 billion invested in 2007. Yet, investment activity in India is likely to rebound faster than in western markets as the countrys growth drivers are still positive. In addition, as demand picks up and liquidity improves, projects that are on hold are likely to kick-start pent-up investment activity. When capital markets were buoyant, PE players invested in companies at high valuations. With the recent market fall, the value of these investments has dipped significantlyin some cases, by 50% or more. This is making PE-VC investors more selective. The past two years have seen suc-

cessful PE exits and investments. PE houses are now engaging with investee companies more closely to look at cost optimisation, working capital improvements, etc, which will help the industry ride out the downturn. At the same time, due diligence to screen any new investment opportunity is higher than ever before. Greater efforts are being made to evaluate the business rationale and understand the risks. That said, with the prevailing low valuations and lack of liquidity, a bulk of the capital requirement in the nearterm will be met by private equity, as in the past few months. In addition, while PE houses are expected to evaluate opportunities across sectors, their focus will be on industries that are less likely to be affected by the current economic slowdown. These are highly volatile, albeit exciting times for everyone, including PE funds and entrepreneurs looking to raise capital. We hope you find this publication insightful and that it provides comprehensive information reflecting the PE/VC activity in India. <
Rajiv Memani Country Managing Partner Ernst & Young
3

THE BIG PICTURE

OUTLOOK BUSINESS-ERNST & YOUNG

attractive private equity investment destinations. Much of the growth has come after 2004, the year when global private equity rediscovered India, and set the pace for a four-year party that has seen this market break records on all frontsfund-raising, investments and exits.

NE WORD appropriately describes the growth of Indias private equity industry: phenomenal. From a modest $1.05 billion in private equity investments in 2002 to $17.3 billion today, India today brooks no resistance to its position as one the worlds most

Investments By Country
Australia China India Indonesia Japan Korea New Zealand Singapore Taiwan Thailand Other Asia-Pacic countries Total
Figures in $ million

India In Their Sight

2005 2,348 8,853 2,424 564 8,187 2,410 750 4,426 87 91 3,456

2006 6,507 10,306 7,520 714 11,505 1,886 2,956 2,077 4,001 3,879 11,467

2007 14,611 10,874 17,273 517 14,708 4,459 2,733 5,348 4,932 377 7,123

33,596

62,818

82,955

Source: AVCJ

Today, private equity can lay reasonable claim to playing an important role in Indias growth story, which itself has been fairly spectacular in the last few years. As a percentage of the economys GDP (gross domestic product), private equity is a small but no insignificant contributor. In 2007, it accounted for an impressive 38% of total FDI (foreign direct investment) inflows to India. But more important than the numbers is the far-reaching impact private equity has had in helping shape Indias corporate landscape, especially in the small and medium enterprise segment. Notable instances of industries that have been able to fast-track growth to a great extent due to the patronage of private equity include business process outsourcing (BPO), information technology services, niche manufacturing, healthcare, financial services, construction, real estate and infrastructure. Indias growth has gone hand-inhand with growth in the overall Asian region. For the last four years, Asia has held global private equitys attention

PE investments in India have grown from a modest $1.05 billion in 2002 to $17.3 billion
5

THE BIG PICTURE

PE Funds Raised
12

OUTLOOK BUSINESS-ERNST & YOUNG

PE Investments Versus FDI

2005 2,637 2006 4,859 2007
10 11.5%
Indias share in Asia

2002 India Asia 160

2003 260

2004 823

2002 PE investments Foreign direct investment 1,050 5,035

2003 865 4,322

2004 1,479 6,051

2005 2,424

2006 7,520

40 35 30 25 20 15

37.77%

5,831

8 6 4 5.3% 2002

2,991 3,322 11,463 28,010 41,113 50,671

Figures in $ million

7,722 19,531
Figures in $ million

2007

20.85% 2002

PE as % of FDI

2006

PE Investments Made
2002 India Asia 1,050 2003 865 2004 1,479 2005 2,424 2006 2007
25 20 15 10 5 0 2002 11.5%
Indias share in Asia

PE Investments Versus GDP

20.6%

2002 PE investments GDP 1,050

2003 865

2004 1,479

2005 2,424

2006 7,520

1.00 0.80 0.60 0.40 0.20 0 0.21%

0.84%

7,520 17,273

9,112 17,580 19,010 33,596 62,818 82,955

Figures in $ million

495,651 575,245 666,305 778,666 873,659

Figures in $ million

PE as % of GDP

2007
Source: AVCJ

2002

2006
Source: AVCJ

as a market that has the potential to deliver superior returns compared to mature markets such as the US and Europe. As the region continues to develop, non-leveraged growth investments in still emerging sectors and companies promise private equity rich returns for a few more years to come. Within Asia, India, though still lagging China in terms of fundraising and investments, has become a
6

90% of PE money comes from abroad. More local capital is needed

significant contributor. Between 2002 and 2007, it has seen its share double in Asia, both in terms of money raised and investments made. In 2007, India accounted for 20.6% of overall investments made in Asia and 11.5% of funds raised by private equity players from the continent. While it is true that the bulk of the money pumped into India, particularly over the last four years, is yet to deliver returns to private equity investors,

there is no doubt that big money can be made in India. Sample: Warburg Pincus $1.9 billion rake-in from a $300 million investment in Bharti Airtel. At this juncture, the future for Indian private equity looks a tad uncertain. The global financial crisis has cast a long shadow on future fund inflows and the industrys own ability to show above-average returns. The good news is that India has been there before, and has come out

In 2007, PE accounted for 38% of total FDI inflows to India

strong. The 2001 Internet bust all but wiped out the countrys fledgling private equity industry. After the massive investment write-offs seen in the two years that followed the bust, few had imagined that private equity would return to India with such vigour after 2004. Global private equity heavyweights such as the Blackstone Group, the Carlyle Group and Kohlberg Kravis Roberts now compete for deals with homegrown
7

THE BIG PICTURE

Funds Raised By Region
US Emerging Asia China India Malaysia South Korea Vietnam Pan-Asia Africa North Africa Pan-Africa Sub-Saharan Africa South Africa Middle-East Levant (Syria, Lebanon, Jordan) Pakistan GCC (Gulf Cooperation Council) MENA 2007 2008* 297,000 141,000 28,669 26,295 3,890 11,200 5,831 3,017 25 NA 140 NA 679 NA 19,366 11,000 2,340 1,258 306 67 1,421 546 5,027 1,140 117 50 1,362 3,498

OUTLOOK BUSINESS-ERNST & YOUNG

Multi-Region CEE and Russia Russia Poland Turkey Central/Eastern Europe CIS (Commonwealth of Independent States) South-Eastern Europe Latin America and Caribbean Brazil Mexico Colombia Chile Central America and Caribbean Latin America

2007 4,077 14,629 1,790 146 1,123 3,590 80 7,900 4,419 2,510 182 231 NA 56 1,440

2008* 2,739 2,537

1,289

* First-half; all gures in $ million; Emerging Asia region excludes Japan, Australia & New Zealand Source: Ernst & Young (for US); Emerging Markets Private Equity Association (other regions); AVCJ (India)

players such as ChrysCapital Investment Advisors and ICICI Venture. The industry has seen its fair share of excesses in the past four years (public market deal at high valuations), but its foundations are somewhat more stable today than they were in 20008

There are excesses, but the foundations are more stable than in 2000-01

01. As the industry prepares to counter yet another phase of uncertainty, made more uncertain by the fact that nearly 90% of Indias private equity money comes from overseas, it may be time to think seriously about developing local sources of capital. n

THE PLAYERS

OUTLOOK BUSINESS-ERNST & YOUNG

Charge Of The Foreign Brigade

TS STILL early to rank Indias top 10 private equity players on the basis of performance. Most players, domestic and foreign, have been investing here for less than a decade, and are yet to complete a single cycle of investments and exits. There have been some clear winners who have shown superior returns in their initial funds or in individual dealsChrysCapital, Warburg Pincus, Citi Venture Capital International, Actis and

In 2007, there was just one Indian player in the top 10 by deal value

ICICI Venturebut it is still early to name the top investors. It is, however, possible to identify the most active in terms of investments. Domestic heavyweights ChrysCapital, ICICI Venture and IL&FS Investment Managers have been among the most prolific, and would be among the top 10 investors, along with a host of global players. While such domestic funds, along with a handful of global funds (Warburg, Actis, CVCI)
9

THE PLAYERS
Most Active International Players In 2007
By deal value Fund manager Temasek Holdings CVC International Goldman Sachs Blackstone Group India Equity Partners AIF Capital Macquarie Bank Avenue Capital Carlyle Asia Dubai International Capital By number of deals Fund manager CVC International International Finance Corp. Sequoia Capital Blackstone Group Temasek Holdings Goldman Sachs 3i Group IDG Ventures New Enterprise Associates SAIF Partners SVB India Advisors
Figures for 2007

OUTLOOK BUSINESS-ERNST & YOUNG

Most Active Domestic Players In 2007

Deal value ($ mn) 3,152.2 2,057.8 1,883.0 1,136.8 1,098.9 1,008.2 1,000.0 717.8 701.0 637.8 No. of deals 17 15 9 8 8 7 6 6 6 5 5
Source: AVCJ

Nationality Singapore US US US US Hong Kong Australia US US UAE Nationality US US US US Singapore US UK US US Hong Kong US

Firm type Government afliate Bank private equity arm Bank private equity arm Independent VC/PE rm Independent VC/PE rm Independent VC/PE rm Bank private equity arm Independent VC/PE rm Independent VC/PE rm Investment company Firm type Bank private equity arm Industrial development org. Independent VC/PE rm Independent VC/PE rm Government afliate Bank private equity arm Independent VC/PE rm Corporate venture arm Independent VC/PE rm Independent VC/PE rm Independent VC/PE rm

By deal value Fund manager ICICI Venture Funds New Silk Route Advisors IL&FS Investment Managers Beacon India Advisors IDFC Private Equity Indivision Investment Advisors UTI Venture Funds Zeus Inframanagement Jacob Ballas Capital ChrysCapital Management By number of deals Fund manager ICICI Venture Funds IDFC Private Equity Indivision Investment Advisors IL&FS Investment Managers Kotak Investment Advisors Nexus India Capital Blue River Capital Helion Ventures Jacob Ballas Capital UTI Venture Funds
Figures for 2007

Firm type Bank private equity arm Independent VC/PE rm Independent VC/PE rm Independent VC/PE rm Bank private equity arm Independent VC/PE rm Independent VC/PE rm Independent VC/PE rm Independent VC/PE rm Independent VC/PE rm Firm type Bank private equity arm Bank private equity arm Independent VC/PE rm Independent VC/PE rm Bank private equity arm Independent VC/PE rm Independent VC/PE rm Independent VC/PE rm Independent VC/PE rm Independent VC/PE rm

Deal value ($ mn) 1,106.5 443.0 324.6 273.2 268.8 217.0 156.6 127.5 119.3 117.9 No. of deals 13 8 8 7 7 6 5 5 5 5
Source: AVCJ

laid the foundations of the Indian private equity industry in 2002-03, the industry has achieved new heights with the rush of new global players in the past four years. Theyve come in
10

all shapes and sizes, and contributed to spreading private equitys influence across the spectrum of enterprise. Today, there is possibly no sector in the country that has not been touched by

private equity. Among global players to watch are Asian giant Temasek Holdings, buyouts specialists such as the Blackstone Group, Kohlberg Kravis Roberts and Providence Equity Partners, and veter-

ans such as Warburg Pincus and Actis, who are priming for a second innings here. The population of homegrown players is also growing, among them Kotak Private Equity, New Silk Route, Indivision and IDFC Private Equity. n
11

THE TRENDS

OUTLOOK BUSINESS-ERNST & YOUNG

in unlisted companies. However, India has been a bit of an exception in this regard. Over the last four years, it has also emerged as a favoured market for PIPEs (private investment in public enterprises). In 2007, PIPEs were right behind unlisted growth deals in terms of funds deployed$5.9 billion (See table on Page 14). In PIPEs, private equity investors pick up minority stakes in listed companies, either directly or through the secondary market. Most private equity investors term their PIPEs as growth deals as well, since a large number of listed companies in India are relatively young and have the same characteristics as comparable unlisted peers. But, traditional PE investors, who prefer unlisted companies at valuations that are not heavily benchmarked against their listed comparables, view PIPEs as risky where returns depend largely on the whims of the public market. In fact, in the current market scenario, where the Sensex has plummeted dramatically in just six to nine months, many such PIPE deals are now down to 50-70% of their original value, according to Outlook Business research. As the carnage in the public market continues, private equity is expected
13

In Growth We Trust
S THE global financial crisis deepens, one of the saving graces for the India private equity market will be its slant towards growth investments. India, much like the rest of emerging Asia, is still predominantly a growth market simply because most sectors in the region are still at their formative stages. That means growth rates are higherso far, they have averaged 30-40% a year in Indiaand the potential returns for private equity are that much higher. Growth is one of the factors that may just enable India to continue to attract investors through the global slowdown, as investors overseas look to shore up losses in hugely leveraged deals in the US and Western Europe by moving more money to growth markets like India. Leveraged deals are yet to make an appearance here. In growth investments, private equity funds typically take a significant stake15-20% or morein relatively young companies (typically, in the small and medium enterprise segment). Now, typically, growth investments take place
12

The maximum money went into unlisted deals, followed by PIPEs

THE TRENDS
Stage-Wise Investments
2003 By value ($ million) Bridge loan Buyouts (MBO/MBI/LBO) Expansion/growth capital Franchise funding Mezzanine/pre-IPO PIPE nancing Seed/R&D Start-up/early-stage Turnaround/restructuring Total By number of deals Bridge loan Buyouts (MBO/MBI/LBO) Expansion/growth capital Franchise funding Mezzanine/pre-IPO PIPE nancing Seed/R&D Start-up/early-stage Turnaround/restructuring Total
* First-half

OUTLOOK BUSINESS-ERNST & YOUNG

Buyouts By PE And VC Firms

2004 0.0 564.9 468.5 0.0 7.3 438.3 0.0 0.0 0.0 1,479.2 1 5 37 0 2 17 1 0 0 63 2005 0.0 174.5 1,168.3 0.0 112.2 910.6 0.0 58.4 0.0 2,423.9 0 7 85 1 6 40 0 6 0 145 2006 2007 2008* 0.0 70.0 4,166.1 0.0 442.7 1,028.6 0.0 1,142.7 0.0 6,850.0 0 0 110 0 10 24 1 32 0 177
Source: AVCJ

Company 2005 & before Punjab Tractors VA Tech WABAG India Sify WNS ACC-refractories division Infomedia Thomas Cook India 2006 Nirulas Flextronics Software Systems Oriental Containers Nilgiri Dairy Farm Patel Roadways GPI Textiles OCM India 2007 Airworks India Phoenix Lamps JRG Securities Sharekhan Intelenet Global Services Apollo Hospitals Enterprise-Western Hospital Corp. Tebma Shipyard Aster Infrastructure Gokaldas Exports

PE/VC rm

Industry

Deal value ($ mn) NA 23 63 NA 60 NA 127 20 765 37 65 33 44 37 24 24 41 118.2 200 81.4

0.0 126.0 204.2 0.0 4.7 526.7 0.0 17.2 27.2 906.1 0 4 25 0 2 12 0 7 1 51

0.0 11.3 1,280.2 967.9 3,074.7 7,096.1 0.0 15.2 1,236.0 800.4 1,290.3 5,581.2 7.0 31.7 627.2 2,768.7 5.1 0.0 7,520.5 17,272.4 0 7 160 0 17 61 1 44 1 291 1 9 173 2 31 65 3 77 0 361

Actis ICICI Venture Innity Capital Warburg Pincus ICICI Venture ICICI Venture Dubai Investment Group Navis Capital KKR Navis Capital Actis Reliance Capital Avenue Capital WL Ross Global Technology Investments Actis Baring Private Equity Partners India Citigroup Blackstone One Equity Partners LLC.

