1. Quarterly Issue
Volume 8.3
Dealtracker
Providing M&A and PE market insights
© Grant Thornton India LLP. All rights reserved.

2. Dealtracker
Quarterly 2012
Quarter 1, 2012: Deal Snapshot
Quarter 1 Deal Summary
Q1 Deal Summary Volume Value (US$ bn) Highlights
Year 2010 2011 2012 2010 2011 2012 • the total M&A, PE and QIP deals in Q1 2012 were valued at
Inbound 23 26 36 1.12 13.75 1.26 US$20.4 billion (297 Deals) as compared to US$21.0 billion
Outbound 46 34 26 13.26 1.73 0.69 (219 Deals) and US$19.9 billion (256 Deals) in the
Cross Border 69 60 62 14.39 15.47 1.96 corresponding quarters of 2011 and 2010 respectively
Domestic & Internal • the total value of outbound deals (Indian companies acquiring
Restructuring 119 82 115 3.05 2.40 16.32 businesses outside India) in Q1 2012 was US$0.7billion (26
deals) as compared to US$1.7 billion (34 deals) during Q1
M&A 188 142 177 17.44 17.87 18.27
2011, registering a decline of over 60% in value
PE 59 75 118 1.56 2.61 2.01
• the total value of inbound deals (foreign companies or their
QIP 9 2 2 0.87 0.53 0.1 subsidiaries acquiring Indian businesses) in Q1 2012 was
Grand Total 256 219 297 19.87 21.01 20.35 US$1.3 billion (36 deals) as compared to US$13.8 billion (26
deals) in Q1 2011, registering a decline of over 90% in value.
Destination Of M&A Deals Q1 2012 • the total value of domestic deals in Q1 2012 was US$16.3
billion (115 deals) as compared to US$2.4 billion (82 deals)
and US$3.1 billion (119 deals) during the corresponding
quarters in 2011 and 2010 respectively
• PE deal values amounted to US$2.0 billion (118 deals) in Q1
2012 as compared to US$2.6 billion (75 deals) and US$1.6
Outbound billion (59 deals) during the corresponding quarters in 2011
35% and 2010 respectively
Crossborder
11% • there were 2 QIP deals valued at US$0.1 billion in the first
Inbound
Domestic 89% 65% quarter of 2012
• 2 IPO were listed in the Q1 2012, which raised a sum of
US$137.35 million from the public.The total amount raised
through IPO during the period Jan-Dec 2011 was US$ 1.20
billion from 30 IPOs.
© Grant Thornton India LLP. All rights reserved. 2

3. Dealtracker
Quarterly 2012
M&A Trend PE Trend
20.0 250 3.5 140
17.9 18.3
18.0
17.4 2.9 118
197 3.0 120 120
16.0 183 200 2.6
13.5 171
14.0 188 2.5 90 88 100
2.0
151 148 177
11.5 12.0
US$ Billion
US$ Billion
12.0 150 70
Volume
2.0 1.9 80
142 66
Volume
1.7
10.0 7.4 1.6 75
126 1.6
1.5 1.4 1.4 60
8.0 7.4 7.3 100 59 58
6.0 1.0 40
4.0 50
0.5 20
2.0
- 0 0.0 0
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Q3 11
Q4 11
Q1 12
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Q3 11
Q4 11
Q1 12
QIP Trend IPO Trend
2.5 17 18 6.0 30
16
16 25
14 5.0 25
2.0 14 4.9
2.2
1.7
12 4.0 20
1.5
Volume
US$ Billion
1.5
US$ Billion
9 10 16
Volume
3.0 15
8 11 11
1.0 0.9 10
6 2.0 1.5 8 10
6
0.5 3 4 0.9 5
0.5 2 2 2
2 1.0 0.7 5
0.3 2 0.5 0.5 2
0.1 0.0 0.1 0.2 0.1 0.1
0.0 0 0.0 0
Q3 11
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Q4 11
Q1 12
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Q3 11
Q4 11
Q1 12
© Grant Thornton India LLP. All rights reserved. 3

