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Private Equity Deals in India
Final Report
Final REPORT ON
Private Equity Deals in India And Hospitality Sector
By ABHISHEK KHOSLA 10BSPHH010021
SBI CAPITAL MARKETS LIMITED
Final Report
Final REPORT ON Private Equity Deals in India And HOSPITALITY Sector Analysis
By ABHISHEK KHOSLA 10BSPHH010021 SBI CAPITAL MARKETS LIMITED
A Report Submitted In Partial Fulfillment of The Requirements of MBA Program 0f IBS Hyderabad
Company Guide: Pooja Kansal Faculty Guide Mr. Trilochan Tripathy

MAY 20, 2011
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Authorization
This report was authorized by Pooja Kansal Vice President SBI Capital Market for use by the Equity team (Delhi Chapter) of SBI Capital Markets Ltd This report submitted in partial fulfillment of the requirements of MBA program of IBS, Hyderabad.
May 20 2011
Abhishek Khosla
Submitted To Pooja Kansal (Madam) Vice President SBI Capital Markets Ltd Prof. Trilochan Triparthy Faculty Guide IBS Hyderabad
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Acknowledgement
As a part of curriculum at IBS Hyderabad, the Summer Internship Program aims at overall development of the students by providing them an opportunity to gain corporate exposure and space to apply their theoretical knowledge in practice. No summer internship can be successful without the support of the different mentors who keep themselves closely involved with the student undergoing the program. Through this report, I take the opportunity to express my sincere gratitude and thankfulness to all those who have helped me in making my training at SBI Capital Market, a success. First of all I would like to thank Mr. Vinod Pandey Senior Vice President for having such a system in place, where students are given opportunities to learn about their areas of interest, as part of training and internship programs. I would like to thank Pooja Kansal Vice President my guide and mentor at SBI Capital Market Ltd., for taking time out of her busy schedule and helping me in every possible way, to proceed with my work. She has been a constant source of inspiration throughout the project. I would also like to extend my sincere thanks and gratitude to Professor Trilochan Triparthy, SIP faculty guide assigned to guide me in settling all the issues related to this project. He has been of utmost help in all matters and has been extremely cooperative and understanding. I would like to extend my gratitude to Neha Nagpal Manager at SBI Capital Markets, for providing me with necessary information, valuable inputs, and guidance on the path ahead regarding my project. Last but not the least I would like to express my gratitude to all those who have in one way or the other interacted with me and have worked towards making my stay at SBI Capital Markets Ltd a great learning experience . Thank you Abhishek Khosla
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Table of Contents
1. Introduction06 2. Adv & Dis Advantage of Private Equity..07 3. Private Equity Working ...08 4. History of Private Equity in India ..09 5. Rationale ...,.10 6. Objectives ..11 7. Methodology.12 8. Private Equity Deals in India ....13 9. Private Equity Deal Analysis ..41 10. Unlisted Companies Detailed Report I. TATA Realty and Infrastructure .44 II. Gaur son India Ltd ..48 III. Bharti Infratel .51 IV. Ackme Telepower...55 V. Doshion Limited .58 VI. Coastal Project..61 VII. Larson& Toubro Infrastructure..64 VIII. Azure Knowledge....67 IX. Prabhudas Lilladher..70 X. Anand Rathi Securities.73 11 Hospitality Sector Analysis ...76 12 Unlisted Hospitality sector Detailed Report I. II. III. IV. V. PQR. ....80 XYZ ...84 Pride Hotel......89 ABC Ltd...93 Amalgamated Bean Coffee Trading....97
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Executive Summary
The project Private Equity deals in India and Hospitality Sector Analysis from an IPO prospective can be explained as follows Firstly information about un-listed companies in which Private equity deal have taken place from 2006-2009 is found .Information about whats the unlisted company location, sector, amount of investment made by the private equity investor, promoter , if any stake has been acquired then whats the overall valuation of the firm . This has helped in creation of a database of potential IPO companies in the forthcoming future which can be targeted by SBI Caps. Secondly after collecting information about 251 various unlisted companies in which private equity has taken place from different sources like V C Circle, Deal Curry, and E&Y Private Equity Round up, Grant Thornton private equity deal tracker and Indian Private Equity. The data was analyzed and top 5 sectors were identified on the basis of the number of PE Deals and amount of Private equity investment. The top 5 sectors on the basis of amount of Private Equity investment made are Real estate, Telecom, Infrastructure, IT & ITES and Banking and Financial services sector. After finding the top 5 sectors then identified 2 companies each in every sector and have done a detailed analysis which involves introduction where its briefly talked about the company and its management. Business overview looks at in depth whats the business model of the company, what are its current projects and what are its future expansion plans. Industry snapshot how the industry is performing and what are the growth trends and future prospective. What are the current financials of the company. The different companies analyzed are Tata real estate and infrastructure, Gaursons India, Bharti infratel, Ackme telepower, Doshion limited, Coastal project, Larson & Toubro infotech Ltd, Azure knowledge corporation, Prabhudas Lilladher and Anand Rathi securities. Analyzed the Hospitality sector and found what are the sector highlights, current trends, growth drivers, growth of hotel and hotel rooms from 2000 2008 and financials of different listed companies in the premium, middle and budget segment. Analysis of unlisted companies Amalgamated bean coffee trading company, pride hotel, PQR, XYZ and ABC Ltd (name changed because of confidentiality of live projects).
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Introduction
Equity Investment made in shares of companies which are not publically traded or listed on a recognized stock exchange is called as private Equity. Private Equity is very different from other sources of funds like debt or a loan. In the case of a debt or a loan the lenders have a legal right to interest on the loan and payback of the principal amount. A private equity investor is like a shareholder of an unlisted firm whose returns are dependent upon the growth and profitability of the unlisted firm. A private equity investment can be of following type: Leveraged Buyout Venture Capital Growth Capital Mezzanine Capital
Leveraged Buyout: Under a leveraged buyout acquiring company doesnt need to raise or invest the entire capital required to buy the target company instead it leverages the assets of the target company to raise Debt which is used in the acquisition. The advantage of a leverage buyout is the acquiring company only has to invest a part of the total amount required. The firm shall also gain positive return if the internal rate of return of the target company is grater than the rate at which the amount is borrowed. Venture Capital: It refers to the capital which is provided to the companies in the early stages of their operation seeking to growth rapidly. Venture capitalist acquires the share of these companies and invest in them for a period a long period of time around 5 to 10 yrs. Venture capitalist generally invest in companies which have high growth potential ,innovative technology , well written business plan and an impressive management . Growth Capital: Growth capital as the name suggests refers to capital that is provided for the company to grow and expand the existing operation, or enter into new market. The growth capital is generally required by those companies which dont have sufficient reserve and surplus. Growth capital is often provided as normal equity share capital or preference equity share capital or hybrid options which might involve payment of interest along with equity share capital. Mezzanine Capital: Mezzanine capital is either structured as debt (unsecured) or preference equity share capital or a hybrid of both. Mezzanine capital is unsecured debt which has the option to be converted into equity in case the amount is unpaid. Mezzanine capital is an expensive source of financing because it is unsecured debt and in case of a default it shall be repaid only before equity share holders. Mezzanine capital is advantageous to a company because it is treated as equity in the companys capital structure. (Source Trends in private equity by Ritankar Sahu and Ananya Nath)
Private Equity Deals in India The Private Equity investment is made by different categories of investors like: Private Equity Fund Venture Capital Fund Angel Investor
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The advantages of Private Equity investment are as follows: They provide medium to long term capital to a firm / company. They provide a solid, flexible capital base to meet the future growth and development plans of the company. They are good for the cash flow of the company as the capital repayment, dividend, Interest (if relevant) is tailored to companies need and what it can afford. The cost of private equity investment is low. The return earned by the private equity investor depends upon business growth and success. If the business fails the private equity investor claim is similar to the existing share holder and shall be repaid at the end after settling the different loans and creditors of the company first. If the business runs into difficulties the private equity investor shall work hard to ensure that the company turns around. Private equity investor acts as a true business partner sharing the risk and rewards of the organization. Private equity investor provides practical advice and expertise to assist the organization in achieving success.
The Disadvantages of Private Equity Investment are as follows:
The Private equity raising is a lengthy process since private equity managers conduct detailed market, financial, legal, environmental and management due diligence, which could take several months before they make final decisions on investing . Conflict of Interest because the private equity firm involved in the running of the company may have different priority than the promoter of the company. Private equity firm invests capital from an investment point of view with a horizon of 5 yrs plus. Their main aim is to get the company listed or secondary sale of investment and make listing gains.
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Private Equity Working:

The PE firm raises money from hni individuals, institutional investor, pension fund and invests in unlisted companies which provide good opportunity for capital appreciation. The Private equity firm earns returns when they sell their investments on a public listing of the company or secondary sale. The investment objective of the fund clearly indicates what type of companies and sectors the fund would be allowed to invest in. After the exit from the investments made the fund returns the principal and returns to the investors.
LP
Insurance company
Pension fund
Large corporate
HNWI
GP
The PE fund
Manager
Portfolio
Company A
Company B
Company C
Company D
Company E
Company D
The fund is a legal agreement between the investors and the private equity firm. Inventors are known as limited partners (LP) and the private equity firm is known as general partner (GP). The GP-LP is essentially a principal agent relationship, where the GPs (Agent) are the investment managers for the funds pooled by the LPs (Principal). Often GPs also contribute a portion of the fund capital so as to provide some form of assurance to the LPs on the quality of the deals that are going to be funded
(Source Private Equity by spencerstuart.com)
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History of Private Equity Investment in India
Private equity investment in India was very minimal till the mid 1990s. This scenario began to change in the late 1990s with the growth of Indias IT companies and with the simultaneous dot-com boom in India. The initial PE investment was made in the Telecom, IT and ITES sector. In 2000 the total value of Private equity deal was $1.16 billion, and the average deal size was approximately $4.14 million. Private equity firms started making large investments in these sectors; however, the bust that followed led to huge losses for the PE and VC community, especially for those who had invested heavily in start-ups and early-stage companies. After almost three years of downturn in 2001-2003, the PE market began to recover towards the end of 2004.PE investors began investing in India again in 2004 except this time they began investing in other sectors as well (although the IT and BPO sectors still continued to receive a significant portion of these investments) and most investments were in late-stage companies. This happened because the growth in the Indian economy was no longer limited to the IT sector but was spreading more evenly to sectors such as biotechnology and pharmaceuticals; healthcare and medical tourism; auto-components; travel and tourism; retail; textiles; real estate and infrastructure; entertainment and media; and gems and jewelry. Early-stage investments have been dwindling or have, at best, remained stagnant right through mid-2007. In recent years, there has been a resurgence of these firms, with Indias stock markets booming and sectors like the life sciences, infrastructure, real estate, microfinance and education being growth stories for the future. Global firms such as Warburg Pincus, Blackstone and the Carlyle Group have a presence in India while Indian players like ICICI Venture and ChrysCapital also have a large presence. Private equity has emerged as a potential source of corporate finance supplementing the traditional sources of resource mobilization such as equity Issue, private placements, euro issues and external commercial borrowings and debt. The key driving factors behind the flow of PE capital into India are its strong macro-economic fundamentals characterized by high growth rate, high gross domestic investment and a booming stock market. A booming secondary market and regulatory reforms in the primary market widened the exit possibilities for private equity firms and hence attracted them to India. Over the last few years, private equity has emerged as a potential source of finance for the cash strapped small and medium enterprises, infrastructure sector, education, microfinance sector.
(Source RBI Website. rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2109 )
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Rationale
SBI CAPITAL MARKETS LIMITED (SBICAPS) is India's leading investment bank and project advisor, assisting domestic companys fundmobilization efforts for last many years. SBI Caps over the past two decades has handled more than 890 public offerings, both debt and equity, mobilizing funds in excess of Rs. 105,400 crores; rights offerings (debt and equity) in an excess of 450 transactions mobilizing an amount of approximately Rs. 44,000 crores; private placement of debt to the tune of Rs. 15,000 crores with over 500 transaction counts. SBI caps highlights in the recent past have been: No. 1 in Public Equity offerings, managed 700+ issues Some of their transactions in the recent past have been Reliance Power Limited Initial Public Offering, DLF Limited Initial Public Offering, Mundra Port and SEZ Limited Initial Public Offering, Reliance Petroleum Limited Initial Public Offering, and certain pathbreaking primary market success stories such as ICRA Limited Public Offering, Educomp Solutions Limited Initial Public Offering, Everest Kanto Cylinders Initial Public Offering, amongst many others. The project has been beneficial to the company in the following manner: It has provided them with a database of unlisted companies in which private equity has taken place (2006-2009). This shall act as a reference point for identification of forthcoming IPOs. The database provides following information : o Name, location, promoter and sector of the unlisted company. o PE investor, size of the PE Investment in the unlisted company. o Valuation of the unlisted company on the basis of PE Investment and stake acquired by the PE investor. Selected Unlisted Companies detailed report provides the following information : o Background of the Company o Business overview of the unlisted company o Industry in Brief o Financials of the unlisted company o Peer comparison of the unlisted company o Comment on the valuation of unlisted company Hospitality Sector Analysis provides the following information : o Structure and key players in the Industry. o Current trends and key drivers in that sector.
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Private Equity Deals in India The project has been beneficial to me in the following manner: It has helped me in learning about the Private equity Investment and current trend in private equity investment. It has made me understand about the different type of PE investment in the Unlisted Companies. It has provided me an overall prospective on different sectors in which the Private Equity has taken place. It has increased my overall knowledge about the unlisted companies in which private equity investment has taken place. While preparing the detailed report on unlisted company have learned about the industry, similar listed companies. Have learned about the Valuation of companies in a particular sector. Have learned about the Current trends and key drivers in hospitality sector.
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Objectives
Following are the main objectives achieved through this project: Creation of a database of private equity investment in unlisted companies in India (2006 -2009) In the database collect valuable information about the unlisted companies. Preparation of detailed report on selected unlisted companies. Hospitality sector Analysis from an IPO prospective. Preparation of detailed report on unlisted companies in the hospitality sector.
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Methodology
Collected data about the private equity deals (2006 2009) in various companies from different sources: V C Circle Deal Curry Ernest and Young Private Equity round up Grant Thornton deal tracker ISI Emerging market India Database India Private equity
From the information collected shortlist private equity investment in unlisted companies and search for the missing information required. Analyze the information collected of the private equity investment in the unlisted companies. For detailed report on the unlisted companies had to go through the companys website, on line report, news articles, ISI emerging market India. The information with regard to the financials of the unlisted company is collected through the Emerging market database. The data so collected had to be properly analyzed and presented in a structured format. Financials and valuation of other listed firm shall be obtained from BSE, NSE, Capital line, and money control and companies website and then analyzed.
Hospitality Sector Analysis