Auto Engineering & construction IT/ITES ITES Manufacturing Media Travel Fast foods IT services Packaging Supermarkets Surface transport Textiles Textiles Aircraft maintenance Auto components Financial services Financial services ITES Medical

to return to unlisted growth deals in greater measure. That is not to say that PIPEs will not continuethe current market levels make them attractivebut investors will be more careful about how they negotiate their entry valuations. A new frontier for Indian private eq14

uity in 2009 will be buyouts, though we may see more of equity-led growth buyouts, rather than the leveraged buyout model in fashion in the West. Till 2005, India had seen all of seven buyouts by private equity or venture capital firms. The next year, 2006, saw another seven; 2007 was the best year,

ICICI Venture New Silk Route Blackstone

Shipyard Telecom infra. Textiles & garments

23 57 165
Source: AVCJ

Data sorted alphabetically by sector for each year; no buyouts in 2008; NA: not available

15

THE TRENDS
Investments By Industry
Agriculture/sheries Computer-related Conglomerates Construction Consumer products/services Ecology Electronics Financial services Information technology Infrastructure Leisure/Entertainment Manufacturing-heavy Manufacturing-light Media Medical Mining and metals Retail/wholesale Services-non-nancial Telecommunications Textiles and clothing Transportation/distribution Travel/hospitality Utilities Total
* First-half; gures show number of deals

2003 0 6 0 1 0 0 1 8 6 0 1 3 1 2 6 0 0 11 1 0 3 0 1 51

2004 0 10 0 1 3 0 2 4 4 3 0 6 0 2 8 0 3 5 3 2 3 0 4 63

2005 0 8 0 1 3 0 1 10 19 4 7 18 2 0 20 0 2 3 8 10 18 7 6 147

2006 1 15 0 8 20 0 6 39 28 19 4 23 4 6 22 6 6 22 6 13 34 9 11 302

2007 1 22 0 11 7 0 16 72 47 13 3 13 1 5 28 10 9 21 23 11 30 9 9 361

2008 * 1 6 0 2 6 0 3 23 24 6 1 17 2 2 15 3 5 15 11 5 17 8 7 179
Source: AVCJ

with nine buyouts. Investors such as ICICI Venture, Actis, Warburg Pincus and Blackstone have already experimented with buyouts. If the liquidity crunch in domestic
16

markets continues, opportunities for buyouts in the form of distressed asset sales and hiving off of non-core businesses could emerge as plum pickings for private equity. n

THE DEALS

OUTLOOK OUTLOOK BUSINESS-ERNST BUSINESS-ERNST & YOUNG & YOUNG

From $25 mn to $50 mn

T THE close of June 2008, the Indian private equity market had seen 1,103 deals since the year 2003. Incidentally, 2003 itself saw only 51 deals. Over the years, as the number of deals have grown, so have ticket sizes. The average deal ticket size has increased from $25 million in 2006 to $50 million now. Today, $200-300 million deals frequent the landscape and $1 billion-plus deals are closed once or twice a year. The 32 pages that follow list all the private equity deals done in India since 2007. These transactions typify the evolution of the Indian private equity industry, from the exotic fringes of investing to the mainstream. In 2007, for example, as many as 23 broad sectors saw private equity investment. Its a trend that has continued in 2008, with companies from 22 sectors getting some private equity funding. The mix of companies that received

funding in these two time periods is a rich and diverse one. There are listed and unlisted companies. There are big and small companies. There are businesses promoted by business houses and by first-generation entrepreneurs. Deals range from $100,000 to $2 billion. Its about the power of an idea. Have a good idea, will fund. n

Over the years, as the number of investment deals have grown, so have ticket sizes
17

the deals Transactions In 2007

Investee Agriculture/fisheries Asian Dhall Industries Computer-related 3D Solid Compression AuthorGen Technologies CEON Solutions CG-CoreEl Programmable Solutions Computer Age Management Services IBS Software Services ICSA (India) Infotech Enterprises Instant Collaboration Software Technologies Iteamic iViZ Techno Solutions iYogi Technical Services Manthan Software Services/Manthan Sys. Manthan Software Services/Manthan Sys. Neilsoft
18

outlook business-ernst & young

Investee Stake Investors (%) NA SAIF Partners NA IDG Ventures India Advisors NA BOA Consultancy Services NA GVFL NA Xilinx Asia Pacific Pte NA Advent International Corp./South East Asia Venture Investment (SEAVI) NA General Atlantic LLC NA Goldman Sachs (Asia) 13.0 General Atlantic LLC NA Softbank China & India Holdings NA Canbank Venture Capital Fund NA IDG Ventures India Advisors NA Canaan Partners; SVB India Advisors NA IDG Ventures India Advisors NA ePlanet International Advisors NA Trident Capital
Source: AVCJ

Amount ($ mn) 7.9 NA NA 0.7 NA 90.0 60.0 22.0 63.9 3.0 NA 2.5 3.1 2.0 2.0 7.0

Amount ($ mn) NA 0.2 10.0 12.2 12.7 24.2 20.0 100.0 17.0 34.4 25.2 815.3 150.0 11.5 152.7 18.5 198.7

Stake Investors (%) NA New Enterprise Associates NA GVFL NA Sequoia Capital India NA Avenue Capital Group/Avenue Asia Capital Management, LLC 9.1 Galleon Partners; Passport Capital LLC NA Goldman Sachs (Asia) NA Kubera Advisors NA TPG-Axon Capital LLC NA Darby Asia Investors 27.3 Samsara Capital LLC; SUN-Apollo Real Estate Advisors 13.3 Indivision Investment Advisors NA ICICI Venture Funds Management Co. 14.5 Blackstone Advisors India 8.6 Promethean Investments LLP NA Morgan Stanley Real Estate Fund 10.0 HDFC Venture Capital 11.0 Avenue Capital Group/Avenue Asia Capital Management, LLC; Blackstone Advisors India; DKR Oasis Management Company LP; Kingdom Capital; Warburg Pincus India
Transactions In 2006: go to page 64

Novatium Solutions RapidRadio Solutions SemIndia Systems SFO Technologies Take Solutions Tejas Networks India Venture Infotek Global Construction DivyaSree Developers Escorts Construction Equipment IDEB Projects Interarch Building Products Jaypee Infratech Nagarjuna Construction Nitco Tiles Oberoi Constructions Paranjape Schemes (Construction) Punj Lloyd

Announced deals arranged alphabetically by sector; NA: not available

19

THE DEALS
Investee Sanghvi Movers Soma Enterprise Consumer products/services Amalgamated Bean Coffee Trading (Coffee Day) Bajaj Hindusthan Sugar Goodlife Integrated Fitness Solutions (Calorie Care) Heritage Foods KS Oils Samant Soma Wines/ Sula Vineyards Unibic India Vallabhdas Kanji Electronics Avasarala Technologies BGR Energy Systems Diamond Cables Electrotherm India Electrotherm India Havells India KRYFS Power Components Luminous Power Tech.
20

OUTLOOK BUSINESS-ERNST & YOUNG

Amount ($ mn) 16.4 102.9 Stake Investors (%) 10.9 NA ICICI Venture Funds Management Co. Indiareit Fund Advisors Ordyn Technologies 86.2 15.0 NA 8.9 47.4 9.0 NA 7.6 NA 17.5 NA NA 19.0 20.0 20.0 NA Darby Overseas Investments; Deutsche Bank-Mumbai Branch International Finance Corporation Culbro, LLC; Helix Investments Advisors India Carlyle Asia-India Temasek Holdings Advisors India Sequoia Capital India Lighthouse Capital Argonaut Partners, LLC Pernt Engineering Services Powerica Stovekraft Sudhir Gensets Vestas RRB India Victory Transformer & Switchgear Financial services Aavishkaar Goodwell India Micronance Development Co. AK Capital Services Anand Rathi Securities Angel Broking Angel Inn Apnaloan.com Services Asset Reconstruction Company of India Bombay Stock Exchange NA NA Beacon India Advisors 13.9 3.5 50.0 5.6 65.0 55.0 18.2 NA NA 11.0 12.5 15.0 NA 26.0 Investee Microqual Techno Amount ($ mn) 10.1 Stake (%) NA Investors BTS Investment Advisors Private; JAFCO Investment (Asia Pacic); New Enterprise Associates Aureos Advisers India; India Infoline Erasmic Venture Fund; IDG Ventures India Advisors Standard Chartered Private Equity SIDBI Venture Capital GE Commercial Finance; Goldman Sachs (Asia) Merrill Lynch Global Private Equity Reliance Private Equity

20.0 32.6 3.4 18.6 10.0 112.1 NA 20.3

NA 4.0 NA 15.0 NA 11.2 15.0 NA

AIG Global Investment Corporation Citigroup Venture Capital International Clearwater Capital Partners, LLC ICICI Venture Funds Management Co. International Finance Corporation Warburg Pincus India IDG Ventures India Advisors; Softbank China & India Holdings CLSA Capital Partners

9.1 22.7 37.9 37.9 2.2 13.7 79.8

13.0 19.9 12.5 12.5 NA 9.2 8.0

Global Technology Investments, LLC Citigroup Venture Capital International International Finance Corporation International Finance Corporation Sequoia Capital India Ankar Capital Management, LLC Atticus Management LLC; Caldwell Asset Management Inc; Urbana Corp.
21

THE DEALS
Investee Central Depository Services Centurion Bank of Punjab City Union Bank Amount ($ mn) 4.1 41.6 18.7 Stake Investors (%) 5.0 5.3 12.5 Croupier Prive Private Equity Partners, LLC ICICI Venture Funds Management Company Argonaut Private Equity, LLC; Blue River Capital Advisors (India); FMO (Netherlands Development Finance Company) Kuwait Privatization Project Holding Co.; New Vernon Private Equity; Noor Financial Investment Co.; Passport Capital LLC Och-Ziff Capital Management Group 3 Logi Capital Dubai International Capital Khazanah Nasional Bhd. Orient Global Pte. Orient Global Pte. Legatum Global Development Baring Private Equity Partners India International Finance Corporation International Finance Corporation FMO (Netherlands Development Finance Company) ChrysCapital Management Co. Promethean Investments LLP. National Stock Exchange Phoenix Mills Prabhudas Lilladher Advisory Services Religare Enterprises Share Micron Shriram Transport Finance Company SKS Micronance South Indian Bank Spandana Sphoorty Innovative Financial Services 50.0 19.6 10.0 15.6 24.6 82.1 11.3 37.2 12.0 2.0 2.5 2.8 5.0 NA 5.7 NA 10.2 NA Investee Manappuram General Finance and Leasing Marwadi Shares and Fin. Marwadi Shares and Fin. Multi Commodity Exchange of India Multi Commodity Exchange of India National Stock Exchange National Stock Exchange Amount ($ mn) 11.8 5.6 10.8 59.5 50.4 345.0 138.0 Stake (%) 30.0 15.7 19.7 5.0 4.6 15.0 6.0

OUTLOOK BUSINESS-ERNST & YOUNG

Investors India Equity Partners; Sequoia Capital India India Investment Partners Caledonia Investments Plc. GLG Partners LP; Passport Capital LLC ICICI Venture Funds Management Company; Kotak Investment Advisors General Atlantic LLC; Goldman Sachs (Asia); SAIF Partners Actis Capital LLP; Citigroup Venture Capital International-India; Morgan Stanley Private Equity Asia Limited Morgan Stanley Private Equity Asia Saffron Capital Advisors; TCK Advisers (Trikona Capital) Balyasny Asset Management LP Merrill Lynch Global Principal Inv. India Value Fund Advisors Innite India IDFC Private Equity Co. 3i Group Plc Blue Ridge Capital LLC; International Finance Corporation; UTI Venture Funds Management Co.
23

Delhi Stock Exchange

10.3

20.0

Future Capital Holdings HDFC ICICI Bank IDFC India Infoline Investment India Infoline Marketing Intellecap JRG Securities Karnataka Bank Karvy Stock Broking Magma Leasing M&M Financial Services
Mahindra Forgings Mauritius
22

23.5 649.9 598.3 185.9 76.4 49.8 8.6 41.0 36.2 44.0 15.0 6.6 4.9

10.0 5.6 2.9 10.0 22.5 10.0 NA 64.8 5.0 NA NA 1.4 10.0

THE DEALS
Investee SS Kantilal Ishwarlal Securities/Sharekhan SS Kantilal Ishwarlal Securities/Sharekhan State Industrial Corporation of Maharashtra The Bank of Rajasthan The Bank of Rajasthan The Catholic Syrian Bank Amount ($ mn) 49.3 118.2 89.2 24.9 32.7 8.2 Stake Investors (%) NA 85.0 36.0 2.6 NA 14.0 Avigo Capital Partners Cornell Capital Partners, LP Elitecore Technologies JC Flowers & Co. LLC Indus Capital Advisors (HK) Avenue Capital Group/Avenue Asia Capital Management, LLC AIF Capital; Gartmore Investment Management Plc; Siguler Guff & Co., LLC Khazanah Nasional Bhd. Games2win India 20.0 10.0 6.5 NA NA NA 3i Group Plc Indivision Investment Advisors Christian Wedell; Helion Ventures; SVB India Advisors; Walden International India/Walden-Nikko India Management Co. Seedfund Nexus India Capital Advisors Komli Media/PubMatic 4.0 10.0 NA NA Intel Capital Avigo Capital Partners KPIT Cummins Info. 9.0 NA 7.0 NA Gemini Communications i2india Holdings NA 11.9 3.1 NA 11.1 100.0 Financial Information Network & Operations Financial Information Network & Operations Four Interactive (Asklaila) 10.3 6.8 4.4 10.0 NA 40.0 NA NA Investee Connecturf India DimDim Amount ($ mn) NA 2.4 Stake (%) NA NA