4. Dealtracker
Quarterly 2012
M&A Top 5 sectors
Mining IT & ITeS
30 2.00
5 15.00 24 1.67
23
11.93 25
4 12.00 1.50
US$ billions
No of Deals
1.27
US$ billions
20
No of Deals
23
3 9.00
2 15 1.00
2 6.00
1 1 10
1 3.00 0.50
0.02 5 0.17
0.60
0 -
- -
Q1 10 Q1 11 Q1 12
Q1 10 Q1 11 Q1 12
Value Volume Value Volume
Telecom
8 13.52 15.00
6
No of Deals
7
US$ billion
10.00
4 5.00
3 3 5.00
2
0.80
- -
Q1 10 Q1 11 Q1 12
Value Volume
Pharma, Healthcare & Biotech Metals & Ores
16 14 1.50 10 9 1.00
13 12
1.05 8
12 0.75
US$ billions
US$ billions
No of Deals
No of Deals
1.00 5
6 0.52
8 0.66 0.50
4
0.50 5
4 0.14 0.25
0.07
2 0.05
- - - -
Q1 10 Q1 11 Q1 12 Q1 10 Q1 11 Q1 12
Value Volume Value Volume
© Grant Thornton India LLP. All rights reserved. 4

5. Dealtracker
Quarterly 2012
PE Top 5 sectors
Pharma, Healthcare & Biotech IT & ITeS
12 500.00 40 578.22 600.00
10 34
10
US$ millions
US$ millions
339.50 375.00 30
No of Deals
No of Deals
8 400.00
295.73
6 4 250.00 20
3
4 156.00 200.00
110.43 125.00 10 17
2 7.06 10
- - - -
Q1 10 Q1 11 Q1 12 Q1 10 Q1 11 Q1 12
Value Volume Value Volume
Real Estate
14 12 400.00
12 293.51
US$ millions
300.00
No of Deals
10
8
200.00
6 4
4 75.96 2 100.00
46.74
2
- -
Q1 10 Q1 11 Q1 12
Value Volume
Banking & Financial Services FMCG, Food & Beverages
20 500.00 6 300.00
413.04 17 5
400.00 5
US$ millions
210.64
US$ millions
15
No of Deals
No of Deals
281.62 4 164.60 200.00
300.00
10 3 4
6 7 200.00
2 1 100.00
5 74.49 100.00
1
5.00
- - - -
Q1 10 Q1 11 Q1 12 Q1 10 Q1 11 Q1 12
Value Volume Value Volume
© Grant Thornton India LLP. All rights reserved. 5

6. Dealtracker
Quarterly 2012
Quarter 1, 2012: TOP 10 Deals
M&A PE
Acquirer Target Sector US $ Mn Deal Type % Investor Investee Sector % US $ mn
Sterlite Internal Accel Partners & Flipkart Online
Sesa Goa Ltd Industries Mining 11,927.80 Restructuring N.A. Tiger Global Services IT & ITeS N.A. 150.00
Satyam FMCG, Food &
Computer Temasek Godrej Consumer Beverages 5% 137.00
Tech Mahindra Services IT & ITeS 1,400.00 Merger N.A. Fourcee
General Atlantic Infrastructure
Increasing
LLC Equipments Logistics N.A. 125.00
Piramal Vodafone Stake to
Healthcare Essar Telecom 618.00 11.00% 6% Pharma, Healthcare &
Olympus Capital DM Healthcare Biotech N.A. 100.00
Sesa Sterlite - Vedanta Internal Government of
To be formed Aluminium Metals & Ores 473.00 Restructuring N.A.
Singapore Pharma, Healthcare &
Eenadu Media, Investment Vasan Healthcare Biotech N.A. 100.00
Television Entertainment Strategic Morgan Stanley Sheth Developer's
TV18 Broadcast Network & Publishing 395.00 Stake N.A. Real Estate Mumbai project Real Estate N.A. 90.00
Pharma, Providence Equity, Hathway Cable & Media, Entertainment
Watson Ascent Healthcare & Majority Macquarie Bank Datacom & Publishing 17% 72.00
Pharmaceuticals Pharmahealth Biotech 393.00 Stake 94%
Nandi
The Madras Infrastructure Infrastructure
Sesa Sterlite - Aluminium Power & Internal Airro Mauritius Corridor Management 8% 65.00
To be formed Company Energy 363.00 Restructuring N.A. Supreme Infrastructure
3B - 3i India Infrastructure Management 49% 61.00
Binani Industries fibreglass Co Manufacturing 360.00 Acquisition 100% Banking & Financial
Reliance Banking & Warburg Pincus AU Financiers Services N.A. 50.00
Nippon Life Capital Asset Financial Strategic NYLIM Jacob Banking & Financial
Insurance Management Services 290.00 Stake 26% Ballas Religare Finvest Services N.A. 40.00
Sky City Strategic Fidelity Growth Pharma, Healthcare &
Foundation STel Pvt Ltd Telecom 174.50 Stake 43% Partners Aptuit Laurus Biotech 20% 40.00
© Grant Thornton India LLP. All rights reserved. 6

