DealTracker. Providing M&A and Private Equity Deal Insight. July, 2014 Volume Grant Thornton India LLP. All rights reserved.

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1 DealTracker Providing M&A and Private Equity Deal Insight July, 2014 Volume 10.7

2 About Grant Thornton More than 38,500 people Total global revenues $4.5bn (2013) Ranked among top 5 in all major markets including India Member firm within Grant Thornton International 2,000 people based in over 130 countries and over 700 offices 11 cities one of the largest fully integrated Assurance, Tax & Advisory firms in India Presence in 11 major cities of India Ahmedabad, Delhi, Bengaluru, Chandigarh, Chennai, Gurgaon, Hyderabad, Kolkata, Mumbai, Noida and Pune

3 Deal Round Up July 2014 Deal Summary Volume Value (USD mn) Domestic ,390 Cross-border , ,145 Merger & Internal Restructuring ,688 5 Total M&A ,291 4,596 6,540 Private Equity ,850 Grand Total ,501 5,400 8,390 Cross-border includes Inbound ,847 Outbound , The month of July witnessed 110 deals worth USD 8.4bn, a 36% increase in value and 23% increase in volume over July last year The M&A space saw some big ticket deals jointly valued at USD 6.5bn (56 deals), as against USD 4.6bn in 2013 and USD 2.3bn in The high value was due to higher domestic and inbound deal activity during the month The volume of deals in the PE space continued to grow; deal value also increased to USD 1.85bn, as against USD 804mn in 2013, marked by the USD 1bn investment in Flipkart The month also saw some big QIPs worth USD 813mn (6 QIPs) including those of JP Associates and GMR Infrastructure, both of above USD 250mn each Trend spotting Total Deal Value Spread (USD mn) July'14 Total Deal Volume Spread July '14 Post elections, the domestic & inbound activity has seen a resurgence in terms of value & volume and the trend continued in July The M&A market saw seven deals of over USD 100mn each, of which two deals were of close to USD 2bn each 1, ,874 4, ,660 4,014 4, ,390 3,105 4, , , , ,544 3, ,847 1,850 3,361 Private Equity Merger & Internal Restructuring Outbound Inbound Domestic

4 Deal Round Up YTD 2014 Deal Summary Volume Value (USD mn) Domestic ,424 3,253 10,036 Cross-border ,118 9,135 10,524 Merger & Internal Restructuring ,544 4,187 3,262 Total M&A ,086 16,574 23,822 Private Equity ,008 6,484 7,169 Grand Total ,094 23,058 30,991 Cross-border includes Inbound ,105 4,143 8,660 A total of 660 deals worth USD 30.9bn were signed in YTD 14, a clear indication that the overall deal sentiment in India has picked up, surpassing the level of value & volume recorded in the past two years With 30% increase in value and 10% increase in volume over 2013, the M&A space witnessed increased activity at USD 24bn (328 deals). Clearly, domestic & inbound deal activity have contributed to this increase Although the deal volume is consistent, outbound deal value is yet to match the levels seen previously PE volume has shown a significant uptrend in YTD July 2014, as against the corresponding period in previous years Outbound ,014 4,992 1,864 Trend spotting Total Deal Value Spread (USD bn) YTD'14 Total Deal Volume Spread YTD'14 The domestic market has seen an upsurge in deal value with 11 deals of over USD 100mn each so far The inbound activity has more than doubled in terms of value & volume against With 20 deals of over USD 100mn each, the average deal size is USD 82mn ,544 3, , ,187 8, , , ,105 4, , , , Private Equity Merger & Internal Restructuring Outbound Inbound Domestic

5 M&A Round Up July 2014 Top M&A Deals of the Month Acquirer Target Sector USD Mn Deal Type % Stake Reliance Power Limited Jaiprakash Power Hydroelectric Power assets 2,000* Acquisition 100% Diageo Plc United Spirits Ltd Retail & Consumer 1,903 Increasing stake to 54.78% 26% The value of the assets is pegged at USD 2bn, as per market estimates. The previous bid of USD 1.6bn by a consortium of investors led by TAQA was recently withdrawn. The deal is subject to regulatory approvals. Teleperformance SA, France Aegis Limited USA Inc - Aegis Group IT & ITeS 610 Acquisition 100% Huhtamaki Oyj, Finland Positive Packaging Industries Limited (All businesses Excluding Nigeria Operations) Manufacturing 336 Acquisition 100% Wipro Ltd ATCO- IT Services division IT & ITeS 195 Acquisition 100% Sectoral Snapshot Top Sectors based on Deal Value (USD mn) *based on market estimates Top Sectors based on Deal Volume Notable Sectors Volume USD Mn IT & ITeS Pharma, Healthcare & Biotech Pharma, Healthcare & Biotech Media & 3% Entertainment 3% Others 5% 32% Others 20% IT & ITES 18% Media & Entertainment Manufacturing ,072 Manufacturing 7% Telecom 8% Retail & Consumer 5% Real Estate 5% Pharma, Healthcare & Biotech 16% Retail & Consumer 3 1,913 Banking & Financial Services 3 87 Telecom IT & ITES 13% Retail & Consumer 29% 5% Banking & Financial Services 6% Manufacturing 11% Media & Entertainment 14% 5