OUTLOOK BUSINESS-ERNST & YOUNG

Investors Nexus India Capital Advisors Draper Richards; Index Ventures; Nexus India Capital Advisors Carlyle Asia-India Intel Capital; International Finance Corporation Legatum Global Development Lightspeed Venture Partners; Matrix India Asset Advisors; SVB India Advisors Clearstone Venture Advisors; SVB India Advisors Nexus India Capital Advisors Greater Pacic Capital India (P) Chris Mathias; Davinder S. Brar; Donald Peck; Graham Wrigley; Imperial Innovations Group Plc Baring Private Equity Partners India Blackstone Advisors India; Intelenet Global Services-management team New Enterprise Associates (India) Intel Capital; Matrix India Asset Advisors Blue River Capital Advisors (India); Sequoia Capital India Passport Capital LLC
25

Games2win India

5.5

NA

YES Bank Information technology Adventity Undisclosed e-commerce infrastructure company Anantara Solutions

48.6

5.0

Infrasoft Technologies Intelenet Global Services ISGN Technologies ItzCash Card

27.0 200.0 25.0 10.0

NA 100.0 25.0 NA

Banyan Netfaqs Pvt (agencyfaqs) CE Info Systems (Mapmyindia.com) Comat Technologies Comat Technologies
24

NA 2.5

NA NA

THE DEALS
Investee Lifetree Convergence MakeMyTrip (India) mChek India Payment Systems Minglebox Comm. Myntra Designs Netmagic Solutions Obopay Obopay One97 Communications Printo Document Services RT Outsourcing Services Satellier TechProcess Solutions (Billjunction) techTribe, Inc Time Broadband Services Travis Internet (Ticketvala.com) VSoft Ybrant Technologies
26

OUTLOOK BUSINESS-ERNST & YOUNG

Amount ($ mn) 20.0 15.0 5.0 7.0 NA NA NA 10.0 10.0 6.4 7.9 10.0 NA 5.0 NA 2.0 10.4 20.0 Stake Investors (%) NA NA NA NA NA NA NA NA 27.0 NA NA NA NA NA 40.0 NA NA 13.8 International Finance Corporation Helion Ventures; SAIF Partners; Sierra Ventures; Tiger Global Management Draper Fisher Jurvetson (DFJ) Infrastructure Sequoia Capital India Erasmic Venture Fund; Mumbai Angels Nexus India Capital Advisors New Enterprise Associates Promethean Investments LLP; Undisclosed venture capital rm(s) SAIF Partners; SVB India Advisors Sequoia Capital India Motilal Oswal Venture Capital Advisors CLSA Capital Partners Greylock Partners Canaan Partners; Miven Venture Partners; The Entrepreneurs Fund III Dubai Ventures Footprint Ventures iLabs Sansar Capital Management Sea King Infrastructure/ SKIL Infrastructure Sical Infra Assets Subhash Projects 500.0 26.0 61.4 26.0 26.0 20.0 Patil Infrastructure Hold. Ramky Infrastructure 56.7 28.3 26.0 13.5 BIG India Mall Business Park Town Planners (BPTP ) Entertainment World Development Indu Projects KMC Constructions 75.0 78.9 12.2 33.9 35.0 NA 5.0 25.0 NA NA Ansal Properties & Infrastructure-2 SPVs B Seenaiah & Company (Projects) 29.4 38.4 49.0 7.0 IL&FS Investment Managers Amansa Capital Pte; Infrastructure Development Finance Co.; L&T Capital Company; L&T Infrastructure Finance; Lehman Brothers Lehman Brothers Citigroup Property Investors ICICI Venture Funds Management Company Citigroup Venture Capital International Baring Private Equity Asia Group; ICICI Venture Funds Management Company One Equity Partners LLC IL&FS Investment Managers; Sabre Capital Worldwide Future Capital Holdings Walton Street Capital, LLC Citigroup Venture Capital International
27

Investee Ziva Software Zylog Systems

Amount ($ mn) 1.7 9.9

Stake (%) NA NA

Investors Nadathur Holdings and Investments Pvt Argonaut Private Equity, LLC; UTI Venture Funds Management Co.

THE DEALS
Investee Leisure/entertainment 400-room hotel JV Manufacturing ABG Motors 15.0 NA Deutsche Bank Community Development Group; FMO (Netherlands Development Finance Company); International Finance Corporation Warburg Pincus India Jacob Ballas Capital India Blue River Capital Advisors (India) Blackstone Advisors India New Silk Route Advisors IDFC Private Equity Co. Media Infomedia India Kreeda Games India Mindworks Global Media Services Nimbus Communications Out-Of-Home Media (India)/OOH Media Tag Media Network UFO Moviez Webchutney Studio Medical Ankur Drugs & Pharma 5.1 NA 6.0 10.0 NA 124.8 4.0 NA 22.0 48.6 3.9 0.0 NA NA NA NA NA 5.0 NA 49.0 Clearwater Capital Partners, LLC Amount ($ mn) Stake Investors (%) Investee Sahajanand Laser Tech. Sigma Electric Mfg SVIL Mines Tecpro Systems Time Technoplast Amount ($ mn) 1.0 172.0 37.2 2.3 9.1 Stake (%) NA NA 20.0 NA 0.0

OUTLOOK BUSINESS-ERNST & YOUNG

Investors Citigroup Venture Capital International Old Lane, LP Citigroup Venture Capital International Avigo Capital Partners Motilal Oswal Venture Capital Advisors; Zephyr Peacock Management India

Amtek India Bajaj Motors International Print-O-Pac MTAR Technologies Rolex Ring Sona Group Manufacturing-heavy Euro Ceramics International Tractors Jai Balaji Industries Kanoria Chemicals & Industries Promac Engineering Promac Industries Regen Powertech Rubamin
28

43.2 12.0 12.4 65.0 40.0 27.3

8.3 NA NA 25.0 26.0 NA

Manufacturing-light IMP Powers 5.5 23.3 Brescon Corporate Advisors; Motilal Oswal Venture Capital Advisors

ICICI Venture Funds Management Co. Blue River Capital Advisors (India) Helion Ventures 3i India; Cisco Systems Inc; Oman Investment Fund 3i India Intel Capital 3i India Khazanah Nasional Bhd.

15.3 28.4 69.1 5.0 8.2 8.0 25.0 17.3

12.0 NA 15.0 1.6 17.0 27.5 33.0 14.0

Wasserstein & Co., LP JM Financial Investment Managers Citigroup Venture Capital International-India; India Equity Partners Baring Private Equity Asia Group; Citigroup Venture Capital International Tano India Advisors Tano India Advisors Indivision Investment Advisors ICICI Venture Funds Management Co.

Blue Ridge Capital LLC

29

THE DEALS
Investee Real estate Aparna Constructions DB Realty DLF Assets DLF Assets Emaar MGF Land Indiabulls Real Estate Nitesh Estates Nitesh Estates-hotel properties QVC Realty Shapoorji Pallonji Groupreal estate SPV Shrachi Developers Shrachi Realty Shriram Properties Skyline Constructions and Housing Vatika Group 100.0 104.0 400.0 200.0 100.0 39.3 51.0 120.0 100.0 290.0 25.2 25.2 100.0 55.6 254.8 NA 11.8 NA NA 1.5 5.0 25.0 NA NA 15.0 NA NA NA NA 10.8 JP Morgan Asset Management
IL&FS Investment Managers; Lehman Brothers; TCK Advisers (Trikona Capital)

OUTLOOK BUSINESS-ERNST & YOUNG

Amount ($ mn) Stake Investors (%) Investee Brandhouse Retails Dovetail Furniture Fabindia Overseas Flemingo Duty Free Shops Gitanjali Lifestyle Products (Primus Retail) Sankalp Retail Value Stores (MyDollarStore India) Vaibhav Gems Services-Non-Financial 247 Learning Solutions/ 24x7learning A2Z Group/A2Z Maintenance & Engineering Air Works India Engineering Amoha Education (Veta) Career Launcher India Contests2win India Firstsource Solutions Firstsource Solutions Gingersoft Media (mGinger) 4.0 18.5 12.7 10.1 8.3 NA 22.4 42.0 2.0 NA NA 33.0 NA NA NA 6.0 4.5 NA Capital18 Rand Merchant Bank CIBC Capital Partners; DA Capital; Norwest Venture Partners SAIF Partners Gaja Capital Partners Nexus India Capital Advisors Galleon Partners SUN Group Draper Fisher Jurvetson (DFJ); IndoUS Capital Advisors
33

Amount ($ mn) 25.0 NA 11.0 22.7 10.4

Stake (%) 10.0 NA 6.0 15.0 NA

Investors ADM Capital Erasmic Venture Fund Wolfensohn & Company, LLC Citigroup Venture Capital International-India Citigroup Venture Capital International; UTI Venture Funds Management Co. Indivision Investment Advisors

DE Shaw India Advisory Services Lehman Brothers JP Morgan Asset Management; undisclosed investor(s) Farallon Capital Management, LLC Och-Ziff Capital Management Group, Inc Citigroup Property Investors IL&FS Investment Managers Sandalwood Capital Partners Legatum Global Development Citigroup Venture Capital International Innite India Goldman Sachs & Co.-Principal Investment Area Beacon India Advisors; Goldman Sachs (Asia); Wachovia Capital Partners Matrix India Asset Advisors

NA

28.0

34.5

14.9

Nalanda Capital Pte

Retail/wholesale Brand Marketing India

32

NA

NA

THE DEALS
Investee Apollo Health Street Apollo Hospitals Ent. Apollo Hospitals Ent.Western Hospital Corp. Arch Pharmalabs Amount ($ mn) 25.0 103.5 81.4 26.6 Stake Investors (%) NA 12.0 60.0 NA One Equity Partners LLC; Temasek Holdings Advisors India One Equity Partners LLC Apax Partners India Advisers Ocimum Biosolutions BTS Investment Advisors Private; ICICI Venture Funds Management Company; IL&FS Investment Managers; undisclosed investor(s) Fidelity Ventures Jacob Ballas Capital India TCK Advisers (Trikona Capital) Indivision Investment Advisors International Finance Corporation Sequoia Capital India Kotak Investment Advisors Kotak Investment Advisors Kotak Investment Advisors Sycamore Ventures Pte. Indiaco (P)/IndiaCo Ventures ChrysCapital Management Co. International Finance Corporation (IFC) ICICI Venture Funds Management Co. Unimark Remedies Mining and metals Cairn India Fomento International Garware Offshore Services Global Coal & Mining Great Offshore Resurgere Mines and Minerals India Sainik Mining and Allied Services Shiv Vani Oil & Gas Exploration Services 19.7 10.0 27.6 18.8 40.8 16.1 NA 24.5 1.0 3.0 20.0 NA 5.0 12.7 NA 6.7 28.8 27.0 RG Stone Urological Research Institute Roshini International Bio Energy Corporation Sai Advantium Pharma Trivitron Medical Systems 17.0 10.0 2.0 12.5 11.5 NA NA 20.0 18.3 NA Investee MedPlus Health Services Morepen Laboratories Morepen Laboratories Amount ($ mn) 5.2 24.4 19.1 Stake (%) NA 10.0 15.0

OUTLOOK BUSINESS-ERNST & YOUNG

Investors iLabs Standard Chartered Private Equity Avenue Capital Group/Avenue Asia Capital Management, LLC Kubera Advisors ICICI Venture Funds Management Co. Origo Sino-India Plc ADM Capital ePlanet International Advisors; HSBC Private Equity (Asia) Citigroup Venture Capital International International Finance Corporation Origo Sino-India Plc Sycamore Ventures Samara Capital Partners Carlyle Asia-India Merrill Lynch Global Principal Investments GVFL Citigroup Venture Capital International-India; Government of Singapore Investment Corp. Pte
31

Avesthagen Avesthagen Fortis Healthcare Global Hospitals Granules India GVK Biosciences HealthCare Global Ent. Indus Biotech Intas Biopharma IOL Chemicals and Pharmaceuticals Laser Cosmetics Mankind Pharma Max Healthcare Institute Medicare Synergie
30

12.9 5.2 20.0 31.0 6.3 25.5 4.9 3.6 10.0 7.4 0.1 24.7 74.0 29.4

10.0 NA 3.2 25.0 11.5 NA NA NA NA 18.5 20.8 NA NA NA

THE DEALS
Investee Hurix Systems MT Educare (Mahesh Tutorials) Pangea3 Global Services Quipo Infrastructure Equipment Tops Security Amount ($ mn) 5.1 12.0 7.0 34.0 42.6 Stake Investors (%) NA 30.0 NA 31.0 15.8 Helion Ventures Helix Investments Advisors India Sequoia Capital India GIC Special Investments Pte; IDFC Private Equity Co., ICICI Venture Funds Management Company; Indivision Investment Advisors GLG Partners LP Indiaco (P)/IndiaCo Ventures Indivision Investment Advisors Hathway Cable and Datacom HFCL Infotel Hutchison Essar 68.2 56.5 35.0 0.9 2013.5 1,000.0 NA 73.0 NA 20.0 5.0 10.0 Providence Equity Partners New Silk Route Advisors Jacob Ballas Capital India Bank of Baroda; IDBI Capital Market Services Temasek Holdings Advisors India AIF Capital (India); Citigroup Venture Capital International; Goldman Sachs (Asia); India Equity Partners; Investment Corporation of Dubai; Macquarie (Hong Kong); Temasek Holdings Advisors India LiveMedia NDTV Networks NetXcell Reliance Telecom Infrastructure NA 20.0 1.0 346.5 NA NA NA 5.0 INX Media 59.1 85.0 25.0 NA 15.0 40.0 NA NA Investee Cellcast Asia Holdings ConnectM Technology Solutions DigiBee Microsystems Digicable Network Dish TV India Global Assets Holding Corporation Amount ($ mn) 5.3 6.0 8.6 10.1 63.0 141.3 Stake (%) 38.9 100.0 NA 49.0 4.9 NA