7. Dealtracker
Quarterly 2012
M&A Top Deals
Inbound – Pharma, Healthcare & Biotech US$ 393 mn
Acquirer Target Transaction
Watson Pharmaceuticals, Inc Ascent Pharmahealth Ltd
Watson Pharmaceuticals has acquired Ascent
Watson Pharmaceuticals, Inc., a specialty Ascent Pharmahealth Limited distributes and sells generic Pharmahealth, an Australia and South East Asia
pharmaceutical company, engages in the development, pharmaceuticals and other health related products generic pharmaceutical business of Strides
manufacture, marketing, sale, and distribution of generic primarily in Australia and Asia. The company distributes Arcolab, for A$375 million ($393 miilion) in cash.
and brand pharmaceutical products in the United States, prescription generic and dermatological pharmaceuticals
western Europe, Canada, Australasia, Asia, South and specialized consumer personal care products.
America, and South Africa.
Domestic – IT & ITES US$ 1.40 bn
Acquirer Target Transaction
Tech Mahindra Ltd Satyam Computer Services Ltd
Tech Mahindra Ltd merged Satyam Computer
Tech Mahindra Limited provides information technology Satyam Computer Services Limited operates as an Services Ltd with itself, at a share swap ratio of
(IT) services to the telecommunications industry information, communications, and technology company. 2:17, giving shareholders two Tech Mahindra
worldwide. The company was founded in 1986 and is The company provides business consulting, information shares for every 17 owned in Satyam Computer.
based in Pune, India. technology, and communication services.
Outbound - Manufacturing US$ 360 mn
Acquirer Target Transaction
Binani Industries Ltd 3B – fiberglass company
Binani Industries Limited, through its subsidiaries, 3B the fibreglass company develops and supplies Binani Industries Limited (BIL), has acquired 3B, a
engages in the manufacture and sale of cement, fibreglass products and technologies for the reinforcement Belgian fibreglass major, from Platinum Equity for
electrolytic zinc, glass fiber, and composites in India of thermoplastics and thermosets. The company serves euro 275 million.
and internationally. The company offers grade 43 and aerospace, automotive, building and construction,
grade 53 cement, and Portland Pozzolana cement chemical plant and pipe work, defence and ballistics,
under the brand name Binani. infrastructure, marine & mass transit,
© Grant Thornton India LLP. All rights reserved. 7

8. Dealtracker
Quarterly 2012
Deal of the Quarter
Sesa Goa – Sterlite industries – merger/ internal restructuring
About the companies About the companies
Sesa Goa Limited is a multinational iron ore producer and exporter Vedanta Aluminium Ltd is an associate company of Vedanta
with its operations in the states of Goa and Karnataka in India and in Resources Plc. It is a leading producer of metallurgical grade alumina
Liberia in West Africa. The company operates in three business and other aluminium products. Vedanta owns 70.5% of the share
segments - iron ore, metallurgical coke and pig iron. It is India's capital of Vedanta Aluminium and Sterlite owns the remaining
largest producer and exporter of iron ore in the private sector, with 29.5% share capital of Vedanta Aluminium.
production of above 21 million tons of iron ore in fiscal year 2010.
Vedanta owns 57.1% of Sesa and has management control of
Madras Aluminium Company Ltd.: MALCO is one of the largest
the company.
private sector power suppliers in Tamil nadu, with a power generation
capacity of 100 MW from four units of 25MW each through its power
Sterlite Industries India Ltd. is a subsidiary of Vedanta Resources plant located at Mettur, Tamilnadu. Vedanta owns 93.9% of
plc, a diversified and integrated metals and mining group. The MALCO’s share capital and has management control of the company.
company engages primarily in the production of copper in India. It
also engages in the mining of bauxite, and the production of
Cairn India was the fastest growing exploration & production
aluminum conductors and various aluminum products, as well as in
company in Asia in 2011. The company has a diversified asset base
the mining of zinc ore. In addition, it also produces various chemical
with 10 blocks. Vedanta Resources acquired a 58.5% stake in Cairn
products. Vedanta owns 53.9% of Sterlite and has management
India on 8 December 2011, for $8.67 billion. Post transfer , Sesa
control of the company.
Sterlite will own 58.9% of Cairn India.
Acquirer Target US $ Mn % Stake
Sesa Goa Ltd (Sesa Sterlite - To be formed) Sterlite Industries (India) Ltd 11,927.80 N.A.
Vedanta Aluminium Ltd (Consolidation of VAL via merger of
Sesa Sterlite - To be formed Ekaterina Limited, a holding company for Vedanta's 70.5% 473.00 N.A.
shareholding in VAL)
Sesa Sterlite - To be formed The Madras Aluminium Company Ltd 363.00 N.A.
Sesa Goa Ltd (Sesa Sterlite) Cairn India Ltd N.A. 38.80%
© Grant Thornton India LLP. All rights reserved. 8

