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PE l VC l M&AJune Volume 01
[May 27- June 02 , 2013]
Weekly Insight of Private Equity,Venture Capital, Merger & Acquisition
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Weekly Insight of Private Equity,Venture Capital, Merger & Acquisition
The Deal Communiqu is an INDEL Advisors initiative to present a weekly
insight of deals related to private equity, venture capital and merger &acquisition announced during the week in India.
This report captures the details of deals announced based on the
information available in the public domain and public announcements and is
therefore intended for general guidance only. It is not intended to be a
substitute for detailed research or the exercise of professional judgment. Wehave taken utmost care while bringing the deal details through this report,
however, neither INDEL Advisors LLP nor any other member of INDEL Global
can accept any responsibility for loss occasioned to any person acting or
refraining from action as a result of any material in this Deal Communiqu.
On any specific matter reference should be made to the appropriate
advisors.
In case you require any further information on the matter covered in this
report or wants to provide your feedback - please mail us at
[email protected] . Your feedback is important to us.
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Private Equity
Private Equity
Snap Fitness to raise $10 mn to fund expansion
UCX may sell 5% stake to bullion trader Harish Pawani
IL&FS, Kotak PE looking to exit Bangalore based BFW
Financial Technologies plans to reduce stake in IEX
Nava Bharat Venture plans strategic investment in Odisha Unit
Mantri Developers in talks with Morgan Stanley to raise PE
IL&FS, StanChart PE plan to launch $600 mn Infra Fund
HRH Group Of Hotels Plans To Raise Funds For Expansion
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2013 INDEL Advisors LLP. All right reserved
Deal Concise
Snap Fitness to raise $10 mn to fund expansion
Bangalore-based Snap Fitness India, the Indian
master franchisee of Minneapolis, US-based
fitness chain Snap Fitness, is in the process of
raising a $10-million growth fund to fuel its
expansion in the country and has approached PWC
to manage the fund raising exercise.
Snap Fitness, represented by Force Fitness India
Pvt Ltd (Master franchisee) entered India in 2008
and at present, the company operates 4 company-
owned and 36 franchisee-run fitness centers in
India. Of these, 30 are located in Bangalore with
the remaining centers spread across New Delhi,
Mumbai, Hyderabad and Chennai. It has 2,200centers worldwide.
It plans to use the funds to meet its mandate of
opening 300 centers - 100 company owned and
200 franchisee operated in the next five years,
including 10 each in Hyderabad and Chennai.
This year the company was looking at opening 40
centers pan-India. Snap Fitness centers, in sizes of
3,000 sft, 4,000 sft and 5,000 sft, typically entail
an investment of between R1.2 Cr and Rs 1.5 Cr
each. The company follows a 'hub-and-spoke'
model, where it will have one company owned
centre and close to four franchise run locationsbuilt around that area. While the operational
break even happens from day one, each centre
reaches a cash positive stage once it gets at least
600 members in three to five months' time
frame.
Announcement Date | 31 May 2013
Industry | Healthcare
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Deal Concise
UCX may sell 5% stake to bullion trader Harish Pawani
Universal Commodity Exchange (UCX) is planning to
sell 5% stake in the exchange to Dubai based
bullion trader Harish Pawani.
If the deal goes through, UCX will issue 50 lakh
fresh shares (5% stake) to Pawani's company - Bin
Sabt, raising the paid and subscribed shares toR10.5 Cr from R10 Cr. The proceeds from the stake
sale would be used to upgrade trading technology.
Pawani promoted UAE based Bin Sabt is a
supplier of bullion bars to nominated agencies like
MMTC, HHEC, PEC and STC.
The exchange went live last month with Commex
Technology as the anchor investor with 40% stake,
REC and Nabard owns 16% each, IFFCO holds 15%
and IDBI Bank holds 10%. It has trading in 11
contracts across nine commodities - gold, silver,
crude oil, chana, RSS4 rubber, mustard, soyabean,
refined soya oil and turmeric with and an average
daily turnover of 400 Cr- FMC data for thefortnight ended 15.05.13 showed.
UCX will have to inform FMC of the sale, to ensure
that the expanded capital base does not reduce
stipulated PSU holding in a commex below the
26% threshold. Government rules require
promoters of a new commodity exchange to bring
in Rs.100 Cr as equity capital to start operations.