Collected information about the industry from journals, annual reports, research reports, newspapers, web sites. Information collected is analyzed to find out what are the macro and micro factors affecting the industry. The data is analyzed to find the current macro trend in the industry. For industrial analysis we had to first enlist which are different companies which are present in the industry, collect information about their financial performance, growth rate from their annual reports. For Valuations of different companies and the Industry as a whole we have to collect information about the Price to Earning Multiple (P/E) and EPS (Earning per share) and other financial Information and analyzed them.
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S. No. PE Investm ent Date 2007 Company Name Invest ment (Rs. Crore) Stake (%) Valuation as per PE Deal
Location
Sector
PE Investors on Board
Promoter
Other Information / Link
PNC Infratech
Agra
Construction / Roads
150 DB International (Asia); Earthstone Holding; Kotak; Mauritius based PE funds - Monsoon India Inflection, Jackson Heights Investments Mauritius Based Private Equity Fund Lehman Brothers 30 233.33 SAIF Partners
Chakresh Jain
http://articles.economictimes.indiatimes. com/2011-0114/news/28429131_1_private-equitypnc-infratech-total-investments .
2007
Acme Tele Power
Gurgaon
Power
197
1.66
11867
Manoj Upadhyay
http://www.indiape.com/blog/_archives /2008/2/22/3538707.html
3 4 5
2008 Dec-06 May-10
Acme Tele Power Cellebrum Technologies Ltd Catmoss Retail Liliput
Gurgaon New Delhi New Delhi
Power Telecom Textile And Clothing Textile And Clothing Textile And Clothing Infrastructure
400 67 70
3.35
11940
Manoj Upadhyay Modi Group Ashwani Chawla Sanjeev Narula Sanjeev Narula Atul Tantia
http://www.indiape.com/blog/_archives /2008/2/22/3538707.html http://dealcurry.com/20061223-LehmanBrothers-to-invests-in-Delhi-based-VASprovider-Cellebrum.htm http://dealcurry.com/20100531-SAIFPartners-Plans-30-Stake-in-Catmoss.htm http://dealcurry.com/20061110Indivision-Buys-24-In-Lilliput-KidswearFor-Rs-45-Cr.htm http://dealcurry.com/20100531-SAIFPartners-Plans-30-Stake-in-Catmoss.htm http://www.vccircle.com/500/news/nine -rivers-capital-invests-6m-in-kolkatasgpt-infraprojects
Nov-06
New Delhi
42
24
175
Indivision
Apr-10
Liliput
New Delhi
385
35
1100
Bain Capital
2007
GPT Infra
Kolkatta
27.5
Nine River Capital
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S. No.
PE Investm ent Date Aug-10
Company Name Sadbhav Infrastructure Project (SIPL) Oriental Tollways Oriental Tollways Intellecap Pvt Ltd Lady Ratan Seasons Printo Document Services Ltd RT Outsourcing Services Ltd Now known as Intarvo
Location
Sector
Invest ment (Rs. Crore) 400
Stake (%)
Valuation as per PE Deal
Promoter
Ahmedabad
Infrastructure
Norwest Venture, Xander invested 20 49 1850 918.37 Baring PE Partners India invested Infrastructure India legatum Capital 49 216.64 Trikona Capital
Sadhav Engineering Bakshi Enterpeizes Bakshi Enterpeizes Vineet Rai
10 11 12 13
Jun-10 Dec-08 Oct-07 Oct-07
New Delhi New Delhi Mumbai
Infrastructure Infrastructure Banking & Fin Services Real Estate
370 450 37 106
14
Oct-07
Bangalore
Other
280
Sequoia Capital India
Manish Sharma
15
Oct-07
New Delhi
Information Technology
65
Motilal Oswal Venture Capital Advisors ; New Enterprize Associates
Sonoma Management Partners ; Pravin Jain
16
2009
RT Outsourcing Services Ltd Now known as Intarvo
New Delhi
65
Motilal Oswal Venture Capital Advisors ; New Enterprize Associates
Sonoma Management Partners ; Pravin Jain
http://dealcurry.com/20100819Sadbhav-Infrastructure-To-Raise-Rs-400Cr-From-Norwest-Venture-Xander.htm http://dealcurry.com/20100624-BaringPE-To-Invest-Rs-370-Cr-In-OrientalTollways.htm http://dealcurry.com/20081209-InfraIndia-Buys-49-In-Oriental-Tollways.htm Advisory services to social investors http://intellecap.com Bought 49% Stake http://www.hemscott.com/news/static/r na/item.do?newsId=65597035603496 Deliver Print Products ; www.printo.in . Printo has stores in bangalore ,Pune , Hyd and Mumbai Integrated Service support for all kind of electronics , computer , mobile phone http://www.theoutsourceblog.com/2010 /07/rt-outsourcing-gets-a-makeover-asintarvotechnologies/.http://investing.businessw eek.com/research/stocks/private/snapsh ot.asp?privcapId=32739281 ; Integrated Service support for all kind of electronics , computer , mobile phone http://www.theoutsourceblog.com/2010 /07/rt-outsourcing-gets-a-makeover-asintarvotechnologies/.http://investing.businessw eek.com/research/stocks/private/snapsh ot.asp?privcapId=32739281 ;
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S. No.
PE Investm ent Date
Company Name
Location
Sector
Invest ment (Rs. Crore)
Stake (%)
Promoter
17
Oct-07
Sahajanand Laser Technology Ltd ITZ Cash Card
Gandhi Nagar (Gujarat )
Other
GVFL Ltd
Arvind Patel
Manufacturer of laser marking & engraving, laser cutting, laser welding, solar cell scribing / micro-machining system in industrial segment.http://www.sahajanandlaser.co m/ Multipurpose Pre Paid Cash card . http://www.indiape.com/blog/_archives /2009/7/22/4263610.html Reach cargo Movers Pvt Ltd was started in 1971 and is one of the leading transport organization across India http://www.netxcell.com ; Netxcell is broadly organized into three lines of business. Operators, Enterprises and Software license sales. Online Ticketing. It started in the Year 2000 , International and Domestic Air Tickets, Holiday Packages and Hotels ;Domestic Bus and Rail Tickets;:Private Car and Taxi Rentals
18
Oct-07
Banking & Fin Services Banking & Fin Services
45
19
2009
ITZ Cash Card Reach (Cargo Movers) Private Ltd Netxcell Limited
49
20
Oct-07
Maharashtra
Logistics
22
Matrix partners India and Intel Capital Lightspeed Venture Partners, Matrix Partners and intel Capital Global Investment House Private Equity Arm Ike Lee Ruderman Capital
Naveen Surya Naveen Surya S.M.Dutta Chairman B Srinivas Rao
21
Oct-07
Hyderabad
22
Oct-07
Make My Trip
New Delhi
67
Tiger Fund ,Saif Partners , Helion Venture Partners and sierra Ventures
Deep Kalra
23
Oct-07
Hurix System Private Ltd
Mumbai
22
Helio Venture Partners
Subrat Mohanty ,Vishwamitra Hariharan
E - Learning And Publishing Services ; www.hurix.com
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S. No.
PE Investm ent Date
Company Name
Location
Sector
Stake (%)
Promoter
24
Oct-07
Tejas Networks Regen Powertech Veta Pride Hotel Group
Bangalore ; Karnataka
108
Goldman Sachs
25 26
Oct-07 Oct-07
Chennai
Manufacturing Education
112 45
33
340.91
Indivision (Future Capital Fund ) Saif Partners Kotak India Real Estate Fund
Gururaj Desh Pandey (Founder ),Sanjay Nayak (MD) Madhusudha n Khemka V ganesh Ram MD S P Jain MD Prabhudas Liladhaer Sheth( Founder ) ,Arun Sheth , Dhiren Sheth ( Directors ) Krishna Kanumuri
Optical Transport Equipment . http://en.wikipedia.org/wiki/Tejas_Netw orks . http://www.tejasnetworks.com Wind Turbine Maker and Indivision acquired 33% stake. Leading Spoken English Training academy. The company was started in Year 1981. www.vetaglobal.com Operates Five Star Hotels at Ahmedabad, Bangalore ,chennai, nagpur , Gurgoan And pune . www.pridehotel.com
27
Oct-07
Mumbai
Hospitality
45
11.11
405.04
28
Oct-07
Prabhudas Liladhaer Advisory
Mumbai
Banking & Fin Services
45
2.83
1590.1
Balyasny Asset Management
Domestic Brokerage Firm . Prabhudas liladhar was started in the year 1944
29 30 31 32
Oct-07 Oct-07 Oct-07 Nov-07
SAI Advantium ICA Powerica Limited M Ginger
Hyderabad Kolkatta Mumbai bangalore
Pharma And Healthcare Education Manufacturing Media & Entertainment
56 67 225 9
Sequoia Capital India Saif Partners Standard Chartered Private Equity Draper Fisher Jurvetson and NEA Indo US Ventures
Naresh Oberoi Chaitanya Nallan
Clinical Reserch Organisation . wwwsaiadvantium.com Vocational Training Institute 300 Plus study across country Leading Genset Manufacturer and Provider of Power Solutions Mobile Advertising . Permission Based Mobile Marketing . Mginger.com
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S. No.
PE Investm ent Date
Company Name
Location
Sector
Stake (%)
Promoter
33
Nov-07
Soma Enterprise
Hyderabad
Infrastructure
454
3 I Group
Rajendera Prasad Maganti
Engineering And Construction Firm .Soma takes up projects on EPC / Turnkey and Build Operate Transfer (BOT) basis. Soma.co.in
34
Nov-07
Gvk Biosciences Private Limited
Hyderabad
Pharma And Healthcare
112
Sequoia Capital India
Davinder S Barar
Contract Research Services and Clincical Trails Gvkbio.com It develops AC Motors and altenators and Flame proof motors abgmotors.com . Tano Investment has been used to acquire Cemp and setup a manufacturing facility In bangalore They had taken over daewoo Motors factory Near Delhi . But the company has not produced anything and is currently in bad shape . http://business.in.com/article/work-inprogress/dont-cry-for-meargentum/9562/1 Specialty Urology Hospital . Rghospital.com RG Stone is world largest chain of Super Speciality Urology & Laparoscopy Hospitals with 16 Centers in India.
35
Nov-07
ABG Motors
Mumbai
Manufacturing
67
Tano Capital
Rishi Agarwal
36
Nov-07
Argentum Motors
Surajpur Near Delhi
Manufacturing
225
10
2250
DE Shaw , Sattva and IL &FS
BVR Subbu former President of Hyundia Motors,Ajay singh
37
Nov-07
R G Stone Urological Reserch Institute
Mumbai
45
ICICI Venture Funds Management Company Limited
Bhim Sen Bansal
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S. No.
PE Investm ent Date
Company Name Machine Tool Aids & Reconditionin g (MTAR )Technologies Private Limited Doshion Limited Trivitron Diagnostics Private Limited Unimark Remedies
Location
Sector
Stake (%)
Promoter
38
Nov-07
Hyderabad
Manufacturing
292
26
1125
Black Stone Group
P. Ravindra Reddy ( Chairman ),Satyanaray ana Reddy , P . Jayaprakash Reddy Dhirajlal S Doshi Managing Director
Critical Components and Products used for nuclear and space projects . It provides equipment to Indian Defence and aerospace . http://www.mtar.in/ Doshion is a leading water management company . Pan India presence executed projects in water purification, waste water and effluent treatment in India and overseas.. Doshion.com Medical Equipment trivitron.com Manufacturer ;
39
Feb-07
Ahmedabad
Infrastructure
40
IDFC Private Equity Ltd
40
Nov-07
Chennai
48
e planet Ventures and HSBC Private equity Asia
G.S.K. Velu
41
Nov-07
Mumbai Santa Cruz
127
27
470.83
Citigroup Venture Capital International
Mehul J Paresh
42
Nov-07
Airworks India
Mumbai
Aviation
100
66
151.52
Global Technology Investment and Punj Loyd International Finance Corporation
P S Menon , B G Menon
unimark is a research driven pharmaceutical company primarily engaged in the manufacture of Active pharmaceutical Indgredients . Unimarkremedies.com Founded in 1951 Airworks is one of the oldest family owned aircraft maintance firm in India http://www.vccircle.com/500/content/ai rworks-gets-funding-from-globaltechnology-investment-punj-lloyd Domestic Brokerage Firm .
43
Nov-07
Angel Broking
Mumbai
Banking & Fin Services
171
12.5
1368
Dinesh Thakkar
19
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S. No.
PE Investm ent Date
Company Name
Location
Sector
Stake (%)
Promoter
44
Nov-07
KVK Energy Career Launcher 24*7 Laerning Ocimum Biosolutions Innovative B2B Logistics Solutions ( Inlogistics) Innovative B2B Logistics Solutions ( Inlogistics)
Hyderabad
Power
117
26
450
Old Lane Mauritius III
K.Vijaya Kumar
Energy And Infrastructure Company kvkenergy.com,http://www.vccircle.com /500/news/kvk-energy-gets-rs-116-cradditional-funding-from-old-lane Education Service Provider Learning Solution for corporates And Institutions Ocimum is a life sciences reserch and development -enabling company delivering end to end genomic products. http://www3.ocimumbio.com/ Private cargo train Operating Company It started operation on the 1st April 2007. http://www.inlogistics.in/ Private cargo train Operating Company It started operation on the 1st April 2007. http://www.vccircle.com/node/5155 Real Estate And Hospitaliity Player . http://www.vatikagroup.com/aboutus.as px?pageid=1&cpid=5 . http://www.businessstandard.com/india/news/vatika-sells10-to-3-pe-funds/305978/ India largest Metal Building Manufacturer .It makes composite roofing system http://www.interarchbuildings.com/
45 46
Nov-07 Nov-07
Education Information Technology Hyderabad Pharma And Healthcare
37 18
Gaja Capital Partners Capital 18
47
Dec-07
76
Kubera Partners LLC
Anu Acharya
48
Oct-07
New Delhi
Logistics
28
351.56
Saga Capital Advisors
Sankalp Shukla ( CEO)
49
May-09
New Delhi
Logistics
200
51
392.16
India Value Fund
Sankalp Shukla ( CEO)
50
Dec-07
Vatika Group
New Delhi
Real Estate
1125
10
11250
Goldman Sachs , Wachovia Bank , Baer Capital
Anil Bhalla ( Chairman and MD )
51
Dec-07
Interarch Building Products Private Limited
New Delhi
Manufacturing
112
Indivision Investment Advisors Limited
Arvind Nanda Founder and Director
20
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S. No.
PE Investm ent Date 2007
Company Name
Location
Sector
Stake (%)
Promoter
52
Perfint
Chennai
Manufacturing
IDG Ventures India and Erasmic Venture Fund North West Venture Partners IDG and Accel
S Nandakumar
53
Jul-10
Perfint
Chennai
Manufacturing
32
S Nandakumar
54
2007
Y Brant Digital Y Brant Digital
Information Technology Information Technology
90
16
562.5
Sansar Fund
Suresh Reddy
55
2008
112
Asia Pacefic Capital
Suresh Reddy
56
2011
Y Brant Digital
216
Oak India Investments
Suresh Reddy
57
Dec-07
Shapoorji Pallonji Goodearth Maritime Limited
Mumbai
Real Estate
1305
15
8700
Citigroup , Singapore Government Investment Corp
Pallonji Mistry
Health Care Devices and Medical Equipment . The company was started in 2005 http://www.perfinttech.com/ Health Care Devices and Medical Equipment http://www.vccircle.com/500/news/nor west-leads-72m-round-in-perfinthealthcare End to End Digital Marketing Service Provider . http://www.vccircle.com/500/news/ybra nt-digital-raises-48m-from-oak-indiaothers Marketing and advertising Solution Company http://www.ybrantdigital.com/ Ybrant Digital has offices in 16 countries including North America, Argentina, Chile, Uruguay, Mexico, UK, France, Germany, Serbia, Israel, India and Australia, and representatives in Scandinavia, Poland, Italy and Greece Real Estate Sector http://www.vccircle.com/500/content/s hapoorji-pallonji-sells-15-in-real-estatespv-to-gic-cvci-for-290m-report http://shapoorji.in/aboutus/default.asp Leading Dry bulk Shipping Companies In India .
58
Dec-07
Oil&Gas
292
IDFC Private Equity Ltd
21
Final Report
S. No.
PE Investm ent Date
Company Name
Location
Sector
Stake (%)
Promoter
59
Dec-07
Speciality Resturants
Mumbai
Hospitality
90
20
450
Saif Partners
Anjan Chatterjee
Speciality resturants owns mainland China and oh calcutta http://www.vccircle.com/500/news/new s-roundup-speciality-restaurants-plansrs-200-cr-ipo . http://www.speciality.co.in/ A Leading full truck load transportation company . http://darcl.com/ Engineering Construction and property development company . The company has problem in paying salary etc http://www.consumercomplaints.in/com plaints/ideb-projects-pvt-ltd--defaulterc308979.html CDMA based wire line ,fixed wireless and mobile services in Punjab .http://dealcurry.com/20070222-NewEnterprise-Associates-buys-40-in-HFCLInfotel-for-Rs-375-crores.htm Divyasree.com , http://www.indiape.com/blog/_archives /2007/3/10/2794051.html http://asterinfrastructure.com/,http://w ww.vccircle.com/2007/08/27/new-silkroute-to-buy-725-stake-in-telecomtower-company-aster-infrastructure/ CE Info systems ltd offers Navigation , and Gis map dataset . They operate under the name mapmyindia
60
Mar-07
DARCL ( Delhi Assam Roadways Corporation Limited ) 15 IDEB Projects Pvt Ltd
New Delhi
Logistics
50
IDFC Private Equity II
Krishnan Kumar Agarwal
61
Feb-07
Bangalore
Infrastructure
144
Samsara Capital LLC
62
Feb-07
HFCL Infotel
Punjab
Telecom
401
40
1004.6
New Enterprise Associates
HFCL
63
2007
Divya Sree Developers Pvt Ltd Aster Infrastructure CE Info Systems
Bangalore
Real Estate
450
TPG - Axon Capital
64
Feb-07
Secundrabad
Infrastructure
255
72.5
351.93
New Silk Route Private Equity Rakesh And Rashi Verma
65
2007
New Delhi
11
Nexus India Capital
22
Final Report
S. No.
PE Investm ent Date
Company Name
Location
Sector
Stake (%)
Promoter
http://www.mapmyindia.com 66 67 68 Aug-07 Aug-07 Aug-07 Sula Wines Sula Wines India Park Hotels Mumbai Mumbai Alcohol Alcohol Real Estate 56 15 225 10 2250 20 280 Indivision Capital Gem India Advisors Credit Suisse Apeejay Group Park Chainof LuxuryBoutique Hotels boast of six properties in India . http://www.theparkhotels.com/ The company shall develop an Integrated Shopping mall and hotel in Bhubaneswar http://www.vccircle.com/category/word press-category/real-estate-2?page=4 Fully Integrated Manufacturing Company Transformer Rajeev Samant http://www.sulawines.com/
69
Aug-07
Safari Retreats Pvt Ltd Victory Transformer and Switch Gear Transport Corporation Of India RSB Group Mahesh Tutorials Educare Pvt Ltd FabIndia Ind Barath Infra
Bhubaneswa r
Real Estate
40
Landmark Land Holdings
Rahul Saraf
70
Aug-07
Electric Equipments
81
26
315
Reliance Capital
71
Aug-07
Infrastructure
58
10
585
Fidelity Investments IL & FS Investment Managers and Evolvence Capital
Logistics Company http://www.rsbglobal.com/contactrsb.html Mahesh Tutorials provides coaching for entrance test and vocational skills
72
Aug-07
Pune
Infrastructure
170
73
Aug-07
Education
54
30
180
Helix Investments
74
2007
Textile And Clothing Hyderabad Infrastructure
49
825
Wolfensohn &Company LLC UTI Venture Fund and Citigroup Venture Capital Investors
http://dealjunction.blogspot.com/20 07/07/wolfensohns-private-fundpicks-6-in.html http://dealjunction.blogspot.com/20 07/07/wolfensohns-private-fund-
75
2007
315
30
1050
23
Final Report
S. No.
PE Investm ent Date
Company Name
Location
Sector
Stake (%)
Promoter
picks-6-in.html
76 2007 Spandana Sphoorty Financial Services Spandana Sphoorty Financial Services Spandana Sphoorty Financial Services Infrasoft Technologies Ltd KMC Constructions Ltd Catholic Syrian Bank Microqual Techno IBS Software Amba Research Luminous Power Technologies Limited Hyderabad Microfinance 10 Lok Capital G Padmaja Reddy Its a microfinance Company
77
2007
Hyderabad
Microfinance
45
JM Financial India Fund
G Padmaja Reddy
It has over 4.54 Million Borrowers
78
2009
Hyderabad
Microfinance
99
11
900
Valiant Capital Partners Baring Private Equity Partners Blue River Capital & Sequoia Capital
G Padmaja Reddy
79
2007
Mumbai
Information Technology Infrastructure Banking & Fin Services Information Technology Information Technology Other
112
IT Solution focused on BSFI Vertical
80 81 82 83 84
2007 2007 2007 2007 2007
Hyderabad Kerela Mumbai Kerela
157 36 45 270 36 14 257
Infrastructure And Development Projects
AIF Capital , gartmore and Singuler Guff NEA Indo US ventures,Jafco Asia and BTS India Fund General Atlantic Helio Venture Partners
Solution Provider in the telecom space The Company offers IT Solution to transport and Logistics Space Investment Research Outsourcing Firm LPT is India Leading Manufacturer and marketer of Inverters , UPS ,Batteries and water purifiers . http://www.luminousindia.com/
85
2007
New Delhi
Power
91
CLSA Capital Partners
24
Final Report
S. No.
PE Investm ent Date
Company Name
Location
Sector
Stake (%)
Promoter
86
2007
Ocean Sparkle Ltd
Hyderabad
Port Management
81
Indian Equity Partners
MD Jairaj Kumar
87
2007
Avestha Gegraine Technologies Mankind Pharma Anand Rathi Securities Ltd DRS Logistics Pvt Ltd Quipo Infrastructure Equipment Ltd
Bangalore
Pharma And Healthcare Pharma & Health Care Banking & Fin Services Logistics
22.
New York Life Investment Management India Fund ChrysCapital 19.9 502.01 Citi Venture Capital International Kotak Mahindra Bank Private Equity Group IDFC Private Equity And Gic Special Investment of Singapore
Dr. Villoo Morawala Patell R C Juneja Anand Rathi
88 89
Jan-07 Mar-07
New Delhi Mumbai
108 100
90
Mar-07
Hyderabad
107
A K Agarwal
Port Management Company . It provides services such as control tower operations, mooring, harbour towage, pilotage and ship-to-ship transfer of cargo http://www.oceansparkle.com http://www.avesthagen.com ; http://www.moneycontrol.com/news/ip o-upcoming-issues/avesthagen-to-raiseusd100mn-for-expansion_291338.html Pharmaceutical Company ; http://www.mankindpharma.com/ http://www.vccircle.com/category/word press-category/deals-1?page=21 ;www.rathi.com Transportation service Provider . drslogisticsltd.com They are known by agarwal Packers And movers quippoworld.com 12 markets including tier I cities like Mumbai, Delhi NCR,Bangalore, Hyderabad, Pune, Kolkata and Chennai and tier II cities like Chandigarh, Nagpur,Vadodara, Ahemdabad, Indore, and Cochin.Qvcreality.com;http://www.vccirc le.com/2007/04/12/prakash-gurbaxanisqvc-realty-gets-100-million-from-ilfsinvestment/ http://www.religroup.com/docs/thecom pany.asp
91
Mar-07
Kolkatta
Infrastructure
160
15.5
1036.5
Sunil Kanoria
92
Dec-07
QVC Realty
Bangalore
Real Estate
450
IL & FS Investment Managers
Mr Prakash Gurbaxani
93
2007
Reliable Autotech
Mumbai (160 KM
Manufacturing
21
Bts India Private Equity Fund
Rajendra Begum,Anmo
25
Final Report
S. No.
PE Investm ent Date
Company Name Private Ltd
Location
Sector
Stake (%)
Promoter
north of Mumbai)
l Chitnis,Deve ndra Bapat,Shaji Vergeese ( Directors ) Engineering Banking & Fin Services 36 787.5 112 81 21 22.5 75 51 10 1050 220.59 810 Tano Capital Citi Venture Capital International Legatum Capital HDFC Real estate Fund Future Capital Holdings Clearstone and SVB financial Group Alok Kejriwal Shrikant paranjape Manufactures Cement, process and Material handling plants on a turnkey Basis http://www.promacindia.com/ Broking House India Largets Microfinance Institution http://www.sharemicrofin.com/ www.pscl.in ; http://news.webindia123.com/news/Arti cles/India/20080518/955328.html ;Bibaindia.com Multiplayer Online Games Company . Games2win.com HSRIL is establishing a chain of dualformat stores modeled on the Lifestyle and Value segments, addressing Consumer Electronics, Furniture and Home Improvement . http://www.privateequityfund.kotak.co m/portfolio/current-investmenthsrl.html It Manages the Cotton Country Retail Chain . It has 400 Stores in 300 Cities Vishwavir Total number of branches to 98 spread
94 95 96 97 98 99
2007 2007 2007 2007 2007 Mar-07
Promac Engineering Industries Sharekhan Securities Share Microfin Limited Paranjape Schemes Biba Apparels Pvt Ltd Games2win India Pvt Ltd
Bangalore
Hyderabad Pune Mumbai Mumbai
Microfinance Real Estate Textile And Clothing Information Technology
100
Mar-07
Home Solutions Retail India Ltd
Real Estate
54
Kotak Mahindra Bank India Growth Fund
Pantloon Retail
101 102
Mar-07
Nahar Retail Ratnakar Bank
Ludhiana Kolhapur
Retail Banking & Fin
120 720
15
800
Citibank , Deutsche Bank and sequoia Capital HDFC , Beacon India
26
Final Report
S. No.
PE Investm ent Date
Company Name
Location
Sector
Stake (%)
Promoter
Services
Private Equity Fund, Cartica Capital, Faering Capital, Gaja Capital Partners, Norwest Venture Partners and Samara Capital
Ahuja
across Maharashtra, Karnataka, Goa, Gujarat and Delhi and Union Territory of Dadra & Nagar Haveli. As on March 2010 http://www.theratnakarbank.com
103
Dee Development Engineers Limited
Faridabad
Other
Banyan Tree
K L Bansal
Dee is a pre-fabricated piping systems provider to the power sector, oil & gas & process industry. It has developed 2 Bio Mass fueled power Plant. http://www.vccircle.com/500/news/ban yantree-growth-capital-invests-in-deedevelopment-engineers http://www.livemint.com/2007/09/2801 3154/Four-Interactive-gets-10-mn-t.html
104
Sep-07
Four Interactive Pvt Ltd Four Interactive Pvt Ltd V&S International Pvt Ltd Laqshya Media Private Limited Laqshya Media Private Limited Bigshare Services JustDial
Bangalore
Other
45
Lightspeed Venture Partners, SVB India Capital Partners and Matrix Partners India. Matrix partners India SIDBI Venture Capital Fund UTI Ventures
Shriram Adukoorie Shriram Adukoorie
105
Dec-06 Dec2006 Nov2006 Jun-08 Oct2006 Oct-
Bangalore
Other
106
Other Media & Entertainment Media & Entertainment Other other
29
107
Mumbai
45
Alok Jalan
108 109 110
Mumbai
310.5 54.9 54
15 33
2070 166.36
Warburg Pincus Global Access Holdings SAIF Partners (India)
Alok Jalan
27
Final Report
S. No.
PE Investm ent Date 2006
Company Name Services Paras Pharmaceutic als Ltd Microland Ltd.
Location
Sector
Stake (%)
Promoter
111
Sept2006 Aug2006 Jul2006 2009 Jun-06
Pharma & Health Care
189
23
821.74
Actis Capital LLP Cargill Ventures ; Intel Capital Corporation ; JAFCO Asia ; Trident Capital Pequot Ventures Sequoia Capital First Mark Capital Capital International ; IDFC Private Equity Co. Ltd. ICICI Venture Funds Management Company Ltd Vishwanath Alluri Vishwanath Alluri
112
Other Information Technology Information Technology Education
49
113 114 115
IMImobile IMImobile Manipal Universal Learning Metropolis Health Services I Pvt. Ltd. B Seenaiah & Company Projects Ltd Sandhar Locking Devices Ltd Sify Ltd Dr. Lal Pathlabs Pvt Ltd Biotor Industries pvt
45 58 315
http://researchpeindia.com/?q=news/21 1
116
May-06
Pharma & Health Care
34
117
Apr-06 Dec2005 Nov2005 Jun2005 Sep-08
Other
150
19
789.87
New Vernon Private Equity Limited ; Tiger Veda Management Actis Capital LLP Infinity Capital Ventures LP Westbridge capital Partners Morgan Stanley Private Mangaldas R Kapadia largest fully integrated producer of Castor Oil
118 119 120 121
Other Information Technology Pharma & Health Care Mumbai Agriculture & Agro Products
103.5 281 43 238
27 31.61 26 30.4
383.33 891.46 167.88 784.54
28
Final Report
S. No.
PE Investm ent Date
Company Name ltd
Location
Sector
Stake (%)
Promoter
122
Dec-08
Nuziveedu seeds Globe Capital Market Unicon Financial Intermediaries Pvt Ltd Repco Home Finance Limited Emergent ventures India Pvt ltd Avendus Capital MAS Financial Services Ltd Genesis Color Genesis Color Reid and Taylor India Ltd
Hyderabad
Agriculture & Agro Products Banking & Fin Services Banking & Fin Services Banking & Fin Services
225
Black Stone Group CITI Venture Capital International Sequoia Capital India
M Prabhakar Rao Ashok Agarwal Gajendra Nagpal
123
Feb-08
New Delhi
184
14.5
1272.4
,http://www.biotorindustries.com/biotor .html,http://www.vccircle.com/500/new s/morgan-stanley-pe-to-pick-up-stake-inmumbai-based-biofuel-co http://www.vccircle.com/500/news/blac kstone-backed-nuziveedu-seeds-buys-51in-two-seed-firms , www.nuziveeduseeds.com http://www.indiape.com/blog/_archives /2008/7/17/3796840.html
124
2008
New Delhi
135
29.09
464.08
125
2008
124
49
254.39
Carlyle Group IDFC Private Equity Fund II East Gate Capital Group ICICI Ventures Mezzanine Fund http://www.indiape.com/blog/_archives /2008/4/7/3624477.html E
126 127 128
2008 2008 2008
Gurgaon
Banking & Fin Services Banking & Fin Services
45 112.5 45
Vinod Kala Ranu Vohra
Ahmedabad
Banking & Fin Services Textile And Clothing Textile And Clothing Textile And Clothing
http://www.indiape.com/blog/IndiaPriva teEquityDeals/_archives/2008/8/7/3828 009.html Sanjay Kapoor Sanjay Kapoor
129 130 131
Jun-08 Oct-09 2008
New Delhi New Delhi
110 80 1012.5
18 12 25.4
611.11 666.67 3986.2
Sequoia Capital India , Mayfield Fund and silicon vally Bank Henderson Equity Partners Gic Special Investments Pte Ltd
29
Final Report
S. No.
PE Investm ent Date 29-Feb08 2008 1-Aug08 12-Aug08 2009
Company Name
Location
Sector
Invest ment (Rs. Crore) 150 360 540 338
Stake (%)
Valuation as per PE Deal 1019.3 2117.6 2881.5
Promoter
132 133 134 135
Arrow Webtex Bpl Mobile Quippo Telecom Quippo Telecom Quippo Telecom Bharti Infratel Icomm Tele Aditya Birla Telecom Aditya Birla Telecom Essel Shyam Communicatio n Seaways Shipping V Mart Retail UniverCell Telecommunic
Mumbai
Textile And Clothing Telecom Telecom Telecom
14.9 17 18.74
ICICI Ventures Mauritius Based Private Equity Fund Oman Investment Fund Quippo Infrastructure, DB Zwirn, IDFC Private Equity and Indivest Quippo Infrastructure, DB Zwirn, IDFC Private Equity and Indivest Kohlberg Kravis Roberts and company Tano Capital&Kotak Investment Advisors Providence Equity Partners Providence Equity Partners Kubera Cross border fund Rajeev Chandrasekh ar SREI Group SREI Group
136
Telecom
200
3.8
5262.6
SREI Group Sunil Bharti Mittal Sumanth Paturu IDEA Group IDEA Group http://www.indiape.com/blog/IndiaPriva teEquityDeals/_archives/2008/2/6/3508 105.html http://www.vccircle.com/500/news/ico mm-tele-looks-to-raise-rs-200cr-in-ipo Subsidary Of Idea , http://www.vccircle.com/500/news/prov idence-investment-in-aditya-birlatelecom-scaled-down http://www.moneycontrol.com/news/ip o-issues-open/essel-shyam-comm-tooffer-55-lakh-shares-_250011.html http://www.seawaysindia.com/manage mentteam.asp http://www.indiape.com/blog/_archives /2008/7/11/3787597.html http://www.indiape.com/blog/_archives /2008/7/11/3787597.html
137 138 139 140
2008 2008 May-08 Jan-09
Gurgaon Hyderabad
Telecom Telecom Telecom Telecom
1125 120 1600 1070
2 15.3 20 16.14
56250 784.31 8000 6629.5
141 142 143 144 Jun-08 Jul-08 Jun-08
Noida Hyderabad New Delhi Chennai
Telecom Shipping Retail Retail
55 75 40 100 22 25 340.91 162.5
Lalit Jain PVK Mohan Lalit Agarwal D Sathish Babu
IDFC Private Equity II Aditya Birla Capital Peepul Capital
30
Final Report
S. No.
PE Investm ent Date
Company Name ations India Pvt Ltd Ujjivan Financial Services Ujjivan Financial Services Tree House Education Tree House Education Dixon Technologies Control And Switchgear Moser Bayer Photo Voltaic / Moser Bayer Solar Limited Polycab Wires Deepak Cables Deepak Cables Corrtech International Pvt Ltd
Location
Sector
Stake (%)
Promoter
145
Nov-08
Bangalore
Microfinance
95
Unitus Equity Fund ,Sequoia Capital,Lok Capital ,Sidbi Connecticut
Samit Ghosh
http://www.vccircle.com/500/news/ban galore-mfi-ujjivan-raises-rs-94-crorefrom-unitus-others http://www.vccircle.com/500/news/mfiujjivan-raises-rs-40cr-via-ncd-route http://www.vccircle.com/500/news/mat rix-backed-pre-school-player-tree-houseto-raise-rs-150cr-in-ipo http://www.vccircle.com/500/news/mat rix-backed-pre-school-player-tree-houseto-raise-rs-150cr-in-ipo http://www.indiape.com/blog/_archives /2008/6/20/3754064.html http://www.indiaprwire.com/pressreleas e/electroniccomponents/2008071611180.htm http://www.vccircle.com/2007/10/19/m oser-baer-photovoltaic-biz-gets-100mfrom-idfc-pe-gic-cdc-group-and-idfc/ http://www.vccircle.com/500/news/ifcinvests-120-million-in-polycab-wires http://www.indiape.com/blog/_archives /2008/12/16/4023299.html http://www.indiape.com/blog/_archives /2008/12/16/4023299.html http://www.indiape.com/blog/_archives /2010/11/6/4673410.html
146
Jan-11
Bangalore
Microfinance
40
Samit Ghosh
147
Aug-08
Mumbai
Education
59
Matrix Partners
Rajesh Bhatia
148
May-10
Mumbai
Education Electric Equipments Electric Equipments Electric Equipments Electric Equipments Engineering Engineering Engineering
31
Foundation Capital Motilal Oswal India Business Excellence Fund GE Commercial Finance Nomura,CDC Group , Credit Suisse ,Morgan Stanley International Finance Corporation UTI Ventures IDFC Private Equity Axis Private Equity
Rajesh Bhatia
149
Jun-08
Noida
40
Sunil Vachani
150
8-Jul
New Delhi
100
R N Khana
151
Oct-07
New Delhi
462
6.5
7113.5
Deepak Puri Jaisinghani Family K Surya Rao K Surya Rao Late Shri I S Mittal
152 153 154 155
Sep-08 Jun-08 Dec-08 2008
Mumbai Bangalore Bangalore Ahmedabad
620 85 200 67
12
5170.5
31
Final Report
S. No.
PE Investm ent Date Jun-08 Jul-08
Company Name Sterling and Wilson Pvt Ltd Bumi Geo Engineering Pvt Ltd Central Park Estates Parag Milk Foods Pvt Ltd Amalgamated Bean Coffee Trading Company / CCD Amalgamated Bean Coffee Trading Company / CCD Blue Foods Pvt Ltd Lemon Tree Hotels Lemon Tree Hotels
Location
Sector
Invest ment (Rs. Crore) 225 40
Stake (%)
Promoter
156 157
Mumbai New Delhi
Engineering Engineering
Goldman Sachs Alcazar Capital Holdings Ltd
Khurshed Daruwala B Jaikumar http://www.moneycontrol.com/news/bu siness/bumi-raise-pe-investmentrs40cralcazar-cap_344970.html http://epaper.timesofindia.com/Reposit ory/ml.asp?Ref=RVRELzIwMDgvMDMvMj EjQXIwMDkwMA==&Mode=HTML&Local e=english-skin-custom http://www.livemint.com/2011/02/0114 5811/Parag-Milk-Foods-plansRs4005.html http://www.vccircle.com/category/word press-category/private-equity-1
158
Mar-08
New Delhi
Real Estate
2475
35
7071.4
Ashmore
Amarjit Bakshi Devendra Shah
159
Jun-08
Pune
Fmcg
60
Motilal Oswal Venture Capital Advisors
160
2008
Bangalore
Fmcg
112
Derby Asia Mezzanine Fund
VG Sidhartha
161
Jul-06
Bangalore
Fmcg
157
Sequoia Capital and IFC
VG Sidhartha
http://www.vccircle.com/category/word press-category/private-equity-1 Chain of Specality Resturants http://www.vccircle.com/500/news/futu re-groups-indivision-buys-blue-foodsrestaurants Lemontreehotels.com http://articles.economictimes.indiatimes. com/2006-0801/news/27442485_1_room-rateslemon-tree-hotels-patu-keswani
162
2008
Hospitality
150
50
300
Indivision Kotak Reality Fund And Shinsei Bank Warburg Pincus
Sunil Kapur
163
2008
New Delhi
Hospitality
135
5.9
2288.1
Patu Keswani
164
Aug-06
New Delhi
Hospitality
280
27
1037
Patu Keswani
32
Final Report
S. No.
PE Investm ent Date 2008 Feb-08
Company Name Bharat Matrimony Netmagic Solutions Clear Trip Travel Services Ltd Clear Trip Travel Services Ltd I Yogi
Location
Sector
Invest ment (Rs. Crore) 52 90
Stake (%)
Promoter
165 166
Information Technology Information Technology Information Technology Information Technology Gurgaon Information Technology Information Technology Information Technology Education Education
Mayfield Caanan Partners,Yahoo Fidelity Investments and Nexus India Capital Draper Fisher Jurvetson Mahindra Group SAP Ventures , Canaan Partners and Silicon Valley Draper Fisher Jurvetson Sequoia Capital,Canaan ,Svb,Draper Fisher Jurvetson Arohi Asset Management D E Shaw
Murligaver Janakiraman Sharad Sanghi Stuart Crignton Stuart Crignton Uday Challu
http://www.indiape.com/blog/_arch ives/2008/2/28/3549660.html
http://www.indiape.com/blog/_archives /2008/2/12/3518872.html http://www.indiape.com/blog/_archives /2008/2/28/3549660.html http://www.indiape.com/blog/_archives /2008/2/28/3549660.html http://dealcurry.com/20101214-iYogiRaises-30-Mn-From-Sequoia-Capital-AndExisting-Investors.htm http://dealcurry.com/20101214-iYogiRaises-30-Mn-From-Sequoia-Capital-AndExisting-Investors.htm http://dealcurry.com/20101214-iYogiRaises-30-Mn-From-Sequoia-Capital-AndExisting-Investors.htm
167
Feb-08
45
168
Feb-08
38
169
2008
42
170
Jan-10
I Yogi
Gurgaon
67
Uday Challu
171
Dec-10
I Yogi ExcelSoft Technologies ExcelSoft Technologies CMS Computers Ltd Teledna Communicatio ns Pvt Ltd
Gurgaon
135
Uday Challu
172 173
2008 Apr-08
Mysore Mysore
45 125
10 35.5
450 352.11
http://www.indiape.com/blog/_arch ives/2007/12/14
http://articles.economictimes.indiatimes. com/2008-04-24/news/28381010_1_elearning-gaja-capital-education-space http://www.vccircle.com/500/news/blac kstone-invests-rs-190-crore-in-cmscomputers http://dealcurry.com/20081106-PeepulCapital-Invests-10-mn-In-TeleDNAComm.htm
174
Feb-09
Mumbai
ITES Information Technology
190
56.7
335.1
Blackstone Group
Ramesh Grover Varun Prasad Praveen Nallapothula
175
Nov-08
Bangalore
45
Peepul Capital
33
Final Report
S. No.
PE Investm ent Date Dec-08
Company Name CtrlS DataCenters Pvt Ltd Wilson Sandhu Logistics Tutor Vista.com Tutor Vista.com Tutor Vista.com Goldengate Properties Futura Infra Projects Vikram Hospital Times Inovate Media ( Subsidary Enil ) Times Inovate Media ( Subsidary Enil ) Independent News Service (
Location
Sector
Stake (%)
Promoter
176
Hyderabad
ITES
Undisclosed Investor
Sridhar Reddy R S Sandhu
177
Apr-08
Mumbai
Logistics
45
Blue River Capital Sequoia Capital And Light Speed Venture Partners 17 59 3679.4 968.64 Pearson Pearson RREEF Alternative Investments ( Detusche Bank Arm ) 10 1800 Frontline Ventures
http://www.vccircle.com/500/news/ctrls -datacenters-gets-rs-250-crore-pefunding http://archive.vccircle.com/wordpress/2 008/04/24/blue-river-capital-invests-10million-in-wilson-sandhu-logistics/ http://www.indiape.com/blog/_archives /2008/7/24/3807336.html http://www.vccircle.com/500/news/pear son-snaps-up-76-in-tutorvista-investsanother-127m Pearson has acquired majority stake of 74 % http://www.indiape.com/blog/IndiaPriva teEquityDeals/_archives/2008/1/23/348 1568.html http://www.indiape.com/blog/IndiaPriva teEquityDeals/_archives/2008/1/31/349 7165.html http://www.indiape.com/blog/IndiaPriva teEquityDeals/_archives/2008/1/28/349 1242.html http://www.indiape.com/blog/IndiaPriva teEquityDeals/_archives/2008/1/24/348 3279.html http://www.indiape.com/blog/IndiaPriva teEquityDeals/_archives/2008/1/24/348 3279.html http://www.indiape.com/blog/IndiaPriva teEquityDeals/_archives/2008/1/24/348
178
Jul-08
Bangalore
Education
81
K Ganesh
179 180 181
Jun-09 Jan-11 Jan-08
Bangalore Bangalore Bangalore
Education Education Real Estate
625.5 571.5 315
K Ganesh K Ganesh K Pratap Rajesh Kakani Vikram
182
Jan-08
Mumbai
Real Estate Pharma & Health Care Media & Entertainment
180
183
Jan-08
Mysore
95
ICICI Ventures
184
Jan-08
100
8.28
1207.7
Lehman Brothers
A P Parigi
185
Jan-08
Media & Entertainment Media & Entertainment
100
8.28
1207.7
Goldman Sachs
A P Parigi
186
Jan-08
100
20
500
Shyam Equities
34
Final Report
S. No.
PE Investm ent Date
Company Name Holding Company India TV) Independent News Service ( Holding Company India TV) Saravana Global Energy Limited Azure Knowledge Corporation Idhasoft TVS Logistics Services Ltd Lizer Cylinders Ltd Harish Chandra India Ltd Percept Ltd Percept Ltd Real image Media Tech Pvt Ltd Seventymm
Location
Sector
Stake (%)
Promoter
3275.html
187
2007
Media & Entertainment
50
19.17
265.52
Comventures
http://www.indiape.com/blog/IndiaPriva teEquityDeals/_archives/2008/1/24/348 3275.html Padam J Challani,D B Prakash Chand Jain Dushyant Joshi, Jay Ruparel Alok Pathak Suresh Krishna Ashok Ramsighnai Harish Chandra Harindra Singh Harindra Singh Senthil Kumar Mudit Khosla http://www.indiape.com/blog/IndiaPriva teEquityDeals/_archives/2008/8/2/3820 743.html http://archive.vccircle.com/wordpress/2 http://www.businessstandard.com/india/news/saravanaglobal-energy-gets-25mnfunding/314743/ http://www.vccircle.com/500/news/grea ter-pacific-to-pick-up-38-in-outsourcingco-azure-for-33-million http://www.indiape.com/blog/_archives /2008/4/12/3634353.html http://dealcurry.com/20080423FirstRand-Invests-10-Mn-In-LizerCylinders.htm http://www.indiape.com/blog/_archives /2008/5/17/3695631.html
188
Feb-08
Chennai
Power
112
NYLIM Jacob Ballas India Fund
189 190 191 192
Aug-08 2008 Apr-08 Apr-08
Ahmedabad Mumbai
ITES ITES Logistics Manufacturing
146 135 112 45
26.4 12
553.98 1125
Greater Pacific Arcapita Bank Goldman Sachs First Rand PLC
193 194 195 196 197
May-08 2008 2008 Aug-08 Aug-08
New Delhi Mumbai Mumbai Chennai Bangalore
Manufacturing Media & Entertainment Media & Entertainment Media & Entertainment Media &
135 73 67 72 56.
25 10
540 731.25
Axis Private Equity Indivision Capital J P Morgan Nomura NEA Indo US ventures
35
Final Report
S. No.
PE Investm ent Date
Company Name Services Pvt Ltd
Location
Sector
Stake (%)
Promoter
Entertainment
198
Dec-08
Lokmat
Maharashtra
Media & Entertainment Media & Entertainment Oil&Gas
127
15
853.2
Temasek
Vijay Darda
199
Dec-08
Lokmat Punj Llyod Upstream Limited Sharda Worldwide Exports Pvt Ltd
Maharashtra
34
4.5
773
India Equity Partners International Finance Corporation Henderson Equity Partners Abraaj Capital, Shiv Nadar, Kumar Mangalam Birla, Gautam Thapar, Jerry Rao, and Vallabh Bhansali D E Shaw
Vijay Darda
200
Oct-08
New Delhi
135
Vikram Walia
008/08/21/seventymm-raises-12-millionin-third-round-from-nea-indo-usventures/#more-5766 http://www.vccircle.com/500/news/tem asek-india-equity-partners-to-invest-rs163-cr-in-lokmat-group http://dealcurry.com/20101231-PrintMedia-Firm-Lokmat-Files-DRHP-WithSEBI.htm http://www.vccircle.com/500/news/ifcinvests-30-million-in-punj-lloydsonshore-drilling-arm http://www.indiape.com/blog/IndiaPriva teEquityDeals/_archives/2008/3/31/361 2373.html
201
Mar-08
Mumbai
Agriculture & Agro Products
96
R V Bubna
202
Jan-07
Osian
Mumbai
Other
55
9.4
585.11
Neville Tuli
http://dealcurry.com/20070118-Osian-sraises-Rs-55-crores-via-privateplacement-valued-at-Rs-590-crores.htm http://www.siliconindia.com/shownews/ DE_Shaw_makes_debut_in_amusement_ park_business-nid-42438.html http://www.vccircle.com/500/news/ifcsupports-delhi%E2%80%99s-rocklandhospital-with-14-million http://www.carehospitals.com/content.a spx?section=AboutUs&id=0
203
Jun-08
International Amusement Ltd Rockland Hospital Care Hospital Narayana Hrudayalya
Noida
Other
630
3000
Robin Vijeshwar Rajesh Srivastava , Prabhat Srivastava B Soma Raju Devi Shetty
204
Aug-08
New Delhi
Pharma & Health Care Pharma & Health Care Pharma & Health Care
55
International Finance Corporation 19 25 532.89 1800 Ashmore J P Morgan & American
205 206
2008 2008
Hyderabad Bangalore
101 450
36
Final Report
S. No.
PE Investm ent Date
Company Name Pvt Ltd Sahyadri Hospital Ltd VLCC Gland Pharma Health Care Global Enterprises Health Care Global Enterprises Themis Laboratories Sphaera Pharma Bhoruka Power Corporation Soham Renuable Energy India Soham Renuable Energy India Devyani International Satya Vani
Location
Sector
Stake (%)
Promoter
international Group Maharashtra Gurgaon Hyderabad Bangalore Pharma & Health Care Other Pharma & Health Care Pharma & Health Care Pharma & Health Care Pharma & Health Care Pharma & Health Care Power 162 88 135 48 22 400 ICICI Ventures Blackstone Group Evolvence India Life Sciences Fund IDFC Private Equity Charu Dutt Apte Vandana Luthra P V N Raju B S Ajai Kumar B S Ajai Kumar Janak Shah Sundeep Dugar S N Agarwal Sadanada Shetty Sadanada Shetty
207 208 209 210
2008 Jan-07 Jan-08 Jul-06
211 212 213
2008 Jul-08 Nov-08
Bangalore Mumbai Gurgaon
90 101 67
Premji Invest NYLIM Jacob Ballas India Fund Baring PE Partners Darby Overseas Investment 25 270 D E Shaw FE Clean Fund 65 , D E Shaw 25 NYLIM Jacob Ballas India Fund Amitayus Investments
http://www.indiape.com/blog/_archives /2007/1/31/2697566.html http://www.indiape.com/blog/_archives /2008/1/12/3460872.html http://www.vccircle.net/500/content/idf c-private-equity-invests-rs-50-crore-inhealthcare-global-enterprises http://investing.businessweek.com/rese arch/stocks/private/snapshot.asp?privca pId=28013843 http://www.indiape.com/blog/_archives /2008/7/10/3785685.html http://www.dealcurry.com/20081125Baring-To-Invest-15-mn-In-SphaeraPharma.htm http://www.indiape.com/blog/_archives /2008/1/18/3472195.html http://www.vccircle.com/500/news/soh am-clinching-follow-on-deal-with-deshaw-in-a-rs-90cr-fundraise http://www.vccircle.com/500/news/soh am-clinching-follow-on-deal-with-deshaw-in-a-rs-90cr-fundraise Devyani runs Pizza Hut, KFC , Costa Coffee , Yum Resturant ,http://www.indiape.com/blog/_archives /2008/6/19/3752409.html
214
2008
Bangalore
78.
215
2008
Bangalore
Power
67.5
216
2010
Bangalore
Power
90
217 218
Jun-08 2008
Hospitality Hyderabad Real Estate
300 45
21.5
1395.3
Ravi Jaipuria E R P Surya
37
Final Report
S. No.
PE Investm ent Date
Company Name Homes Saket Engineers Pvt Ltd Palladium Constructions Platinum Hospitality Services Ramprastha Promoters and Developers Indore Entertainment World Entertainment World Development Coastal Projects
Location
Sector
Stake (%)
Promoter
Prakash Hyderabad Bangalore Bangalore Real Estate Real Estate Hospitality 43 120 66 26 30 30 165.38 400 220 Yatra Capital Ltd Yatra Capital Ltd Yatra Capital Ltd http://articles.economictimes.indiatimes. com/2008-0329/news/27734954_1_omaxedevelopers-lodha-group Subsidary of Development Entertainment World T Radha Krishna
219 220 221
2008 2008 2008
222
2008
New Delhi
Real Estate
360
40
900
Deutsche Bank
Arvind Walia
223
Mar-08
Mumbai
Real Estate
227
14
1621.4
ICICI Ventures
Manish Kalani Manish Kalani
224
Mar-08
Mumbai
Real Estate
75
1875
ICICI Ventures Barings , Sequoia Capital ,Fidelity,Detusche Bank Barings , Sequoia Capital ,Fidelity,Detusche Bank Blackstone Group
http://www.businessstandard.com/india/news/entertainment -world-raises-rs-307-cr-pefunds/318243/
225
Mar-08
Hyderabad
Real Estate
160
16
1000
S Surendra
226
Jan-10
Coastal Projects Synergy Property Development Services
Hyderabad
Real Estate
250
16
1562.5
S Surendra
http://articles.economictimes.indiatimes. com/2010-01-12/news/27569847_1_pefirms-coastal-projects-private-equity http://www.vccircle.com/500/news/new s-roundup-blackstone-to-invest-rs-200crin-bangalore-realty-deal
227
Apr-08
Bangalore
Real Estate
81
38
Final Report
S. No.
PE Investm ent Date 2008 2008 Oct-07 Jul-08
Company Name
Location
Sector
Invest ment (Rs. Crore) 126 280 500 240
Stake (%)
Promoter
228 229 230 231
Vaishnavi Group Lavasa Corporation Lavasa Corporation Anant Raj Projects Business Park Town Planners ( BPTP) Indu Projects
Bangalore Mumbai Mumbai New Delhi
Real Estate Real Estate Real Estate Real Estate
Actis Capital 2.5 5 26 11250 10000 934.62 Axis Bank Detusche Bank TAIB Bank
C.N.Govindar aju
Anantraj Industries
http://archive.vccircle.com/wordpress/2 008/05/29/actis-invests-28-million-inbangalores-vaishnavi-group/#more-4132 http://dealcurry.com/20100915-LavasaCorp-Files-DRHP-For-Rs-2000-Cr-IPO.htm http://www.indiape.com/blog/_archives /2007/10/18/3298123.html http://www.vccircle.com/500/news/bahr ains-taib-bank-picks-up-26-stake-inanant-raj-projects-for-50m
232
2008
New Delhi
Real Estate
281
9375
J P Morgan Chase
Kabul Chawla
http://www.indiape.com/blog/_arch ives/2008/7/21/3802620.html
http://www.vccircle.com/500/news/cred it-suisse-pe-invests-113-million-inhydrabad%E2%80%99s-indu-projects http://www.vccircle.com/500/news/cred it-suisse-pe-invests-113-million-inhydrabad%E2%80%99s-indu-projects
233
Aug-08
Hyderabad
Real Estate
500
Credit Suisse Citigroup50 m and Matrix Labrotaries 20 m Indiareit Fund Advisors Liberty International
I Syam Prasad Reddy I Syam Prasad Reddy Nayan Bheda
234
Jan-07
Indu Projects Neptune Group Prozone Enterprises Sri Biotech Laboratories pvt ltd Financial Information Networks and
Hyderabad
Real Estate
315
18
1750
235
2008
Mumbai
Real Estate
270
15
1800
http://www.ennovent.com/uploads/ media/20101014_Venture_Intelligenc e.pdf