9. Dealtracker
Quarterly 2012
I. Domestic Deals
Acquisition
price
Acquirer Target Sector (US$ mn) Deal Type % Stake
Malabar Trading Company Ltd Protect Nature Pvt Ltd Agriculture & Agro Products N.A. Majority Stake N.A.
Crystal Group Rohini Seeds Agriculture & Agro Products N.A. Acquisition
Tilaknagar Industries Ltd Srirampur Grains Pvt Ltd Agriculture & Agro Products N.A. Acquisition
Tilaknagar Industries Ltd Shivprabha Sugars Ltd Agriculture & Agro Products N.A. Majority Stake 90.00%
Ring Plus Aqua Ltd Trinity India Ltd Automotive 11.00 Majority Stake 78.00%
OCL Iron and Steel Ltd
through its SPV Oriental Iron
and Casting Ltd Aron Auto Ltd Automotive N.A. Acquisition
Oriental Carbon and
Chemicals Ltd Schrader Duncan Limited Automotive 2.91 Strategic Stake 50.00%
Oscar Investments Ltd Religare Voyages Ltd Aviation N.A. Strategic Stake 48.80%
SEL Manufacturing Company
Ltd SEL Aviation Pvt. Ltd Aviation N.A. Majority Stake 51.09%
India Infoline Marketing Banking & Financial
India Infoline Ltd Services Ltd Services N.A. Minority Stake 0.93%
Banking & Financial
Rammaica (India) Ltd Karma Stock Trade Ltd Services N.A. Merger N.A.
© Grant Thornton India LLP. All rights reserved. 9

10. Dealtracker
Quarterly 2012
I. Domestic Deals
Acquisition
price
Acquirer Target Sector (US$ mn) Deal Type % Stake
Indo Pacific Housing Finance Banking & Financial
L&T Finance Holdings Ltd Ltd Services N.A. Acquisition
AMW Finance Ltd, subsidiary
of Frontier Leasing & Finance Banking & Financial
Ltd Family Credit Ltd Services N.A. Acquisition
FIL Fund Management Pvt. Banking & Financial
L&T Finance Ltd Ltd, FIL Trustee Co. Pvt. Ltd Services N.A. Acquisition
National Bank for Agriculture Universal Commodity Banking & Financial
and Rural Development Exchange Services 3.20 Minority Stake 16.00%
Dalmia Bharat Enterprises Ltd Calcom Cement India Ltd Cement 46.00 Strategic Stake 50.00%
Sree Jayajothi Cements
Shriram Group Limited Cement N.A. Majority Stake N.A.
Vinay Jain's Training Forum
Artheon Finance Ltd Pvt Ltd Education N.A. Merger N.A.
Divya Knowledge Process
Comp U Learn Tech India Ltd Management Ltd Education 0.78 Acquisition
B & A Ltd Buragohain Tea Company Ltd FMCG, Food & Beverages N.A. Merger N.A.
personal care brands (Set
Wet, Livon, Zatak, Dr Lips,
Recova and Eclipse) of Paras
Pharma from Reckitt
Marico Benckiser FMCG, Food & Beverages 100.00 Acquisition
© Grant Thornton India LLP. All rights reserved. 10