It also allows the main promoter or anchor
investor in a new commex to hold up to 40% and
to bring this down to 26% within five years of
commencement
Announcement Date | 30 May 2013
Industry | Banking/Financial Services
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Deal Concise
IL&FS, Kotak PE may exit Bangalore based Bharat Fritz Werner
PE funds IL&FS and Kotak Private Equity are
looking to exit Bangalore-based machine tools
maker Bharat Fritz Werner (BFW)
The PE investors are eyeing a valuation of around
$100- 120 MN and are currently in talks withinvestors in Asia and Europe for stake sale. The
two PE funds had jointly invested 25 crore for an
undisclosed stake in BFW in 2005 which was
utilized for expansion of its facilities, setting up
an Export Oriented Unit at Bangalore and to
penetrate European and American markets.
The unlisted machine tools maker, which has a
turnover of more than 450 crore, has several
overseas clients in Italy, Germany, France,
Netherlands, Oman, Russia, Sri Lanka, Saudi
Arabia, UAE and Thailand and it counts carmakers
- Honda Motors, Maruti Suzuki, Kirloskar Toyota
and auto component-maker Bosch among its
clients.
Bharat Fritz Werner is a part of the Kothari
Group. It was setup in 1961 with German techno
commercial collaboration. BFW manufactures
conventional milling machines in the country and
its products cater to aerospace, automobile,
defence, forging and pharmaceutical segments.
In 2011, it acquired majority stake in Germany
based machine tool manufacturer - Matec
Machunenbau GmBH.
Announcement Date | 30 May 2013
Industry | Engineering
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Deal Concise
Nava Bharat Venture Plans Strategic Investment In Odisha Unit
Hyderabad-based Nava Bharat Ventures Limited
plans to create separate SPV for power and ferro
chrome operations of Odisha unit and shall rope in
strategic investors for it.
In February, the company had commissioned and
synchronised with the Odisha power grid two 64
Mw power units at Kharagprasad village in
Dhenkanal district where it has a 75,000-tonne
p.a. capacity ferro chrome plant. Its Odisha unit
comprising of ferro chrome operations and
captive/independent power generation, have
been affected on and off by regulatory restrictions
concerning sale of power and supply of chrome
ore aside from un-remunerative merchant powerrates and volatility in ferro chrome market.
It proposes to offer equity in both the SPVs to
make them captive units for the investors under
the prevailing regulations.
Nava Bharat Ventures is involved in power
generation, ferro alloys, mining and agri-business
with operations spread over India, South East
Asia and Africa. The company witnessed a
growth of 31.80% in net profit.
Last November, Lehman Brothers Holdingsubsidiary Kingfisher Capital CLO Limited has
exited from Nava Bharat Ventures. The fund sold
around 45,33,135 shares (5.08%) for R195 per
share aggregating to R88.40 Cr, through bulk
deal on NSE.
Announcement Date | 27 May 2013
Industry | Energy / Utilities
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Deal Concise
Mantri Developers in talks with Morgan Stanley to raise PE
Mantri Developers is planning to raise PE
investment and has started discussions with
Morgan Stanley, BS stated.
The company plans to use the funds for its
projects. In 2006, Morgan Stanley had invested
$68 Mn for 17.68% stake in the company.
In 2010, the Bangalore based developer raised $89
Mn from Xander group in two mixed-use projects
in Bangalore and Chennai. Last year, ASK Property
Investment Advisors acquired a majority stake for
R100 Cr in a project at Bangalore undertaken by
Mantri Developers.
Incorporated in 1999, Mantri Developers is theflagship company of the Mantri Group. Sushil
Mantri holds 74.29% along with Malpani family
holding 8.25% of the total shareholding in the
company.
At present, Mantri has 6.75 msf space under
development through five projects in residential
and three projects in commercial segments The
company has another 5.26 msf of upcoming
residential development in the short term.
Earlier in May, Mantri Developers launched atechno-residential project, Mantri Web City, in
Bangalore which offers homebuyers 2-BHK and 3-
BHK homes including penthouses in sizes ranging
from 965 sq ft to 1,835 sq ft.