OUTLOOK BUSINESS-ERNST & YOUNG

Investors Canaan Partners IDG Ventures India Advisors; Sasken Communication Technologies Clearstone Venture Advisors; SIDBI Venture Capital Ashmore Investment Management; Jagjit Singh Kohli Indivision Investment Advisors Park Holding Finance Corporation; Standard Chartered Private Equity; Technology Infrastructure ChrysCapital Management Co. New Enterprise Associates IDFC Private Equity Co. Kotak Investment Advisors; New Silk Route Advisors; New Vernon Private Equity; SREI Venture Capital; Temasek Holdings Advisors India Draper Fisher Jurvetson (DFJ) ComVentures Ike Lee; Ruderman Capital Mgmt DA Capital; Fortress Capital; Galleon Partners; GLG Partners LP; HSBC Principal Investments; New Silk Route Advisors; Soros Fund Management LLC
35

Va Tech Wabag India Verity Technologies VLCC Healthcare/ Vandana Luthra Curls and Curves Telecommunications Asianet Satellite Comm. Aster Infrastructure Aster Tower BAG Infotainment Bharti Airtel Bharti Infratel

20.0 NA 11.3

10.0 25.6 NA

34

THE DEALS
Investee Spanco Telesystems Spice Communications/ Spice Telecom Sri Adhikari Brothers Television Network Tata Sky Textiles and clothing Biba Apparels Gokaldas Exports Koutons Retail India 4.5 165.0 4.9 NA 70.1 NA Future Capital Holdings Blackstone Advisors India Draper Fisher Jurvetson (DFJ); Helion Ventures; Nexus India Capital Advisors Cargill Ventures Peterson Partners, Inc SIDBI Venture Capital; SBI SIDBI Venture Capital Baring Private Equity Asia Group Artis Capital Management, LLC; Blackstone Advisors India; Fidelity Investment; Genesis Capital Management Inc.; Liberty International; New Vernon Private Equity Citigroup Venture Capital International JM Financial Investment Managers; Lok Advisory Services (Lok Capital) Amount ($ mn) 27.5 30.0 7.0 56.5 Stake Investors (%) 20.3 NA NA 10.0 JM Financial Investment Managers ChrysCapital Management Co.; UTI Venture Funds Management Co. Lehman Brothers; Spinnaker Capital Limited Temasek Holdings Advisors India Investee Transportation/distribution Argentum Motors 51.0 10.0 Amount ($ mn) Stake (%)

OUTLOOK BUSINESS-ERNST & YOUNG

Investors

DE Shaw India Advisory Services; IL&FS Investment Managers; Rand Corporation Reliance Private Equity Global Infrastructure Partners IDFC Private Equity Co. Kotak Investment Advisors Global Infrastructure Partners; Zeus Inframanagement CLSA Capital Partners; TVG Capital Partners Temasek Holdings Advisors India New Enterprise Associates IDFC Private Equity Co. International Finance Corporation Sage Capital Advisors Edgewood Ventures, LLC

BLR India
Chennai Container Terminal

11.3 NA 10.2 22.7 127.5 22.4 26.7 5.0 65.8 30.6 6.3 0.3

31.0 25.0 NA NA 74.0 3.5 27.7 NA 20.0 3.9 8.0 26.0

Delhi Assam Roadways Corporation DRS Logistics East India Petroleum Everest Kanto Cylinder First Flight Couriers Flightraja Travels (VIA) Goodearth Maritime Gujarat State Petronet Innovative B2B Logistics Solutions JV with Hindustan Aeronautics-miniature modules for aerospace applications Ocean Sparkle Pipavav Shipyard

KPR Mill KPR Mill Mudra Lifestyle Prateek Apparels Pratibha Syntex Provogue India

3.0 9.4 3.3 6.8 20.2 33.1

NA 5.0 NA 25.0 NA NA

S.Kumars Nationwide Spykar Lifestyle

82.0 5.0

10.0 NA

18.0 41.2

18.0 16.3

India Equity Partners Jacob Ballas Capital India; TCK Advisers (Trikona Capital)
37

36

THE DEALS
Investee Pipavav Shipyard Pipavav Shipyard Pipavav Shipyard Rane Holdings Reach (Cargo Movers) Reliable Autotech RSB Group Sical Logistics SMS Shivnath Infrastructure Tebma Shipyards Welspun Gujarat Stahl Travel/hospitality Bharat Hotels GL Hotels India Hospitality Corp. India Hospitality Corp. Navi Mumbai 5-star hotel The Park Hotels The Pride Hotel
38

OUTLOOK BUSINESS-ERNST & YOUNG

Amount ($ mn) 11.1 25.0 50.0 4.7 5.0 4.6 38.2 24.9 NA 21.9 80.0 39.4 30.5 18.4 75.0 20.0 55.0 11.4 Stake Investors (%) NA NA NA 10.2 NA 17.0 NA NA 48.4 53.0 6.6 5.0 21.7 12.6 NA NA 15.0 11.1 2i Capital (India); Industrial Development Bank of India Citadel Investment Group, LLC Blackstone Advisors India Blue River Capital Advisors (India) Global Investment House KSC BTS Investment Advisors Private EIF Managers (Evolvence India); IL&FS Investment Managers Blue Ridge Capital LLC; Tiger Global Management, LLC Sequoia Capital India ICICI Venture Funds Management Company 3i India Dubai Ventures Temasek Holdings Advisors India Navis Capital Partners Hayground Cove Asset Management; Navis Advisors (India) Global Investment House KSC Credit Suisse Real Estate Funds Kotak Investment Advisors KVK Energy & Infrastructure Lanco Amarkantak Power Moser Baer Photo Voltaic 26.0 8.0 100.0 NA 5.8 NA Doshion Ind-Barath Power Infra 8.9 71.6 NA 30.0 Investee Utilities Adani Power Athena Projects Bhilwara Energy 229.6 60.0 25.8 8.0 NA 8.5 Tano India Advisors Tiger Global Management, LLC Jacob Ballas Capital India; Wachovia Capital Partners IDFC Private Equity Co. Citigroup Venture Capital International; UTI Venture Funds Management Co. Old Lane, LP International Finance Corporation CDC Group Plc; GIC Special Investments Pte; IDFC Private Equity Co; Infrastructure Development Finance Co. Amount ($ mn) Stake (%) Investors

Transactions In 2008 (First-Half)

Agriculture/sheries Suminter India Organics Computer-related Bay Talkitec (P) Geojit Technologies Miles Software Solutions 2.5 14.1 NA NA 35.0 NA IndoUS Capital Advisors BNP Paribas India Zephyr Peacock Management India
39

NA

NA

Nexus India Capital Advisors

THE DEALS
Investee Mistral Software/Mistral Solutions Paymate India QAI India Ltd Construction Ashoka Buildcon Coastal Projects ECI Engineering and Construction Nagarjuna Construction Synergy Property Development Services Consumer products/services Amalgamated Bean Coffee Trading (Coffee Day) 200.0 20.0 DE Shaw India Advisory Services; Deutsche Bank-Mumbai Branch; JPMorgan Private Capital Asia; Sequoia Capital India Darby Asia Investors ABN AMRO Bank NV; Citadel Investment Group, LLC; Polygon Investment Partners LLP Motilal Oswal Venture Capital Advisors Actis Capital LLP Kotecha Capital Services 180.3 40.1 25.1 50.0 18.0 15.6 20.0 NA 3.2 NA IDFC Private Equity Co. Fidelity Ventures; Sequoia Capital India Sabre Capital Investment Managers Blackstone Advisors India Blackstone Advisors India Amount ($ mn) 6.5 9.0 4.0 Stake (%) NA NA NA Investors JAFCO Investment (Asia Pacic); Nexus India Capital Advisors Kleiner Perkins Caueld & Byers; Mayeld; Sherpalo Inc./Sherpalo Ventures BTS Investment Advisors Private Investee Electronics Dixon Technologies ICOMM Tele Universal Power Transformers Financial services AU Financiers India Centrum Capital Globe Capital Market Mack Star Marketing Mahindra & Mahindra Financial Services Mahindra & Mahindra Financial Services MokshaYug Access Prime Securities Repco Home Finance SatyaVani Homes Shriram City Union Finance SKS Micronance SSKI/Sharekhan Unique Affordable Homes-JV of affordable mass housing projects NA 30.0 41.9 250.0 105.6 4.2 2.0 14.4 27.7 10.0 65.2 37.3 59.3 75.1 NA 10.0 15.0 NA 11.2 0.6 NA 9.5 NA NA NA NA 12.0 NA 9.3 12.4 15.0 NA NA NA Amount ($ mn) Stake (%)

OUTLOOK BUSINESS-ERNST & YOUNG

Investors

Motilal Oswal Venture Capital Advisors Tano India Advisors Peepul Capital LLC

Motilal Oswal Venture Capital Advisors Indivision Investment Advisors Citigroup Venture Capital International DE Shaw India Advisory Services Standard Chartered Private Equity; TPG-Axon Capital LLC Standard Chartered Private Equity Elevar Equity India Investment Partners; New Vernon Private Equity Carlyle Asia-India Sequoia Capital India Aavishkaar India Frontline Strategy SAIF Partners Warburg Pincus India

Amalgamated Bean Coffee Trading (Coffee Day) Jayant Oils and Derivatives Parag Milk Foods Paras Pharmaceuticals United Pizza Restaurant
40

25.0 50.0

NA NA

14.1 NA 127.8

NA 37.0 49.0

41

THE DEALS
Investee Viedea Capital Advisors Information technology Aujas Networks Canvera Digital Technologies Consim Info Core Projects and Tech. Effort BPO Excelsoft Technologies FutureBazaar India GSS America Infotech InterGlobe Technology Quotient Intrasoft Technologies (123greetings.com) iXiGO.com Kijiji India mKhoj Solutions Netmagic Solutions Newgen Software Technologies
42

OUTLOOK BUSINESS-ERNST & YOUNG

Amount ($ mn) NA 3.0 NA Stake (%) NA NA NA Investors BOA Consultancy Services IDG Ventures India Advisors Draper Fisher Jurvetson (DFJ); Footprint Ventures; Mumbai Angels; undisclosed investor(s) Canaan Partners; Mayeld; Yahoo! Inc TGS Investment & Trade Motilal Oswal Venture Capital Advisors The DE Shaw Group Kleiner Perkins Caueld & Byers; Sherpalo Inc./Sherpalo Ventures Kubera Advisors Credit Suisse Private Equity Asia; DBS Capital Investments; Standard Chartered Private Equity Intel Capital BAF Spectrum Pte Matrix India Asset Advisors Kleiner Perkins Caueld & Byers; Sherpalo Inc./Sherpalo Ventures Fidelity Fund Management; Nexus India Capital Advisors HSBC Private Equity Advisors (India) Chiranjjeevi Wind Energy Himadri Chemicals & Industries Hinduja Foundries NA 4.5 20.0 40.0 1.0 8.0 Investee OnMobile Global Amount ($ mn) 30.5 Stake (%) 5.8 Investors Bessemer Venture Partners; DPF India Opportunities Fund; Soros Fund Management LLC; Ward Ferry Management New Silk Route Advisors Jacob Ballas Capital India Kleiner Perkins Caueld & Byers; Sherpalo Inc./Sherpalo Ventures Norwest Venture Partners GVFL Intel Capital Nalanda Capital Pte Frontline Ventures LLC Aquarius Investment Advisors (India) Morgan Stanley Private Equity Asia ICICI Venture Funds Management Company; JPMorgan Private Capital Asia SIDBI Venture Capital FMO (Netherlands Development Finance Company); German Investment and Development Co. (DEG) Dubai Ventures Citigroup Venture Capital International Farallon Capital Management, LLC
43

Ortel Communications SatNav Technologies StudyPlaces Inc Veveo (India) VMukti Solutions Vriti Infocom WNS (Holdings) Infrastructure Futura Infraprojects Totem Infrastructure TowerVision India Leisure/entertainment PVR Pictures Manufacturing-heavy

15.0 7.0 2.0 7.8 NA 2.5 32.0 40.0 7.4 300.0 28.3

23.0 NA NA NA NA NA 5.3 10.0 NA NA 40.0

11.8 3.5 6.3 31.3 NA 10.2 140.0

NA 5.0 NA 35.5 15.0 10.2 35.0

NA NA NA 7.1 20.4 7.6

NA NA NA NA NA NA

Anabond Calcom Cement India

7.0 17.3

NA NA

THE DEALS
Investee HNG Float Glass Kenersys India Mahindra & Mahindra Maithan Ispat Meghmani Finechem Saravana Global Energy Servomax India Shakti Pumps (India) Sharda Worldwide Exports Shri Kamdhenu Electronics Tecpro Systems Uniparts India Manufacturing-light Kitply Industries Lizer Cylinders Media Anil Printers New Horizon Media Medical
Apollo Hospitals Enterprises
44

OUTLOOK BUSINESS-ERNST & YOUNG

Amount ($ mn) 5.0 NA 172.4 18.5 11.5 25.0 3.5 0.2 21.5 0.0 Stake (%) NA NA 3.7 NA 25.0 NA NA 9.1 NA 26.0 Investors International Finance Corporation First Reserve Corp. Goldman Sachs (India) LLC IL&FS Investment Managers; ORIX Corp. International Finance Corporation MPM Capital LP D.E. Shaw India Advisory Services Mayeld Subhkam Ventures India Hydro Investments; Power Infrastructure India; SMH Power Investments Credit Suisse Private Equity Asia AIG Global Investment Corporation (Mauritius) NA Rand Merchant Bank Tano India Advisors Beacon India Advisors; Emergic Venture Capital Apax Partners India Advisers Investee BioPlus Life Sciences Centaur Group Century Pharma. DM Healthcare Gland Pharma HealthCare Global Ent. Parabolic Drugs Quality Care India Roshini International Bio Energy Corporation Sahyadri Hospitals Sai Advantium Pharma Vaatsalya Healthcare Solutions Vikram Hospital & Heart Care Mining and metals 30.1 10.0 7.4 NA NA NA NA NA Asian Oileld Services Fomento International Punj Lloyd Upstream Real estate DLF Assets Entertainment World Developers Golden Gate Properties 450.0 18.5 70.0 NA 4.0 NA Symphony Capital ICICI Venture Funds Management Co. RREEF Alternative Investments
45

Amount ($ mn) 31.0 7.0 NA 51.1 30.4 20.0 7.0 22.8 18.0

Stake (%) NA NA NA 26.0 NA NA NA 19.0 22.5

Investors AIF Capital (India) SIDBI Venture Capital GVFL India Value Fund Advisors 3 Logi Capital PremjiInvest BTS Investment Advisors Private Ashmore Investment Management Abrax Limited Partnership; Origo Sino-India plc.; Professional Offshore Opportunity Fund Baring Private Equity Partners India ICICI Venture Funds Management Co. Aavishkaar India; Seed Advisors/Seedfund ICICI Venture Funds Management Company Samara Capital Partners Origo Sino-India Plc International Finance Corporation

