Quarterly Issue Volume 9.9. Dealtracker. Providing M&A and Private Equity Deal Insights. Grant Thornton India LLP. All rights reserved.

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1 Quarterly Issue Volume 9.9 Dealtracker Providing M&A and Private Equity Deal Insights

2 Dealtracker Quarter 3, 2013: Deal Snapshot Quarter 3 Deal Summary Q3 Volume Value (US$ bn) Domestic Cross Border Mergers & Internal Restructuring * Total M&A PE Grand Total Cross Border includes Inbound Outbound YTD Volume Value (US$ bn) Domestic Cross Border Mergers & Internal Restructuring Total M&A PE Grand Total Cross Border includes Inbound Outbound Highlights Indian M&A market showed moderate levels of deal activity in the first nine months of Calendar Year (CY) With 377 deals amounting to US$23.9bn, Year To Date ("YTD") 2013 recorded lower levels of deal activity compared to 2011 and However, excluding internal mergers and restructuring deals, YTD 2013 M&A deal values increased by 45% over YTD 2012 due to some large cross-border deals. Private Equity deal value in YTD 2013 increased by 34% over YTD M&A Deal of the Quarter (July Sep 2013): ONGC Videsh Ltd acquires 10% of Rovuma Area 1 Offshore Block for US$2.64 billion. PE Deal of the Quarter (July Sep 2013) : Baring PE invested US$400 million in Hexaware Technologies Ltd for a 41.8% stake. Unilever Plc increased around 15% stake in Hindustan Unilever for US$3.1 billion through an open offer. Domestic 21% Destination Of M&A Deals Q Crossborder 79% Inbound 26% Outbound 53% *M&A (mergers & internal restructuring) include Unilver s increasing stake in HLL (US$ 3.1 billion) 2

3 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 US$ Billion Volume Dealtracker M&A Quarterly Trend M&A Top sectors Q Banking & Financial Services 4% IT & ITeS 2% Telecom 3% Manufacturing 5% Electricals & Electronics 2% Others 6% FMCG, Food & Beverages 32% Pharma, Healthcare & Biotech 6% Cement 14% Oil & Gas 26%

4 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 US$ Billion Volume Dealtracker Private Equity Quarterly Trend Private Equity Top sectors Q Infrastructure Management 4% Hospitality 4% Media, Entertainment & Publishing 2% Others 5% FMCG, Food & Beverages 4% Manufacturing 5% IT & ITeS 38% Automotive 9% Real Estate 9% Banking & Financial Services 18%

5 Dealtracker Quarter 3, 2013: TOP Deals M&A ONGC Videsh Ltd Rovuma Area 1 Offshore Block US$ 2640 mn UltraTech Cement Ltd Jaypee Cement's 5 mtpa Gujarat facility US$ 590 mn Cipla Ltd Cipla Medpro US$ 512 mn Emerson Group Virgo Valves & Controls Ltd US$ 450 mn * SingTel Bharti Airtel US$ 302 mn My Home Industries Ltd Sree Jayajothi Cements Ltd US$ 230 mn McGraw Hill Financial Inc CRISIL US$ 214 mn Toshiba Corporation Vijai Electricals Ltd., Transmission and Distribution Business US$ 200 mn Endurance International Group Inc Directi Web Technology Pvt Ltd US$ 110 mn *Sing Tel s investment in Bharti Airtel represents an investment only 5

6 Dealtracker Quarter 3, 2013: TOP Deals Baring Private Equity Hexaware Technologies Ltd US$ 400 mn Private Equity Naspers, Tiger Global, Accel, ICONIQ. Flipkart Online Services US$ 200 mn TPG Capital Shriram City Union Finance Ltd US$ 193 mn Blackstone Agile Electric Sub Assembly Pvt Ltd- Igarashi Motors India Limited US$ 110 mn Softbank Jasper Infotech Pvt Ltd- Snapdeal.com US$ 75 mn Lulu Group- Yusuffali M A Federal Bank US$ mn Citi Venture Capital International Sansera Engineering Pvt Ltd US$ mn Red Fort Capital Lotus Greens Developers US$ mn Morgan Stanley, Tata Capital, QRG, Citi, India Financial,Vallabh Bhanshali Janalakshmi Financial Services Pvt Ltd US$ mn 6