Announcement Date | 27 May 2013
Industry | Real Estate
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Deal Concise
IL&FS, StanChart PE plan to launch $600 Mn. Infra Fund
IL&FS Investment Managers Ltd and Standard
Chartered Plcs private equity arm Standard
Chartered Private Equity Ltd are raising a new
infrastructure fund that is estimated to be
around $600 million (Rs 3,344 crore). The fund
plans to raise investment from investors of its
previous funds and is likely to close within a year.
The new fund would also be looking to invest in
Middle East nations as plenty of infrastructure
projects are coming up in the region.
Standard Chartered IL&FS Asia Infrastructure
Growth Fund was the previous fund these two
companies launched together in 2008. It was a
$658 Mn pan-Asia infrastructure fund with focusin India and China. It has invested in IL&FS
Transportation Networks Ltd and Malakoff
Corporation Bhd, among others.
Standard Chartered IL&FS Asia Infrastructure
Growth Fund Company was planning to pick up
17% equity in Hyderabad-based infrastructure
company Navayuga Road Projects (NRPPL) forR360 Cr.
Announcement Date | 27 May 2013
Industry | Infrastructure
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Venture Capital
Edukart Gets USD 500K as Seed Investment From Kima Ventures
Inventus Capital, Mumbai Angels invested USD 2mn in eDreams
Edusoft
Rajan Anandan, Blume Ventures Invest In Socialblood
Invictus Oncology raises Rs.10.5 crore from Navam Capital, Aarin
Capital
SaaS startup Unicommerce raises funds from Nexus Venture Partners
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Deal Concise
Edukart Gets USD 500K as Seed Investment From Kima Ventures
Delhi based e-learning startup, Edukart has raised
USD 500K in seed funding from institutional and
angel investors. The round was lead by French
origin Kima Ventures and other includes Amit Patni
and Arihant Patni, Shiven Malhotra of AKM
Systems, Vibhor Mehra (ex-partner of SAIF
Partners) a Stanford Alumni. The funds raised will
be used to accelerate EduKarts growth, launchnew courses in partnership with both Indian and
international institutions, and strengthen its
franchisee network.
Edukart was founded in 2011 by alumni of Stanford
University, Ishan Gupta and Mayank Gupta (IIM). It
had previously raised funds from One97Communications founder Vijay Shekhar Sharma
and Providence Capital Director Manish Kheterpal.
The company offers both short certification
courses and degree programmes for which it has
partnered with institutions such as
the London School of Business & Finance, Indian
and Mobile Association of India, Mahatma
Gandhi University and Retailers Association inIndia. EduKart.com helps students get degrees
through online programs in MBA, MCA and BBA
and certificate courses in areas of retail, finance,
digital marketing, programming languages and
project management. It currently has a team of
25 people and 40 franchise partners across the
country.This is the second investment made by Kima
Ventures in e-Learning startups in India. The first
investment of $150,000 came in Codelearn,
online learning startup for programmers.
Announcement Date | 31 May 2013
Industry | Learning
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Deal Concise
Inventus Capital, Mumbai Angels invested USD 2mn in
eDreams EdusoftBangalore based education technology company,
eDreams Edusoft has raised $ 2 million from
Inventus Capital Partners in its second round of
funding, with participation of existing investors
Mumbai Angels which invested INR 5 crore this
year in January.
Founded in 2010, by Rajeev Pathak, an alumnus
of BITS Pilani and an ex employee of Wipro,
eDreams Edusoft is an education technology
company with its products driven by innovation
across technologies such as Artificial Intelligence
(AI), Machine Learning, NLP and Speech
processing. The company has invented anintelligent and adaptive personal tutor FunToot
for K-12 education. Funtoot is an intelligent
personalized tutor that teaches children in a fun
and interactive manner.
Having more than 10,000 clients for Funtoot in
India, the company plans to take it global.
Partnered with several educational and research
organisations, eDreams has won Bloomberg
Pitch Award 2011-12 and Marico Innovation
Foundation Award 2012.
Inventus capital partners is a venture firm and
has backed companies such as Dhingana, Power
2SME, Funds India and others.
Announcement Date | 30 May 2013
Industry | Learning
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Deal Concise
Rajan Anandan, Blume Ventures Invest In Socialblood
Bangalore based Socialblood, a social network
that connects blood donors, has raised an
undisclosed amount from multiple investors,
medianama states. These investors include Google
India MD Rajan Anandan, Karthik Reddy of Blume
Ventures, and Ravi Gururaj and Ramesh Shah of
Harvard Business School Alumni Angels.