11. Dealtracker
Quarterly 2012
I. Domestic Deals
Acquisition
price
Acquirer Target Sector (US$ mn) Deal Type % Stake
Two-Up Financial Services Ltd KDJ Holidayscapes Ltd Hospitality N.A. Merger N.A.
Two-Up Financial Services Ltd KDJ Hospitality Pvt Ltd Hospitality N.A. Merger N.A.
Increasing
Lite Bite Foods Wrapster Foods Hospitality N.A. stake to 100% N.A.
SEL Manufacturing Company
Ltd Omega Hotels Ltd Hospitality N.A. Acquisition 99.88%
Tilaknagar Industries Ltd Mykingdom Ventures Pvt Ltd Infrastructure Management N.A. Acquisition
Tilaknagar Industries Ltd Studd Projects Pvt Ltd Infrastructure Management N.A. Acquisition
Essel Group IVRCL Ltd Infrastructure Management 32.80 Minority Stake 10.20%
Asian Satellite Broadcast Pvt
Ltd IVRCL Ltd Infrastructure Management 5.71 Minority Stake N.A.
LifeMojo Health Solutions Pvt
Flightraja Travels Pvt Ltd (Via) Ltd. IT & ITeS N.A. Acquisition
Yatra Online Pvt Ltd Buzzintown IT & ITeS N.A. Acquisition
Way2Online Interactive India 160by2 Networks Pvt Ltd IT & ITeS N.A. Acquisition
Database Software
Acclaim Industries Ltd Technology Pvt Ltd IT & ITeS N.A. Merger N.A.
© Grant Thornton India LLP. All rights reserved. 11

12. Dealtracker
Quarterly 2012
I. Domestic Deals
Acquisition
price
Acquirer Target Sector (US$ mn) Deal Type % Stake
Flipkart Online Services Pvt eTree Marketing Pvt Ltd -
Ltd Letsbuy.com IT & ITeS N.A. Acquisition
Mahindra Satyam Dion Global Solutions Ltd IT & ITeS 7.00 Minority Stake 15.00%
Cressanda Solutions Ltd Smartchamps IT and Infra Ltd IT & ITeS N.A. Merger N.A.
Ver Se Innovation Eterno Infotech IT & ITeS N.A. Acquisition
Intec Capital Ltd Amulet Technologies Pvt Ltd IT & ITeS N.A. Acquisition
Satyam Computer Services
Tech Mahindra Ltd Ltd. IT & ITeS 1,400.00 Merger N.A.
vCustomer-International
Mahindra Satyam operations IT & ITeS 27.00 Acquisition
Sattva Business Group Sattva CFS & Logistics Pvt Ltd Logistics 1.72 Minority Stake 10.00%
Oil Field Warehouse & Raamns Shipping & Logistics
Services Ltd Pvt Ltd Logistics N.A. Majority Stake N.A.
Kajaria Ceramics Ltd Jaxx Vitrified Pvt Ltd Manufacturing 1.25 Majority Stake 51.00%
Tilaknagar Industries Ltd P.P. Caps Pvt Ltd Manufacturing N.A. Acquisition
New Vardhman Vitrified Pvt
Nitco Ltd Ltd Manufacturing N.A. Majority Stake 51.00%
International Conveyors Ltd International Belting Ltd Manufacturing N.A. Acquisition
© Grant Thornton India LLP. All rights reserved. 12

13. Dealtracker
Quarterly 2012
I. Domestic Deals
Acquisition
price
Acquirer Target Sector (US$ mn) Deal Type % Stake
Virgo Valves and Controls Ltd
(steam division)- including
German subsidiaryRifox Hans
Thermax Richter GmbH Manufacturing 2.68 Acquisition
Media, Entertainment &
CL Educate Ltd G.K. Publications Pvt Ltd Publishing N.A. Acquisition
Media, Entertainment &
TV18 Broadcast Ltd Eenadu Television Network Publishing 395.00 Strategic Stake N.A.
Media, Entertainment & Increasing
ADI BPO Services Pvt Ltd MPS Ltd Publishing 1.84 Stake to 76.3% 14.90%
Anil Kumble Sports Promotion Media, Entertainment &
Pvt Ltd-Tenvic C Cube Sports Publishing N.A. Minority Stake N.A.
Perfect-Octave Media Projects Media, Entertainment &
Ltd Gandhar Media Ltd Publishing N.A. Merger N.A.
Sri Vasavi Industries Ltd-Ferro
Cronimet Alloys India Ltd Alloys Unit Metals & Ores N.A. Merger N.A.
BG Group-Krishna-Godavari
Oil and Natural Gas Corp Basin block KG-OSN-2004/1 Oil & Gas N.A. Strategic Stake 45.00%
BG Group-Mahanadi Basin-
Oil and Natural Gas Corp MN-DWN-2002/02 Oil & Gas N.A. Strategic Stake 25.00%
© Grant Thornton India LLP. All rights reserved. 13