7 Dealtracker M&A Deal of the Quarter ONGC Videsh Ltd acquires 10% of Rovuma Area 1 Offshore Block for US$2.64 billion About the companies ONGC Videsh Ltd ("OVL") ONGC Videsh Limited engages in the acquisition, exploration, development, production, transportation, and export of crude oil and natural gas worldwide. As on 30 May, 2013, the company had interest in 32 exploration and production projects located in 16 countries, including Vietnam, Russia, Sudan, South Sudan, Azerbaijan, Iraq, Libya, Myanmar, Syria, Cuba, Brazil, Nigeria, Colombia, Venezuela, and Kazakhstan. It had total proven, probable, and possible reserves of MMTOE. Rovuma Area 1 Offshore Block Offshore Area 1 Block comprises oil and gas reserves. The block is used for drilling operations for crude oil exploration. The block is located in Mozambique. Transaction Rationale: The completion of transaction is subject to existing preferential rights, governmental approvals in India and Mozambique, pre emption rights, relevant regulatory approvals and other customary closing conditions. The acquisition would mark OVL s entry into this emerging world-class offshore gas basin with significant future upside potential, and is consistent with OVL's strategic objective of adding high quality international assets to its existing portfolio. Transaction Terms: ONGC Videsh Limited has entered into a definitive agreement to acquire 10% stake in Offshore Area 1 Block in Mozambique from Anadarko Petroleum Corporation for $2.6 billion. The transaction is expected to be financed through internal cash balance and fresh borrowings. Acquirer Target % Stake US $ Bn ONGC Videsh Ltd Rovuma Area 1 Offshore Block 10% 2,640 7

8 Dealtracker 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. 8

9 About Grant Thornton Dealtracker 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 1,500 professional staff in New Delhi, Bangalore, Chandigarh, Chennai, Gurgaon, Hyderabad, Kolkata, Mumbai, Noida and 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 - Audit - FRAS Taxation - Compliance & Outsourcing - Direct tax - Indirect tax - Transfer Pricing - US Tax 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-financeservices/ Advisory Business Risk Corporate Social Responsibility Corporate finance Forensic & Investigations Government & Infrastructure Healthcare &Life Sciences Leadership Consulting 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: Ankita Arora, Sowmya Ravikumar & Karthik Vishwanathan 9

10 Contact Dealtracker To know more about Grant Thornton India LLP, please visit or contact any of our offices as mentioned below: NEW DELHI National Office Outer Circle L 41 Connaught Circus New Delhi T BENGALURU Wings, 1st floor 16/1 Cambridge Road Ulsoor Bengaluru T CHANDIGARH SCO 17 2nd floor Sector 17 E Chandigarh T CHENNAI Arihant Nitco Park, 6th floor No.90, Dr. Radhakrishnan Salai Mylapore Chennai T GURGAON 21st floor, DLF Square Jacaranda Marg DLF Phase II Gurgaon T HYDERABAD 7th floor, Block III White House Kundan Bagh, Begumpet Hyderabad T KOLKATA 10C Hungerford Street 5th floor Kolkata T MUMBAI 16th floor, Tower II Indiabulls Finance Centre SB Marg, Elphinstone (W) Mumbai T NOIDA Plot No. 19A, 7th Floor Sector 16A, Noida T PUNE 401 Century Arcade Narangi Baug Road Off Boat Club Road Pune T Grant Thornton India LLP (formerly Grant Thornton India) is registered with limited liability with identity number AAA-7677 and its registered office at L-41 Connaught Circus, New Delhi, Grant Thornton India LLP is a member firm within Grant Thornton International Ltd ( Grant Thornton International ). Grant Thornton International and the member firms are not a worldwide partnership. Services are delivered by the member firms independently. For more information or for any queries, write to us at contact@in.gt.com 10