35.5 20.0 1.5 24.0

NA 12.0 NA NA

6.1 20.4

3.9 NA

7.3 20.0 30.0

21.4 6.0 12.0

13.9

1.9

THE DEALS
Investee Indore Entertainment Maytas Properties Ramprastha Promoters and Developers Vaishnavi Group Retail/wholesale Convergem Comm. Footmart Retail (India) Mahindra First Choice Nahar Retail Services-non-nancial Andromeda Marketing Deepak Cables Educational Initiatives Emergent Ventures India Everonn Systems India 70.0 18.6 NA 10.0 22.5 74.0 NA NA NA NA Navis Advisors (India) UTI Venture Funds Management Co. Footprint Ventures; IFMR Trust; Novak Biddle Venture Partners IDFC Private Equity Co. Blackstone Advisors India; Deutsche Securities Asia-Singapore Branch; New Vernon Private Equity India Equity Partners Advisors 3i Asia Pacic plc.; Infosys BPO Warburg Pincus India Abraaj Capital Indivision Investment Advisors 35.7 1.5 18.6 29.7 50.0 NA 10.0 NA Future Ventures India Future Ventures India Phi Advisors Sequoia Capital India Amount ($ mn) 37.6 153.3 80.0 28.0 Stake (%) 14.0 NA 40.0 NA Investors ICICI Venture Funds Management Co. Innite India Investment Management Deutsche Bank AG-Hong Kong Branch Actis Capital LLP Sterling & Wilson Elec. Tessolve Services Updater Services (P) Telecommunications Aditya Birla Telecom Bharti Infratel Essel Shyam Comm. Independent News Services (India TV) Lehren Entertainment Midas Communication Technologies Times Innovative Media TV18 Home Shopping Network /HomeShop18 Zoom Entertainment Textiles and clothing 64.3 19.6 16.3 15.0 9.4 10.0 Arrow Webtex Genesis Colors Koutons Retail India 34.0 25.9 5.0 15.0 20.0 2.0 640.0 250.0 22.0 25.5 NA 3.0 51.0 10.0 30.0 20.0 2.5 NA 20.0 NA NA 16.6 25.0 25.0 46.6 NA 25.4 NA NA 40.0 Investee Security and Intelligence Services India Shriram EPC Amount ($ mn) 114.2 3.5 Stake (%) 14.0 1.1

OUTLOOK BUSINESS-ERNST & YOUNG

Investors IDFC Private Equity Asiabridge Fund I LLC; Bessemer Venture Partners; ChrysCapital Management Co.; ICICI Venture Funds Management Company Goldman Sachs (India) LLC QUALCOMM Ventures ICICI Venture Funds Management Co. Providence Equity Partners KKR Asia Kubera Advisors Shyam Equities NA Argonaut Private Equity, LLC Goldman Sachs (Asia); Lehman Bros SAIF Partners Merrill Lynch Global Private Equity ICICI Venture Funds Management Co. Mayeld; Sequoia Capital India; SVB India Advisors PremjiInvest
47

Ikya Human Capital Infosys Investment Research Center Laqshya Media Osians-Connoisseurs of Art Percept
46

8.0 NA

NA NA

THE DEALS
Investee Provogue India Amount ($ mn) 78.6 Stake (%) NA Investors Acacia Capital Partners; Altima Partners LLP; Dharmayug Investment; Genesis Capital Management Inc; Liberty International; Network 18 Fincap Pvt; New Vernon Private Equity; T Rowe Price GIC Special Investments Pte Blackstone Advisors India DAG Ventures; Draper Fisher Jurvetson; Kleiner Perkins Caueld & Byers; Kotak Mahindra Group; Sherpalo Inc./Sherpalo Ventures Axis Private Equity Merrill Lynch Global Private Equity Clearstone Venture Advisors Axis Private Equity AIG Global Investment Corporation (Mauritius) Promethean Investments LLP Merrill Lynch Global Private Equity Deutsche Bank-Mumbai Branch; Galleon Management, LP Tata Capital Amitayus Investments LLC New Vernon Private Equity Sophia Power 403.8 37.5 Utilities ACME Tele Power Bhoruka Power Corp. KLG Power Shree Maheshwar Hydel Power Soham Renewable Energy India 100.8 17.9 50.1 24.0 15.2 3.4 NA 20.0 NA NA Investee Titagarh Wagons TVS Logistics Services Wilson Sandhu Logistics Travel/hospitality Cicada Resorts Eastern International Hotel/EIH Kaati Zone 18.5 NA Lemon Tree Hotels Mahindra Holidays & Resorts India Neesa Leisure Speciality Restaurants 10.0 14.2 NA 30.0 10.1 17.7 23.0 NA 1.4 NA 5.9 1.0 NA 20.0 Amount ($ mn) 6.6 25.1 10.0 Stake (%) 2.4 NA NA

OUTLOOK BUSINESS-ERNST & YOUNG

Investors Blackstone Advisors India; JP MorganPrincipal Investments Management Goldman Sachs (Asia) Blue River Capital Advisors (India) PremjiInvest Promethean Investments LLP. Erasmic Venture Fund Kotak Investment Advisors; Shinsei Bank Jacob Ballas Capital India Axis Private Equity Farallon Capital Management, LLC; LNM Internet Ventures Jackson Heights Investments; Monsoon Capital LLC Darby Asia Investors TPG Growth, LLC Henderson Equity Partners Columbia Pacic Management Inc.; Odyssey Capital; Sequoia Capital India; Silicon Valley Bank; Vinod Khosla of Kleiner Perkins Caueld & Byers DE Shaw India Advisory Services
Source: AVCJ

Reid & Taylor (India) Transportation/distribution Allcargo Global Logistics (Allcargo Movers) Cleartrip Travel Services

209.6 61.1

25.4 10.4

Corrtech International DRS Warehousing Corp. Elbee Express Harish Chandra India Kinetic Engineering Mahindra Forgings Om Logistics Pipavav Shipyard QuikJet Cargo Seaways Shipping Shriram SEPL Composites
48

15.8 98.9 4.1 29.5 6.4 NA 15.2 8.1 NA 28.3 NA

NA 70.0 35.0 25.0 14.5 3.3 NA 0.7 NA 22.0 26.0

For information on deals announced in 2006, log on to outlookbusiness.com

Announced deals arranged alphabetically by sector; NA: not available

49

the exits

outlook business-ernst & young

In Limbo

Trade Sale Exits

Value ($mn) 182 218 667

4,684 2,163 1,871

he year 2009 will be a sombre one for private equity in India on various counts. The most important of them all: exits, or rather, the absence of exits. The period 2008-10 was tipped to be a mega exit period for a majority of players, notably those who had started investing in 2003-04. With the capital market in shambles, exits that were lined up via initial public offerings (IPOs) are likely to get postponed by a few years, which will have an impact on the long-term returns on these investments. Similarly, trade sale exits, which essentially mean the sale of holdings to strategic buyers or other private equity firms, have also slowed down significantly. Already, players have started marking down their exit return expectations from the average 30-35% touted so far to 20-22%. Going forward, trade sales are likely to dominate, as they have so far, more so because there is a whole bunch of new players in the market who will be looking to enter companies where existing investors may be looking for an exit. Valuations, needless to say, will be a big factor in such deals. n
50

2002 2003 2004

2005 2006 2007

54 Number of deals 10 19 21 32 42

2002 2003 2004

2005 2006 2007

PE-Backed IPOs
Funds raised ($mn) 1,123 218 52 369

3,051 1,989

2002 2003 2004

2005 2006 2007

Number of IPOs

21 13

26

IPO exits compared well with trade sales in the last two years. But now, IPO exits will get tougher

9 2

2
2005 2006 2007
Source: AVCJ

2002 2003 2004

51

the exits Trade Sale Exits In 2007

Investee Computer-related Anupam Global Soft Ltd. Educomp Solutions Ltd. MosChip Semiconductor Technology, Ltd. Neilsoft Ltd. Neilsoft Ltd. Construction Nagarjuna Construction Co., Ltd. Punj Lloyd Ltd. Consumer products/services Godrej Beverages and Foods Ltd. MTR Foods Ltd. Amount ($ mn) NA 0.7 NA 7.0 1.0 16.4 54.5 Deal stake (%) 100 0.6 1.6 NA NA 2.1 2.2 Seller(s) GVFL Ltd. (India) Gaja Capital Partners (India) UTI Venture Funds Management Co., Ltd. (India) GVFL Ltd. (India) GVFL Ltd. (India) ICICI Venture Funds Management Co. Ltd. (India) Standard Chartered Private Equity Ltd. (India); Temasek Holdings Advisors India Pvt. Ltd. (India) Godrej Industries Ltd. (India); IL&FS Investment Managers Ltd. (India); Mr A. Mahendran (India) Aquarius Investment Advisors (India) Pvt. Ltd. (India); JP Morgan Partners Advisers Pte Ltd. (Singapore); MTR Foods Ltd. (India) ICICI Venture Funds Management Co. Ltd. (India) International Finance Corporation (IFC) (India) General Atlantic LLC (India); HSBC Private Equity Advisors (India) Pvt. Ltd. (India); Intel Capital (India); S S Kantilal Ishwarlal Securities Pvt. Ltd./Sharekhan Ltd.-Morakhias (India) NA

outlook business-ernst & young

Acquirer(s)/investor(s) Anupam Group of Industries (India) Undisclosed Investor(s) (India) Undisclosed Investor(s) (India) Trident Capital (US) Neilsoft Ltd. (India) Undisclosed Investor(s) (India) Undisclosed Investor(s) (China (PRC))

53.9 100.0

51.0 NA

The Hershey Company (US) Orkla ASA (Norway)

Electronics Samtel Color Ltd. Financial services Federal Bank Ltd. SS Kantilal Ishwarlal Securities Pvt. Ltd./Sharekhan Ltd.

0.9 10.6 118.2

3.3 2.2 85.0

Undisclosed Investor(s) (India) Undisclosed Investor(s) (India) Citigroup Venture Capital InternationalIndia (US)

SS Kantilal Ishwarlal Securities Pvt. Ltd./Sharekhan Ltd.

49.3

NA
Source: AVCJ

Citigroup Venture Capital InternationalIndia (US)

Trade Sale Exits In 2007: go to page 80

Data arranged alphabetically by sector; NA: not available

52

53

the exits
Investee Weizmann Homes Ltd. Information technology Connecturf India Pvt Ltd. Games2win India Pvt. Ltd. Global Vantedge Pvt. Ltd. IceNet.Net Ltd. Netmagic Solutions Pvt. Ltd. NIIT Ltd. RelQ Software Pvt. Ltd. Amount ($ mn) 20.0 Deal stake (%) 100.0 Seller(s) Asian Finance and Investment Corporation Ltd. (Singapore); Weizmann Homes Ltd. (India) eVentures India (India) eVentures India (India) ChrysCapital Management Co. (India); Global Vantedge Pvt. Ltd. (India) GVFL Ltd. (India); IceNet.Net Ltd. (India) eVentures India (India) Intel Capital (India) Acer Technology Ventures Asia Pacific (India); ICICI Venture Funds Management Company Ltd. (India); Karnataka Asset Management Co. Pvt. Ltd (KAMCO) (India); RelQ Software Pvt. Ltd. (India) Och-Ziff Capital Management Group, Inc (US) BOA Consultancy Services Pvt. Ltd. (Band of Angels) (India); Madhouse Media Pvt. Ltd. (India); Mumbai Angels (India) ICICI Venture Funds Management Co. Ltd. (India) ICICI Venture Funds Management Co. Ltd. (India) GVFL Ltd. (India) Warburg Pincus India Pvt. Ltd. (India) ICICI Venture Funds Management Co. Ltd. (India); Undisclosed investor(s) (India)

outlook business-ernst & young

Acquirer(s)/Investor(s) AIG Capital India Pvt. Ltd. (India)

NA NA 22.7 NA NA 48.4 40.0

NA NA NA 100.0 NA 10.0 100.0

Nexus India Capital Advisors Pvt. Ltd. (India) Nexus India Capital Advisors Pvt. Ltd. (India) Aegis Communications Group, Inc (US) YOU Telecom India Pvt Ltd. (India) Nexus India Capital Advisors Pvt. Ltd. (India) Undisclosed Investor(s) (India) Electronic Data Systems Corp. (US)

Infrastructure Gammon Infrastructure Projects Ltd. Leisure/entertainment Madhouse Media Pvt. Ltd. PVR Ltd. Manufacturing-heavy ACE Refractories Ltd Colortek India Ltd. Sintex Industries Ltd. Media Infomedia India Ltd.

