A  RESEARCH  PUBLICATION  | December 2009

09 ANNUAL DEAL ROUNDUP 
Statistics and analysis of Private Equity,
Equity Venture Capital
and Mergers & Acquisitions in India in the year gone by
Contents
Page Number
g
Executive Summary 1

The Year 2009 2

Private Equity

Introduction 3
Deal Breakdown 5
Sectoral Breakdown 6
Regional Breakdown 7
Top 10 Private Equity Deals 8
Private Equity Exits 9

M&A

Introduction 10
Deal Breakdown 12
Sectoral Breakdown 13
R i
RegionallBBreakdown
kd 14
Top 10 M&A Deals 15
EXECUTIVE SUMMARY

The deal economy worldwide had suffered in the last two years since the global economy went
through one of its worst crises since the Great Depression of 1929. The legendary financial
institutions like Lehman Brothers collapsed while several other financial behemoths had to be saved
from going into bankruptcy. Naturally, there was less money available to do deals and corporates cut
down on expansion both organically and inorganically. The effect was showing on in India too even
though the economy showed signs of revival in the latter part of the year.

VCCEdge puts the Indian dealscape in context by bringing to you the data on Indian M&A, private
equity and venture capital for the last five years in this Annual Deal Roundup. The total private equity
i
investment
t t in
i India
I di fell
f ll more than
th 50% fromf $11 96 billion
$11.96 billi in
i 2008 to
t $4.4
$4 4 billion
billi ini 2009.
2009 As
A for
f M&A,
M&A
the deal value plummeted to $10 billion in 2009 from $25 billion in 2008.

1
THE YEAR 2009 
Value Wise Deal Summary ($mn)
ƒ The year saw 650 private equity and M&A deals with a
total announced value of $ 26.98 billion compared to 100,000
948 deals worth $52.33 billion in the year 2008 and 858

Deal Value
80,000
deals with an announced value of $88.65 billion in
60,000
2007.
40,000
,
ƒ The value of inbound deals reduced from $13.6
$13 6 billion

D
in 2007 and $9.72 billion in 2008 to $4.63 billion this 20,000
year. Total
0 PE 
2005
ƒ The value of outbound deals was $13.19 billion in 2006 M&A
2007
p
2009 compared to $
$26.8 billion in 2007 and $ $9.94 2008
billion in 2008. 2009
(Source: VCCEdge)
Volume Wise Deal Summary ($mn)
ƒ The year 2009 saw a surge of domestic M&A activity.
The value of domestic deals disclosed has increased 1000
from $2.8 billion in and $ 5.4 billion in 2007 and 2008 900
respectively to $ 6.02 billion in 2009, even though the
800
volume of domestic deals has decreased from 207

al Volume
deals in 2008 to 187 in 2009. 700
600 PE

ƒ PE deals 2009 numbered 287 amounting to $4.43

$4 43 500 Domestic
Dea

billion as against 502 amounting to $ 11.9 billion in 400 Outbound

2008. 300 Inbound
200
ƒ The total value and volume of PE deals reduced by
100
50% and 40% respectively compared to 2008 which
can be attributed to the impact of the global credit 0
crisis. 2005 2006 2007 2008 2009
(Source: VCCEdge)
2
 PRIVATE EQUITY
INTRODUCTION

Private equity has experienced a phenomenal growth over the
last two decades as institutional investors, seeking higher
returns, embraced this alternative to traditional asset classes.
The last few years leading into the current financial crisis was a
boom period for private equity in terms of the size and number
of deals, driven primarily by buoyant credit markets that have
since squandered.
In the year shrouded by an aura of uncertainty, India witnessed
287 deals in 2009 at a disclosed value of $4.43 billion compared
to 502 deals with a total disclosed value of $11.98 billion in the
year 2008 and 488 deals with an announced value of $15.61
billion in 2007.