Founded by Karthik Naralasetty in 2011,
Socialblood is a social network that connects
blood donors and recipients of the same blood
type through Facebook. One just needs to login
with their Facebook account to use the website.
The platform asks permission to access ones
public profile, friend list, email address, birthday,
current city, website, personal description and
friends current cities.
After logging in, it collects information such as
blood type and whether you can donate blood.
It then maps the location of the donor on Googlemaps and notifies if anyone in their Facebook
network requests for their blood type. One can
also check all blood requests from friends,
requests based on criticality, among others. The
company claims that it currently has about 863
blood donors. Other than blood requirements
one can also request for plasma or red blood
cells by submitting information such as patient
name, date of requirement, units, hospital
address, hospital name, and description. It then
sends notification to blood donors who can fulfill
the requirement.
Announcement Date | 29 May 2013
Industry | Healthcare
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Deal Concise
Invictus Oncology raises Rs.10.5 crore from Navam Capital,
Aarin CapitalInvictus Oncology Pvt. Ltd has raised R10.5 Cr for
development of platinum chemotherapies
from Navam Capital and Aarin Capital in its first
round of fund-raising.
Platinum chemotherapies is used in the treatment
of several types of cancer, including lung,
testicular, colorectal, and childhood cancers.
It is developing chemotherapy models that would
be more effective and less toxic than the current
treatment available. It plans to accelerate the pre-
clinical development of its antibody-drug
conjugate platform technology that uses a
proprietary technology.
Aarin Capital is led by Ranjan Pai and T.V.
Mohandas Pai invests in companies offering
innovative healthcare, life sciences and
technology-based products or services.
Navam Capital is a venture capital arm of GPSK
Investment Group, focused on making seed
and early-stage investments in energy,
technology and health Care.
Before this deal Aarin Capital and Navam
Capital along with IndoUS Venture Partners
made an investment of R18.5 Cr in
dermatology company - Vyome Biosciences in
September 2012.
Announcement Date |28 May 2013
Industry | Healthcare
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Deal Concise
SaaS startup Unicommerce raises funds from Nexus Venture Partners
Delhi-based Unicommerce eSolutions, a provider
of SaaS based order management and fulfillment
solutions, has raised an undisclosed amount in
funding from Nexus Venture Partners. The
companys platform used by ecommerce
companies and retail businesses, as well vendors
who supply to them.The funds raised will be
utilized to increase sales and marketing efforts
and build its product and infrastructure. As part of
investment, Anup Gupta from NVP will be joining
the board.
Founded in 2012 by Ankit Pruthi, Karun Singla and
Vibhu Garg, Unicommerce flagship product-
Uniware is a web based solution that manages the
complete order fulfillment lifecycle.
The company is already working with ecommerce
players like Snapdeal and Jabong. It have clients in
different verticals like Grocery Mygrahak,
Jewellery Bluestone, Apparels
DoneByNone and Highstreetlabels.
Unicommerce manages over 1.5 million
product shipments per month across 50+
warehouses and 1000+ concurrent users
globally.
Last month, Nexus Venture Partners along
with Avalon Ventures invested $4.5 Mn in
Indix, an Indian and American located firm that
is into big data, analytics, visualization and
application serving to optimize product and
services companies offerings.
Announcement Date |28 May 2013
Industry | Technology
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Blue Star Infotech makes strategic investment in Activecubes
Balmer Lawrie to acquire domestic Tour & Travel Company
Snapdeal buys Sequoia backed - Shopo.in
TVS Logistics buys US based Wainwright Industries
Healthcare Global acquires majority stake in BACC
Sumitomo Rubber set to take over Apollo Tyres South Africa
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Cigniti Technologies acquires Gallop Solutions
Micro Technologies to divest stake in two Subsidiaries
Walmart to buy 49% stake in Cedar Support
Rajapalayam Mills plans to sell its Biotech Unit
GIC May acquire Lloyds Syndicate Member
Concert Care acquires Novel Infosolutions
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Deal Concise
Blue Star Infotech makes strategic investment in Activecubes
Blue Star Infotech Limited, a software services and
solutions provider has made investment
in Activecubes Solutions India Pvt. Ltd., a global
firm operating in the Decision Management
Space, according to BSE filings.