17.9 NA 3.2 136.0 NA 256.4 105.6

3.5 100.0 3.7 99.0 NA 25.0 79.0

Gammon Cooling Towers Ltd. (India) Seventymm Services Pvt. Ltd./Karodpati Marketing Pvt. Ltd., (India) Undisclosed Investor(s) (India) Calderys (France) Undisclosed Investor(s) (India) Undisclosed Investor(s) (India) Television Eighteen India Ltd. (India)

54

55

the exits
Investee Miditech Pvt. Ltd. Medical Apollo Hospitals Enterprises Ltd. Aurobindo Pharma Ltd. Unichem Laboratories Ltd. Retail/wholesale Subhiksha Trading Services Ltd. Trinethra Pvt. Ltd. Services-non-financial Contests2win India Firstsource Solutions Ltd. Firstsource Solutions Ltd. Firstsource Solutions Ltd. MeritTrac Services Pvt. Ltd. Quality Engineering and Software Technologies LLC (QuEST) Telecommunications ACL Wireless Ltd. Jagran TV Pvt. Ltd. Music Broadcast Pvt. Ltd./ Radio City NEW Delhi Television Ltd. (NDTV) YOU Telecom India Pvt Ltd.
56

outlook business-ernst & young

Amount ($ mn) NA Deal stake (%) 26.0 Seller(s) ICICI Venture Funds Management Co. Ltd. (India) Acquirer(s)/Investor(s) Turner Broadcasting System Asia Pacific Inc (US) Undisclosed Investor(s) (India) Undisclosed Investor(s) (India) Undisclosed Investor(s) (India) Prudential ICICI Asset Management Co., Ltd. (India) Aditya Birla Group (India) Nexus India Capital Advisors Pvt. Ltd. (India) Metavante Corporation (US) Galleon Partners (US) SUN Group (Russia) Manipal Education and Medical Group India Pvt. Ltd. (India) Quality Engineering and Software Technologies LLC-Promoters (India) Naspers Ltd. (South Africa) Global Broadcast News Ltd. (India) Star Group Ltd. (Hong Kong) Prannoy Roy and Radhika Roy (India) Bennett, Coleman & Co., Ltd. (India)
57

30.3 23.2 2.6 18.6 76.8 NA 52.6 22.4 42.0 12.9 NA

5.3 2.5 NA 5.0 90.0 NA 14.0 6.0 4.5 70.0 NA

Temasek Holdings Advisors India Pvt. Ltd. (India) Standard Chartered Private Equity Ltd. (India) New Vernon Private Equity Ltd. (India) ICICI Venture Funds Management Co. Ltd. (India) India Value Fund Advisors Pvt. Ltd. (India) eVentures India (India) ICICI Bank Ltd. (India); ICICI Venture Funds Management Co. Ltd. (India) ICICI Bank Ltd. (India); ICICI Venture Funds Management Co. Ltd. (India) Sequoia Capital India (India) HSBC Private Equity Advisors (India) Pvt. Ltd. (India); MeritTrac Services Pvt. Ltd. (India) Carlyle Asia-India (India)

12.3 5.1 NA NA NA

30.0 10.0 20.0 7.7 5.0

Inter-Asia Venture Management Ltd. (Singapore) New Vernon Private Equity Ltd. (India) India Value Fund Advisors Pvt. Ltd. (India) General Atlantic LLC (India) Citigroup Venture Capital International (India)

the exits
Investee Textiles and clothing Sangam India Ltd. Sangam India Ltd. Welspun India Ltd. Transportation/distribution Deccan Aviation Ltd. Deccan Aviation Ltd. Gateway Distriparks Ltd. Ocean Sparkle Ltd. Punjab Tractors Ltd. Travelport Travel/hospitality The Mars Hospitality Group-Mars Restaurants and SkyGourmet Catering Financial services Global Trade Finance Pvt. Ltd. Shriram Transport Finance Company Ltd. Information technology Aztecsoft Ltd. Excelsoft Technologies Pvt. Ltd. OnMobile Global Ltd. Amount ($ mn) 3.2 NA 5.0 7.3 104.6 8.9 18.0 215.5 75.0 Deal stake (%) 4.9 2.0 4.3 3.4 20.0 2.6 18.0 43.5 100.0 Seller(s) ICICI Venture Funds Management Co. Ltd. (India) ICICI Venture Funds Management Co. Ltd. (India) ICICI Venture Funds Management Co. Ltd. (India) ICICI Venture Funds Management Co. Ltd. (India) Deccan Aviation Ltd. (India); ICICI Venture Funds Management Co. Ltd. (India) ICICI Venture Funds Management Co. Ltd. (India) APIDC Venture Capital Ltd. (India) Actis Capital LLP. (India); Burman Family (India) The Blackstone Group L.P. (US)

outlook business-ernst & young

Acquirer(s)/Investor(s) Undisclosed Investor(s) (India) ICICI Bank Ltd. (India) Undisclosed Investor(s) (India) Undisclosed Investor(s) (India) Kingfisher Radio Ltd. (India); United Breweries Group (UB Group) (India) ICICI Bank Ltd. (India); Undisclosed Investor(s) (India) India Equity Partners (India) Mahindra & Mahindra Ltd. (India) Intelenet Global Services Pvt. Ltd. (India) India Hospitality Corp. (India)

91.6

100.0

Navis Capital Partners (Malaysia); Undisclosed Investor(s) (India)

Trade Sale Exits In 2008 (First-Half)st-half)

133.9 35.3 28.9 31.3 30.5 91.0 10.0 32.6 35.5 5.8 Exim Bank (India); First International Merchant Bank Plc (Malta); IFC (India) ChrysCapital Management Co. (India) e4e India (India) UTI Venture Funds Management Co. (India) Argo Global Capital (Hong Kong); H&Q Asia Pacific Venture Management Pte Ltd. (Singapore); Polygon Investment Partners LLP (UK); Satwik Venture Capital Partners (US) State Bank of India (India) JP Morgan Securities Pvt. Ltd. (India) MindTree Consulting Pvt. Ltd. (India) The DE Shaw Group (US) Bessemer Venture Partners (US); DPF India Opportunities Fund (Canada); Soros Fund Management LLC (US); Ward Ferry Management Ltd. (Hong Kong)
59

58

the exits
Investee Infrastructure Petronet LNG Ltd. Services-non-financial Updater Services (P) Ltd. Telecommunications Idea Cellular Ltd. Transportation/distribution Titagarh Wagons Ltd. Amount ($ mn) NA 25.4 Deal stake (%) 5.2 40.0 Seller(s) Asian Development Bank (Philippines) New Vernon Private Equity Ltd. (India)

outlook business-ernst & young

Acquirer(s)/Investor(s) LN Mittal Group (India) ICICI Venture Funds Management Company Ltd. (India) Undisclosed Investor(s) (India)

23.5

NA

Macquarie Investment Management Ltd. (Australia) Frontline Strategy (India); Titagarh Wagons-promoter (India)
Data arranged alphabetically by sector; NA: not available

6.6

2.4

Blackstone Advisors India Pvt. Ltd. (US); JP Morgan-Principal Investments Management (US)
Source: AVCJ

IPOs Backed By PE Funds And VCs

2007 Issuer Autoline Industries Pvt. Ltd. Binani Cement Ltd. Consolidated Construction Consortium Ltd. Dhanus Technologies Ltd. DQ Entertainment Ltd. Size ($ mn) PE/VC shareholder(s) 17.0 Duke Equity Partners 37.9 47.6 28.9 54.1 Credit Suisse Private Equity Asia; JP Morgan Special Situations Asia EIF Managers Ltd. (Evolvence India); UTI Venture Funds Management Co., Ltd. Sourabh Venture Capital Trust; Volrado Ventures Partners IL&FS Investment Managers Ltd.; iLabs Ltd.; International Finance Corporation (IFC); TDA Capital Partners, Inc.
Source: AVCJ

Issuer Edelweiss Capital Ltd.

Everonn Systems India Ltd. Firstsource Solutions Ltd. Fortis Healthcare Ltd. Genpact Global Broadcast News Ltd.

Size ($ mn) PE/VC shareholder(s) 174.2 Americorp Ventures Ltd.; Galleon Management, L.P.; Government of Singapore Investment Corp. Pte Ltd. (GIC); Greater Pacific Capital India (P) Ltd.; Lehman Brothers; Sequoia Capital India 12.4 ST Asset Management Ltd. 100.5 121.1 494.1 23.9 Galleon Management, L.P.; ICICI Venture Funds Management Co. Ltd.; Temasek Holdings Advisors India Pvt. Ltd.; WestBridge Capital Partners LLC Blue Ridge Capital LLC.; Soros Fund Management LLC; TCK Advisers Pvt. Ltd. (Trikona Capital) General Atlantic LLC; Oaktree Capital Management, LLC IL&FS Investment Managers Ltd.

PE investors are currently invested in these companies and can exit after the one year lock-in

60

61

the exits
Issuer Idea Cellular Ltd. Jyothy Laboratories Ltd. K.S. Oils Ltd. Kaveri Seed Co., Ltd. Koutons Retail India Ltd. KPR Mill Pvt. Ltd. Meghmani Organics Ltd. MindTree Consulting Pvt. Ltd. Motilal Oswal Financial Services Ltd. Mudra Lifestyle Ltd. Mundra Port & SEZ (MPSEZ) Religare Enterprises Ltd. Spice Communications/Spice Telecom Supreme Infrastructure India Ltd. Suryachakra Power Corporation Ltd. Take Solutions Ltd.
62

outlook business-ernst & young

Size ($ mn) PE/VC shareholder(s) 481.6 2i Capital (India) Pvt. Ltd.; Citigroup Venture Capital International-India; Sequoia Capital India 77.0 Actis Capital LLP.; CLSA Capital Partners 31.4 17.2 36.9 32.3 25.2 53.9 60.5 19.5 451.2 35.7 128.8 9.6 16.8 37.2 Baring Private Equity Partners India Pvt. Ltd.; Citigroup Venture Capital International-India India Emerging Capital Pvt. Ltd. Argonaut Private Equity, LLC; Passport Capital LLC; UTI Venture Funds Management Co., Ltd. Argonaut Private Equity, LLC.; Blue River Capital Advisors (India) Pvt. Ltd.; Brandot International Ltd.; Peterson Partners, Inc. Electra Partners Asia Pvt. Ltd. Capital International, Inc.; Global Technology Ventures Ltd.; Templeton Asset Management (India) Pvt Ltd. Bessemer Venture Partners; New Vernon Private Equity Ltd. SIDBI Venture Capital Ltd. 3i India Pvt. Ltd.; GIC Real Estate Pte. Ltd. Merrill Lynch Global Principal Investments Lehman Brothers Private Equity; Spinnaker Capital Limited Hexagram Investment Advisors Pvt. Ltd. Opulent Venture Capital Galleon Management, L.P.; Passport Capital LLC Shriram EPC Ltd. 37.8 Issuer Zylog Systems Ltd. 2008 (First-Half) BGR Energy Systems Ltd. Future Capital Holdings Ltd. Future Capital Holdings Ltd. Gammon Infrastructure Projects Ltd. Gokul Refoils and Solvent Ltd. GSS America Infotech Ltd. IRB Infrastructure Developers Ltd. OnMobile Global Ltd. Size ($ mn) PE/VC shareholder(s) 30.6 Argonaut Private Equity, LLC; Magnus Capital Corporation Limited; UTI Venture Funds Management Co., Ltd. 111.3 125.5 NA 69.3 32.9 35.0 237.9 120.8 Citigroup Venture Capital International-India Och-Ziff Capital Management Group LLC; Soros Fund Management LLC Och-Ziff Capital Management Group LLC; Soros Fund Management LLC Och-Ziff Capital Management Group LLC Granite Hill Capital Partners, LLC IL&FS Investment Managers Ltd.; Kubera Advisors Pvt. Ltd. Deutsche Bank-Mumbai Branch; Goldman Sachs (Asia) Ltd.; Merrill Lynch Corporate Principal Investments Group Argo Global Capital; Bessemer Venture Partners; Deutsche Bank-Mumbai Branch; DPF India Opportunities Fund; Gilbert Global Equity Partners, LLC; Goldman Sachs (Asia) Ltd.; Greenoaks Ventures; H&Q Asia Pacific Venture Management Pte Ltd.; Paul Harris Mana Argonaut Private Equity, LLC; Bessemer Venture Partners; Galleon Management, L.P.; New Vernon Private Equity Ltd.; UTI Venture Funds Management Co., Ltd. 2i Capital (India) Pvt. Ltd.; Blackstone Advisors India Pvt. Ltd.; ChrysCapital Management Co.; JP Morgan - Principal Investments Management; Strategic Ventures Fund (Mauritius) (SVFML)
Source: AVCJ

Titagarh Wagons Ltd.

32.0

For information on exits announced in 2006, log on to outlookbusiness.com

PE investors are currently invested in these companies and can exit after the one year lock-in

63

the deals Transactions In 2006

Investee Agriculture/Fisheries Suguna Poultry Farms Computer-related Flextronics Software Systems Geometric Software Sol. Guruji.com Software Harbinger TechAxes Ilantus Technologies Indium Software (India) Insilica Semiconductors India Amount ($ mn) 11.0 900.0 10.1 7.0 NA 2.0 1.0 18.0 Stake Investors (%) NA 85.0 6.4 NA NA NA NA NA Temasek Holdings Advisors India Kohlberg Kravis Roberts & Co.; Sequoia Capital India ICICI Venture Funds Mgmt. Comp. Sequoia Capital India Rajasthan Asset Management Co. Pequot Capital Management, Inc. SIDBI Venture Capital Crossbow Ventures; Dow Corporate Venture Capital; Flextronics International Singapore Pte; Intel Capital; NewPath Ventures LLC TCK Advisers (Trikona Capital) Kleiner Perkins Caufield & Byers; Sherpalo Inc./Sherpalo Ventures Karnataka Asset Management Co. ChrysCapital Management Co. Bessemer Venture Partners Baring Private Equity Partners India Blackstone Advisors India Battery Ventures, LP; Gururaj Deshpande; Intel Capital; Mayfield; Sandstone Capital; SUN Technologies Bain Capital Partners, LLC
Source: AVCJ

outlook business-ernst & young

Investee Construction Consolidated Construction Consortium Indiabulls Infrastructure Kapstone Constructions Lok Housings & Construction Sanghvi Movers Sobha Developers Amount ($ mn) 27.2 3.4 18.7 1.5 28.8 6.6 Stake Investors (%) 22.0 60.0 16.0 NA 23.0 NA EIF Managers (Evolvence India); UTI Venture Funds Management Co. Farallon Capital Management, LLC Citigroup Venture Capital InternationalIndia H&M Global Selection India Pte; Jina Ventures Inc. General Atlantic LLC SKS Microfinance-borrowers; Unitus Investment Management Co.; Vinod Khosla of Kleiner Perkins Caufield & Byers; Vistaar Technologies-Ravi Reddy and Sandeep Tungare Hexagram Investment Advisors International Finance Corporation Sequoia Capital India International Finance Corporation ChrysCapital Management Co. Indivision Investment Advisors Goldman Sachs (Asia) IL&FS Investment Managers Clearwater Capital Partners, LLC IL&FS Investment Managers IDFC Private Equity Co.
65

Kenati Technologies Paymate India Proteans Software Sol. Shriram EPC Shriram EPC Skelta Software SSI Tejas Networks India

NA 5.0 NA 22.6 10.0 1.5 3.0 20.0

NA NA NA 33.0 NA NA 5.2 NA

VMLogix
64

3.5

NA

Supreme Infra. India 1.6 Consumer products/services Amalgamated Bean Coffee 5.0 Trading Co. (Coffee Day) Amalgamated Bean Coffee 20.4 Trading Co. (Coffee Day) Amalgamated Plantations 7.8 Bakers Circle NA Capital Foods 3.0 Cremica Group 10.8 Eastern Condiments 10.1 Gayatri Sugar Complex NA Godrej Tea 13.6 KS Oils 20.0