Highest quarterly volume of 
PE transactions 195 deals 
PE transactions ‐ 195 deals
worth more than $5 billion
Sensex breaks into 21000 
levels supported by high 
25,000 The 30‐share BSE index was down  250
market confidence of 
2.64 percent, after having fallen as 
increased FII investment & 
much as 2.81 percent at open to 
strong corporate results.
g p
20 000
20,000 its lowest level since June 2006
its lowest level since June 2006 200

Sensex closes above 

Deal Volume
Sensex

15,000 150
10,000 points on
7th February 2006.
10,000 100
Private equity Investment 
5,000 activity has slowed down.  50
Several deals called off due 
to improper valuations. 
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2005 2006 2007 2008 2009

Sensex Deal Volume 3
(Source: VCCEdge)
 Some of the large private equity deals in 2009 included KKR and
CPP Investment Board’s $255 million investment in Aricent Inc. ,
Siva Ventures Ltd. acquisition of 51% stake in S Tel Ltd. for $230
$
million and TPG Capital‘s $200 million investment in Mumbai
based Indiabulls Real Estate.

With respect to high value deals there were 14 and 9 deals over
$50 million and $100 million respectively in 2009 as compared
to 30 and 25 deals of over $50 million and $100 million
respectively in 2008. According to investors, the deal ticket size
is likely to go down further. Average deal size was $20 million in
2009, lower than the $35 million seen in 2008.
The road ahead will see reduced valuations and more deals.
However there will be a flight to quality as competition to invest in
high quality portfolio companies increases. Funds will enhance
diligence of their proposed investments and also encourage deal
making within their existing portfolios to improve competitive
dynamics.

6000 $5,581 250

$5,049 $5,065
5000 195
200
160
4000
al Value ($mn)

140
$3,221
127 150
113 $2,636

Deal Volume
3000 $2,524 $2,459 102 104
$2,570
92 97 93
86 100
73 $1,678 76
2000 66 65 62 68
61
$1,371 $1,351
Dea

41 43 $1 199
$1,199 $
$1,132 $1,334
$717 $655 $1,135 50
1000 $668
$379 $353

0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2005 2006 2007 2008 2009

Deal Value Deal Volume
4
(Source: VCCEdge)
 DEAL BREAKDOWN Exhibit 1: Private Equity Breakdown
450
With the global private equity markets shrinking, investors
400 381 368
h
have tturned
d away ffrom angell and d venture
t capital
it l d
deals
l iin
general – and India is no exception. 350
300 283

Deal Volume
Early stage business, are also struggling in India, despite the
250
general robustness of the economy. 196
200 174

D
VC investments in India have halved from 117 deals at an 150 117 Angel/Seed
76 89 80
announced value of $0.66 billion in 2008 to 80 deals at a 100
33 VC
value of $0.31 billion in 2009. 50 4 16 18 17 11
PE
0
2005 2006 2007 2008 2009
Exhibit 2:Number of deals across deal size $2.1 bn $6.8 bn $15.6 bn $11.9 bn $4.4 bn
180 (Source: VCCEdge)
160
Exhibit 3:Average deal size in ($million)
140 $ million
olume

120 2005 2006 2007 2008 2009 2009 20.1 Poly. ($ million)

Deal Vo

100
2008 34.95
80
60 2007 47.07
40
20 2006 26.66
0
2005 13.93
Undisclosed 0 to 5 5 to 10 10 to 15 15 to 25 25 to 50 50 to 100 100 +
(Source: VCCEdge)
0 20 40 60
With respect to high value deals there were 14 and 9 deals over $50 million and (Source: VCCEdge)
$100 million respectively in 2009 as compared to 30 and 25 of over $50 million According
A di to investors,
i the
h private
i equity
i deal
d l
and $100 million respectively in 2008 ticket size is likely to go down further. Average
deal size was $20 million in 2009, lower than the
$35 million in 2008.
5
 SECTORAL BREAKDOWN
The major PE investments influencing the deal values of these
Telecom,$336 Real 
sectors were investments in Aricent Inc., Indiabulls Real Estate
i i $
Logistics, $ 354 Estate $657
Estate,$657
Ltd., Mohtisham Estates and Ind‐Barath Power Infra Pvt. Ltd. The
other sectors, which have significantly contributed to private
equity deal value in the year 2009, are Logistics and Telecom
accounting for 15% of total deal value.