6 PE Round Up July 2014 Top PE Deals of the Month Acquirer Target Sector % Stake USD Mn Morgan Stanley, GIC, Accel Partners, DST Global, Iconiq Capital and Sofina Goldman Sachs, Asian Development Bank and South Asia Clean Energy Fund Apax Partners Flipkart Online Services Pvt Ltd IT & ITeS N.A. 1,000 ReNew Power Private Limited Cholamandalam Investment & Finance Company Limited Banking & Financial Services N.A % 83 The investment takes the total fund raised by Flipkart since its inception to over USD1.76bn. Standard Chartered Private Equity Advisory (India) Private Limited Sterlite Power Grid Ventures Limited Infrastructure Management N.A. 83 Tata Capital Shriram Properties Private Limited Real Estate 18.0% 80 Sectoral Snapshot Top Sectors based on Deal Value (USD mn) Top Sectors based on Deal Volume Notable Sectors Volume USD Mn IT & ITeS 23 1, Real Estate Retail & Consumer 5 33 Banking & Financial Services Retail & Consumer 2% Media & Entertainment 2% Infrastructure Management 4% Banking & Financial Services 7% Real Estate 10% Pharma, Healthcare & Biotech 1% Others 1% IT & ITES 62% Pharma, Healthcare & Biotech 6% Education 6% Banking & Financial Services 7% Others 11% IT & ITES 43% Pharma, Healthcare & Biotech % 6 Retail & Consumer 9% Real Estate 9% 9%

7 Acquirer Deal of the Month - M&A Investor Comments Investee Deal of the Month - PE Reliance Power has entered into an agreement to buy hydropower assets of Jaiprakash Power Ventures. Reliance Power Ltd. The acquisition will be made by Reliance CleanGen Ltd., a unit of Reliance Power. Reliance Power currently has hydroelectric power projects aggregating to over 5000MW under development. Rationale Target Jaiprakash Power Ventures Ltd (JPVL) JPVL, a part of Jaypee Group, is selling its entire hydroelectric power portfolio of close to 1800MW in three power plants. The completion of the proposed transaction would make Reliance Power the largest provider of hydroelectric power in India. Flipkart raised USD 1bn in fresh round of funding, led by existing investors Tiger Global & Naspers amongst others and new investors GIC & Morgan Stanley. Consortium of investors Existing investors include Tiger Global, Naspers, DST Global, ICONIQ, Accel Partners & Sofina. New investors are Singapore-based sovereign wealth fund GIC & Morgan Stanley Investment Management. Flipkart India Pvt. Ltd. Flipkart is India s largest e- commerce company, with close to 22 mn registered users and 5 mn shipments per month. This is its second fundraise in the current year, taking the total funds raised by the company to over USD 1.7 bn since inception. With the third largest PE fundraise of all time in India, Flipkart plans to strengthen its technology and acquire firms across areas like e- commerce, technology and supply chain and exploit the massive market opportunity in the e-commerce sector. 7

8 This document captures the list of deals announced based on information available in the public domain and based on public announcements. Grant Thornton India LLP does not take any responsibility for the information, any errors or any decision by the reader based on this information. This document should not be relied upon as a substitute for detailed advise and hence, we do not accept responsibility for any loss as a result of relying on the material contained herein. Further, our analysis of the deal values are based on publicly available information and based on appropriate assumptions (wherever necessary). Hence, if different assumptions were to be applied, the outcomes and results would be different.

9 9

10 About Grant Thornton Grant Thornton India LLP is a member firm within Grant Thornton International Ltd. The firm is one of the oldest and most prestigious accountancy firms in the country. Today, it has grown to be one of the largest accountancy and advisory firms in India with nearly 2,000 professional staff in New Delhi, Ahmedabad, Bengaluru, Chandigarh, Chennai, Gurgaon, Hyderabad, Kolkata, Mumbai, Noida, Pune and affiliate arrangements in most of the major towns and cities across the country. Service Areas The firm s core service areas are as follows Assurance Attest Services Financial Reporting Advisory Services Taxation Direct Tax Compliance & Outsourcing Indirect Tax Transfer Pricing US Tax Advisory Corporate Finance Forensics Governance & Risk Specialist Advisory Our Corporate Finance Services (CFS) practice leverages on our understanding of corporate strategy, capital markets, and international jurisdictions and regulatory requirements, to help unlock the potential for growth in dynamic businesses. We operate in a matrix structure with a sector focus and service focus to increase our ability to service clients. Our pool of highly experienced and qualified personnel possesses the requisite expertise to assist businesses in their varied transactions requirements pertaining to acquiring, divesting, listing, or raising capital. Our CFS practice offers the following services: Lead advisory Transaction advisory Valuation To know more visit us on corporate-finance-services/ Please write to us at contact@in.gt.com if you would like to receive the list of deals. We would be delighted to receive your feedback! contact@in.gt.com Dealtracker Editorial team: Sowmya Ravikumar, Ankita Arora & Kriti Singhania 10

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