http://www.vccircle.com/500/content/li berty-international-invests-rs-202-crorein-prozone-enterprises http://dealcurry.com/20090304-RaboEquity-To-Invest-Rs-45-Cr-In-SriBiotech.htm http://www.vccircle.com/500/news/finoraises-rs-70-cr-from-hsbc-pe-others
236
Oct-06
Real Estate Agriculture & Agro Products Microfinance
202
25
810
Provogue
237
Mar-09
Hyderabad
45
28-38
160.7-118
Rabo Equity Advisors HSBC Pvt Equity , Intel Capital , IFC
KRK Reddy Manish Khera
238
Dec-09
Mumbai
70
39
Final Report
S. No.
PE Investm ent Date
Company Name Operation (FINO) Bandhan Financial Services Pvt Ltd Asmitha Microfinance Ltd Bhartiya Samruddhi Finance (BSFL) Bhartiya Samruddhi Finance (BSFL) Bhartiya Samruddhi Finance (BSFL) FIITJEE Pranav Construction Systems Pvt Ltd Asiana Hotels Siesta Hospitality Pvt Ltd Manthan Systems
Location
Sector
Stake (%)
Promoter
239
Dec-09
Kolkatta
Microfinance
49
11
454.5
SIDBI Venture Capital Fund Blue Orchard Pvt Equity Fund
Chandra Shekhar Ghosh Vidya Sravanthi Vijay Mahajan
http://dealcurry.com/20091224-SIDBIAcquires-10-92-In-Bandhan-MFI-For-107-Mn.htm http://www.indiape.com/blog/IndiaPriva teEquityDeals/_archives/2009/9/3/4309 138.html http://www.moneycontrol.com/news/b usiness/matrix-partners-buys-18basixsmicrofinance-arm_450096.html http://www.moneycontrol.com/news/bu siness/matrix-partners-buys-18basixsmicrofinance-arm_450096.html http://dealcurry.com/20100413-BSFLTo-Raise-Rs-75-Cr-Via-NCD-s.htm http://www.moneycontrol.com/news/bu siness/matrix-partners-buys-18basixsmicrofinance-arm_450096.html http://www.indiape.com/blog/IndiaPriva teEquityDeals/_archives/2009/2/19/409 8365.html http://www.asianahotels.com/press/the economictimes15_05_09.pdf http://www.vccircle.com/500/news/mat rix-puts-10m-in-hospitality-service-firm http://researchpeindia.com/?q=news/20 6
240
Sep-09
Hyderabad
Microfinance
49
241
2009
Hyderabad
Microfinance
45
242
Apr-10
Hyderabad
Microfinance
100
18
555.56
Matrix Partners Hivos Triodos and Lok Capital Matrix Partners
Vijay Mahajan Vijay Mahajan Dinesh Kumar Goel
243
Apr-10
Hyderabad
Microfinance
244
Jul-09
New Delhi
Education
100
245
Feb-09
Mumbai
Engineering
49
Nine rivers Capital Management Banyan Fund Management Matrix Partners Fidelity International,IDG Ventures DFJ
Sushil Sahani Shri Sridharan Ashok Chattaraj Atul Jalan
246 247
May-09 Oct-09
Chennai Bangalore
Hospitality Hospitality Information Technology
146 45
248
Nov-09
Bangalore
67
40
Final Report
S. No.
PE Investm ent Date Jul-09 Nov-09 Mar-09
Company Name Learning Mate Solutions Pvt Ltd Gateway Rail Freight Numero Uno Clothing
Location
Sector
Invest ment (Rs. Crore) 45 300 35
Stake (%)
Promoter
249 250 251
Mumbai New Delhi Gurgaon
Information Technology Logistics Textile And Clothing
Helix Investments 37.5 25 800.04 140 Blackstone Group Alchemy Ashmore
Samudra Sen Prem Krishan Gupta Narinder Singh
http://www.dealcurry.com/20090711LearningMate-Raises-Rs-49-corres-HelixInvestments.htm http://www.vccircle.com/node/6540 http://www.vccircle.com/500/news/alch emy-ashmore-invests-rs-35-cr-inapparel-retailer-numero-uno
The Private equity investment has matured over the years and become much more broad based. While 4 out of 10 industry classes accounted for majority of the investment in 2004 now the investments are much more evenly distributed across industry classes. IT and Ites sector has been their all time favorite, Real estate, Pharma, education has also gained attention. PE investor has also started to invest in niche companies on the basis of their current business plan and future plans. International amusement, VLCC, Osian are examples of Companies in the niche segment in which the Private equity investor have invested. In 2009 the PE investors invested a lot of funds in a number of microfinance companies. They have invested in Bhartiya samruddhi finance, Ashmita microfinance, Bandhan financial services, Spandana Sphoorty Financial Services are examples of companies in the microfinance sector in which the PE firms have invested.
41
Private Equity Deals in India The private equity investment has been made in the following sectors: Sector Agriculture Banking &Financial Services Education Electric Equipment Engineering Fmcg Hospitality IT &ITES Logistics Media & Ent Microfinance Infrastructure Manufacturing Pharma Power Real Estate Telecom Textile & Clothing other Total No of deals 4 15 13 5 7 3 9 32 8 13 12 13 11 21 8 30 11 10 18 251 Ranking 17 5 6 16 15 18 13 1 13 6 9 6 10 3 14 2 10 12 4 Amount (Cr) 605 2640 2157 1305 703 330 1258 2967 866 1147 725 3005 1285 2169 1155 10900 5880 1960 2055 43112
Final Report
Ranking 19 5 7 15 18 20 12 4 16 14 17 3 11 6 13 1 2 9 8
The top five sectors in which PE investment has taken place on the basis of no of Deals: - IT &ITES Sector - Real Estate - Pharma - Banking &Financial Services - Education
42
Final Report
The top five sectors in which PE investment has taken place Value wise (amount of investment) Real Estate Telecom Infrastructure IT & ITES Banking and Financial Services
Education Banking &Financial Services Pharma Real Estate IT &ITES 0 5 10 15 20 25 30 35
Banking & Financial Services IT & ITES Infrastructure Telecom Real Estate 0 2,000 4,000 6,000 8,00010,00012,000 PE Investment ( Cr)
PE Deals
Top 5 Sectors (PE Deals)
Top 5 Sectors (PE Investment)
Large international private equity firms operating in the Indian market are Bearings PE, Blackstone, Draper Fisher Jurvetson and Sequoia Capital, matrix partners, Lehman brothers and Goldman Sachs. Indian private equity firms operating in the India market are IDFC Private Equity, ICICI Venture, Axis private Equity and Kotak.
43
Final Report
Unlisted Companies Detailed Report