14. Dealtracker
Quarterly 2012
I. Domestic Deals
Acquisition
price
Acquirer Target Sector (US$ mn) Deal Type % Stake
BG Group-Krishna-block KG-
Oil and Natural Gas Corp DWN-98/4 Oil & Gas N.A. Strategic Stake 30.00%
Hindustan Petroleum Increasing
Corporation Ltd Prize Petroleum Company Ltd Oil & Gas N.A. Stake to 100% 50.00%
Praj Industries Ltd Neela Systems Ltd Others 12.80 Majority Stake 50.02%
eYantra Industries Ltd Privilege Corner Others 1.00 Acquisition
Karma Industries Ltd Indigo Edutainment Pvt Ltd Others N.A. Merger N.A.
VRB Capital Services India Pvt
Gagan Polycot India Ltd Ltd Others N.A. Merger N.A.
Farry Industries Ltd Basant Marketing Pvt Ltd Others N.A. Merger N.A.
S R K Industries Ltd Transcend Commerce Ltd Others N.A. Merger N.A.
IADFAC Laboratories Private
Malabar Trading Company Ltd Limited Others N.A. Majority Stake N.A.
Pennar Industries Ltd Pennar Enviro Ltd Others 0.85 Majority Stake 51.00%
Unno Industries Ltd Baviscon Vincom Ltd Others N.A. Merger N.A.
Unno Industries Ltd Pinnacle Vintrade Ltd Others N.A. Merger N.A.
© Grant Thornton India LLP. All rights reserved. 14

15. Dealtracker
Quarterly 2012
I. Domestic Deals
Acquisition
price
Acquirer Target Sector (US$ mn) Deal Type % Stake
Media Matrix Worldwide Ltd nexG Devices Pvt Ltd Others 0.00 Acquisition
Media Matrix Worldwide Ltd Digicall Holdings Pvt Ltd Others 0.00 Acquisition
Max India Ltd Antara Senior Living Pvt Ltd Others 0.00 Acquisition
Medinova Diagnostic Services Standard Medical and Pharma, Healthcare &
Ltd Pharmaceuticals Ltd Biotech N.A. Merger N.A.
Pharma, Healthcare &
Nova Medical Centers Pvt Ltd Helios Hospitals Biotech N.A. Acquisition
Guru Harkishan Hospital- Pharma, Healthcare &
Radiant Life Care Pvt Ltd management rights Biotech 77.00 Acquisition
Apex Drugs & Intermediates Pharma, Healthcare &
Aanjaneya Lifecare Ltd Ltd Biotech 50.00 Acquisition
Omkar Speciality Chemicals Pharma, Healthcare &
Ltd LASA Laboratory Pvt Ltd Biotech N.A. Acquisition
Clariant Chemicals India
Limited Asahi Songwon Colors Limited Plastic & Chemicals 1.33 Majority Stake 5.87%
Eversun Energy Private
Tecpro Systems Limited Limited Power & Energy N.A. Acquisition
Blue Circle Services Ltd Enelek Power Power & Energy N.A. Acquisition
© Grant Thornton India LLP. All rights reserved. 15

16. Dealtracker
Quarterly 2012
I. Domestic Deals
Acquisition
price
Acquirer Target Sector (US$ mn) Deal Type % Stake
Shree Ganesh Jewellery Alex Group (Astral &
House Ltd Spectrum) Power & Energy 20.00 Majority Stake 55.00%
Unno Industries Ltd Basukinath Real Estate Ltd Real Estate N.A. Merger N.A.
Classic Mall Development Co., Increasing
Phoenix Mills Ltd Pvt. Ltd. Real Estate 18.98 stake to 63% 32.00%
Classic Housing Projects Pvt. Increasing
Phoenix Mills Ltd Ltd Real Estate 2.22 stake to 66% 32.00%
two operating Buildings in
Hitec City 2 Special Economic
Zone in Hyderabad,` from
Ascendas India Trust Phoenix Infocity Pvt Ltd Real Estate 35.30 Acquisition
Jindal Steel and Power Ltd Gopalpur Ports Ltd Shipping & Ports N.A. Majority stake 60.00%
OCL Iron and Steel Ltd
through its SPV Oriental Iron
and Casting Ltd B S Ispat Ltd Steel N.A. Acquisition
Ultimate Logistics Solutions
Pvt Ltd and Siddharth Holdings
Pvt. Ltd. Lloyds Steel Steel 38.00 Strategic Stake 24.50%
Sky City Foundation Ltd STel Pvt Ltd Telecom 174.50 Strategic Stake 42.70%
© Grant Thornton India LLP. All rights reserved. 16