Both Blue Star Infotech and Activecubes have a
strong presence in the US, with significant areas ofsynergy and leverage.
Incorporated in 2007, Activecubes provides
Business Intelligence and Analytical services and
provide solutions to global clients across financial
services, consumer packaged goods, retail,
telecom and health care.Part of the Blue Star Group, Blue Star Infotech
caters to the IT and software R&D needs of
enterprises globally, and offers a broad spectrum
of services ranging from Application Development
and Management, Product Engineering, Package
Implementation and Testing to new age
solutions such as Analytics/Business
Intelligence, Mobility and Cloud Computing. The
company has operations in USA, Europe, India
and Singapore.
Last June, Blue Star Infotech acquired Infostack
Solutions Pte Ltd in Singapore through its
subsidiary Blue Star Infotech (Singapore) Pte. Ltd
which is a Consulting & IT services firm
specializing in providing value chain
management solutions.
Announcement Date | 31 May 2013
Industry | Technology
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Deal Concise
Balmer Lawrie to acquire domestic Tour & Travel Company
Government of India enterprise, Balmer Lawrie &
Co Ltd is planning to acquire tour operating
Company to its travel services arm, Balmer Lawrie
Tours and Travel and is in talks with an operator
that runs tour packages to Europe, the Far East
and South Africa.
Its tours and travel arm is well established in
ticketing segment. The ticketing business accounts
for almost 90% of its total revenues from the
travel segment. Balmer Lawrie has offices in 19
cities in India and provides travel and tour related
services to all major Central Government
Ministries, PSUs, Semi-government, Autonomous
Bodies and Corporate.
It has seven Strategic Business Units also in India
and abroad Industrial Packaging, Greases &
Lubricants, Performance Chemicals, Logistics
Infrastructure, Logistics Services, Tea and
Refinery & Oilfield Services. The company has
plans to invest R500 Cr over next two-to-three
years in new projects including the setting up of
a logistics hub near Kolkata and Vishakhapatnam
and a steel barrel plant in Navi Mumbai.
At the same time it is set to acquire 55 acres of
land for setting up the logistic hub near Kolkata.
The estimated investment on the project is closeto R150 Cr. The company has also entered into a
JV with Visakhapatnam Port Trust for developing
another logistic hub at an estimated investment
of R200 Cr.
Announcement Date | 31 May 2013
Industry | Retail / Leisure/ Travel
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Deal Concise
Snapdeal buys Sequoia Backed - Shopo.in
Snapdeal.com has acquired the assets of Shopo.in,
an online marketplace for Indian designer and
handcrafted products for undisclosed amount.
With this acquisition, Snapdeal will provide these
unique products at great prices to its 20 Mn
members, and will provide Shopo's sellers to
leverage Snapdeals nationwide reach.
In 2011, Shopo.in had raised seed funding from
Sequoia Capital, SRI Capital, Seeders, Sashi Reddi,
and other angel investors. Shopo was founded by
Theyagarajan S and Krithika Nelson in 2011. The
online store that sells Indian products across
categories such as apparel, accessories, home
dcor etc.
Recently in April, Snapdeal raised of $50 Mn from
eBay and existing investors - BVP, Nexus Venture
and IndoUS Venture Partners. In March it raised
term loan of R8 Cr from SVB India Finance.
Snapdeal, founded in 2010 by Kunal Bahl andRohit Bansal, started as a group buying site
featuring heavily discounted deals on local
services. Snapdeal has 18 Mn registered users,
transacts 25,000 units a day and employs more
than 1500 employees.
It raised $40 Mn from Bessemer along withNexus and IndoUS in July 2011 which followed
the investment of $12 Mn by Nexus and IndoUS
in January the same year. It recently acquired
online sports goods retailer - esportsbuy.com.
Announcement Date | 31 May 2013
Industry | Technology
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Deal Concise
TVS Logistics buys US based Wainwright Industries
TVS Logistics has made its second acquisition in
US by acquiring Wainwright Industries for R50.
With this deal, TVS has equipped itself with
complete end-to-end production supply chain
solutions such as 'cross docking' and sub-
assembly for manufacturers and will be able to
offer complete outsourcing model to its
customers. TVS has made an initial payment ofR25 Cr and will pay the rest over two years on
condition that the US-based company meets
various financial targets. The employees of the
company will be retained.