The top 5 sectors on the basis of Private Equity investment are real estate, telecom, infrastructure, IT &ITES and banking and financial services sector. We begin our analysis with the real estate sector following is the list of companies that have be analyzed from each sector. Real Estate Sector o Tata Realty and Infrastructure Ltd o Gaur sons India Ltd Telecom Sector o Bharti Infratel Ltd o Ackme Telepower Infrastructure Sector o Doshion Limited o Coastal Project IT and ITES Sector o Larson and Toubro InfoTech Limited o Azure Knowledge Corporation Banking and Financial services sector o Prabhudas Lilladher Advisory Services Ltd o Anand Rathi Securities
44
Final Report
TATA Reality and Infrastructure

Introduction
Tata reality and infrastructure is a subsidiary of Tata Sons. Tata Realty Infrastructure Limited (TRIL) is the real estate arm of the Tatas, focusing on projects in the real estate and infrastructure sectors, including opportunities within other Tata group companies . Tata reality infrastructure limited is focused upon the development of the following: Internal Group Assets Special Economic Zones (SEZ) Logistic Parks and Bridges Airports and Ports
Tata Reality and Infrastructure is a subsidiary of Tata sons and promoted by the Tata Group. Tatas is one of India's largest conglomerates, with a total market capitalization of nearly $55.1 billion, and 107 operating companies in seven business sectors, employing over 250,000 people worldwide. Chairman Managing Director Director Director PE Investment R K Krishna Kumar Sanjay Ubale S.Mahalingam G. Anantharaman IDFC invested 150 crores in 2010. Tata Reality Infrastructure Fund raised 700 mn $ (3150 Cr) in 2009.
45
Final Report
Business Overview
Tata Reality and Infrastructure ltd (TRIL) focuses on the development of internal group properties. TRIL is making in total 8 Sez for Tcs at Hinjewadi, Trivandrum, Kochi, Ahmedabad, Hyderabad, Kolkata, Nagpur and Mangalore TRIL developing IT SEZs Ahmedabad (1.4 million sq. ft.) Hinjewadi (Pune, 3 million sq. ft.), Kolkata (2.9 million sq ft) and are expected to be completed by 2012.Tata Reality and Infrastructure along with Indian Hotels Company Limited (IHCL) and Tamil Nadu Investment Development Corporation (TIDCO) are building Ramanujan IT SEZ at Chennai named after the famous mathematician Srinivas Ramanujan. Ramanujan SEZ will have a notified IT/ITES zone along with residential apartments, mall & entertainment complex, serviced apartments, 5 Star Hotel and an international convention center. It will also have a super luxury apartments complex with 150 units spread over three lakh sq feet. TRIL in the heart of Amritsar city is developing a city center on a 5.54 acre plot of land which it had won in an auction by PUDA (Punjab urban development authority). The city center shall comprise of a 7 lakh Sq ft residential complex and 5 star complex created by Indian hotel company limited. TRIL is developing a residential complex TRITVAM in Cochin at Marine Drive which is a high end residential locality. The residential complex shall consist of 2, 3, 4 BHK apartments, row houses and a provision for convenience shopping center. Along with the various international amenities and facilities it shall be a state of the art residential complex at Cochin. TRIL is actively evaluating the development of logistics parks across the country. TRIL has initially identified Chennai, Delhi, Kolkata and Guhawati for setting up of the logistics park. Logistic parks are intended to provide integrated logistics services covering amongst others, warehousing (general & FTWZ), cross docking, multi-modal transportation, etc. The company is planning to setup 14 logistic parks across the country at a cost of 1400 crores and has allocated 200 crores for setting up logistic park at Chennai, Delhi and Kolkata. TRIL along with Atlantia Spa of Italy shall be constructing Highways, Express ways and Bridges. TRIL along with its partner Atlantia (Italy) shall be developing 4-lane Pune-Sholapur Highway of National Highways Authority of India (NHAI). The 110 kms long stretch is expected to cost Rs. 1371 crores. The concession period for this project is 21 years, including the construction period. The project is targeted to be completed by May 2012.Over the next three years an additional investment of nearly Rs 3500 crores would be made in the highway development programme of NHAI in different states like Maharashtra, Gujarat, Rajasthan, Punjab, Tamil Nadu, Karnataka, Madhya Pradesh, Punjab and Andhra Pradesh. (Source http://www.tata-realty.com/projects/current_projects.htm and TRIL report by Mira Inform private Limited, Hindu May 28 2009, Nov 23 2009 Press trust of India, Hindu Aug 6 2010 and Oct 7 2010 projects today.)
46
Final Report
Industry Brief
Fitch Ratings says the 2011 outlook for the Indian real estate sector is stable, with a negative bias. The overall demand environment improved during 2010, and is likely to remain stable during 2011. The demand for residential units, driven by the high growth rate in the Indian economy and rapid urbanization, is expected to be the main driver of the industry in the medium-term. However, the absorption rate is likely to be slowed down over the near-term on account of the strong increase in residential unit prices witnessed in the second half of calendar year 2010 (H2CY10). The withdrawal of teaser interest rates by lenders and the increase in interest rates expected in H1CY11 are also likely to dampen residential demand during the same period. Fitch expects that renewed hiring by the IT/IT-enabled services (IT/ITeS) sector since H2CY10 in India -- a major demand-driver for office space in the country -- is likely to give the commercial real estate sector a boost in 2011. Oversupply in this segment, however, is a cause for concern. Regulatory measures by the Reserve Bank of India (RBI) will have a considerable impact on the real estate sector during 2011. Any increase in risk weights on bank lending to real estate companies would adversely affect the amount of funding available to the industry and cause liquidity problems, as the majority of the companies are highly leveraged and their dependence on debt refinancing is high. Major lenders have already acted or are likely to act on withdrawing teaser rate schemes on the advice of the RBI. This coupled with the expected increase in interest rates will dampen demand and further increase liquidity pressure on real estate companies. After being stuck with premium and high ticket size inventory in 2008, developers concentrated on launching mid- income projects in the downturn. However, with the recovery in residential markets, the focus again shifted to premium projects in 2010. This has again created demand-supply disequilibrium. Sudden rise in property prices has led to affordability deterioration in Mumbai, Gurgaon and Ahmedabad, which are among the key residential markets for listed developers. With interest rates expected to rise further, coupled with inflationary pressures, a slowdown in the residential markets is imminent in the short run. (Source Fitch Rating Indian real estate sector)
47
Final Report
Financials
The Financial snap short of Tata Realty and Infrastructure
Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income Operating Profit Gross Profit Earnings per share EBITA EBIT Gross Profit Margin (%) Ebit Margin (%) (Source ISI Emerging Market)
FY 09( Cr) 725.00 63.33 788.33 225.00 1213.33 0.31 10.87 24.40 236.72 205.93 186.71 1.82 205.93 204.32 765.20 837.38
FY 10( Cr) 725.00 65.33 790.33 225.00 1215.33 0.31 10.90 40.57 83.76 53.69 35.44 0.31 53.69 52.10 87.36 128.42
The other income earned and dividend earned by the firm in both the years is much more than the Net sales as a result of that gross profit margin and Ebit Margin are very high .
48
Final Report
Gaur sons India Ltd

