indcap newsletter · 2016-03-12 · ozone group real estate aditya birla real estate fund 1,500 n.a...

Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad

1

Indcap

NEWSLETTER

March, 2015


2

CONTENTS

Private Equity and Mergers & Acquisitions 3

M&A Deals – March 2015 4

PE Deals – March 2015 5

Indcap Opportunities 6-7

Indcap Performance 8

Markets/ Commodities 9

March, 2015


US-based visual discovery startup Pinterest Inc. has raised over INR 22,760 Mn in funding from

existing investors along with some new unnamed investors.

PremjiInvest participated in a Series C round of funding of INR 7,130 Mn in California-based Zuora Inc. led by BlackRock, Passport Capital and Marc Benioff, chairman and CEO of salesforce.com.

Foodpanda.com, a multi-location online food ordering marketplace, has raised INR 6,820 Mn in fresh funding from a group of investors, including existing investors like Rocket Internet AG, as well as new unnamed investors.

Ujjivan Financial Services Pvt. Ltd., one of the top-tier microfinance institutions in the country, has raised INR 6,000 Mn from CX Partners, CDC, NewQuest Asia Investments and Bajaj Holdings.

Silicon Valley-based Cyanogen Inc. has raised INR 5,000 Mn from a group of investors in Series C round of funding led by PremjiInvest, the personal investment vehicle of Wipro chairman Azim Premji.

Radio taxi company Meru Cabs raised INR 3,100 Mn from its existing investor India Value Fund Advisors (IVFA).

PE

* IN

SIG

HT

3

AB Volvo, a Swedish auto manufacturing company, has sold 4.7 per cent or over half of its holding in

Eicher Motors Ltd. for around Rs 19,200 Mn.

Online cab booking service Olacabs.com run by Mumbai-based ANI Technologies Pvt. Ltd., has acquired Bangalore-based Serendipity Infolabs Pvt. Ltd., which runs rival service TaxiForSure for INR 12,400 Mn in a cash and stock deal

Malaysia's IHH Healthcare Bhd, Asia's largest hospital operator by stock market value, has acquired a controlling 51 per cent equity stake in Hyderabad-based Continental Hospitals Ltd. for about INR 2,810 Mn.

Fortis Healthcare Ltd., the second-largest hospital chain in the country, has sold its Singapore-based hospital to NYSE-listed Chinese healthcare services firm Concord Medical Services for INR 2,510 Mn.

Hinduja Group flagship Indian company Ashok Leyland Ltd., has sold its entire stake in AVIA Ashok Leyland Motors s.r.o. to an unnamed strategic investor for INR 700 Mn.

Coimbatore-based automotive components manufacturer Pricol Ltd. has sold its entire 49 per cent stake in DENSO Pricol India Pvt. Ltd. to JV partner Japan's Denso Corporation, for INR 200 Mn

M&

A*

INSI

GH

T

*An extensive list of M&A and PE deals announced in March 2015 is provided in the subsequent pages

March , 2015


M & A Deals – March 2015

4

*INR to USD conversion rate considered at USD 1 = INR 62 N.A. – Not Available

March , 2015

Target Deal Type Buyer Industry Deal Value

Stake (%) INR in Mn

Eicher Motors Ltd. Acquisition A portfolio investment entity under City Group & others

Automobiles 19,200 5

Taxi For Sure Acquisition Olacabs Technology 12,400 N.A

Continental Hospitals Ltd. Acquisition IHH Healthcare Bhd. Healthcare 2,810 51

Fortis Healthcare's Singapore Hospital

Acquisition Concord Medical Services

Healthcare 2,510 N.A

AVIA Ashok Leyland Motors s.r.o.

Acquisition Unnamed strategic investor

Automobiles 700 100

Denso Pricol India Private Limited

Acquisition Denso Corporation Auto Component 200 49

Indian Real Estate Forum Acquisition Housing.com Technology/ Real

Estate 80 N.A

TSI Evolve Acquisition MPS Ltd. Publishing Services 62 N.A

Mindprint Inc., Canada Acquisition 8K Miles Software Inc. Information Technology

25 N.A

Colibrium Acquisition Hinduja Global Solutions Ltd.

Information Technology

N.A 90

Zydus BSV Pharma Pvt Ltd. Acquisition Cadila Healthcare Ltd. Pharmaceuticals N.A 50

Inga Capital Acquisition Fortune Financial Services India Ltd.

Financial Services N.A 68

UPL do Brasil Acquisition UPL Limited Agro- Chemicals N.A 27

Screen brand Acquisition Star India Pvt. Ltd. Media &

Entertainment N.A N.A

VDVL Consultants Telecom Internet BV

Acquisition Prodapt Solutions Pvt. Ltd.

Information Technology

N.A N.A

Quickdel Logistics (GoJavas) Acquisition Snapdeal.com Logistics N.A N.A


5

PE Deals – March 2015

March , 2015

Company Industry Investor Amount

Equity (%) INR in Mn

Pinterest Inc. Technology Existing investors, new unnamed ones have also joined the round

22,760 N.A

Zuora Inc. Technology BlackRock, Passport Capital & Marc Benioff, chairman and CEO of salesforce.com & PremjiInvest

7,130 N.A

Foodpanda.com Foods/ Technology Rocket Internet AG & Others 6,820 N.A

Ujjivan Financial Services Pvt. Ltd.