Digital Media, 19 IT/IT Services, 47

Real Estate, 20
IT/IT 
Services,$621
Energy, $538
Exhibit 4: Top 5 Sectors by Deal Value for the year 2009 ($mn)
(Source: VCCEdge)

Real estate, IT/IT Services and Energy were the most targeted sectors
for investment with deals worth $0.65 billion, $0.62 billion and $0.54
billion respectively.
p y Together,
g , theyy accounted for more than 40% of
total private equity deal value during the period. Banking, Finance      
& Insurance, 32 Manufacturing , 34
Exhibit 5: Sector Summary
Sector Volume Deal Value ($mn)  Average Deal Size Exhibit 6: Top 5 Sectors by Deal Volume for the year 2009
Real Estate 20 657 43.8 (Source: VCCEdge)
IT/IT services 47 621 15.9 The most active sectors in terms of deal volume were IT/IT Services
Energy 16 538 41.4 and Manufacturing which lead with 17% and 11% of deal volume
Logistics 15 354 23.6 respectively in 2009. Other sectors contributing significantly to
deal volume were Banking, Finance and Insurance and Real estate
Telecom 5 336 84
accounting for 11% and 7% of deal volumes respectively. As seen in
Banking Finance &
Banking, Finance & 
the year 2008, 2009 too saw large number of deals in IT/IT
Insurance 32 244 8.4
Services, Manufacturing, Banking, Finance and Insurance and Real
estate.
Manufacturing 34 242 9.3
6
(Source: VCCEdge)
REGIONAL BREAKDOWN DELHI
(Metro City ‐ Fast industrial & economic 
A detailed analysis on the existing and developing growth; Several auto components 
i f t t
infrastructure, manufacturing
f t i clusters
l t andd manufacturers, general manufacturing 
f l f i
consumer markets has brought to fore key clusters )
locations that have witnessed increased Private
Equity investments. Amritsar
Jalandhar Exhibit 8 : Top 5 cities according to deal
Exhibit 7 : Top 5 states according to deal Dehradun value
Ludhiana
value
City
i Volume
l Value ($mn)
l ($ )
States Volume Value ($mn)
Jaipur Delhi 23 840
Kanpur Lucknow
Delhi 23 840
Mumbai 66 693
Maharashtra 80 748
Bhopal
Ahmedabad Hyderabad 23 547
Karnataka 51 666
Indore
Baroda Bangalore 47 486
Andhra Pradesh 31 594
Surat
Ch
Chennai
i 19 423
Tamil Nadu 23 459 Mumbai
(Source: VCCEdge)
(Source: VCCEdge)
Pune Hyderabad
Vizag

MUMBAI
(Financial capital of India; Fast industrial &  HYDERABAD
economic growth; preferred destination  Tier I
Bangalore Chennai (IT/ITES and pharmaceuticals hub)
for companies)
Mangalore Tier II
Mysore
BANGALORE
(IT hub of India; Garments and textile  Coimbatore CHENNAI
clusters & emerging biotechnology  (Metro city; IT & manufacturing hub 
industry)  Cochin and healthcare industries)
7
Exhibit 9 : Top
ppprivate equity
q y deals in 2009
S.NO. Industry Target Buyer Price ($ million) 
1 IT/IT Services Aricent Inc. Kohlberg Kravis Roberts & Co. 255
2 Telecom S Tel Ltd. Siva Ventures Ltd. 230
3 Real Estate Indiabulls Real Estate Ltd. TPG Capital Inc. 200
Krishnapatnam Port Co. Ltd. 3i India Infrastructure Fund 161
4 Logistics
5 Real estate Mohtisham Estates Oman Investment Fund 125
Karuturi Global Ltd. Emerging India Focus Funds, India Focus  124
Cardinal Fund, Elara India Opportunities Fund, 
6 Agriculture Monsoon India Inflection Fund Ltd.
Monsoon India Inflection Fund Ltd.
Capricorn Hospitality Services  New Silk Route Partners 124
7 Hospitality & Travel Pvt. Ltd.
8 Healthcare & Services Max India Goldman Sachs 115
Century Real Estate, Seven Star  Goldman Sachs Whitehall Real Estate Fund 104
9 Real estate Hotel Project
Hotel Project
Ind‐Barath Power Infra Pvt. Ltd. Bessemer Venture Partners India , Citi Venture  100
10 Energy Capital International, Sequoia Capital India
(Source: VCCEdge)