Introduction
Gaur son India was incorporated in the year1995. The company was promoted by Mr. B.L Gaur and his two sons Rahul Gaur and Manoj Gaur. Gaur son is a prominent builder in Delhi NCR (National capital region) and has built properties ranging from high end pent houses to highly affordable apartments. Gaur sons since its inception has stressed upon on Customer satisfaction and architectural excellence which has helped it in wining the customer trust. Gaur son believes that they just dont make houses but make adobes where their customers spend the best part of their life. Gaur son has always focused upon quality work which has helped it gain rich dividends along with trust of thousand of families staying in their residential complex. Gaur son ensures that it meets its deadlines for the project well in advance this has also boasted the confidence of the customers.
Incorporated Promoter Managing Director Director
1995 B L Gaur Rahul Gaur Manoj Gaur
The people trust and belief in the Gaur sons India can be seen from the response received by Gaur Ganga at vishali where all the 300 apartments were bought by eager customers with in 48 hours of its launch. Some of the successfully Gaur sons completed project include Gaur Green Avenue, Gaur Heights, Gaur Ganga, Gaur Homes Elegante, Gaur Grandeur and Gaur Gracious
49
Final Report
Business Overview
Gaur son is one of a prominent builder in the NCR (National Capital Region) and has been in existence for the past 15 years. Gaur son has completed a number of projects in Indrapuram (Ghaziabad), Noida and moradabad The projects it has completed and sold out include Gaur Green Avenue (3 , 4 bedroom Apartment at Indrapuram), Gaur Green Vista ( 2,3 bedroom premium apartments at Indrapuram ) , Gaur Heights ( 2,3 bedroom apartment at vaishali ) and Gaur Ganga ( 2 Bedroom apartment at vaishali ). The Properties which are completed and available for procession include Gaur Gracious villas (Independent plots at Kanth Road Moradabad), Gaur Homes Elegante (2 Bedroom apartment at Govindpuram Ghaziabad), Gaur Homes (2, 3, 4 bedroom apartment at Govindpuram Ghaziabad)and Gaur Gracious ( 2 ,3,4 bedroom residential apartment at Kanth road moradabad ). The new properties and projects which are under construction are Gaur green vista phase II , Gaur global village ,Gaur grandeur, Gaur grandeur 2 Gaur city and Gaur city -2 . Gaur green vista phase -2 is a residential project of 2, 3, bedroom premium apartments located at NH -24 Indrapuram these apartments provide all the modern facilities of a swimming pool , in house Gymnasium , jogging park and a lot open green spaces . Gaur green global village is 2, 3 bedroom residential apartment located at crossing republic NH 24 Ghaziabad. Gaur green global village provides luxury lifestyle in a peaceful environment. Gaur green global village provides all the modern amenities. The club shall consist of a swimming pool, children pool, reading room, gymnasium, sauna & steam bath, Jacuzzi, billiards table, table tennis, card table, badminton court, tennis court and other facilities. Gaur Grandeur is being constructed at sector 119 Noida. It shall consist of 2, 3, 4 bedroom residential apartment. Gaur Grandeur is state of the art homes which combine comfort and luxury. After the successful launch of Gaur Grandeur, Gaur Grandeur II is launched at sector 119 noida it shall consist of 2, 3 bedroom residential apartment only. Gaur city is a township being developed by Gaur sons and its spread across 125 acres and it shall consist of hospitals, schools, residential complex, multiplex, shopping mall. Gaur son city is being developed by Gaur son along with savior builder Private Ltd. Gaur son has also announced the launching of Gaur son City 2 at Noida extension in Grater Noida
(Source Gaursons report by ICRA and http://www.gaursonsindia.com/projects )
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Financials
The financials of Gaur son India is as follows Financial Snap short
Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income Operating Profit Gross Profit Earnings per share EBITA Depreciation EBIT Operating Profit Margin (%) Gross Profit Margin (%) Ebit Margin (%) FY 09( Cr) 11.28 61.73 73.01 152.48 246.49 2.08 64.71 202.05 213.26 39.39 17.85 8.17 38.69 0.69 38 19.49 8.83 18.80 FY 10( Cr) 13.68 87.98 101.66 108.81 217.47 1.07 74.31 209.73 224.8 32.89 23.03 10.71 32.13 0.75 31.38 15.68 10.98 14.96
(Source ISI Emerging Market)
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Bharti Infratel Limited

Introduction
Bharti Infratel was incorporated in November 2006 as a 100% subsidiary of Bharti Airtel Limited. On January 31, 2008, as per the scheme of arrangement approved by High Court of Delhi the passive infrastructure business (namely telecom tower portfolio) of Bharti Airtel was transferred to Bharti Infrastructure limited. Bharti Infratel is a pioneer in shared telecom infrastructure services Bharti Infratel has helped many telecom operators maximize their reach in a short period of time by providing them capex saving opportunities ( telecom towers) channelizing their investment in reaching out to more and more customers across the country, and contributing in offering highly affordable telecom services to their customers . Bharti Infratel is one of the largest telecom passive infrastructure providers that deploys, owns and manages telecom tower and communication structure for all wireless operators. The clients of Bharti Infratel includes almost the entire telecom industry i.e.vodafone, airtel , reliance mobile ,uninor ,Tata teleservices,Idea , bsnl, aircel and mts .
Chief Executive Officer Managing Director Chief Financial Officer Director PE Investment
Prem Pradeep Akhil Gupta Suresh Wadhwani Manik Jhangiani Kohlberg Kravis Roberts invested 1125 crores for 2 % stake in 2008. As per stake sale the overall valuation of the company is 56,250 crores.
(Source Bharti Infratel Website and http://www.indiape.com/blog/IndiaPrivateEquityDeals/_archives/2008/2/6/3508105.html )
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Business Overview
Bharti Infratel was formed with the objective of creating an independent wireless telecom tower infrastructure company, extending its services to all telecom operators in India. Bharti Infratel is a registered IP 1 Infrastructure provider with the department of telecommunication. Bharti Infratel provides telecom towers (passive and capital intensive infrastructure) to the telecom operators on a mutually beneficial terms and conditions. Bharti Infratel has over 30,000 plus towers and operate in 18 states and union territory in India namely Jammu & Kashmir, Himachal Pradesh, Haryana, Uttar Pradesh, Uttarakhand, Rajasthan, Madhya Pradesh, Chhattisgarh, Bihar, Jharkhand, Orissa, Assam, Meghalaya, Tripura, Arunachal Pradesh, Manipur, Mizoram and Nagaland Bharti Infratel entered into an agreement with Vodafone and Idea Cellular to form another telecom infrastructure company Indus Towers1. Indus Tower1 shall provide passive infrastructure services (Telecom towers) in 16 telecom circles of India. Indus tower came into existence when as per the agreement between Bharti Infratel limited (BIL) and Vodafone transferd around 30,000 towers each and Idea Cellular transferred around 10,000 towers to Indus Towers. Indus tower has over 70,000 telecom tower and is one of the largest Telecom tower company all over the country. Indus Tower was created as a joint venture between Bharti Infratel, Vodafone and Idea Cellular. Bharti Infratel and Vodafone would each has a 42% stake and Idea has balance 16 % stake in Indus Towers. Indus tower operates in 16 telecom sectors in India in these sectors Bharti Infratel is only allowed to manage the existing towers and not allowed to open any fresh telecom tower. In the following circles (Assam, Bihar, Himachal Pradesh, Jammu & Kashmir, Madhya Pradesh, North East and Orissa) Bharti Infratel (BIL) would manage the existing telecom towers and also roll out new telecom towers. Bharti Infratel is both a pioneer and a market leader in shared telecom Infrastructure (telecom tower) in India, and provides following benefits: Telecom operator gets the largest geographical spread across 18 states in India. Telecom operators are able to roll out their services at a lower operating cost and at a faster pace. Telecom operators are provided state of the art fully automated tower operations center leading to superior customer satisfaction. Telecom operator receives the benefit of scale and experience leading to operational efficiencies.
(Source Bharti Infratel web site, News articles Sept 15 2008 HT Media, Sept 16 2008 HT Media, October 3 2008 Telecom paper, Feb 12, 2011 HT Media and Jan 22 2011 outlook Business)
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Industry Brief
India's teledensity has improved from under 4% in March 2001 to around 53% by the end of March 2010. Cellular telephony has emerged as the fastest growing segment in the Indian telecom industry. The mobile subscriber base (GSM and CDMA combined) has grown from under 2 m at the end of FY00 to touch 584 m at the end of March 2010 (average annual growth of nearly 76% during this ten year period). The 2 main factors which have contributed to the growth of the sector are reduction in tariff plans and the cellular segment is playing an important role in the industry by making itself available in the rural and semi urban areas where teledensity is the lowest. The fixed line segment has actually seen a decline in the subscriber base. It has declined to 36.96 m subscribers in March 2010 from 37.96 m in March 2009. The decline was mainly due to substitution of landlines with mobile phones. FY10 saw the continuance of strong growth for the Indian telecom market, which witnessed a 45% YoY increase in its subscriber base during the 12-month period. At the end of March 2010, the country's total telecom subscriber base (fixed plus mobile) stood at about 621 m. The tele-density level stood at about 53% by the end of the fiscal. During FY10, India's mobile subscriber base grew by 49% YoY, from 392 m to 584 m, while the fixed subscriber base declined by about 3%, from 37.9 m to about 36.9 m. India has one of the lowest tariff plan in the world as a result of which cellular services in India attracts a number of customers. The segment's subscriber base has grown by over 49% YoY in FY10. As per Pricewaterhouse Coopers, India's mobile subscriber base is expected to exceed 1 billion by 2014 and will be driven by additions in the rural areas. India's rural tele-density for mobile subscribers currently stands at 32.7%. Telecom Regulatory authority of India (Trai) has introduced new polices for charging spectrum fee and merger and acquisition in the sector. These guidelines appear to be more detrimental for the sector rather than helpful. If applied, these guidelines would increase the financial burden for the GSM operators by making them pay higher spectrum charges and humongous fee for holding higher quantities of spectrum. The guidelines also pose hurdles for mergers and acquisition activities in the sector
(Source Equity master Outlook on the Telecom Sector)
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Financials
The Financials of Bharti Infratel is as follows Financial Snap short
Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Net Sales Total Income Operating Profit Net Profit Earnings per share EBITA Depreciation EBIT Operating Profit Margin (%) Net Profit Margin (%) Ebit Margin (%) FY08( Cr) 0.05 10256 10256.05 3134.72 13,390.82 30.56 447.08 447.72 250.38 63.81 250.35 152.41 97.94 56.01 14.27 21.90 FY 09( Cr) 565.16 9885.48 10450.64 4134.12 14,584.76 39.55 2624.17 2866.27 1638.31 437.44 5.48 1638.31 1154.15 484.16 62.43 16.66 18.45 FY 10( Cr) 650.89 13019.91 13670.8 600 14,270.80 4.38 2453.03 2929.78 1741.77 320.82 3.54 1741.77 1355.7 386.07 71.01 13.07 15.73
(Source ISI Emerging Market) In 2008 private equity investment took place and shares were issued to Kohlberg Kravis Roberts. The overall companys net sales have increased substantially from 2008 to 2010. The companies operating profit margin has been increasing over the years.
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ACME Telepower
Introduction
Acme telepower is a Gurgoan based passive infrastructure (telecom tower) solution company promoted by Mr Manoj Kumar Upadhay ACME Tele Power Ltd. (ATPL) provides comprehensive passive infrastructure solutions to wireless telecom players both in India as well as overseas. ACME tele power (ATPL) has developed a wide range of innovative products that provides cost-effective, energyefficient, integrated, passive infrastructure solutions, to telecom companies. Acme tele power is different from other passive infrastructure companies as it provides end to end solution as compared to partial solution by most of its competitors. Acme Telepower is present in many countries across the world either through its own establishment, channel partner or associates. Acme telepower has helped many telecom operators maximize their reach in a short period of time by providing them capex saving opportunities ( telecom towers) channelizing their investment in reaching out to more and more customers across the country, and contributing in offering highly affordable telecom services to their customers . Acme tele power main business is providing and maintain telecom tower to various telecom companies and its side business is construction of solar power plant and cold chain. Company Secretary Managing Director Chief Financial Officer Director PE Investment Jitendra Kumar Manoj Kumar Upadhay Sunil Sethy Arun Seth Monsoon India and Jackson Heights have invested 400 Crores for 3.35 % stake in 2008 giving a valuation of 11,940 crores to the company.
(Source acmetelepower.com / management and http://www.indiape.com/blog/_archives/2008/2/22/3538707.html )
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Business Overview
Acme telepower main business is providing passive infrastructure solution (Telecom Tower) to the different telecom operators on mutually beneficial terms and conditions. The company Research and Development (R&D) has enabled acme telepower limited (ATPL) to build solutions that are environmentally-friendly, cost-effective and energy-efficient while providing its clients with enhanced return on investment. The company offers an innovative product portfolio based upon advanced technology. Acme telepower offers end to end comprehensive solution including provision of enclosures, cooling and electrical solutions, packaged in the unique Green Shelter concept. The product portfolio of the company includes:Telecom shelters which protect telecom transmission equipment. Nano Cooled Shelters Advanced telecom air conditioners with filter less technology. Thermal management system insulates the shelters allowing the temperature to remain low for longer period of time.
ATPL has a presence in all 23 telecom circles in the country by way of consultancy, sales, installation and after-sales support infrastructure. Internationally, the company and its group companies provide technology solutions to clients spread across several countries, including the USA, Canada, Singapore, Indonesia, and Bangladesh. ATPLs solutions are built to ensure that the companys clients benefit from reduced operation costs, lower capital investment, and reduced battery back-up requirements. The company unique solution can be of 2 types: Energy Management Solution Ultra Low cost site Solution
Energy management solution provides state of the art products which work together seamlessly to optimize cooling, minimize power conditioning losses and maximize power back up thus facilitating reduction in energy consumption. Energy management solution reduces the amount of battery back up required. Energy management solution is cost efficient, energy efficient and eco friendly. Ultra low cost site solution helps in providing integrated solution for efficient and low energy consumption. Ultra low cost site solution (ULCS) helps in reducing the overall operating cost. It reduces the energy loss while converting AC to DC power conversion. The low cost site solution consists of fuel cell, DCPH (DC power house), battery cooler and Split power interface unit (PIU).
(Source http://www.acmetelepower.com/download/energy-management-system.pdf , and http://www.acmetelepower.com/solutions.html )
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Financials
Acme Telepower Financial Snapshot is as follows:
Financial Snap short

Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Net Sales Total Income Operating Profit Gross Profit EBITA EBIT Depreciation Operating Profit Margin (%) Gross Profit Margin (%) Ebit Margin (%) FY06( Cr) 4.8 162.33 167.13 1.32 168.46 0.79 385.39 387.75 156.84 156.57 156.84 155.33 1.51 40.69 40.62 40.30 FY 07( Cr) 4.8 348.15 352.95 46.49 399.43 13.17 642.93 649.62 247.98 246.22 247.98 243.28 4.7 38.57 38.29 37.83 FY 08( Cr) 34.27 888.36 922.63 36.21 961.19 3.92 1446.04 1468.06 435.28 423.43 435.28 425.7 9.58 30.10 29.28 29.43
The Net sales, operating profit and gross profit all have shown an increasing trend over the years but both the operating profit margin and gross profit margin has been declining.
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Doshion Limited
Introduction
Doshion limited is a water purifying company which was started 3 Decades ago by Dhirajlal S Doshi. Dhirajlal eldest son Ashit Doshi is the managing director of the company.
Chairman Managing Director Director PE Investment
Dhirajlal S Doshi Ashit D Doshi Rakshit D Doshi IDFC Private Equity invested 40 Crores in Feb 2007
Doshion has completed over thousands of projects in almost all possible applications of water treatment in every industry from power, chemical / process, microelectronics, pharmaceutical, biotech, and bottled water to community Doshion has dedicated all resources to deliver, cost effective, reliable, industrial pure water solution to their customer everywhere . Doshion offers a complete gamut of technologies, manufacturing capabilities, project management and engineering infrastructure all covered under one roof. (Source http://www.doshion.com/pages/about-us and http://www.vccircle.com/500/content/water-management-firm-doshion-gets-9-millionfrom-idfc-pe ) Business Overview Doshion is an Ahmedabad based water management company. It is a leading solutions provider and dedicated to purification of water with a wide gamut of water management services, spanning a whole spectrum of technologies from simple DI plants to large and complex turnkey projects. Doshion with an average growth of 45-50 percent over the last 13 years, attractive profits that ensure a regular dividend and trained manpower strength of more than 800 people has established its leading position in the Indian market. In 1992 Doshion became the first Indian company to supply sea water to water maker to ONGC offshore. In 1998 it tied up with Kinetico USA as its exclusive distributor for manufacturing and distribution of fully automatic non-electric filtration/softening and de-mineralization systems in the Indian sub-continent. Doshion has joined hands with Buckman Laboratories, which is a water treatment chemical major for manufacture, marketing, supply and
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servicing the diverse Indian market. Doshion joined hands with a French company - Veolia water solutions & technology - and
formed Doshion Veolia Water Solutions. Doshion Veolia Water Solutions aims at executing small, medium & large size EPC Projects for Water & Waste Water Management facilities in Municipal, Infrastructural and Industrial projects.
The joint venture shall provide technology, expertise, customers of Veolia water solution to Doshion. Worldwide Veolia Business units
shall benefit from Doshion Veolia Water Solution (DVWS) low cost high quality manufacturing standard solutions and fabrication capacity and enhance their product offering. Despite global recession, groups turnover grew by 46% in 2008-09. In 2009-10, it increased by over 30% to around Rs500 crore. In 2010-11, its expected to increase by 70 % expecting the group's turnover to increase to Rs850 crore. Some of the large projects undertaken by Doshion include a Rs 50 crore turnkey project from Indian Oil Corporation to build the world's largest refinery effluent recycling plant at Haldia in West Bengal and Rs 200 Crore waste water management facility at Indira Gandhi International airport (Source 15 June 2008 Indian express, Aug 21 2008 Business Line, March 15 2009 Indian express and http://www.doshion.com/pages/subsidiary )
Industry Brief
Reliable information on the Indian water market is scarce, but it is estimated the total market is worth more than US$1 billion, divided about onethird for water provisioning, one third for municipal water treatment and one-third for industrial water treatment. About 85 per cent of Indias urban population has access to safe drinking water but that number falls to less than 50 per cent in rural areas. While almost half of Indias urban population (46 per cent) has access to sanitation services, less than 12 percent of rural residents have similar access. Water Requirements for Different Uses (in BCM) Category 2010 Irrigation 536 Domestic 41.6 Industries 37 Energy 4.4 Inland Navigation Flood Control A forestation 33 Ecology 5 Evaporation 36 Total 693 Source: National Commission for Integrated Water Resources
2025 688 52 67 13 4 67 10 42 942
2050 1008 67 81 40 7 134 20 65 1422
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Opportunities exist for companies to provide technical consultancy services through the contractual and/or joint venture route. Government spending is negligible compared to the total estimated requirement of almost US$5 billion for water/wastewater treatment facilities. To bridge this gap the Indian government allows 100 per cent Foreign Direct Investment for municipal water and wastewater treatment projects.
Financials
Doshion Financials are as follows

Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income Operating Profit Gross Profit Earnings per share EBITA EBIT Operating Profit Margin (%) Gross Profit Margin (%) Ebit Margin (%) FY 09( Cr) 1.98 68.16 70.14 6.39 76.54 0.09 353.84 19.31 19.86 1.52 1.41 4.7 1.52 1.11 7.87 7.10 5.75 FY 10( Cr) 1.98 73.15 75.13 22.95 98.09 0.31 379.03 81.56 82.06 8.63 7.76 26.35 8.63 7.99 10.58 9.46 9.80
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Coastal Projects
Introduction
Coastal Projects Limited (CPL) is one of the prosperous construction companies in private sector engaged in developing infrastructure projects all over the country. The Company incorporated in the year 1995, is mainly engaged in various civil works/construction activities in different states of the country. CPL has emerged as one of the pioneers and specialists in the Underground Excavations covering all jobs of civil construction of Hydro Power Projects like Power House Complex, Surge Shaft, Surge Chamber, Desilting Chambers, Adits etc. and is endowed with most efficient work force. The Company has achieved optimum quantities in record time, completing the works well ahead of the project schedules to the satisfaction of the clients. The Company has complete and well equipped technical backup and suitably trained and specialized man power in their respective fields and has been able to make commendable strides in its chosen field of infrastructure.
Chairman & MD Year of Incorporation Director Director PE Investment
S. Surendra 1995 G Harihara Rao P. Vasudeva Rao Bearings capital ,Sequio Capital , Fidelity invested 160 Crores in 2008 for 16 % Stake Bearings capital , Sequio Capital , Fidelity invested 250 crores in 2010 for 16% Stake
(Source Coastal Project by Care Rating, Coastal Projects by Mira Inform, and http://coastalprojects.co )
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Business Overview
The Company was started in the year 1995 as a sub contractor working on small scale of operation. The initial big brake through was achieved in 1997 when it undertook excavation work at Srisailam hydro power project for Patel Engineering. The overall turnover of the company crossed 100 million in 99 -2000 and 500 million on the basis of direct and the subcontract received by the company in 2002 2003 In 2005-2006 the company had undertaken Allian duhangan hydro electric project at Himachal Pradesh in a joint venture with SEW construction. In 2005 -06 the company had secured ISO certification 9001:2000 for high quality of work done by the company. In 2006-07 Secured four major projects worth Rs.10802 million. The project details are as follows - Gati Hydro Power Project Rs. 950 million -Budhil Hydro Electric Power Project Rs.1200 million - AMR Tunnel scheme (Irrigation- in A.P) Rs.1300 million -Pula Subbiah Veligonda Project - Tunnel (Irrigation in A.P): Rs.7352 million The Company has executed contracts of well established Corporations both in Private and Public Sector and is well versed with the dynamics of project execution. CPL with its experience has developed best and committed workforce in the field with a team of efficient leaders supported by experienced and well trained technical staff which includes 400 Engineering personnel, 2000 Skilled and 6000 semi skilled employees all over the country. The company has procured the state of the art equipment to achieve international standard of working. The company has completed Karnataka State highway improvement project for Afcons infrastructure the project was valued at 310 Million Rs. The company has completed Allain Duhangan Hydro electric project along with SEW Coastal for AD hydro power limited valued at 530 Million Rs. Coastal projects has completed the Rampur Hydro Electric Project for Satluj Jal Vidyut Nigam which is valued at 188.80 million Rs .The company has also completed Larji Hydro Electric Power Project for Continental Construction Company and the project is valued at 900 Million Rs. The Company has currently under taken Construction of
Indo Bangladesh Boarder road, Irrigation tunnel in Udaipur Rajasthan. Hydro electric power projects at Sikkim Teesta Hydro Electric project and Chuzachen Hydro electric project. Hydro electric power project in Himachal Pradesh at Chamba and Khangara Dist. Saeleemnabad carrier canal in Madhya Pradesh. (Source Coastal Projects by Mira Inform and http://coastalprojects.co/project.php?id=1)
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Financials
The Financials of Coastal Projects is as follows Financial Snap short
Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income Operating Profit Net Profit Earnings per share EBITA Depreciation EBIT Operating Profit Margin (%) Net Profit Margin (%) Ebit Margin (%) FY07(Cr) 13.15 45.51 58.66 134.24 192.9 2.28 44.62 245.2 248.51 48.09 20.77 10.66 48.09 16.62 31.47 19.61 8.47 12.83 FY08( Cr) 17.35 280.29 297.64 210.46 508.11 0.70 171.53 422.17 429.84 96.01 45.68 17.29 96.01 29.8 66.21 22.74 10.82 15.68 FY 09( Cr) 17.35 359.88 377.23 467.69 844.92 1.23 217.4 936.87 946.43 225.35 120.36 45.87 225.35 58.13 167.22 24.05 12.84 17.84
(Source ISI Emerging Market) The Net sales have increased tremendously from FY (07) to FY (09) it has almost tripled from FY (07) to FY (09). Along with the net sales the total income, operating profit and net profit has also increased tremendously. The operating profit margin net profit margin and Ebit Margin all have shown an increasing trend.
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Larson and Turbo InfoTech Ltd