Founded in 1947, Missouri based Wainwright
Industries operates six facilities in three stateswith manufacturing and services two core
competencies. TVS is aiming to have a total
turnover of R2400 Cr, its UK-dominated overseas
operations contributing more than 60% of
revenue.
TVS had made its first acquisition in USA when it
acquired Manufacturers Equipment and SupplyCompany in 2011. Three months back, TVS
acquired 85% stake in Rico Logistics for R100 Cr.
Wainwright is the fifth overseas acquisition by
TVS Logistics. Earlier it had acquired two UK
based companies, Multipart Holding in 2009
and CJ Components in 2005.
US buyout firm KKR & Co. LP invested $50 Mn in
TVS Logistics in April last year. Goldman Sachs
Group Inc., which had provided initial funding of
R100 Cr in 2008, pumped in another R26.6 Cr
last year.
Announcement Date | 31 May 2013
Industry | Transport/ Logistics
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Deal Concise
Healthcare Global acquires majority stake in BACC
HealthCare Global Enterprises (HCG) has acquired
a majority stake in Bangalore Assisted Conception
Centre (BACC), a leading provider of fertility care
for undisclosed amount, BS stated. Post deal,
BACC will be known as Milann The Fertility
Center. The new entity will now expand into many
towns and cities, including Tier-II and Tier-IIItowns.
Founded in 1990 by Kamini A. Rao, BACC operates
four fertility centers across Bangalore. In addition
to an accredited fellowship program, Milann also
runs CREST, the only training centre for
embryologists and fertility specialists in India. It
has treated over 15,000 patients.
Recently in March, Temasek Holdings invested
R140 Cr in HCG which gave exit to Evolvence
Capital. It had plans to double its network to 50
centers in India and Africa and also enter themulti-specialty space with the new funds.
Founded in 1989, Bangalore-based HCG owns
and manages a network of cancer treatment
centers in India. It focuses on cancer care,
diagnostics, imaging, research, and clinical
trials services.
It has more than 23 cancer centers across India
and in Africa providing cancer care treatment,
imaging, laboratory services, clinical trials and
research services..
Announcement Date | 30 May 2013
Industry | Healthcare
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Deal Concise
Sumitomo Rubber set to take over Apollo Tyres South Africa
Sumitomo Rubber Industries is set to take over
Apollo Tyres South Africa including the Ladysmith
Tyre plant and Dunlop Brand rights in Africa, BSE
states. The acquisition would cost Sumitomo $60
Mn and the deal is expected to conclude in next
four months.
Sumitomo Rubber Industries is a Japan basedmanufacturer of automotive tyres and industrial
rubber products. It has factories in Japan, China,
Indonesia, Malaysia, Vietnam, Thailand and Brazil.
Apollo Tyres had acquired the Durban, South Africa
headquartered Dunlop Tyres International in 2006,
and renamed it Apollo Tyres South Africa Pty Ltd.
With this deal, Sumitomo will get a manufacturing
location on the continent and control over the
Dunlop brand, which it can also use in many other
countries across the world.
Apollo holds the rights to sell the Dunlop brandin 32 countries of Africa. The company will retain
the Durban plant, through the Holding Company
of ATSA, which manufactures truck and bus
radial tyres and off highway tyres and all
employees attached to it. It will continue to sell
the Apollo, Vredestein and Regal brand tyres in
Africa while focusing on creating andstrengthening its own sales and distribution
network across the continent. Apollo is looking
forward to expand its domestic and international
operation and has allotted R500 Cr to it.
Announcement Date | 30 May 2013
Industry | Airlines /Autos
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Deal Concise
Cigniti Technologies acquires Gallop Solutions
Cigniti Technologies has entered into an
agreement for acquisition of Gallop group
companies which are engaged in software testing
activities, BSE filing states. The Gallop group
companies include India based Gallop Solutions
and USA based Gallop Solutions Inc. The
acquisition will enable Cigniti Tech to augmenttesting capabilities and bring in new clients and
geographical areas. Akasam Consulting was the
sole advisor to the transaction.
Gallop Solution is engaged in providing software
solution to the enterprises. The company focuses
on providing software ALM solutions to the HPsoftware. It offers various services like verification
and validation, application development, oracle
fusion and erp solutions, strategic staffing, global
sourcing and Microsoft share point.