Banking/ Financial Services CX Partners, CDC, NewQuest Asia Investments and Bajaj Holdings.

6,000 N.A

Cyanogen Inc. Information Technology

PremjiInvest, Twitter Ventures, Telefonica Ventures, Smartfren Telecom, Index Ventures, Access Industries, Rupert Murdoch, Vivi Nevo & Others

5,000 N.A

Meru Cab Company Private Limited

Technology India Value Fund Advisors 3,100 N.A

Mumbai's affordable housing project – Tanaji Malusare City

Real Estate Brick Eagle 3,000 N.A

Kumar Urban Development Limited

Real Estate Xander Advisors India 2,800 N.A

Parksons Packaging Ltd. Packaging Kedaara Capital 2,000 N.A

Limeroad.com Technology Tiger Global &Matrix Partners and Lightspeed Venture Partners

1,880 N.A

Ozone Group Real Estate Aditya Birla Real Estate Fund 1,500 N.A

Oravel Stays Private Limited

Hospitality Greenoaks Capital and existing investors Lightspeed and Sequoia

1,250 N.A

Groupon.co.in Technology Sequoia Capital 1,240 N.A

*INR to USD conversion rate considered at 1 USD = 62 INR N.A. – Not Available


6

March , 2015 IN

DC

AP

– O

PP

OR

TUN

ITIE

S Sell Side Opportunities

Sector Location Opportunity Brief Key Highlights

Solar Power Gujarat & Rajasthan

30 Mw operational solar power plant located in Gujarat & Rajasthan

30 MW in Rajasthan (5 MW) & Gujarat (25 MW) PV Technology: Thin Film Commissioned in the year 2012 PPA signed at Rs. 12.50 per unit and Rs. 15 per unit

for Rajasthan & Gujarat respectively.

Real Estate West Bengal

The property is a private IT park building occupied by a single International IT/ ITES player, situated in Kolkata

The property was constructed in 2004, measuring 94,624 sq. ft of flexible, modern office space, arranged over one basement, ground and eight upper floors.

71 car parking spaces at basement level. The owners have tenanted the property to the

multinational IT giant for its third tenure with an option to renew for 2 more terms.

Stainless Steel

New Delhi The Company is one of the leading manufacturers and exporters of Stainless Steel architectural fittings from India

Manufactures furniture Handles, door handles, escutcheons, knobs, flush pulls, numerals, brackets, bathroom accessories & various other decorative hardware items in Stainless Steel

Plant in NCR – 1,900 sq mtrs of land, 23,000 sqft of build up area

Has a strong design competence with facility equipped to provide in-house designing and development

Long Standing relationship with large International Clienteles including Fortune 500 companies.

Plastic Compounds

Gujarat The company is into manufacturing of high precision Polymeric Compounds with multiple product line

Advance facility for manufacturing of High Precision Polymeric Compound of Engineering Plastic and Cross Linked Polyethelene under technology arrangement with AEI UK for XLPE compounds

Products are used for modern generation Silane Grafted Wires and Cables Insulation and Engineering compounds for Plastic Furniture, Automobiles, Electricals etc.

The exports contributes about 50% of turnover.

Infrastructure

Madhya Pradesh

The Company operates in commodities and Infrastructure domain

The company has signed Concession Agreement with Madhya Pradesh Road Development Corporation (“MPRDC”) for executing 9 Road projects on DBFOT basis.

The company is planning to exit from all the 9 projects since it wants to focus on the mainstay commodities business.

Renewable Energy

Karnataka The Group is engaged in a number of diverse activities such as Renewable Energy Generation, Business investments, and Infrastructure Development.

The group is planning to sell majority equity stake in four of its hydro- power projects, aggregating to 63.50 MW capacity.

The projects are located in four different locations in Karnataka.

The main focus of the group is Renewable Energy space in India.


7

IND

CA

P –

OP

PO

RTU

NIT

IES

March , 2015

Sector Location Company Brief Acquisition Criteria

Pharmaceuticals Gujarat The group is engaged into manufacturing of dyes, pigments, caustic etc.

The company is diversifying into API and is interested in acquiring API manufacturing company.

Investment : Approx Rs. 1,000 mn.

FMCG Gujarat The company is based out of western India, and is a well established brand throughout India

The company is looking to acquire cement unit and basic chemicals companies.

FMCG West Bengal

The company is engaged in the manufacturing of FMCG products.

Engaged in healthcare, homecare, personal care category preferably on herbal/ natural platform.

Well established brand (Regional/PAN India)

Gross Margin should be more than 50%.