9.6 NA NA 19.0 26.0 33.0 10.0 15.0 30.0 40.0 16.1

Announced deals arranged alphabetically by sector; NA: not available

the deals
Investee Mason & Summers Alcobev McLeod Russel India McLeod Russel India Mrs. Bectors Food Specialities Nilgiris Dairy Farm Nutrine Confectionery Company Paras Pharmaceuticals Paras Pharmaceuticals Tata Tea-North Indian Plantation Operation Vallabhdas Kanji Electronics Diamond Cables FCI OEN Connectors Genus Overseas Electronics Ravin Cables Su-Kam Power Systems Universal Power Transformers Financial services Bajaj Auto Finance Centurion Bank of Punjab Amount ($ mn) NA 4.0 3.4 16.5 64.7 54.1 42.0 12.0 NA 6.0 5.1 11.6 11.0 5.8 10.1 2.0 Stake Investors (%) 6.0 2.7 2.5 NA 65.0 100.0 23.0 NA 40.0 NA 14.9 20.0 15.3 19.0 20.0 NA GEM India Advisors Capital International, Inc. Capital International, Inc. Undisclosed venture capital firm(s) Actis Capital LLP; GIC Special Investments Pte; NC Venugopal Godrej Beverages and Foods; IL&FS Investment Managers Actis Capital LLP Sequoia Capital India Infrastructure Leasing & Financial Services; International Finance Corp. UTI Venture Funds Management Co. Clearwater Capital Partners, LLC Bain Capital Partners, LLC ChrysCapital Management Co. Tano India Advisors; Temasek Holdings Advisors India International Finance Corporation H&M Global Selection India Pte; Jina Ventures Inc. Indivision Investment Advisors Citigroup Venture Capital InternationalIndia; EIF Managers (Evolvence India); India Value Fund Advisors Investee Development Credit Bank Dove Finance Dove Finance Federal Bank IL&FS India Infoline Indiabulls Buildcon Indiabulls Credit Services Indiabulls Credit Services Indiabulls Housing Finance Indiaideas.com/Billdesk IT park project in Pune JM Financial Kotak Mahindra Bank Mahindra & Mahindra Financial Services MAPE ADMISI Securities MAS Financial Services Motilal Oswal Financial Services Parsec Interact Reliance Asset Reconstruction Amount ($ mn) 7.9 NA NA 40.0 100.4 11.2 3.2 20.1 20.4 25.4 7.5 32.7 17.8 95.0 13.4 NA 1.5 27.8 3.3 0.0 14.1 80.0 18.0 7.8 10.0 5.0 36.0 NA 8.2 NA NA NA 4.2 4.5 4.2 100.0 NA 9.3 NA 21.0

outlook business-ernst & young

Stake Investors (%) Amtel Finance; Satpal Khattar, private investor Temasek Holdings Advisors India Temasek Holdings Advisors India International Finance Corporation TCK Advisers (Trikona Capital) Farallon Capital Management, LLC Farallon Capital Management, LLC LNM Internet Ventures Farallon Capital Management, LLC Farallon Capital Management, LLC; Karrick Iris Capital New Vernon Private Equity; Vascon Engineers Blue Ridge Capital LLC; Tiger Global Management, LLC Clearwater Capital Partners, LLC ChrysCapital Management Co. ADM Investor Services International Limited; MAPE Advisory Group; Paracor India Investments Caspian Advisors Private Limited Bessemer Venture Partners; New Vernon Private Equity Baring Private Equity Partners India Blue Ridge Capital LLC; Soros Fund Management LLC
67

10.2 55.6

5.0 NA

66

the deals
Investee Shriram City Union Finance SKS Microfinance SS Kantilal Ishwarlal Securities/Sharekhan Ujjivan Financial Services UTI Bank Vascon Engineers Vivek Hire Purchase and Leasing Information technology Allsec Technologies Automotive Exchange BharatMatrimony.com Cellebrum.Com Cybernet Software Systems Dhanus Technologies Four Interactive (Asklaila) Hexaware Technologies IMImobile Indiabulls.com/Indiabulls Financial Services Info Edge (Naukri.com) Integra Software Services JiGrahak Mobility Solutions KMG Infotech Knowcross/Triton
68

outlook business-ernst & young

Amount ($ mn) 14.3 2.3 32.4 0.3 79.8 30.2 NA Stake Investors (%) 10.0 NA 15.0 24.0 4.9 NA 75.0 Reliance Private Equity SIDBI Venture Capital Tano India Advisors Unitus Investment Management Co. ChrysCapital Management Co. HDFC Venture Capital AIG Global Investment Corporation (Mauritius) Carlyle Asia-India Seedfund Canaan Partners; Yahoo! Inc. Lehman Brothers SAIF Partners Sourabh Venture Capital Trust; Volrado Ventures Partners Matrix India Asset Advisors General Atlantic LLC Citigroup Global Investments (CGI) Clearstone Venture Advisors; State Bank of India Abu Dhabi Investment Authority Baring Private Equity Partners India New Vernon Private Equity Citigroup Venture Capital InternationalIndia SIDBI Venture Capital Investee Amount ($ mn) Stake Investors (%) 2.9 NA NA NA NA NA NA NA NA NA NA NA NA 100.0 NA 33.0 NA Argonaut Private Equity, LLC; UTI Venture Funds Management Co. Helion Ventures; SAIF Partners; Sierra Ventures Gabriel Venture Partners Cargill Ventures; Intel Capital; JAFCO Investment (Asia Pacific); Trident Capital ComVentures Deutsche Bank-Mumbai Branch; Goldman Sachs (Asia); Polygon Investment Partners LLP Intel Capital; Sequoia Capital; WestBridge Capital Partners LLC WestBridge Capital Partners LLC Olympus Capital Holdings Asia Norwest Venture Partners Karnataka Asset Management Co. Sequoia Capital India Lightspeed Venture Partners; Sequoia Capital India; Silicon Valley Bank SAIF Partners; Television Eighteen India BlueRun Ventures; Sierra Ventures HDFC Venture Capital IDFC Private Equity Co.
69

KPIT Cummins Infosystems 2.4 MakeMyTrip MakeMyTrip Microland Nanocast R&D (India)/ Nanocast Labs OnMobile People Infocom Ptv./mauj. com People Interactive/Shaadi. com Quatrro BPO Solutions (P) Sulekha.com TELiBrahma Convergent Communications TutorVista TutorVista TV 18 Home Shopping Network Ugenie Infrastructure Ansal IT City & Parks Ashoka Buildcon 13.0 NA 11.0 2.7 27.8 10.0 8.0 100.0 10.0 NA 2.0 10.8 NA 5.0 NA 21.5

25.4 NA 8.7 15.0 22.5 3.9 2.0 67.9 10.0 105.9 6.0 NA 2.2 2.4 NA

27.7 30.0 NA NA NA NA NA 15.0 NA 10.7 NA NA NA 10.0 NA

the deals
Investee B Seenaiah & Company (Projects) Gayatri Projects GMR Industries GMR Infrastructure GMR Infrastructure GMR Infrastructure GMR Infrastructure IL&FS Transportation Networks IL&FS Trikona Infra. Indiabulls Infrastructure Development Intelligent Infrastructure International Recreation Parks L&T Infrastructure Holdings/L&T Infrastructure Dev. L&T Urban Infrastructure Navayuga Engineering New Delhi airport modernisation project RR Skyline Project ITES Celunite, Inc.
70

outlook business-ernst & young

Amount ($ mn) 33.3 5.7 21.6 55.5 NA 21.6 15.6 9.0 100.0 100.4 6.5 16.7 122.1 20.7 44.4 5.1 45.0 30.0 Stake Investors (%) 19.0 15.0 10.3 2.9 4.3 1.3 0.8 2.5 100.0 13.3 50.0 10.0 21.6 NA NA 8.0 100.0 100.0 New Vernon Private Equity; Tiger Veda; Touradji Capital Management 2i Capital (India); IL&FS Investment Managers Citigroup Venture Capital InternationalIndia ICICI Venture Funds Magmt. Comp. IDFC Private Equity Citigroup Venture Capital InternationalIndia Soros Fund Management LLC Infrastructure Leasing & Financial Services; TCK Advisers (Trikona Capital) Intel Capital Farallon Capital Management, LLC New Vernon Private Equity IDFC Private Equity IDFC Private Equity Co.; JP Morgan Partners Advisers Pte HDFC Venture Capital; Housing Development Finance Corp. 3i India IDFC Private Equity Co. Old Lane, LP; RR Industries Garnett & Helfrich Capital Investee Cleartrip Travel Services Cleartrip Travel Services Leisure/entertainment Madhouse Media Real Image Media Tech. Seventymm Services/Karodpati Marketing Manufacturing Acme Tower Action Construction Equipment Amtek Auto Amtek India Atul Aurangabad Electricals Autoline Industries Bhushan Power & Steel Binani Cement EMI Transmission Everest Kanto Cylinder International Cars & Motors Jamna Auto Industries Kinetic Engineering Amount ($ mn) 5.0 8.0 Stake Investors (%) NA NA Kleiner Perkins Caufield & Byers); Sherpalo Inc./Sherpalo Ventures DAG Ventures; Kleiner Perkins Caufield & Byers; Sherpalo Inc./Sherpalo Ventures BOA Consultancy Services (Band of Angels); Mumbai Angels Intel Capital Clearwater Capital Partners, LLC; undisclosed investor(s) ACME Tele Power, Indivision Investment Advisors ICICI Venture Funds Management Company Warburg Pincus India India Equity Partners; New Vernon Private Equity International Finance Corporation Blue River Capital Advisors (India) Duke Equity Partners Baring Private Equity Asia Group Credit Suisse Private Equity Asia Temasek Holdings Advisors India CLSA Capital Partners 3i India International Finance Corporation INC3 Ventures, LLC
71

0.2 6.7 7.0

NA NA NA

NA 2.9 63.2 41.2 7.5 10.2 2.4 33.7 32.6 10.8 20.0 22.6 8.9 2.5

NA NA 9.0 14.0 NA NA 25.4 10.0 10.1 23.0 9.7 10.0 26.7 NA

the deals
Investee Kinetic Motor Phoenix Lamps Phoenix Lamps The REVA Electric Car Company Manufacturing-heavy Continental Carbon India Dalmia Cements Bharat Dynaspede Integrated GPT Steel Industries Himadri Chemicals & Industries Indo Shell Mould International Tractors Jindal Poly Films LG Balakrishnan & Bros Maxop Engineering Oriental Containers PSL Saurashtra Cement Tecpro Systems TurboTech Precision Engineering Uma Precision Virgo Engineers
72

outlook business-ernst & young

Amount ($ mn) 21.0 37.3 23.2 20.0 Stake Investors (%) 10.0 46.1 20.0 NA Clearwater Capital Partners, LLC Actis Capital LLP Actis Capital LLP Draper Fisher Jurvetson (DFJ); Global Environment Fund Corp. International Finance Corporation Actis Capital LLP Kotak Investment Advisors AIF Capital (India) Citigroup Venture Capital InternationalIndia Kleiner Perkins Caufield & Byers; Sherpalo Inc./Sherpalo Ventures 3i India Helion Ventures International Finance Corporation Zephyr Peacock Management India Navis Capital Partners International Finance Corporation BOA Consultancy Services (Band of Angels) Avigo Capital Partners International Finance Corporation (IFC) H&M Global Selection India Pte; Jina Ventures Inc.; ST Asset Management Tano India Advisors Investee Manufacturing-light JK Paper Moja Shoes Parksons Packaging Textrade International Pvt Media 18 Holdings Cyprus A&M Publications Amar Ujala Publications Dainik Bhaskar Group/Writers and Publishers E-City Entertainment Just Dial Service Web18 Caymans Medical Add Life Medical Institute/ Sterling Hospitals Arch Pharmalabs Celestial Biologicals Claris Lifesciences Elder Pharmaceuticals Emcure Pharmaceuticals Fortis Healthcare Amount ($ mn) 11.3 NA 25.0 9.7 NA 13.1 13.1 33.9 22.6 NA 10.0 15.5 21.7 0.4 20.0 NA 50.0 33.3 Stake Investors (%) 10.0 NA 25.0 26.0 NA 18.0 18.0 7.0 26.0 NA NA 41.0 NA NA NA 4.5 NA NA 1.0 7.0 NA SAIF Partners Tano India Advisors ChrysCapital Management Co. Reliance Private Equity SAIF Partners DE Shaw India Advisory Services DE Shaw India Advisory Services Warburg Pincus India IL&FS Investment Managers SAIF Partners Tracer Capital Management Actis Capital LLP ICICI Venture Funds Management Company GVFL Carlyle Asia-India Citigroup Venture Capital InternationalIndia Blackstone Advisors India Blue Ridge Capital LLC; Soros Fund Management LLC TCK Advisers (Trikona Capital) Goldman Sachs (Asia) Paul Capital Partners
73

2.0 30.0 6.7 NA 23.1 3.5 45.3 12.7 5.0 NA 32.6 5.0 23.3 0.1 0.6 4.0 9.8

NA 11.0 100.0 15.0 15.0 NA 10.0 6.7 6.6 NA 70.0 NA 23.0 NA NA NA NA

Fortis Healthcare 6.6 Fulford India 2.8 Glenmark Pharmaceuticals 27.0

the deals
Investee Grandix Pharmaceuticals HealthCare Global Enterprises Intas Pharmaceuticals JB Chemicals & Pharmaceuticals Kopran Manipal Health Systems Morepen Laboratories Amount ($ mn) 2.0 10.9 11.8 10.0 13.1 19.6 48.0 Stake Investors (%) 30.0 NA 12.5 4.6 NA NA 40.0 Agnus; Xenox IDFC Private Equity Co. ChrysCapital Management Co. Clearwater Capital Partners, LLC BOA Consultancy Services (Band of Angels) IDFC Private Equity Co. Deutsche Bank-Mumbai Branch; Sabre Capital Worldwide; Spinnaker Capital Ltd IL&FS Investment Managers International Finance Corporation New Vernon Private Equity International Finance Corporation Kotak Investment Advisors Warburg Pincus India SUN Group Clearwater Capital Partners, LLC Sycamore Ventures Sycamore Ventures ICICI Venture Funds Management Company Services-Non-financial 247 Learning Solutions P. /24x7learning Accutest Research Laboratories Andromeda Marketing Berggruen Education Brickworks India 10.0 4.0 6.0 12.0 NA NA NA NA NA NA Investee Real estate Alpha G:Corp Development BE Billimoria & Co. Emaar MGF Land Jubilee Hill Landmark Projects Lodha Group Mantri Developers Ptv. Amount ($ mn) 65.2 12.0 41.0 75.6 60.0 67.9

outlook business-ernst & young

Stake Investors (%) NA 26.0 NA NA NA NA NA NA 21.0 NA NA 11.0 10.0 Morgan Stanley Real Estate Fund GEM India Advisors EIF Managers (Evolvence India) ICICI Venture Funds Management Company; Nagarjuna Construction Co.; Satyam Computer Services JP Morgan Asset Management Morgan Stanley Real Estate Fund Siachen Capital IL&FS Investment Managers ICICI Venture Funds Management Company; Kotak Investment Advisors Undisclosed investor(s) Navis Capital Partners ChrysCapital Management Co. Burman Family; Gaja Capital Partners; Housing Development Finance Corp.; Reliance Group Karnataka Asset Management Co. Aureos Advisers India NSD Finance Berggruen Holdings, Inc. Karnataka Asset Management Co.
75