17. Dealtracker
Quarterly 2012
II. Others
Acquisition
price
Acquirer Target Sector (US$ mn) Deal Type % Stake
India Infoline Marketing Banking & Financial Internal
India Infoline Ltd Services Ltd Services N.A. Restructuring 0.93%
Arihant Financial Planners and Banking & Financial Internal
Arihant Capital Markets Ltd Advisors Pvt Ltd Services N.A. Restructuring 51.00%
Banking & Financial Internal
Reliance Infrastructure Ltd Reliance Infraventures Ltd Services N.A. Restructuring N.A.
Scottish & Newcastle India Pvt Internal
United Breweries Ltd Limited Breweries & Distilleries 77.35* Restructuring N.A.
Empee Sugars & Chemicals Internal
Ltd Empee Distilleries Ltd Breweries & Distilleries 26.12* Restructuring N.A.
Internal
Kamat Hotels (India) Ltd Kamat Holiday Resorts Pvt Ltd Hospitality N.A. Restructuring N.A.
Internal
Kamat Hotels (India) Ltd Kamats Restaurants Pvt Ltd Hospitality N.A. Restructuring N.A.
Kamats Holiday Resorts Internal
Kamat Hotels (India) Ltd (Silvassa) Ltd Hospitality N.A. Restructuring N.A.
Internal
Tech Mahindra Ltd Venturbay Consultants Pvt Ltd IT & ITeS N.A. Restructuring N.A.
* The deal values have been estimated based on the market price of the shares prior to deal announcement, multiplied by the number of shares
issued/transferred as consideration.
© Grant Thornton India LLP. All rights reserved. 17

18. Dealtracker
Quarterly 2012
II. Others
Acquisition
price
Acquirer Target Sector (US$ mn) Deal Type % Stake
C&S System Technologies Pvt Internal
Tech Mahindra Ltd Ltd IT & ITeS N.A. Restructuring N.A.
Internal
Tech Mahindra Ltd CanvasM Technologies Ltd IT & ITeS N.A. Restructuring N.A.
Mahindra Logisoft Business Internal
Tech Mahindra Ltd Solutions Ltd IT & ITeS N.A. Restructuring N.A.
Genus Power Infrastructures Internal
Ltd Genus Paper Products Ltd Manufacturing N.A. Restructuring N.A.
Pratibha Pipes and Structural Internal
Pratibha Industries Ltd Ltd Manufacturing N.A. Restructuring N.A.
Seshasayee Paper and Internal
Boards Ltd SPB Papers Ltd Manufacturing N.A. Restructuring N.A.
Internal
IFGL Refractories Ltd IFGL Exports Ltd Manufacturing N.A. Restructuring N.A.
Vedanta Aluminium Ltd
(Consolidation of VAL via
merger of Ekaterina Limited, a
holding company for Vedanta's Internal
Sesa Sterlite - To be formed 70.5% shareholding in VAL) Metals & Ores 473.00* Restructuring N.A.
* The deal values have been estimated based on the market price of the shares prior to deal announcement, multiplied by the number of shares
issued/transferred as consideration.
© Grant Thornton India LLP. All rights reserved. 18

19. Dealtracker
Quarterly 2012
II. Others
Acquisition
price
Acquirer Target Sector (US$ mn) Deal Type % Stake
Sesa Goa Ltd (Sesa Sterlite - Internal
To be formed) Sterlite Industries (India) Ltd Mining 11,927.80* Restructuring N.A.
Increasing
Sesa Goa Ltd (Sesa Sterlite) Cairn India Ltd Oil & Gas N.A. stake to 58.9% 38.80%
Increasing
Pharma, Healthcare & Stake to
Elder Pharmaceuticals Ltd Elder Biomeda AD Biotech N.A. 100.00% 7.80%
Internal
Reliance Infrastructure Ltd Reliance Energy Ltd Power & Energy N.A. Restructuring N.A.
Reliance Energy Generation Internal
Reliance Infrastructure Ltd Ltd Power & Energy N.A. Restructuring N.A.
Reliance Goa and Samalkot Internal
Reliance Infrastructure Ltd Power Ltd Power & Energy N.A. Restructuring N.A.
Siemens Power Engineering Internal
Siemens Ltd Pvt. Ltd. Power & Energy N.A. Restructuring N.A.
The Madras Aluminium Internal
Sesa Sterlite - To be formed Company Ltd Power & Energy 363.00* Restructuring N.A.
Sesa Goa Ltd (Sesa Sterlite - Internal
To be formed) Sterlite Industries (India) Ltd Mining 11,927.80* Restructuring N.A.
* The deal values have been estimated based on the market price of the shares prior to deal announcement, multiplied by the number of shares
issued/transferred as consideration.
© Grant Thornton India LLP. All rights reserved. 19