Real Estate Gujarat The company based out of Ahmedabad, is engaged in Real Estate Sector

Interested in acquiring companies in the following sectors: • 4/5 Star Hotel Property (preferably in

Goa, Kerala) • 3-5 MTPA Cement plant in western

India • Warehousing

Architectural Hardware Fittings

New Delhi

The Company is one of India’s most popular Architectural Hardware Solution provider through a wide range of standard & customized products

The company is looking for acquisition in the following space: • Door manufacturers- Fire door, clean

room used in pharmaceutical and hospital

• Kitchen manufacturer - Prefer into retail but can also look in commercial

• Electronic home security- example door phone

Looking at companies with revenue INR 500-1000 Mn

Buy Side Opportunities


8

March , 2015 IN

DC

AP

PER

FOR

MA

NC

E

Indcap- Q4 Performance

Client Industry Transaction detail INR in mn

Concast Group, Kolkata

Iron & Steel Diversified

*Debt restructuring under CDR mechanism *Additional funding for a door to door period of 10 years with concessional interest rate. http://www.financialexpress.com/article/industry/banking-finance/cdr-cell-recasts-concasts-rs-7500-cr-debt/59260/

57,000 18,000

Adhunik Group, Kolkata

Iron & Steel

*Debt restructuring under CDR mechanism *Additional funding for a door to door period of 10 years with concessional interest rate. http://www.thehindubusinessline.com/companies/empowered-group-approves-debt-restructuring-plan-for-adhunik-metaliks/article7031914.ece

37,000 14,000

Vadodara Based

Power Transmission, EPC

*Debt restructuring under JLF mechanism *Additional funding.

5,480 1,139

Pune Based Group

Steel Industry

*Debt restructuring under JLF mechanism *Additional funding

2,970 200

Kolkata based Group

Iron & Steel

Arranged Viability Gap term loan 2,520

Kolkata based Group

Iron & Steel

*Second restructuring of debts *Additional funding.

700 89

Kolkata Based IT & ITES *Debt restructured * Additional Funding

460 70

Shillong based Cement Debt Rectification by way of Long Term Corporate Loan 330

Kolkata based Group

Tea Raised fresh working capital credit facilities 235

Guwahati based

Infrastructure

Raised Working Capital Credit facility 230

Kolkata based Fly Ash Bricks

Rupee Term Loan for setting up an AAC Blocks project at Bhilai

140

Total Restructured Amount 103,610

Total Fresh Loans/Additional Loans 36,953

http://www.financialexpress.com/article/industry/banking-finance/cdr-cell-recasts-concasts-rs-7500-cr-debt/59260/


























http://www.thehindubusinessline.com/companies/empowered-group-approves-debt-restructuring-plan-for-adhunik-metaliks/article7031914.ece




























9

Indcap Advisors Pvt. Ltd. Offices

Kolkata New Delhi Mumbai

Chitrakoot, Suite # 68, 6thFloor, 230A, A.J.C Bose Road,

Kolkata – 700 020 Ph. No.:- +91 33 3052 4446 Fax No.:- +91 33 3052 4446

823, DLF Tower A Jasola District Centre New Delhi – 110 025

Ph. No.:- +91 11 2694 2340/ 41/ 42

Suite # 603, 6th

Floor, Balarama Bandra Kurla Complex, Bandra (E)

Mumbai – 400 051 Ph No.:- +91 22 3058 4445 Fax No.:- +91 22 3058 4450

Bangalore Ahmedabad

2003, Embassy Habitat 59, Palace Road

Bangalore – 560 052 Ph. No.:- +91 96423 21155

A-707, Infinity Tower Corporate Road, Prahladnagar,

Ahmedabad – 380 015 Ph. No.:- +91 79 4002 6336

www.indcapadvisors.com

Disclaimer

This document is issued by INDCAP ADVISORS PVT. LTD. The information contained herein is derived from various public documents we believe to be reliable, but which we have not independently verified. INDCAP makes no guarantee as to the accuracy or completeness of this information and is not responsible for errors of transmission of factual or analytical data, nor shall it be liable for damages arising out of any person’s reliance upon this information. The opinions in this document constitute our present judgment, which is subject to change without notice. The document is intended to be distributed in its entirety. No consideration has been given to the particular investment objectives, financial situation or particular needs of any recipient. Unless governing law permits otherwise, you must contact a INDCAP member in your home jurisdiction if you wish to use INDCAP services in effecting a transaction in any investment mentioned in this document. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of INDCAP.

Stock Indices Opening

(2nd Mar’15) Closing

(31st Mar’15) Change %

Sensex 29,533.42 27,957.49 -5.34%

Nifty 8,953.85 8,491.00 -5.17%

FTSE 6,946.70 6,773.00 -2.50%

Nikkei 18,869.40 19,206.99 1.79%

Dow Jones 18,134.05 17,776.12 -1.97%

Gold ( INR/10 Grams) 26,801.00 26,232.00 -2.12%

Silver (INR /1 Kg) 37,231.00 36,983.00 -0.67%

USD ($) 61.89 62.34 0.73%

Euro (€) 69.26 66.97 -3.31%

GBP (£) 95.14 92.55 -2.72%

Sources – Global Indices, BSE, NSE, RBI, MCX INDIA

MA

RK

ETS

/ C

OM

MO

DIT

IES

http://www.indcapadvisors.com/

indcap newsletter · 2016-03-12 · ozone group real estate aditya birla real estate fund 1,500 n.a...

Documents