Introduction
L&T InfoTech is a global IT services and solutions provider. They provide a winning edge to their clients by leveraging their Business-to-IT Connect and deeply committed workforce. Their clients include industry leaders like Chevron, Free scale, Hitachi, Sanyo and Lafarge, among others. Larson and turbo InfoTech is a subsidiary of Larsen & Toubro Ltd. (L&T), a technology, engineering, manufacturing and construction conglomerate, with global operations. This rich corporate heritage has provided Larson and turbo many inherit advantages and tangible benefits for their clients. Larsen and Toubro InfoTech Limited (L and T InfoTech), one of the fastest growing IT services companies; its ranked by Nasscom among the top software and services exporters from India. Ranked as leaders in the prestigious Global 100 list by International Association of Outsourcing Professionals (IAOP) 2009. Its ranked no 5 globally among the best IT services providers by global services in 2009. Larson and turbo InfoTech has formed alliances with Sap , oracle , Collabnet ,actuate,cordys,eucalyptus,red hat ,people soft , savvion , tibco , congos and informatica .
Chairman & Managing Director Chief Financial Officer Chief Executive Officer Director Director
A M Naik Y M Deosthalee Sudip Banerjee S.T.Desai S.R.Iyer
(Source http://www.lntinfotech.com/aboutus/overview.aspx and http://www.lntinfotech.com/aboutus/management.aspx )
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Business Overview
Larson and turbo InfoTech Limited (Land T InfoTech) offers comprehensive, end-to-end software solutions and services in the different industry verticals banking and financial Services; insurance; energy and petrochemicals; manufacturing (consumer packaged goods/ retail, high-tech, industrial products, automotive) and product engineering services (Telecom). Its new emerging verticals include media and entertainment and life sciences and healthcare. In these industries the different services they offer include application outsourcing, architecture services ,business analytics, business process services , consulting ,enterprise integration ,ERP services , Infrastructure management services ,integrated engineering services ,legacy modernization ,product life cycle management ,system integration services and testing services . Under the application outsourcing L&T InfoTech does application development and application support and maintaince. Under the application development Larson and turbo with its in-depth domain and technical expertise and industry standard quality processes, enables their clients to solve complex problems, mitigate risks and meet their business objectives. The application development can be of two forms it can either be a completely new process being designed or some major enhancement and changes to the existing application. Under the architecture services L&T InfoTech focuses on enterprise architecture, service oriented architecture services and performance engineering. Under the enterprise architecture the company helps enterprises to integrate disparate applications and platforms to create a seamless foundation for future growth. Service Oriented Architecture (SOA) is primarily intended to provide business-level software modularity and rapid reuse of software components. Performance engineering group study performance improvement of various applications from application code and deployment perspectives. This group consists of key solution deployment architects who analyze and suggest architecture for better performance. In case of Business analytics business performance management dashboards, application development services, an application system effectiveness review and master data management service is done. Under consulting Business consulting, process consulting, operation consulting and technology consulting is done. Under enterprise integration consulting services, architecture advisory services , application integration services , business process management services and business to business services is done . L&T InfoTech and PROS, the world leader in business-to-business pricing and margin optimization software, have announced a global strategic partnership agreement. The partnership will combine L&T Infratech deep domain expertise in SAP, Oracle and Microsoft platforms with PROS advanced pricing technology to help clients implement pricing solutions and strategies that drive growth, margins. L&T infratech is head quartered in Mumbai and has offices at Bengaluru, Chennai, Pune, Mysore and Vadodara. L&T infratech has overseas office located at USA, Canada, Europe, Asia, Korea, Singapore, South Africa, and Qatar. (Sourcehttp://www.lntinfotech.com/industries/industries.aspx,http://www.lntinfotech.com/services/services.aspx ,
http://www.lntinfotech.com/services/application_development/overview.aspx and lntinfotech.com/services/business analytics/overview.aspx)
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Financials
The Financials of Larson & Turbo infotech is as follows

Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income Operating Profit Gross Profit Earnings per share EBITA Depreciation EBIT Operating Profit Margin (%) Gross Profit Margin (%) Ebit Margin (%) FY07(Cr) 15.49 310.36 325.85 153.30 486.11 0.47 105.15 1278.08 1281.46 198.07 195.14 48.77 198.07 24.63 173.44 15.50 15.27 13.57 FY08( Cr) 15.72 523.21 538.93 141.89 694.69 0.26 171.41 1649.46 1664.02 282.72 280.15 67.15 282.72 37.25 245.47 17.14 16.98 14.88 FY 09( Cr) 15.84 553.78 569.62 156.48 746.15 0.27 179.76 1950.84 1977.99 343.07 334.79 83.57 343.07 45.36 297.71 17.59 17.16 15.26 FY 10( Cr) 16.12 942.96 959.08 44.58 1027.99 0.05 279.39 1776.76 1811.74 365.74 362.99 87.17 365.74 48.24 317.50 20.58 20.43 17.87
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Azure Knowledge Corporation

Introduction
Azure Knowledge Corporation is a very well known and trusted ITES Sector company incorporated in 2001 and it provides the following services: - Research services - Business process outsourcing (BPO) services -Customer interaction service -Information technology solutions Azure Knowledge Corporation has more than 3500 employees across its different offices in India, China and USA. Azure serves clients across the globe in more than 15 international languages covering 75 different countries. Azure provides its services across a number of industries which include information technology, telecom, energy & utilities, healthcare, automotive transportation, banking financial services industry and consumer goods. Azure is an ISO 9001 and ISO 27001 certified company.
Promoter Chief Executive officer Chief Financial Officer Director PE Investment
Dushyant Joshi Jay Ruparel Sohil Parekh Joe Sealy Azure capital has raised 130 crores from Greater Pacific Capital for 26.4% stake in 2008 giving it an overall valuation of 492.42 crores.
(Sourceazurecrm.com/board-directors.html and vccircle.com/500/news/greater-pacific-to-pick-up-38-in-outsourcing-co-azure-for-33-million)
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Business Overview
Azure Knowledge Corporation is head quartered at Ahmedabad and it has other offices in Delhi, Chennai, China and USA. Azure Knowledge Corporation provides research services, business process outsourcing services, customer interaction services and information technology solution. Under the research services it does data collection, survey programming, data processing and mystery shopping. Azure has partnered some of the largest research firms of the world and has created a reliable name for itself it has conducted over 22 million businesses to consumer survey and over 1 million business to business survey. The company has been able to retain 90 % of its clients in the market research segment. It has completed more than 6000 projects involving research with decision makers, CxOs, and the different business heads of different companies. Azure has one of the best data collection tools to address client needs for acquiring authentic and well-managed data across multiple methodologies embracing new technologies while maintaining traditional execution project goals and industry values. Azure proffers first-hand, organic, front-line experience and expert, insightful research knowledge. Azure uses face to face interviews, phone interviews, cawi interview and focus group interview to collect data for its clients. Azure conducts mystery shopping store audits and it is an excellent method of tracking performances of various products/services etc. Azure has all the infrastructure and personnel requirements to enable you to conduct a flawless store audit/mystery shopping research. Mystery shopping provides vital insights to make key decisions about the market place. Azure business process outsourcing (BPO) is a leading provider of BPO services focusing on the complex, voice and non-voice based segment of customer-care services. They apply proven process methodologies to significantly reduce costs, enhance effectiveness and optimize business processes. Azure Business process outsourcing specializing in Customer acquisitions, Finance and Accounting and Mortgage Loan Processing Services. Azure has over 10 years of experience in Customer Interaction Services and has served a global clientele. Azure has created its own CRM platform, dialer, MIS reporting systems for customer interaction services. Under the customer interaction azure carries out welcome and awareness calls, customer verification and complaint resolution and has created customer helpdesk inbound and customer retention inbound and outbound.
Azure provides IT enabled services for Telecom, Enterprise Solutions, Market Research, Financial Services, Web/Application Development, Digital Signature, E procurements, Mobile Applications, SMS Engines.
(Source azurecrm.com/Research, azurecrm.com/bpo, azurecrm.com/data collection and azurecrm.com/contact center)
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Financials
The financials of Azure Knowledge Corporation is as follows Financial Snap short
Particulars Total Assets Current Assets Receivables Cash & Cash Equivalents Fixed assets Tangible assets Other Long-term Asset Shareholders' Equity Total Liabilities Long Term Liabilities Current Liabilities 13.39 12.9 9.64 3.26 FY08( Cr) 26.29 12.17 11.85 0.32 14.07 14.07 FY 09( Cr) 67.74 51.74 24.07 25.02 15.26 15.26 0.63 60.4 7.34 3.51 3.82
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Prabhudas Lilladher
Introduction
Prabhudas Lilladher was founded in 1944 and is based in Mumbai, India. It has branch offices and centers in various states in India, which include Delhi, Gujarat, Kerala, Madhya Pradesh, Maharashtra, Tamil Nadu, West Bengal, Rajasthan, Orissa, and Uttar Pradesh. Prabhudas Lilladher Pvt., Ltd. operates as a subsidiary of Prabhudas Lilladher Advisory Services Pvt.Ltd. Prabhudas Lilladher advisory services is a holding company. It provides financial advisory and helps its clients to raise resources from both domestic and international sources. The different companies under Prabhudas Lilladher advisory services are Prabhudas Lilladher Pvt Ltd: Stock Broking Company of Prabhudas Lilladher Group. Its a member of Bse, Nse and provides trading facility to its clients through its own outlets and channel partners. Prabhudas Lilladher Financial services private ltd: Its a NBFC (Non banking financial corporation) approved by the RBI. It provides loan against shares and margin funding to the customers of Prabhudas Lilladher. Prabhudas Lilladher capital market private ltd: Prabhudas Lilladher is an Investment banking arm of Prabhudas Lilladher group. It helps in raising Capital and other investment banking services including the management of public offerings, private placements (including qualified institutional placements), rights issues, share buybacks, open offers/delisting, mergers & Acquisitions etc. Prabhudas Lilladher Advisory Services: A Prabhudas Lilladher advisory service is a wealth management arm of Prabhudas Lilladher group. It provides wealth management advisory on various products ranging from debt to Private equity. It advises on Real estate, Art fund, Paintings, private equity, mutual fund and insurance. Prabhudas Lilladher Distribution Company: Prabhudas Lilladher distribution company is evolved in the distribution of different financial products across India through different Branches. Joint Managing Director Managing Director Director PE Investment Amisha Vohra Arun P Sheth Dhiren Sheth 45 Crores has been invested by Balyaysn Asset management company for 2.83% stake giving the company an overall valuation of 15.90 crores .
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Business Overview
Prabhudas Lilladher has a team of dedicated experts and a nationwide distribution network of branches, franchisees and associates. Prabhudas Lilladher provides a comprehensive gamut of financial services in both Institutional and Retail domain. Prabhudas Lilladher services include the following: -
Equity & Derivative Broking Investment Banking Corporate Advisory Wealth Management PMS, Online Trading, Loan Against Shares Mutual Funds, IPOs and Insurance.
The equity and derivative broking can be further subdivided into Institutional broking and retail broking. Under the institutional broking it provides services to some of the leading domestic and institutional investors including pension funds, hedge funds, mutual funds, insurance companies and banks. Prabhudas Lilladher has a dedicated research team comprising 19 analysts engaged in macroeconomic studies, industry and company specific equity research, ensuring consistent delivery of high quality investment ideas. Under the retail broking it provides expert equity research, e broking, depository services and advisory services on other financial products. Prabhudas Lilladher for online trading has launched majorgainz.com. Majorgianz.com is a complete financial portal which serves as clients personal investment guide. Majorgianz.com provides Online Trading in Equity, Derivatives & Mutual Funds through a web based platform. It provides extensive information on markets and relevant data which enables a customer to make quick, sound and informed decisions. Loan against shares can be in the form of margin funding where in the broker shall fund a part of the investment of the client and in return shall get interest. In case of loan against securities the client is given loan and the shares are held as a security and interest is charged to the client. Under the Corporate Advisory Prabhudas Lilladher designs innovative and customized solutions and successfully implements them. It looks at the clients with a long term perspective and provides well researched professional advice, relevant to their business needs including expansion, divestment, acquisition and restructuring. (Source plindia.com/about us, plindia.com group Companies, plindia.com/services,plindia.com/instBroking.asp,www.plindia.com/investBanking
,plindia.com/research , and plindia.com/MajorGainz/Online Trading )
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Financials
The Financials of Prabhudas Lilladher is as follows Financial Snap short
Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Loan and Advances Current Assets Current Liabilities Net Current Asset
FY 09( Cr) 1.95 99.99 101.94 101.94 101.94 18.33 48.86 3.5 45.36
FY 10( Cr) 1.87 76.36 78.23 3.67 81.89 0.04 81.89 41.7 47.27 1.36 45.91
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Anand Rathi Securities

Introduction
Anand Rathi securities was started in the year 1994 by Mr. Anand Rathi and Pradeep Gupta. It provides a wide range of financial services and wealth management solutions to institutions, corporate, high net worth individuals and their families. Anand Rathi has 350 offices located all over India including foreign branches located at Hong Kong, Dubai and London. It employees around 2500 employees in India and at its foreign branches. The firm is completely client centric and aims at providing long term value addition to their clients. The firm provides services to all the different category of investor weather its an individual, private client, corporate or an institution. AnandRathi has been named the best domestic private bank in India by asiamoney in their Fifth Annual Private Banking Poll 2009. Anand Rathi business operation includes broking activities at BSE, wealth management services, investment banking, distribution of financial products depository services at CDSL, institutional equity and investment services. Promoter Vice Chairman &CO Promoter Managing Director Director PE Investment Anand Rathi Pradeep Gupta Amit Rathi P G Kakodkar Anand Rathi has raised 100 crores for 19.9 % stake by citi venture capital in 2007 giving the overall firm a valuation of 500 crores.
(Source vccircle.com/category/word press-category and .rathi.com/about_us.html )
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Business Overview
Anand Rathi provides a number of services to a wide variety of client ranging from an individual to an institutional investor. The different services by Anand Rathi include the following: Private Wealth Management Investment Banking Institutional Equities Investment services
Under the private wealth management Anand Rathi believes that every client is distinct and different from the other, his needs, wants aspirations, risk taking capacity is different. Every client should have a separate and unique wealth management plan. Anand Rathi believes the separation of advisory from product manufacturing is critical to offering a conflict-free and truly objective advice to the clients. Anand Rathi offer only third-party products and do not manufacture any in-house products. Under the wealth management they provide to their clients direct equity, portfolio management services, commodities, FX trading, life insurance, general insurance, mutual funds alternative asset classes like private equity fund, structured product, real estate opportunities fund. In case of Investment banking it provides the following services:Capital Market Debt Capital Market Advisory Private Equity Restructuring
AnandRathi is a leading underwriter of public offerings and private placements for middlemarket companies in India. Anand Rathi is known for innovative financing solutions that support complex corporate strategies, as well as longstanding client relationships. They assist the company in their capital raising plans , they prepare all investor material managing all communication with the potential investor . (Source rathi.com/pwm/products services, rathi.com/ib, rathi.com/iel ,www.rathionline.com/Equity and rathi.com/ib/service offerings)
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Financials
The financials of Anand Rathi securities is as follows: Financial Snap short
Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income FY 09( Cr) 22.42 109.6 132.01 86.43 219.86 0.65 58.89 20.56 20.56 FY 10( Cr) 22.79 110.92 133.71 83.62 218.96 0.62 58.68 35.45 36.77
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Hospitality Sector
The Hospitality Sector in India reached US$ 91.7 billion in 2009, growing at a compounded annual growth rate (CAGR) of 16.4% over the past five years. The market is expected to touch approximately US$ 266.1 billion by 2019 on back of continued economic growth and India attractiveness in the global context. Sector Highlights International tourist arrivals in India have increased at a CAGR of 8.1% between 2005 and 2010, reaching 5.3 million. Continued domestic economic growth and investments in infrastructure i.e airports(world class in New Delhi, Mumbai, Bangalore, Hyderabad and many more following), roads, rail and air connectivity has enhanced demand for organized hospitality and hotel rooms. The current count of hotel rooms is 130,000, and the country is expected to require an additional 50,000 rooms (~USD 6-7 bn) over the next two to three years, according to World Travel and Tourism Committee (WTCC) estimates. In recent times, the product mix is shifting as the country has witnessed huge growth in budget, midmarket hotels, premium hotels in larger cities and alternate forms all of which are increasingly targeted by organized hotel chains
Trends for the Hospitality sector show that the occupancy levels are rebounding towards the peak level of 2007 2008. The average room rental has also been increasing at a small pace but with the increase in supply and overall price senility of the customer to the room rentals it can be said that the prices shall not growth at a very high rate in the future . The Growth Drivers for the Hospitality sector shall be Increased inbound tourist arrivals due to preference towards India for leisure and business travel. Increased domestic business travel due to higher corporate spending. Growing domestic leisure travel because of rising income levels and affordability. Favorable government policies. Increased medical tourism.
(Source : Extract from Hospitality in India by Tourism Finance Corporation of India)
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Hotel Rooms in India

Particulars Number of Hotels Rooms: Two Star Number of Hotels Rooms: Five Star Number of Hotels Rooms: Four Star Number of Hotels Rooms: Three Star Number of Hotels Rooms: Heritage Number of Hotels Rooms: One Star Number of Hotels Rooms: Above Five Star Number of Hotels Rooms: Total Number of Hotels Rooms: Classification Awaited 2000 15078 9269 7588 19271 1758 6169 14329 77193 3731 2001 16153 9845 7958 20542 2530 6296 15241 82181 3616 2002 15999 10107 8551 22783 2124 6343 16240 85481 3334 2003 17629 10416 8655 26071 2124 6606 16885 91720 3334 2004 18449 10982 8831 28783 2173 6765 17885 97770 3902 2005 5673 7367 5483 19985 1970 1629 15739 67613 9767 2006 5823 8470 7354 20342 2211 1435 20943 75836 8924 2007 6637 9792 7584 24496 2450 1774 20110 83781 10415 2008 8494 11387 9299 30577 1921 2834 22254 95087 7807
(Source ISI Emerging Market) The above table shows the number of Hotel rooms which are available in various hotels and how their numbers have grown over the years 2000 2008.
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Hotels in India
Particulars Number of Hotels: Above Five Star Number of Hotels: Four Star Number of Hotels: Three Star Number of Hotels: Five Star Number of Hotels: Two Star Number of Hotels: Classification Awaited Number of Hotels: One Star Number of Hotels: Total Number of Hotels: Heritage 2000 2001 2002 2003 2004 2005 2006 2007 2008
61 104 401 71 444
68 111 440 78 479
71 120 472 81 476
74 122 551 85 533
78 126 634 89 560
80 80 447 117 209
86 111 477 71 217
93 116 587 81 231
105 121 683 94 287
87 185 1420 67
84 191 1541 90
81 192 1570 77
79 201 1722 77
119 207 1892 79
145 54 1190 58
133 46 1213 67
175 53 1425 83
115 118 1593 64
(Source ISI Emerging Market) The above table shows how have the numbers of hotels in different categories ranging from one star to five star have grown over the years from 2000 2008.
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Different Listed Hotels in India and their Valuation