Napo India Ocimum Biosolutions Unichem Laboratories Unimark Remedies VLife Sciences Tech. Mining and metals Aryan Coal Benefications Deccan Gold Mines Dolphin Offshore Enterprises Garware Offshore Services

3.0 3.9 12.6 9.0 NA 66.0 6.2 15.0 6.5

9.0 20.0 5.2 NA NA NA 26.0 21.0 2.8 12.6 0.3

Nitesh Estates 100.0 Retail/wholesale Digital Shoppy 3.9 Home Solutions Retail India 26.4 MobileNXT Teleservices Nirulas Corner House Redington Group/Redington (India) Vishal Retail 5.0 19.6 15.2 8.6

Garware Shipping Corpora- 3.4 tion Reliance Petroleum 12.8

74

the deals
Investee Carzonrent India Digital Music India (vJive) EBS Worldwide Services Everonn Systems India Firepro Systems Amount ($ mn) 7.0 4.5 5.4 3.0 12.0 Stake Investors (%) NA NA NA NA 15.0 NA NA 18.0 5.0 NA 10.0 Sequoia Capital India Matrix India Asset Advisors EIF Managers (Evolvence India); IL&FS Investment Managers ST Asset Management AIG Global Investment Corporation (Mauritius) UTI Venture Funds Management Co. Capital International, Inc.; IDFC Private Equity Co. ICICI Venture Funds Management Company Venus Capital Management Baring Private Equity Partners India Berjis Desai; Marubeni Corp.; Pramod Chaudhari; Shashank Inamdar; Vinod Khosla of Kleiner Perkins Caufield & Byers Clearwater Capital Partners, LLC; Olympus Capital Holdings Asia; Voyager Venture Partners, LLC UTI Venture Funds Management Co. New Vernon Private Equity Intel Capital; JAFCO Investment (Asia Pacific) ; KT Venture Group, LLC IL&FS Investment Managers Investee Idea Cellular Amount ($ mn) 1028.0 34.5

outlook business-ernst & young

Stake Investors (%) 2i Capital (India), ChrysCapital Management Co., Citigroup Venture Capital International-India, GLG Partners LP; Macquarie Investment Management; NSS Ventures; Providence Equity Partners; Sequoia Capital India; Spinnaker Capit Citigroup Venture Capital InternationalIndia Temasek Holdings Advisors India HandsOn Ventures, LLC New Vernon Private Equity JM Financial Investment Managers Avenue Capital Group/Avenue Asia Capital Management, LLC Warburg Pincus India UTI Venture Funds Management Co. International Finance Corporation Indivision Investment Advisors WL Ross & Co. KSK Energy Ventures Kotak Investment Advisors Jacob Ballas Capital India BNP Paribas Singapore; Goldman Sachs (Asia); Istithmar PJSR; Tata Group; TATA Investment Corp.; undisclosed investor(s) SIDBI Venture Capital
77

Laqshya Media 10.0 Manipal Universal Learning 70.0 Metropolish Health Services Osians-Connoisseurs of Art PharmArc Analytic Solutions Praj Industries 7.8 2.5 10.0 26.3

Iqara Telecom (BG Broadband) Tata Teleservices Tracmail (India) Textiles and clothing Eastern Silk Industries Genesis Colors Ptv. GPI Textile Koutons Retail India Koutons Retail India KPR Mill Lilliput Kidswear OCM India Shri Lakshmi Cotsyn SP Apparels Spentex Industries Sports Station Group

NA 339.4 NA 11.4 NA 43.1 5.9 16.4 23.6 10.0 37.2 3.6 7.7 1.4 5.0

100.0 9.9 100.0 NA NA 100.0 4.5 NA 11.0 24.0 100.0 10.0 10.7 2.0 0.0

Sanshadow Consultants

NA

NA

SIRO Clinpharm Updater Services Vignani Technologies Telecommunications Global Broadcast News
76

NA 10.0 4.0

30.0 NA NA

8.9

9.0

V&S International

6.7

NA

the deals
Investee Amount ($ mn) Stake Investors (%) 5.4 15.0 NA 44.0 NA NA 5.2 NA NA 15.0 NA 25.0 10.0 NA NA NA 100.0 New Vernon Private Equity Undisclosed investor(s) SIDBI Venture Capital Reliance Private Equity Standard Chartered Private Equity SIDBI Venture Capital ICICI Venture Funds Management Company AMP Capital Investors 3i India; GIC Real Estate Pte UTI Venture Funds Management Co. International Finance Corporation Citigroup Venture Capital InternationalIndia ChrysCapital Management Co. WestBridge Capital Partners LLC Battery Ventures, LP; Sequoia Capital India IL&FS Investment Managers Norwest Venture Partners; Reliance Technology Ventures Ltd; Television Eighteen India Berggruen Holdings, Inc. IL&FS Trikona Capital Investee Lemon Tree Hotels Lemon Tree Hotels Moods Hospitality (Yo! China) Red Fox Hotels Red Fox Hotels Sayaji Hotels Tristar Hotels Utilities Auro Mira Energy Central Uttar Pradesh Gas CESC Chamoli Hydro Krishna Godavari Gas Network KVK Energy & Infrastructure Lanco Amarkantak Power Naturol BioEnergy Amount ($ mn) 45.6 6.9 5.6 15.2 0.4 13.0 NA 0.0 2.6 NA NA 59.1 7.6 15.9 NA Transportation/distribution Allcargo Global Logistics 13.4 (Allcargo Movers) Delhi Jagson Airlines 24.8 Direct Logistics India 2.2 DTDC Courier & Cargo 15.8 Endurance Technologies 32.3 Expressit Logistics 1.4 Worldwide Gateway Distriparks 27.1 Gati Mundra Port & SEZ Ramakrishna Forgings RSB Group SpiceJet Titagarh Wagons Travelguru Travelguru Varun Shipping Yatra Online Travel/hospitality Berggruen Hotels Dynamix-Balwas Grouphotel business
78

outlook business-ernst & young

Stake Investors (%) 27.0 NA NA NA NA NA NA NA 20.0 2.0 NA 50.0 NA 11.8 NA NA 15.9 NA Warburg Pincus India Kotak Investment Advisors Matrix India Asset Advisors Warburg Pincus India Kotak Investment Advisors ADM Capital; Brescon Corporate Advisors; Toro Managers Undisclosed venture capital firm(s) Baring Private Equity Partners India Asian Development Bank Government of Singapore Investment Corp. Pte; Nomura Asset Management Co. KSK Energy Ventures Argonaut Private Equity, LLC; Blue River Capital Advisors (India); Brandot International KSK Energy Ventures German Investment and Development Co. SIDBI Venture Capital; UTI Venture Funds Management Co. Matrix India Asset Advisors Citigroup Venture Capital InternationalIndia 3i India
Source: AVCJ

17.6 100.0 5.0 7.7 67.4 15.0 10.0 15.0 2.5 5.0

100.0 44.9

NA NA

Shalivana Projects NA Techno Electric & Engineer- 13.8 ing Company Vijai Electricals 25.8

Announced deals arranged aphabetically by sector; NA: not available

79

the exits Trade Sale Exits In 2006

Investee Computer-related Progeon Ltd. Scicom Technologies Pvt. Ltd. Consumer products/services Maharashtra Dairy Products Manufacturing Co Saraf Foods Ltd. Electronics Celetronix International 180.0 100.0 Alta Partners (US); Baring Private Equity Partners India Pvt. Ltd. (India); Celetronix International (India); Charterhouse Group International Inc. (US); Golden Gate Capital (US); New Enterprise Associates (US); CLSA Capital Partners (Hong Kong) ICICI Venture Funds Management Company Ltd. (India) International Finance Corporation (IFC) (India) Intel Capital (India) Asian Development Bank (Philippines) International Finance Corporation (IFC) (India) Carlyle Asia - India (India) India Value Fund Advisors Pvt. Ltd. (India) NA 1.0 40.0 49.0 Bain Capital Partners, LLC. (US); Carlyle Asia - India (India); Thomas H. Lee Partners, L.P. (US) GVFL Ltd. (India) 115.0 0.3 23.0 NA Citigroup Venture Capital International - India (India) GVFL Ltd. (India) Amount ($ mn) Deal stake (%) Seller(s)

outlook business-ernst & young

Acquirer(s)/investor(s) Infosys Technologies Ltd. (India) Scicom Technologies Pvt. Ltd. (India) Ghai Enterprises (India) Saraf Foods Ltd. (India) Jabil Circuit Inc. (US)

Havells India Ltd. Samtel Color Ltd. Financial services IL&FS Investment Managers Ltd. India Infoline Ltd. Infrastructure Develop. Finance Co., Ltd. Infrastructure Leasing & Financial Services Ltd (IL&FS) S S Kantilal Ishwarlal Securities Pvt. Ltd./Sharekhan Ltd. TTK Healthcare Services Pvt. Ltd.
80

NA 0.8

NA 2.3

Undisclosed Investor(s) (India) Undisclosed Investor(s) (India)

2.4 4.5 58.5 NA 32.4 NA

3.1 2.8 3.8 6.2 15.0 26.0

Undisclosed Investor(s) (India) Undisclosed Investor(s) (India) UBS Securities India Pvt. Ltd. (India) IL&FS Employees Welfare Trust (India) General Atlantic LLC (US) Swiss Re (Switzerland)
81

the exits
Investee Information technology Accel Frontline Limited Accel Frontline Limited Cybernet Software Systems Pvt. Ltd. Flextronics Software Systems - BPO Info Edge (India) Pvt. Ltd. (Naukri.com) MphasiS BFL Ltd. Omnitech Infosolutions Ltd. Webshastra Pvt. Ltd. World Network Services/WNS Global Ser. Infrastructure Gammon India Ltd. Simplex Infrastructure Ltd. Leisure/entertainment PVR Ltd. Manufacturing-heavy India Cements Ltd. Micro Inks Ltd. Medical Glenmark Pharmaceuticals Ltd. Grandix Pharmaceuticals Ltd.
82

outlook business-ernst & young

Amount ($ mn) 1.6 1.1 22.5 NA 17.8 367.4 1.2 NA 30.0 97.3 29.0 10.8 Deal stake (%) 9.0 3.5 NA 100.0 5.0 51.3 NA 100.0 11.1 7.0 7.5 9.0 Seller(s) ICICI Venture Funds Management Company Ltd. (India); Intel Capital (India) ICICI Venture Funds Management Company Ltd. (India) Baring Private Equity Partners India Pvt. Ltd. (India) Kohlberg Kravis Roberts & Co. (KKR) (US) ICICI Venture Funds Mgmt. Company Ltd. (India) Baring Private Equity Partners India Pvt. Ltd. (India); Public shareholders (India) Canbank Venture Capital Fund Ltd. (India) Acquirer(s)/investor(s) Frontline Technologies Corporation Ltd. (Singapore) Frontline Technologies Corporation Ltd. (Singapore) SAIF Partners (Hong Kong) Quatrro BPO Solutions (P) Ltd. (India) Fidelity Investment (US) Electronic Data Systems Corp. (US) Omnitech Infosolutions Ltd. (India)

Warburg Pincus India Pvt. Ltd. (India); Webshastra Position2 (US) Pvt. Ltd. (India) Warburg Pincus, LLC (US) ChrysCapital Management Co. (India) ChrysCapital Management Co. (India) ICICI Venture Funds Management Company Ltd. (India) ADM Capital (Hong Kong) ChrysCapital Management Co. (India) Actis Capital LLP. (India) Agnus (US); Grandix Pharmaceuticals Ltd. (India); Xenox (US) Undisclosed Investor(s) (US) Undisclosed Investor(s) (India) Undisclosed Investor(s) (India) OppenheimerFunds, Inc (US)

48.8 75.1 66.9 NA

5.8 20.0 6.7 100.0

Undisclosed Investor(s) (India) Huber Group (Germany) HSBC Global Investment (India) Actavis Group (Iceland)
83

the exits
Investee Intas Pharmaceuticals Matrix Laboratories Ltd. Amount ($ mn) 11.8 530.1 Deal stake (%) 12.5 51.5 Seller(s) ICICI Venture Funds Mgmt. Company Ltd. (India) N. Prasad (India); Newbridge Capital India (India); Spandana Foundation (India); Temasek Holdings Advisors India Pvt. Ltd. (India) ICF Ventures Pvt. Ltd. (India); OyzterBay (India)

outlook business-ernst & young

Acquirer(s)/investor(s) ChrysCapital Management Co. (India) Mylan Laboratories Inc. (US)

Retail/wholesale OyzterBay Telecommunications ITFinity 15.0 100.0 Ashish Dhawan (India); Edelweiss Capital (India); OnMobile (India) Luis Miranda (India); Naren Gupta-Private Investor (India); Rajat Gupta-Private Investor (India); Rajesh TS Reddy (India) GVFL Ltd. (India) Ashmore Investment Management Ltd. (UK); Deutsche Bank AG (Germany) IEP Milestone LLC (US); The VIEW Group L.P. (US) HandsOn Ventures, LLC (US) DG Piramal Group (India); JP Morgan Partners Advisers Pte Ltd. (Singapore) IDFC Private Equity Co., Ltd. (India) Parsec Technologies (India) Ltd (India) Telekom Malaysia Bhd. (Malaysia) HandsOn Ventures, LLC (US) HOV Services Ltd. (India) Mahindra & Mahindra Ltd. (India) Franklin Templeton Group (US); HSBC Global Investment (India) Capital International, Inc. (US); JM Morgan Stanley Ltd. (India); Nomura Group (Japan) Citigroup (US) 9.1 100.0 Rajesh Exports Ltd. (India)

Parsec Technologies (India) Ltd Spice Communications Ltd./Spice Telecom Tracmail (India) Pvt. Ltd. Tracmail (India) Pvt. Ltd. Transportation/distribution DGP Hinoday Industries Ltd. Gujarat State Petronet Ltd. Travel/hospitality Hotel Leela Venture / Leela Hotels Ltd.

NA 178.9 NA 3.7 NA 20.5

20.0 49.0 100.0 30.0 66.0 4.4

48.2

8.1

IDFC Private Equity Co., Ltd. (India)

Sansara Hotels India Pvt. Ltd. Utilities Suzlon Energy Ltd.

84

5.0

90.0

HDFC Venture Capital Ltd. (India); Portman Holdings LLC (US) Citigroup Venture Capital International - India (India)

176.3

NA

Undisclosed Investor(s) (India)

Source: AVCJ

Data arranged alphabetically by sector; NA: not available

85