Top 10 Private Equity Deals

The largest deal by value was KKR’s $255 million buyout of Aricent,
followed by Siva Ventures investment in S Tel Ltd. and TPG’s $200 million The top 10 private equity deals accounted for
investment in Indiabulls Real Estate. more than 36% of total private equity deals in
2009. In 2008, top 10 deals accounted for about
T deals
Top d l occurred
d across various
i sectors,
t with
ith 3 off the
th top
t 10 deals
d l ini 40% of total deal value for the year.
year
Real Estate.

8
Exhibit 10 : Top Private Equity Exits in 2009
S.No. Target Seller Type Price ($mn)
1 DLF Assets Pvt. Ltd. DE Shaw Composite Investments (Mauritius) Ltd. Buyback 470
Temasek Holdings Pte. Ltd., GIC Special 
2 ICICI Bank Ltd. Investments Pte Ltd. Open Market 460
3 Shriram Transport Finance Co. Ltd. ChrysCapital III LLC Open Market 221
4 XCEL Telecom Pvt. Ltd. Q Investments LP M&A 150
5 Cognizant Technology Solutions Corp. Sequoia Capital India Open Market 60
Galleon Special Opportunities Master Fund SPC 
6 Ed l i C it l Ltd
Edelweiss Capital Ltd. Ltd
Ltd. O
Open Market
M k t 54 93
54.93
Orient Global Tamarind Fund Pte Ltd, Orient Global 
7 India Infoline Ltd. Cinnamon Capital Ltd. Open Market 51.9
8 Max India Ltd. Warburg Pincus India Pvt. Ltd. Open Market 50.5
9 Financial Software & Systems Pvt. Ltd. Carlyle Asia Venture Partners I Secondary Sales 51
Capital International Global Emerging Markets
Capital International Global Emerging Markets 
10 MindTree Ltd. Private Equity Fund LP. Open Market 47
(Source: VCCEdge)

Private Equity Exits Breakdown
Secondary Sale 6
Secondary Sale, 6 IPO, 1 Buyback, 5
2009 saw 96 exits
it compared d to
t 44 ini 2008 (not
( t
M&A, 18 including the PE stake sale in Centurion Bank of
Punjab to HDFC Bank). Total exit value rose to $2.2
billion in 2009 compared to $0.93 billion in in
2008.

Funds utilized the sharp rise in the stock markets

to cash out and return some money to LP’s. There
were 66 open market exits and only one IPO exit –
the part sale of Warburg Pincus’ stake in DB Corp.

Open Market, 66

Exhibit 11: Private Equity Exits in 2009 9

(Source: VCCEdge)
MERGERS AND ACQUISITION
INTRODUCTION
India, over the last few years, witnessed heightened deal 17% and 18.5% respectively to the overall GDP, which grew at 6.7% in
activity
i i on theh back
b k off a fast
f growing
i Indian
di economy. During i FY 2009.
2009 (Source
(S : RBI)
this time, the economy grew at an average of 8.8%. Although, In the year shrouded by an aura of uncertainty, the markets have
India has not been immune to the recent economic slowdown, seen downward and upward movements with Sensex losing over 50%
the country’s growing middle class and lack of dependence on of its value in mid 2008, after having enjoyed an average annual gain
exports have helped it better weather the financial crisis than greater than 40% for the last three years. Since then the public
many of its emerging market peers.
peers markets
k have
h rebounded
b d d with
i h the
h BSE index
i d trading
di above
b 17 000 in
17,000 i
The highlight of this growth has been the service sector, which Dec’09, exhibiting improving investor confidence, narrowing spreads
contributed approximately 86% of the growth in GDP in FY and reduced volatility.
2009. Services, Agriculture and Industry contributed 64.5%,
The 30‐share BSE index was down 
2 64 percent after having fallen as
2.64 percent, after having fallen as 
M&A deal value clocks up to 
much as 2.81 percent at open to 
$8.7 billion for 136 deals in 
Sensex breaks into 21000  its lowest level since June 2006
the quarter.
levels supported by high 
25,000 market confidence of  160
increased FII investment & 
140
strong corporate results.
g p
20 000
20,000
Sensex closes above  120
10,000 points on
7th February 2006. 100
15,000
80
10,000 60