MCap Indian Hotel East India Hotel Leela Taj GVK Orient Hotels Asian Hotels Royal Orchid Average Viceroy Bhagwati Hotels Sayaji Hotel Blue Coast Hotels CHL Ltd UP Hotels Suave Hotels Average Mahindra Hotels Kamat Hotels Country Club Gravis Hospitality Sinclairs Hotels India Tourism Mac Charles Foment Hotels Average Consol. Average 6,524.1 4,906.8 1,572.5 665.9 540.3 442.7 189.4 Total Assets 5,361.5 2,676.6 4,932.8 418.0 477.0 950.4 336.9 Net Sales 1,473.3 774.1 449.8 228.3 190.4 145.1 77.8 Adj PAT Op Margin 18.7% 7.3% 11.6% 29.0% 17.6% 31.2% 16.5% Adj NetMargin 7.9% 7.6% 9.2% 15.9% 12.0% 18.5% 10.7% ROCE 7.9% 7.6% 2.3% 20.1% 12.2% 4.9% 5.4% Adj P/E(TTM) 59.0 -43.8 15.6 27.7 9.8 17.0 28.8 -25.5 48.9 -9.4 10.2 90.4 36.9 34.8 14.7 10.2 35.4 39.1 30.0 11.9 20.0 24.5 29.1 P/Book 2.4 3.5 0.8 2.3 1.9 0.6 1.0 1.8 0.6 2.4 3.3 1.1 1.2 2.2 4.0 2.1 7.5 0.9 0.2 0.8 2.3 2.9 0.8 3.1 2.3 2.1 Debt/ MCap 0.4 0.3 1.8 0.2 0.4 0.4 0.7
Premium 117.0 58.9 41.2 36.4 22.9 26.9 8.3
147.6 327.2 192.7 189.6 89.9 123.7 137.5
1,114.6 175.2 234.4 329.1 110.0 57.2 34.0
Mid Market and Budget Hotels 57.3 -2.7 18.6% 63.8 9.5 17.3% 82.2 4.7 16.6% 87.2 7.0 21.7% 70.4 11.2 24.7% 58.8 10.9 23.5% 15.0 1.0 9.4%
-4.8% 14.8% 5.7% 8.0% 15.9% 18.5% 6.3%
4.2% 17.2% 7.1% 6.2% 19.4% 29.4% 4.5%
5.9 0.1 0.9 0.8 0.4 -
3,299.3 145.5 118.9 235.1 186.3 896.7 152.9 133.8
1,254.4 576.0 872.6 296.4 79.4 313.9 199.3 54.8
468.8 102.8 212.4 61.9 13.5 271.6 41.5 42.2
117.6 1.8 18.0 5.0 3.1 -14.4 18.0 7.0
28.5% 16.9% 18.1% 8.4% 18.2% -20.3% 10.9% 20.2%
25.1% 1.7% 8.5% 8.0% 23.1% -5.3% 43.4% 16.5%
15.7% 6.3% 5.0% 2.8% 6.4% -7.6% 16.2% 24.8%
0.2 2.8 1.6 0.1 0.1
(Capital line and Compare 4 )
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PQR
Introduction
PQR Hotels are India's first, largest and largest chain of moderately priced, upscale, full service, business and leisure hotels. Year of Incorporation Promoter V P Finance V P Operations SVP Eng Services 2002
Shyam Ramani ( name changed) Kapil Sharma Rahul Pandit Jagdish Kumar Chawla Funding of Rs 280 CR by Warburg Pincus in Aug 2006 for 27 % Stake PE Investment Funding of Rs 135 CR by Kotak Reality fund and Shinsei Bank in 2008 for 5.9% stake giving it a valuation of Rs 2288 Crore. Goa, Gurgaon(3), East Delhi, Pune, Ahmedabad, Aurangabad, Detail of Existing Indore, Chennai, Muhamma - West of Kumarakom, Bengaluru and Hotels Hyderabad
Prism hotel (name changed) is the parent company of the upscale hotel PQR. PQR Hotels operate in the mid-price segment of Rs 3000-5000 per room night and cater to business and leisure travelers looking for upscale accommodation at moderate prices.
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Business Overview
PQR has 14 resorts spread across Gurgoan, Delhi, Indore, Ahmedabad, Aurangabad, Goa, Pune, Bengaluru Chennai, Hyderabad and Kerala. In total PQR has 1337 rooms spread across all over India. PQR is opening new hotels at Chandigarh (Sept 2011), Delhi International Airport (June 2012), Gurgaon (Dec2012), shimla (Dec2012), Pune (Dec2012) and Mumbai (Dec2012). The aim is to own 2800 room in 2012. PQR plans to increase rooms in Bangalore from 400 to 1,000, triple the capacity in Delhi to 1,200 and in Mumbai to 1,000 rooms. PQR currently employs 1500 people.
Industry Brief
Data released by the Indian Ministry of Tourism in January 2011 showed that India experienced a strong rebound in the tourism industry in 2010. Arrivals totaled 5.41mn, representing growth of 8% y-o-y, a strong rebound from the decline of 7% y-o-y in 2009. Growth accelerated in the second half of the year, with the Commonwealth Games in October acting as a major arrivals focus. Analysts expect the positive growth trend to continue in 2011, although the rate may slow as the statistical rebound from 2009 passes through. A key boost to tourism should be the Cricket World Cup in February-April 2011, which is likely to attract considerable domestic and international visitors.
2007 Arrivals ('000) Tourists ('000) % change y-o-y Tourist arrivals by purpose of trip ('000) Leisure Business Source: World Tourism Organization 5,166 5,150 16 2008 5,351 5,347 4 2009 4,985 4,992 -7 2010e 5,406 5,398 8 2011f 5,877 5,868 9 2012f 6,593 6,581 12 2013f 7,414 7,402 12 2014f 8,176 8,166 10 2015f 8,896 8,888 9
5,050 99
5,249 97
4,891 100
5,301 97
5,774 93
6,493 87
7,321 80
8,091 74
8,819 67
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By 2015, analysts anticipate that the number of foreign visitor arrivals will be close to 8.9mn. Analysts anticipate that visitor arrival growth will remain pretty robust following a dip in 2009, after receiving a slight boost from the Commonwealth Games in New Delhi in 2010. (Source Ministry of Tourism report on the Hospitality Sector)
Financials
The main source of revenue for PQR is room, banquet rental and restaurant. The financial details of PQR are as follows: Financial Snapshot FY09(Cr) 56.98 59.47 22.39 24.91 21.75 4.51 31.21 8.32 0.4 63.87 226.09 289.96 169.77 0.585
Particulars Net Sales Total Income Operating Profit EBITA EBIT Net Profit Margin EBIT Margin Operating Profit Margin Earnings Per Share Equity Reserves Net worth Total Debt Debt Equity Ratio (Source ISI Emerging Market Database)
FY08(Cr) 50.14 52.09 24.91 22.39 17.78 43.38 34.49 2.44 45.83 189.72 235.55 79.4 0.337
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Peer Comparison
PQR Comparison with other similar hotels: Company Audited MCap Total Assets 234.4 336.9 329.1 199.3 576 200.9 Net Sales 82.2 77.8 87.2 41.5 102.8 47 Adj Op Adj PAT Margin Margin 4.7 8.3 7 18 1.8 21.4 10.9 11.2 10.4 16.60% 16.50% 21.70% 10.90% 16.90% 49.10% 23.50% 24.70% 22.49 5.70% 10.70% 8.00% 43.40% 1.70% 45.50% 18.50% 15.90% 18.68% ROCE Adj P/E 51.2 15.9 -11 14.2 6.7 P/Book Debt/MCap
Sayaji 2009 201.7 Hotels Royal 2010 177.1 Orchid Blue Coast 2010 152.3 Mac 2010 141.5 Charles Kamat 2010 140.5 Hotel Panoramic 2010 122.8 Universal UP Hotels 2010 115.6 CHL LTD 2010 82.3 Average 141.72 (source Capitaline and Compare4)
7.10% 5.40% 6.20% 16.20% 6.30% 12.20%
3.5 0.9 0.9 0.7 0.9 0.9 2 1.1 1.36
0.9 0.8 1 0 2.9 0.5 0 0.4 0.81
57.2 58.8 110 70.4 255.47 70.96
29.40% 9.5 19.40% 8.6 12.78% 16.7
On an average Hotels similar to PQR are receiving a Price to earning (P/E) multiple of 16.728 and a Price to Book Value of 1.3625. PQR are planning to public in 2012 -13 after commencing of their new projects in Delhi and Mumbai. The IPO along with debt and internal resources would finance the next round of growth in the company.
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XYZ
Introduction
Gujarat Hotel (name changed) Limited is the parent Company of XYZ. Gujarat Hotels limited is India largest and fastest growing Hospitality group headquartered in New Delhi. The company started its first hotel in 1988 under the dynamic leadership of Founder Chairman Mr. Ram Puri, who had spearheaded the Groups unprecedented expansion plans, till he passed away in 2006. Rapid expansion and consolidation of its leadership position continues under the equally dynamic stewardship of Dr. Jyotsna , Chairperson & Managing Director. All hotels were operated under the brand of The Grand Hotels, Palaces & Resorts till November 19, 2008, when the company re-branded as The XYZ for its top line hotels, under The XYZ Hospitality Group which has seventeen luxurious hotels, 3600 rooms in the five-star deluxe segment. The company has also been associated with internationally renowned hospitality groups like Holiday Inn Hotels (opening Asia-Pacifics first Crown Plaza Hotel), The Hilton Hotels and InterContinental Hotels Group - IHG (with whom it still operates its Mumbai and Goa hotels).
Year of Incorporation Promoter Chairperson and MD Executive Director Senior Vice President Finance PE Investment Detail of Existing Hotel
1982 Late Mr. Ram Puri ( Name Changed) Jyotsna Keshav Arvind Sachdev Gujrat Hotel has sold 5 % stake to Dubai Ventures in May 2007 for 40 Million $(180 Cr) giving the Hotel a Valuation of 800 million $(3600 Cr) New Delhi , Srinagar, Bangalore Udaipur,Khajuraho,Mumbai,Goa,Kolkata,Bekal(Kerala),Chandigarh
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Business Overview
Established in 1982, the company opened its first and flagship hotel in 1988 a 457 room 5-star deluxe hotel at Barakhamba Avenue, .Gujrat Hotels second property started in 1998 with the opening of the 115-room the Grand Palace in Srinagar, which is a spectacular heritage hotel and the former residence of the Maharajas. On November 30, 2001, the company signed a deal to operate and manage the 186-room, Hotel Ashok in Bangalore on a management contract from ITDC, under approval of the CCD (Cabinet Committee on Disinvestment, Government of India). The hotel now wears a contemporary new look and is know as The XYZ Ashok Bangalore. In early 2002, Gujrat Hotels successfully bid for two more ITDC properties The 55-room Laxmi Vilas Palace in Udaipur, which now operates as The XYZ Laxmi Vilas Palace Udaipur, along with the 47-room property in the temple town of Khajuraho, Madhya Pradesh - The XYZ temple view Khajuraho, which has also been completely renovated as a top line boutique hotel. In 2003 XYZ opened 2 more hotel one in Mumbai and Goa. XYZ Mumbai has 368 rooms and boasts of the largest atrium lobby in Asia. XYZ Goa is 255 all suits super luxury resort with its very own golf course. In 2005 XYZ successfully bid for Great eastern Kolkata Built in 1840, during the British Era it went through restoration and re-opened as - The XYZ Great Eastern Kolkata in 2010. In April, 2007, work commenced on the companys properties in Jaipur and Bekal. The XYZ Resort & Spa Bekal is operational since November 2009. In May 2007, Gujrat Hotels announced its first overseas project The XYZ Grand Fort Dubai, in collaboration with Nakheel of UAE, in early 2008 an existing resort was taken over in Koh Samui (Thailand). In 2010 launched a 5 star deluxe hotel in Kerala. This is the Group 8 Th Hotel - The XYZ Spa and Resort Bekal is a 44 room property - a top of the line luxury beach resort set up on 26 acres of virgin stretch of northern Kerala in the lap of Arabian Sea. The XYZ Hotels has recently launched XYZ Chandigarh, XYZ Jaipur and XYZ Kolkata in 2010. Its planning to Launch XYZ Ahmedabad, XYZ Noida and XYZ Amritsar in 2011. XYZ Hotel shall be launching forthcoming hotels in 2012 XYZ Dehradun, XYZ Grand Fort Dubai and XYZ Resort & Spa Koh Samui (Thailand). Currently XYZ Hotel has 11 operational Luxury hotels at Delhi , Mumbai (2) ,Goa , Srinagar , Bangalore , Udaipur , Khajuraho , Bekal ( Chennai) , Chandigarh, Jaipur and Kolkata . XYZ Hotel by the end of 2012 aims at having 17 operational hotels all across India .
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Industry Brief
Data released by the Indian Ministry of Tourism in January 2011 showed that India experienced a strong rebound in the tourism industry in 2010. Arrivals totaled 5.41mn, representing growth of 8% y-o-y, a strong rebound from the decline of 7% y-o-y in 2009. Growth accelerated in the second half of the year, with the Commonwealth Games in October acting as a major arrivals focus. Analyst expects the positive growth trend to continue in 2011, although the rate may slow as the statistical rebound from 2009 passes through. A key boost to tourism should be the Cricket World Cup in February-April 2011, which is likely to attract considerable domestic and international visitors.
Particulars Arrivals ('000) Tourists ('000) % change y-o-y Tourist arrivals by purpose of trip ('000) Leisure Business Source: World Tourism Organization (UNWTO), Ministry of Tourism 2007 5,166 5,150 16 5,050 99 2008 5,351 5,347 4 5,249 97 2009 4,985 4,992 -7 4,891 100 2010e 5,406 5,398 8 5,301 97 2011f 5,877 5,868 9 5,774 93 2012f 6,593 6,581 12 6,493 87 2013f 7,414 7,402 12 7,321 80 2014f 8,176 8,166 10 8,091 74 2015f 8,896 8,888 9 8,819 67
By 2015, analyst anticipates that the number of foreign visitor arrivals will be close to 8.9mn. Analyst anticipate that visitor arrival growth will remain pretty robust following a dip in 2009, after receiving a slight boost from the Commonwealth Games in New Delhi in 2010. Given rising government support for the sector -- and assuming improvement in relations with Pakistan Analyst predicts that the tourism sector will become an increasingly important contributor to the Indian economy over the coming years. (Source Ministry of Tourism Report on the Hospitality Sector)
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Financials
The Financials of Gujrat Hotels are as follows:
Financial Snap short FY07(Cr) FY08( Cr) 71.89 75.99 406.95 623.03 478.84 699.02 260.65 259.48 739.48 958.5 0.54 0.37 66.35 91.99 419.63 488.78 481.44 532.17 189.68 155.8 174.25 133 14.51 9.28 189.68 155.8 172.46 136.44 37.42 23.25 24.87 14.42 41.1 27.9
Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income Operating Profit Gross Profit Earnings per share EBITA EBIT Operating Profit Margin (%) Net Profit Margin (%) Ebit Margin (%)
FY 09( Cr) 75.99 888.3 717.47* 420.97 1385.26 0.58 94.18 340.92 398.45 78.05 46.14 3.78 78.05 77.4 13.34 8.42 20.09
FY 10( Cr) 75.99 982.14 732.42* 586.66 1644.8 0.80 95.76 367.16 413.03 102.25 69.53 3.17 102.25 73.31 11.05 6.56 19.96
(Source ISI Emerging Market Database) *The Reserve and Surplus for FY09 and FY10 includes Revaluation reserve of 246.83 and 325.72 which has not been included in the Net worth.
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Peer Comparison
XYZ Hotel Comparison with other similar hotels:
Company Audited MCap Total Assets Net Sales Adj PAT 117 Op Margin 18.70% Adj NetMargin 7.90% ROCE Adj P/Book Debt/MCap P/E(TTM) 58.3 2.4 0.4
Indian Hotel Co Ltd EIH Ltd Mahindra Holiday and Resorts Hotel Leela Ventures ITDC Ltd Taj Gvk Hotel Average
2010
6,452.00 5,361.50 1,473.30
7.90%
2010 2010
4,706.70 2,676.60 3,035.60 1,254.40
774.1 468.8
58.9 117.6
18.70% 18.70%
7.60% 25.10%
7.60% 15.70%
-32
3.3 6.9
0.3 0.3
2010
1,531.80 4,932.80
449.8
41.2
11.60%
9.20%
2.30%
42.7
0.7
1.9
2010 2010
896.7 582.2
313.9 418
271.6 228.3 610.98
-14.4 36.4 59.45
20.30% 29.00% 0.13
-5.30% 15.90% 0.10
-7.60% 20.10% 0.08
30 13.7 35.34
2.9 2 3.03
0 0.2 0.52
2,867.50 2,492.87
(Source Capitaline and Compare4) The Average P/E of similar companies is 35.34 and on the basis of FY (10) Eps 3.17 the expected share price can Rs 112.03. The Company is looking at an IPO in 2013. Gujrat Hotel was listed in 1981. In 2001 Gujrat Hotel was considering a buy back and delisting from the bourses when the share price was trading at Rs 17 per share on account of lower valuation received by the company . The firm had made an open offer at Rs 28 per share on 25th Feb 2003 to buy back its share and the firm got delisted on 11th June 2003
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Final Report
Pride Hotel
Introduction
Promoter Chief Executive Officer Chairman Director PE Investment S. P. Jain Satyem Jain M Narayanan Anil Harish Kotak India real-estate fund invested 45 crores in Oct2007 for 11.11 % stake giving a company a valuation of 405 crores
(Source Pride Hotel.com and VC Circle)
Business Overview
Pride Group of Hotels is promoted by SP Group which is also present in other business such as Consultancy, financial services and construction. The group had an annual turnover of 300 crores in 2010 out of which 100 crores was contributed by the Hospitality division. Pride group of hotel runs hotel on the following 3 formats Pride Hotel Pride Biznotel Pride Resorts Pride Hotel are the chain of luxury hotel which are present at Pune, Nagpur, Ahmedabad, Chennai and Bangalore. Pride Biznotel is a three star business hotel and is present at Puducherry, Ranipet and Chinchwad (Pune). Pride Resort is a resort based hotel and is present at Mahabaleshwar and Jaipur.
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Final Report
The Pride Hotel Currently operate in total 10 hotel 5 luxury hotel, 3 biznotel and 2 resorts which have a total capacity of 1000 rooms . Pride hotel has expanded the Capacity of Ahmedabad hotel by adding 60 rooms, Nagpur hotel by 73 rooms and Pune hotel by 43 rooms in 2009. The Pride Hotel is willing to invest Rs 1,000 crore (US$217 million) in the next five years to open ten new properties across India and expand existing ones. The company, which has around 1,000 rooms in its ten properties at present, will have total of around 3,000 rooms when its planned expansion is completed. It is expecting revenues from the hospitality business to touch Rs 300 crore in the next five years from the current Rs 100 crore. By 2015 the company expects to have 10 more properties including business hotel, resort and luxury hotel. The Pride group is in the process of launching pride hotel at Mumbai, Delhi Goa and Alibaug. (Source Business Line Sept 7 2010, Asia Pulse Aug 10 2010, press trust of India Aug 9 2010 , Indian Express Oct 15 2009 , Indian Express March 31 2009 and Business Line Oct 25 2008 )
Industry Brief
Data released by the Indian Ministry of Tourism in January 2011 showed that India experienced a strong rebound in the tourism industry in 2010. Arrivals totaled 5.41mn, representing growth of 8% y-o-y, a strong rebound from the decline of 7% y-o-y in 2009. Growth accelerated in the second half of the year, with the Commonwealth Games in October acting as a major arrivals focus. Analyst expects the positive growth trend to continue in 2011, although the rate may slow as the statistical rebound from 2009 passes through. A key boost to tourism should be the Cricket World Cup in February-April 2011, which is likely to attract considerable domestic and international visitors.
Particulars Arrivals ('000) Tourists ('000) % change y-o-y Tourist arrivals by purpose of trip ('000) Leisure Business Source: World Tourism Organization (UNWTO), Ministry of Tourism 5,050 99 5,249 97 4,891 100 5,301 97 5,774 93 6,493 87 7,321 80 8,091 74 8,819 67 2007 5,166 5,150 16 2008 5,351 5,347 4 2009 2010e 4,985 4,992 -7 5,406 5,398 8 2011f 5,877 5,868 9 2012f 6,593 6,581 12 2013f 7,414 7,402 12 2014f 8,176 8,166 10 2015f 8,896 8,888 9
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By 2015, analyst anticipates that the number of foreign visitor arrivals will be close to 8.9mn. Analyst anticipate that visitor arrival growth will remain pretty robust following a dip in 2009, after receiving a slight boost from the Commonwealth Games in New Delhi in 2010. Given rising government support for the sector -- and assuming improvement in relations with Pakistan Analyst predicts that the tourism sector will become an increasingly important contributor to the Indian economy over the coming years.(Source Tourism Ministry Report ) Financials The Financials of Pride Hotel are as follows:
Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income Operating Profit Net Profit Earnings per share EBITA Depreciation EBIT Operating Profit Margin (%) Net Profit Margin (%) Ebit Margin (%) (Source ISI Emerging Market Data Base) Financial Snap short FY08( Cr) FY 09( Cr) 20.62 20.62 84.96 105.59 105.58 126.21 24.65 38.57 130.22 164.78 0.233472 0.305602 5.09 6.09 71.99 70.94 74.48 76.38 35 33.74 31 29.71 7.3 6.67 35 33.74 2.55 2.98 32.45 30.76 48.61786 47.56132 41.88046 43.06154 45.0757 43.36059 FY 10( Cr) 30.93 112.37 143.3 32.78 176.08 0.228751 4.61 74.17 78.33 31 25.02 5.52 31 4.56 26.44 41.79587 33.73332 35.64784
92
Private Equity Deals in India Peer Comparison
Final Report
Pride Hotel in comparison with other similar hotels:

(Crores)
Company Audited MCap
Total Assets 336.9 234.4 329.1
Net Sales 77.8 82.2 87.2
Adj Op PAT Margin 8.3 4.7 7 16.50% 16.60% 21.70%
Adj ROCE Adj P/Book Debt/Mcap NetP/E(TTM) Margin 10.70% 5.70% 8.00% 5.40% 7.10% 6.20% 17.3 47.8 22.9 1 3.2 1.1 0.7 0.9 0.8
Royal Orchid Sayaji Hotel Blue Coast Hotel Kamat Hotel Average
2010 2009 2010
192.8 188.3 187.7
2010
144 178.2
576 369.1
102.8 87.5
1.8 5.45
16.90% 17.93%
1.70% 6.53%
6.30% 6.25%
14.6 25.65
0.9 1.55
2.9 1.325
(Source Capitaline and Capital 4 .com)
The average P/E multiple of similar companies is 25.65 on the current EPS of 5.52 Pride share is 141.588.
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Final Report
ABC Limited
ABC Ltd is a subsidiary of PQ Corp( name changed) and is engaged in running all over the country: Pizza Hut KFC Costa Coffee Disney Artist
ABC Ltd signed a deal with White Bread group UK in 2005 to pocket the rights of Indian operation of Costa Coffee. Promoter Chief Executive Officer Director Director PE Investment Ravi Jaipuria Santosh Unni Arjun Das Verma Raj Pal Gandhi NYLIM Jacob Ballas India fund has invested 300 crores for 21.5 % stake giving a company a valuation of 1395.35 crores in 2008.
Business Overview
P Q Corp P Q Corp was started in the year 1991 by Mr. Ravi Kant Jaipuria when he signed the license agreement with Pepsi. Under the agreement Varun Beverages manufactures carbonated and non carbonated soft drink and mineral water. The group started ABC Ltd which is engaged in running Pizza hut, KFC, Costa coffee and Disney artist outlet in various parts of the Country. In 2003 Cream bell was launched its a joint venture between Candia and P Q corp and manufactures ice creams.
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Final Report
In 2006 P Q corp signed a joint venture with Belgium based beer brewing In Bev to give rise to Inbev India International private limited and some of its major brands are bud wiser and becks. P Q corp then ventured into the education sector and has signed a tie up with Modern Montessori international Singapore to open pre school institutions across the country. P Q corp has also signed a franchise agreement with DPS for Gurgoan and Jaipur .In 2006 P Q corp signed an agreement with Cyro banks International USA and formed Cyrobanks International India. Cyrobanks International USA is a leader in stem cell banking and Cyro international India is a stem cell is a part of research initiative and stem cell banking in India. ABC Ltd ABC Ltd operates a total of more than 200 outlets among Pizza Hut, Costa Coffee and KFC. The company has around 70 Costa coffee stores predominantly located at Delhi, NCR, Mumbai, Pune and Agra. Recently ABC Ltd launched South Indian based restaurant Vaango in New Delhi. The Company has 18 Pizza Hut and 17 KFC outlets in eastern India which contribute around 30 percent of the companys revenue. The Company plans to open 50 more Costa Coffee outlets at an investment of 40 crores and take the total tally to 120 units by 2012. The Company Plans to Invest 70 Crores over the next 2 Years and open Pizza Hut and KFC outlet across Gangtok, Shillong, Patna, Kolkata and Howrah. ABC Ltd plans to open 15 Vaango stores (South Indian Joint) by 2012. (Source News Articles Projects Today 7 Feb 2011, HT Media Nov18 2010, Business Line Feb 6 2011, Press Trust of India 18th Jan 2011 , Business Line 8 th Jan2011, Business Line Feb 21 2009 and Economic Times June 20 2008 )
Industry Brief
The restaurant / Fast Food Service market was valued at INR 58 crores in 2008 and growing at an average rate of 20 % annually. The fast food service market includes fine dining restaurants, fast food chains and Cafes. Changing Consumer lifestyle, increasing urbanization, higher disposable income, and favorable demographics have all contributed in the Growth of the Industry. Some of the barriers in the industries growth are cumbersome licensing procedure, higher real estate prices, fluctuating food prices and lack of skilled manpower.( Source Restaurant Market in India 2010 by Research on India ). In a recently introduced White Paper on the Indian Restaurant Industry 2010,by National Restaurant Association of India (NRAI) anticipates rapid growth in restaurant business in the next five years. Current revenues (2010) amount to a sizeable Rs 43,000 crore, with a growth rate of 5-6% per annum, the relatively new organized segment of the industry is estimated at between Rs 7,000 crore and Rs 8,500 crore.
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Final Report
The organized sector of the restaurant industry constitutes nearly 16 20 % of the total industry and is growing at 20 25 % per annum. The market size and potential of restaurants are only expected to rapidly grow in the future. By 2030, we would have 350 million (35 crore) people in urban areas we shall provide a huge opportunity to the restaurant industry. (Source Restaurant market in India by Research on India)
Financials
The Financials of ABC Ltd are as follows:

Financial Snap short Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income Operating Profit Net Profit Earnings per share EBITA Depreciation EBIT Operating Profit Margin (%) Net Profit Margin (%) Ebit Margin (%) (Source ISI Emerging Market)
FY09( Cr) 8.16 63.08 71.24 104.29 175.54 12.78064 87.3 257.14 257.49 31.49 11.62 8.81 31.49 8.01 23.48 12.24625 4.518939 9.131213
FY 10( Cr) 8.16 65.74 73.9 79.97 153.87 9.800245 90.55 378.84 382.55 33.19 17.32 19.99 33.19 9.05 24.14 8.760954 4.571851 6.372083
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Final Report
Peer Comparison
Company Audited MCap Total Assets 126.3 Net Sales 423.9 Adj PAT 33.3 Op Margin 9.7 Adj ROCE Adj P/Book Debt/MCap NetP/E(TTM) Margin 7.9 34.1 61.4 32.9 0
Jubilant Food Works
2010
3871.1
(Source Capitaline.com) There exists Jubilant Food works which runs Dominos Pizza similar to ABC Ltd running Pizza Hut, KFC and Costa Coffee. Valuing ABC Ltd similarly to Jubilant Food Works on the current EPS of 19.99 the share price should be 1,227 and mcap 1001 crores. Jubilant food works was issued at 145 Rs / Share at a PE multiple of 35.3 and company raised 329 Crores ABC Ltd is looking to list itself in a years time and planning to raise 500-750 crores the amount of money generated shall be used for the companys expansion plans.
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Final Report
Amalgamated Bean Coffee Trading Company

Introduction
Amalgamated bean coffee trading company is the holding company of Caf coffee Day and other sister concerns. Amalgamated bean coffee trading runs the following businesses:THE COFFEE DAY EMPIRE The spread of businesses controlled by V. G. Siddhartha and family. COFFEE DAY RESORTS (75%) TANGLIN DEVELOPMENTS(100%**) Valuation: Rs 1,300 crore Scale: 120-acre Global Village Technology Park, B'lore and 23-acre TechBay, M'lore AMALGAMATED BEAN COFFEE TRADING CO. Valuation: Rs 2,500 crore Revenues: Rs 850 crore (FY 2010) Retail and coffee trading operations COFFEE DAY HOTELS & RESORTS Valuation: Rs 250 crore Expanding number of resorts to 10 (from three) with Plans: To expand to 6 million sq.ft by 2015, build residential units GLOBAL TECHNOLOGY VENTURES(100%**) Valuation: Rs 700 crore Venture fund that owns Way2Wealth fully and has minority stakes in a clutch of firms WAY2WEALTH In the business of financial trading and investment services Outlets: 200-plus in 50 cities Plans: To grow to 400 branches in 30 months OTHER Stakes Includes GTV's venture capital investments in companies such as MindTree, Ittiam Systems and Global AGRI BUSINESS, DARK FOREST FURNITURE CO. (100%) Valuation: Rs 1,000 crore Group owns 10,000 acres of coffee plantations Timber sourced from the plantations is used to make and supply 2,500 pieces of furniture to Cafe Coffee Day outlets Plans: To set up furniture retail stores
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Final Report
investments of Rs 400 crore. Locations: Karnataka, Kerala, Tamil Nadu, Andamans & Nicobar CAFE COFFEE DAY Business: Cafes Revenues: Rs 510 crore (approx.) Presence: 918 outlets in 139 cities (excluding four in Vienna and two in Karachi) Plans: 2,000 stores in India in four years; 100 abroad in three years Business: Retail of freshly ground coffee Presence: 450 outlets Plans: 500 by end of fiscal 2011 COFFEE DAY FRESH N' GROUND COFFEE DAY XPRESS Business: Grab & Go kiosks selling coffee, beverages, quick eats. Spotted at malls, corporate premises, airports, railway stationsPresence: 999 outlets Plans: 1,200 by end of fiscal 2011 COFFEE DAY BEVERAGES Business: Coffee vending machines Presence: 14,000 Plans: To expand number of installations to 18,000
Edge Software
COFFEE DAY EXPORTS Business: Exports of green coffee beans Scale: 18,000 tones Plans: Exports will diminish as Cafe Coffee Day absorbs more of plantation produce
COFFEE DAY PERFECT Business: Packaged coffee-chicory blend
Scale: Sold through 15,000-plus outlets, including in-house stores and retailers
* The remaining 25 per cent is owned by PE funds such as KKR, New Silk Route, Standard Chartered PE ** Siddhartha's 100 per cent ownership in Tanglin Developments and Global Technology Ventures *** Stakes vary in different companies. Source: Industry, Ratings Reports
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Final Report
Promoter Managing Director Chief Financial Officer Director PE Investment
V G Siddhartha Siddartha Veerappa Jayraj N Malvika Hegde Derby Asia Mezzanine Fund invested 112 crores in 2008
( Source vccircle.com/category/word press-category/private-equity-1and coffeeday.com )
Business Overview
CCD opened its first outlet in Aug 1996 at Bangalore Brigade road and from there it has expanded massively and currently CCD (Coffee caf Day) has 918 cafes in 139 cities (excluding four in Vienna and two in Karachi) spread from Mumbai to Gangtok, and from Srinagar to Thiruvananthapuram. CCD has some 14,000 vending machines and 1,000 kiosks dispensing coffee across India. It has a current rate of adding four new cafes a week in the last 2 years. It serves 1 million customers a day. Coffee Day is the third largest manufacturer of vending machines in the world. It makes 300 vending machines a month. With 10,000 acres of coffee plantations, the group is the largest producer of Arabica beans in Asia. CCD is a division of Amalgamated Bean Coffee Trading Company Ltd, which topped an estimated Rs 850 crore revenues in fiscal 2010. CCD cafes contribute 60 per cent of those revenues and return operating margins of 23 per cent. Amalgamated bean coffee trading company other than CCD (Caf Coffee day) also runs Coffee Day Fresh and Ground Coffee Day Express Coffee Day Beverages Coffee Day Exports Coffee Day perfect
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Final Report
Amalgamated bean coffee trading company (ABCTC) runs coffee day fresh and ground which is in the business of freshly ground coffee it currently has 450 outlets. Coffee day express are kiosks selling coffee, beverages, quick eats located at malls, corporate premises,
airports, railway stations and has a presence at 999 locations. Caf day beverages are in the business of installing coffee vending machine and have currently installed 14000 coffee vending machines all over India. Caf day export is in the business of export of coffee bean and currently exports s around 18,000 tones all over the world. Coffee day perfect is in the business of sale of packaged coffee-chicory blend and is sold through 15000 plus outlets including in house stores and retailers. CCD enjoys tremendous integration benefits its major strength is its ability to control quality of coffee bush to cup. CCD main advantage is it uses its own grown coffee beans this reduces its cost by 14 -20 % on the operating level and it also does not have to pay any royalty (around 3- 7 %) like other international chain. (Source Care rating and Mira Inform report on Amalgamated bean Trading Corporation, euro monitor report on cafes in India, Coffee Billionaires on May 16 2010 in Business Today. Article in Business Line on Oct 7 2009, Asian Age Aug 17 2009, Press Trust of India Sept 16 2010, HT media 2010, and India express online Media Nov18 2010)
Industry Brief
The restaurant / Fast Food Service market was valued at INR 58 crores in 2008 and growing at an average rate of 20 % annually. The fast food service market includes fine dining restaurants, fast food chains and Cafes. Changing Consumer lifestyle, increasing urbanization, higher disposable income, and favorable demographics have all contributed in the Growth of the Industry. Some of the barriers in the industries growth are cumbersome licensing procedure, higher real estate prices, fluctuating food prices and lack of skilled manpower.( Source Restaurant Market in India 2010 by Research on India ). In a recently introduced White Paper on the Indian Restaurant Industry 2010,by National Restaurant Association of India (NRAI) anticipates rapid growth in restaurant business in the next five years. Current revenues (2010) amount to a sizeable Rs 43,000 crore, with a growth rate of 5-6% per annum, the relatively new organized segment of the industry is estimated at between Rs 7,000 crore and Rs 8,500 crore. The organized sector of the restaurant industry constitutes nearly 16 20 % of the total industry and is growing at 20 25 % per annum. The market size and potential of restaurants are only expected to rapidly grow in the future. By 2030, we would have 350 million (35 crore) people in urban areas we shall provide a huge opportunity to the restaurant industry.
(Source Restaurant market in India by Research on India and Euro monitor report on cafes in India)
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Final Report
Financials
The Financials of Amalgamated bean coffee trading Company is as follows:

Particulars Equity Reserve Net Worth Total Debt Total Assets Debt/Equity Book Value Net Sales Total Income Operating Profit Gross Profit Earnings per share EBITA EBIT Operating Profit Margin (%) Gross Profit Margin (%) Ebit Margin (%) FY08( Cr) 10.43 158.64 169.08 306.68 694.17 1.81 16.21 468.16 503.16 83.93 48.89 0.77 83.93 49.69 17.92763 10.44 10.61 FY 09( Cr) 10.66 181.16 191.12 460 842.41 2.40 17.99 554.62 611.04 108.86 58.42 0.63 108.86 62.75 19.62 10.53 11.31 FY 10( Cr) 10.66 185.66 196.32 644.8 1031.71 3.28 18.41 566.89 584.28 117.38 75.9 1.2 117.38 60.14 20.70 13.38 10.60
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Final Report
Conclusion
The private equity investment provides a number of advantages to the un-listed companies. Over the years the trend of private equity investment has changed earlier on they used to focus only on IT and ITES sector now they have become much more broad based in nature and investing in all most all the sectors. Some of the new sectors which have gained are education sector, pharma, telecom, and banking and financial services. The private equity investor is influenced by the companies current business plan, future plans, revenue, gross margin and management. Private equity investors have started to invest in a number of niche companies like Doshion, International amusement, VLCC, Osian etc. In 2009 the PE investors invested a lot of funds in a number of microfinance companies. They have invested in Bhartiya samruddhi finance, Ashmita microfinance, Bandhan financial services, Spandana Sphoorty Financial Services are examples of companies in the microfinance sector in which the PE firms have invested. The key driving factors behind the flow of PE capital into India are its strong macro-economic fundamentals characterized by high growth rate, high gross domestic investment and a booming stock market. A booming secondary market and regulatory reforms in the primary market widened the exit possibilities for private equity firms and hence attracted them to India. The analysis of the private equity investment among the various sectors gives a tentative indication about the various sectors from which an IPO can be expected in the future. The sectors current performance and the valuation of different companies and the future prospect of that sector determine weather an unlisted company from that sector shall be listed or not. In the future we can expect a number of IPO from medium sized niche companies which have a good business plan and strong management in place.
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Reference
The data about the Private equity deals in un-listed companies has been obtained from V C Circle Deal Curry Ernest & Young Private Equity round up Grand Thornton Private equity deal tracker India Private Equity ( IPE) ISI Emerging market database
Other sources refereed Trends in private equity by Ritankar Sahu and Ananya Nath Private Equity by spencerstuart.com RBI website. rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2109 economictimes.indiatimes.com/2011-01-14/news/28429131_1_private-equity-pnc-infratech-total-investments. dealjunction.blogspot.com/2007/07/wolfensohns-private-fund-picks-6-in.html moneycontrol.com/news/business/matrix-partners-buys-18basixs-microfinance-arm_450096 economictimes.indiatimes.com/2010-01-12/news/27569847_1_pe-firms-coastal-projects-private-equity business-standard.com/india/news/entertainment-world-raises-rs-307-cr-pe-funds/318243 economictimes.indiatimes.com/2008-04-24/news/28381010_1_e-learning-gaja-capital-education-space economictimes.indiatimes.com/2006-08-01/news/27442485_1_room-rates-lemon-tree-hotels-patu-keswani economictimes.indiatimes.com/2008-03-29/news/27734954_1_omaxe-developers-lodha-group business-standard.com/india/news/saravana-global-energy-gets-25mn-funding/314743/ livemint.com/2011/02/01145811/Parag-Milk-Foods-plans-Rs4005.html moneycontrol.com/news/ipo-issues-open/essel-shyam-comm-to-offer-55-lakh-shares-_250011.html news.webindia123.com/news/Articles/India/20080518/955328.html business-standard.com/india/news/vatika-sells-10-to-3-pe-funds/305978/ moneycontrol.com/news/ipo-upcoming-issues/avesthagen-to-raise-usd100mn-for-expansion_291338.html indiape.com/blog/_archives/2008/2/22/3538707.htm dealcurry.com/20061110-Indivision-Buys-24-In-Lilliput-Kidswear-For-Rs-45-Cr.htm
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intellecap.com , mapmyindia.com , sulawines.com theoutsourceblog.com/2010/07/rt-outsourcing-gets-a-makeover-as-intarvo-technologies nextcell.com , unimarkremedies.com , divyasree.com hurix.com , veetaglobal.com , ybrantdigital.com pridehotel.com , gvkbio.com, perfinttech.com doshion.com, trivitron.com, interarchbuildings.com rsgglobal.com, luminousindia.com , oceansparkle.com mankindpharma.com, quippoworld.com , rathi.com promacindia.com , sharemicrofin.com , pscl.in
Detailed Analysis of unlisted Company Sources tata-realty.com/projects/current_projects.htm and TRIL report by Mira Inform private Limited Hindu May 28 2009, Nov 23 2009 Press trust of India, Hindu Aug 6 2010 and Oct 7 2010 projects today Fitch Rating Indian real estate sector Gaursons report ICRA , Gaursons.com Bharti Infratel Website and http://www.indiape.com/blog/IndiaPrivateEquityDeals/_archives/2008/2/6/3508105.html Bharti Infratel web site, News articles Sept 15 2008 HT Media, Sept 16 2008 HT Media, October 3 2008 Telecom paper, Feb 12, 2011 HT Media and Jan 22 2011 outlook Business Equity master outlook on Telecom sector acmetelepower.com / management and http://www.indiape.com/blog/_archives/2008/2/22/3538707.html Doshion.com , 15 June 2008 Indian express, Aug 21 2008 Business Line, March 15 2009 Indian express National Commission for integrated water resources
Coastal Project by Care Rating, Coastal Projects by Mira Inform, and http://coastalprojects.co
lntinfotech.com/industries/industries,.lntinfotech.com/services/service lntinfotech.com/services/application_development azurecrm.com/Research, azurecrm.com/bpo, azurecrm.com/data collection and azurecrm.com/contact center plindia.com/about us, plindia.com group Companies, plindia.com/services,plindia.com/instBroking.asp rathi.com/pwm/products services, rathi.com/ib, rathi.com/iel ,rathionline.com Hospitality in India by Tourism Finance Corporation of India Restaurant market in India by Research on India
Financials have referred to ISI Emerging market, Capitaline, Compare4.com, Specific Companies website .
105

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Private Equity Deals in India

Private Equity Deals in India And Hospitality Sector

By ABHISHEK KHOSLA 10BSPHH010021

SBI CAPITAL MARKETS LIMITED

Private Equity Deals in India

Company Guide: Pooja Kansal Faculty Guide Mr. Trilochan Tripathy

Private Equity Deals in India

Private Equity Deals in India

Private Equity Deals in India

Private Equity Deals in India

Private Equity Deals in India

The Disadvantages of Private Equity Investment are as follows:

Private Equity Deals in India

Private Equity Working:

(Source Private Equity by spencerstuart.com)

Private Equity Deals in India

History of Private Equity Investment in India

(Source RBI Website. rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2109 )

Private Equity Deals in India

Private Equity Deals in India

Hospitality Sector Analysis

Private Equity Deals in India

Private Equity Deals in India

Other Information / Link

Acme Tele Power

2008 Dec-06 May-10

Acme Tele Power Cellebrum Technologies Ltd Catmoss Retail Liliput

Gurgaon New Delhi New Delhi

Nine River Capital

Private Equity Deals in India

PE Investm ent Date Aug-10

Invest ment (Rs. Crore) 400

Valuation as per PE Deal

Other Information / Link

Sadhav Engineering Bakshi Enterpeizes Bakshi Enterpeizes Vineet Rai

Jun-10 Dec-08 Oct-07 Oct-07

New Delhi New Delhi Mumbai

Infrastructure Infrastructure Banking & Fin Services Real Estate

370 450 37 106

Sequoia Capital India

Motilal Oswal Venture Capital Advisors ; New Enterprize Associates

Sonoma Management Partners ; Pravin Jain

RT Outsourcing Services Ltd Now known as Intarvo

Motilal Oswal Venture Capital Advisors ; New Enterprize Associates

Sonoma Management Partners ; Pravin Jain

Private Equity Deals in India

PE Investm ent Date

Invest ment (Rs. Crore)

Valuation as per PE Deal

Other Information / Link

Sahajanand Laser Technology Ltd ITZ Cash Card

Gandhi Nagar (Gujarat )

Banking & Fin Services Banking & Fin Services

Naveen Surya Naveen Surya S.M.Dutta Chairman B Srinivas Rao

Hurix System Private Ltd

Helio Venture Partners

Subrat Mohanty ,Vishwamitra Hariharan

E - Learning And Publishing Services ; www.hurix.com

Private Equity Deals in India

PE Investm ent Date

Invest ment (Rs. Crore)

Valuation as per PE Deal

Other Information / Link