20. Dealtracker
Quarterly 2012
II. Others
Acquisition
price
Acquirer Target Sector (US$ mn) Deal Type % Stake
Reliance Property Developers Real Estate & Internal
Reliance Infrastructure Ltd Ltd Infrastructure Management N.A. Restructuring N.A.
Increasing
Vodafone Essar from ETHL Stake to
Piramal Healthcare Ltd Communications Holdings Ltd Telecom 618.00* 11.00% 5.5%
Eurotex Industries and Exports Internal
PBM Polytex Ltd Ltd Textile & Apparels 0.25 Restructuring 4.98%
* The deal values have been estimated based on the market price of the shares prior to deal announcement, multiplied by the number of shares
issued/transferred as consideration.
© Grant Thornton India LLP. All rights reserved. 20

21. Dealtracker
Quarterly 2012
III. Cross Border Deals - Outbound
Acquisition
price
Acquirer Target Sector (US$ mn) Deal Type % Stake
Dow AgroSciences LLC-
Dithane R fungicide business
Indofil Industries Ltd in Europe Agriculture & Agro Products N.A. Acquisition
Varroc Engineering Pvt. Ltd TriOM SPA Automotive N.A. Majority Stake 80.00%
Hero Eco Ultra Motors Ltd Automotive N.A. Acquisition
Dutch Lanka Trailer Increasing
TRF Ltd Manufacturers Ltd Automotive 8.33 Stake to 100% 49.00%
Visteon Corporation-
Varroc Engineering Pvt Ltd automotive lighting business Automotive 92.00 Acquisition
TVS Logistics Services Ltd Universal Components UK Ltd Automotive 20.00 Majority Stake 90.00%
Increasing
York Transport Equipment Stake to
TRF Ltd (Asia) Pte. Ltd Automotive 18.00 100.00% 49.00%
Aptech Syntea SA. Education N.A. Minority stake 8.33%
JBM Cadmium Pvt. Ltd Tesco GO Engineering N.A. Majority Stake 51.00%
Godrej Consumer Products Ltd Cosmetica Nacional FMCG, Food & Beverages N.A. Majority Stake 60.00%
RJ Feeds Pvt Ltd Gold’N Chiks Ltd FMCG, Food & Beverages N.A. Acquisition
Swissrisk Financial Systems Controlling
Dion Global Solutions Ltd GmbH IT & ITeS N.A. Stake N.A.
© Grant Thornton India LLP. All rights reserved. 21

22. Dealtracker
Quarterly 2012
III. Cross Border Deals - Outbound
Acquisition
price
Acquirer Target Sector (US$ mn) Deal Type % Stake
Openwave Systems Inc-
Persistent Systems Ltd location business IT & ITeS N.A. Acquisition
Videocon and US based AEC
Partner Nivio IT & ITeS 21.00 Minority Stake N.A.
Binani Industries Ltd 3B - fibreglass company Manufacturing 360.00 Acquisition
Parekh Aluminex Ltd American Foils Inc Manufacturing N.A. Acquisition
Media, Entertainment &
Komli Media India Pvt Ltd Admax Network Publishing N.A. Acquisition
NMDC Ltd Legacy Iron Ore Ltd Metals & Ores 19.46 Strategic Stake 50.00%
NMDC Ltd Amplus Metals & Ores 15.00 Strategic Stake 26.00%
Kisan International Trading
FZE - subsidiary of Indian
Farmers Fertiliser Cooperative
Ltd Americas Petrogas Inc Oil & Gas 10.70 Strategic Stake N.A.
Dishman Pharmaceuticals and Pharma, Healthcare &
Chemicals Ltd Creapharm Parenterals Biotech N.A. Acquisition
Pharma, Healthcare &
Fortis Healthcare RadLink-Asia Pte Ltd Biotech 50.00 Majority Stake 85.00%
© Grant Thornton India LLP. All rights reserved. 22