40
5,000
20

0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2005 2006 2007 2008 2009

10
Sensex Deal Volume
 Despite the global slowdown, the year 2009 has seen some
India witnessed 371 deals in 2009 at a disclosed value of $12.52 billion 
significant
i ifi t deals
d l in
i India.
I di Over
O th pastt few
the f years, India
I di has
h
compared to 446 deals with a total disclosed value of $25.16 billion in 
shown resilience by not only being an important destination for
the year 2008 and 380 deals with an announced value of $43.4 billion 
M&A’s but also by being active in acquiring international
in 2007. 
companies. The year presented both challenges and
opportunities for Indian corporates and investors active in the
The year ahead will offer significant deal making opportunities to
M&A market. companies
i that
h innovate,
i consolidate
lid and
d develop
d l niche i h financing
fi i
and non cash structures. There will be an increase in value and
In the current scenario, there will be more encouragement for volume of Indian M&A activity as investors confidence and liquidity
consolidation and profitability than for improving scale return to the market. Corporates and investors will return to secure
operations. a share of growth in the recovering markets.

25000 160
136
$20,424 140
20000
107 110 120
$16,763 104 103
95 97 97 99
100
al Value ($mn)

15000 84 83

Deal Volume
$12,501 103 77 81
67 70 $10,755 80
64
10000 $8,722 60
43
38
32
Dea

$4,486 40
5000 $3,684 $4,215 $3,655
$3,314 $3,206
$2,468 $2,741 $2,303 $2,039 $1,771 $2,367 $1,444 20
$679 $482
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2005 2006 2007 2008 2009

Deal Value Deal Volume
11
 DEAL BREAKDOWN Exhibit 11: M&A Breakdown
250
The number of domestic deals declined slightly from 191 and 207
207 iin 2007 & 2008 respectively
ti l tto 187 iin 2009
2009. Th
The value
l off 200 191 187
domestic deals was $6 billion in 2009 compared to $5.48 170
billion in 2008. 138 Inbound

Deal Volume
150
In terms of volume, the number of outbound deals dropped 115
103 Outbound
drastically from 170 in 2008 to 90 in 2009., while in terms of 100 89 90
72 75 Domestic

D
value
l theh fall
f ll was nearly
l 80%.
80% 61 64 69

However, there was an increase in the number of inbound 50 28

deals from 69 in 2008 to 89 in 2009 but at lower value.
0
2005 2006 2007 2008 2009

(Source: VCCEdge)
Exhibit 12:Average deal size in ($ million) Exhibit 13:M&A breakdown deal size in ($ million) in 2009

Inbound $4 630
Inbound, $4,630
2005 61.3 Domestic, $6,021

2006 116.6

Average deal Size
2007 231 0
231.0
Poly. (Average deal 
2008 124.5 Size)

2009 69.2
Outbound, $1,839
0.0 50.0 100.0 150.0 200.0 250.0
(Source: VCCEdge)
(Source: VCCEdge)
12
 SECTORAL BREAKDOWN
Some of the major deals influencing deal values were
Pharmaceuticals  Banking,Finance transactions in Reliance Petroleum Ltd., Shantha
& R h $857
& Research, $857 & Insurance, $721
& Insurance, $721 Biotechnics
Biotechnics, Mahindra Satyam & General Motors India Pvt
Pvt. Ltd
Ltd..
Energy, $3,613 The other sectors, which have significantly contributed to the
IT/IT 
Services, $1,142 deal value in the year 2009, are Banking, finance & Insurance
and Media & Entertainment accounting for 8% of the total deal
value.
Media & 
Entertainment, 20 Manufacturing 
Manufacturing
Energy, 26 , 76

Manufacturing, $
1,615 Telecom, $1,663

Exhibit 14: Top 5 Sectors by M&A Deal Value ($mn) for the year 2009
(Source: VCCEdge)

Energy, Telecom and Manufacturing were the most targeted sectors

for M&A’s with deals worth $3.61 billion, $1.66 billion and $1.61
billion respectively.
p y Together,
g , theyy accounted for more than 55% of
Banking, Finance  IT/ITES, 50
total M&A deal value during the period.
& Insurance, 36
Exhibit 15: Sector Summary
Exhibit 16: Top 5 Sectors by M&A Deal Volume for the year 2009
Sector Volume Value ($mn)  Average deal Value (Source: VCCEdge)
Energy 26 3,613 212.5
The most active sectors in terms of deal volume were
Telecom 20 1,663 138.6 Manufacturing and IT/IT Services and which lead with 20% and
Manufacturing 76 1,615 43.65 13% of deal volume respectively in 2009. Other sectors
IT/IT Services 50 1,142 47.58 contributing significantly to deal volumes were Banking, Finance
Pharmaceuticals &  and Insurance and Energy accounting for 9% and 7% of deal
Research 19 857 171 4
171.4 volumes respectively. As seen in the year 2008, 2009 too saw large
Banking,Finance & 
number of deals in IT/IT Services, Manufacturing & Banking.
Insurance 36 721 31.3
Media & Entertainment 20 325 29.55
13
(Source: VCCEdge)
REGIONAL BREAKDOWN DELHI
(Metro City ‐ Fast industrial & economic 
growth; Several auto components 
manufacturers, general manufacturing
manufacturers, general manufacturing 
clusters )

Amritsar
Jalandhar UTTAR PRADESH
Exhibit 17 : Top 5 states according to M&A Dehradun
Ludhiana (Manufacturing centre of sports 
deal value and volume
goods, sharp tools ; Top IT destination; 
d h t l T IT d ti ti
States Volume Value ($mn) Several auto components 
manufacturers, general manufacturing 
Jaipur
Maharashtra 102 4715 Kanpur Lucknow clusters )

Andhra Pradesh 29 1763

Delhi 21 857 Ahmedabad Bhopal

Indore
Karnataka 27 744 Baroda

Uttar Pradesh 6 486 Surat

Mumbai
(Source: VCCEdge)
Pune Hyderabad
Vizag

MAHARASHTRA
(Fast industrial & economic growth;  Tier I
preferred destination for companies) Bangalore Chennai
ANDHRA PRADESH
Mangalore Tier II
(IT/ITES and pharmaceuticals hub)
Mysore

KARNATAKA Coimbatore
(IT hub; Garments and textile clusters & 
emerging biotechnology industry)  Cochin
14
 Exhibit 18 : Top
p M&A deals closed in 2009

S.No. Target Buyer Seller Price 

1 Reliance Petroleum Ltd. Reliance Industries Ltd. 1,667
2 Shantha Biotechnics Ltd. Sanofi‐aventis BioMerieux SA 625
3 Mahindra Satyam
hi d S Tech Mahindra Ltd.
h hi d d 591
91
Shanghai Automotive 
4 General Motors India Pvt. Ltd. Industry Corp. General Motors Company 500
5 REpower Systems AG Suzlon Energy Ltd. Martifer SGPS 499
Quippo Telecom  Tata Teleservices 
6 Wireless TT Info Services Ltd Infrastructure Ltd.
Wireless TT Info Services Ltd. Infrastructure Ltd (Maharashtra) Ltd
(Maharashtra) Ltd. 489
7 Unitech Wireless Ltd. Telenor ASA Unitech Ltd. 475
Indian Oil Corporation Ltd., 
Bharat Petroleum Corp. Ltd., 
Hindustan Petroleum Corp. 
8 Oil India Ltd.
Oil India Ltd. Ltd. The Government of India
The Government of India 450
9 V S Dempo & Co Pvt. Ltd. Sesa Goa Ltd. 366
10 Reliance Petroleum Ltd. Reliance Industries Ltd. Chevron India Holdings  272
(Source: VCCEdge)

The largest M&A deal in India was the Reliance Petroleum‐Reliance The top 10 M&A deals accounted for about
Industries merger, followed by Sanofi‐aventis acquistion of Shantha 47% of the total M&A deals in 2009.
Biotechnics and the Tech Mahindra buyout
y of Satyam
y .

15
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