Recently in March, Cigniti Technologies
announced its plan to raise R54 Cr eitherthrough preferential allotment to existing
shareholders or through a private equity
placement to fuel its inorganic growth plans.
In 2011, Chakkilam Infotech acquired American
firm - Cigniti Inc and rebranded itself as Cigniti
Technologies Limited. Cigniti is an IndependentSoftware Testing Services Company. Cigniti has
expertise and proprietary frameworks to
accelerate testing for improved time to market
for its clients. It has global delivery centers in
US, India, London, and Colombia.
Announcement Date | 29 May 2013
Industry | Technology
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Deal Concise
Micro Technologies to divest stake in two Subsidiaries
Micro Technologies India is planning to divest
stake in two subsidiaries in order to raise R 300 Cr
to cut down its debt, BL stated.
The proceeds of the stake sale would be used to
bring down overall debt of R300 Cr and unlock
value in group companies.
In 2011, Micro Tech raised R20 Cr from HT Media
Limited by issuing 5 lakh CCD's for R400 each,while in 2007 Bennett Coleman & Co Ltd invested
R6.26 Cr by subscribing to 250,000 shares at
R250.8 per share. As on March 2013, HT Media
holds 6.92% stake and BCCL holds 1.47%.
The company has plans to divest 35% stake in its
Micro Secure Solutions and Micro Retail andcurrently in talks with PE players. Micro tech plans
to raises R150 Cr each in Micro Secure and Micro
Retail. Further, the company plans to list both the
units in next three to five year.
Micro Secure Solutions is engaged in range of
Premises security products for commercial &
residential premises and caters to diversesectors such as Retail, Corporate, Household,
PSUs in India and across Middle East. Micro
Retail is engaged in the area of retailing the
range of Electronic Security, Software and
messaging Products for vehicle, premises, and
other assets.
Founded in 1992, Micro Technologies offers
security devices, life style and support systems
and web-based software. It has more than 350
security products across various segments with
presence in over 30 countries.
Announcement Date | 29 May 2013
Industry | Technology
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Deal Concise
Walmart to buy 49% stake in Cedar Support
Walmart Stores will soon convert CCDs it owns in
Cedar Support Service, the holding company for
Bharti Retail in equity shares. With this conversion
the retail company would have 49% stake in Cedar
Support Service worth R455.8 Cr.
These CCDs which it had purchased in March 2010would be converted to 42.6 Cr equity shares by
September. The conversion will help Cedar infuse
fresh equity in its step-down subsidiary, Bharti
Retail, which has plans to nearly triple its retail
stores to 638 by December 2018, from 228 and
will roll out 104 stores by December 2013.
Bharti Retail plans to raise R1,085 Cr as equity and
R2,782 Cr debt over six years to fund its expansion
plans.
Bharti Retail operates through 'easyday Market'
'easyday Hyper'. Presently, there are over 220
stores in cities across Punjab, Haryana, Uttar
Pradesh, Uttarakhand, Madhya Pradesh,
Rajasthan, Himachal Pradesh, Chhattisgarh,
New Delhi, Jammu & Kashmir, Maharashtra,
Karnataka and Andhra Pradesh. The stores
comprise over 190 easyday Supermarkets and
about 23 easyday Market and easyday Hyper
stores.
Announcement Date | 29 May 2013
Industry | Retail / Leisure/ Travel
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Deal Concise
Rajapalayam Mills plans to sell its Biotech Unit
Rajapalayam Mills is planning to sell, lease or
dispose the assets of the tissue culture division,
Shri Ramco Biotech in order to focus on core
business - Textile, BSE states.
Established in 1995, Shri Ramco Biotech produces
tissue culture plants. It has set up a lab in
Bangalore, with a built-up area of 2,600 Sq.m and
a capacity to deliver 5 Mn plants p.a. The unit also
produces Anthurium, Banana, Gerbera and
Orchids for the domestic market. Twelve acres of
verdant fertile land surrounding the lab is used of
green house hardening facility, R&D trials and
demonstration.
Rajapalayam Mills Ltd. was established in 1938,
with 6800 Spindles imported from England.
Rajapalayam Mills today produces 11 Mn kgs of
yarn per year, employs more than 1000 workers.
At present it has 1,21,856 Spindles (including
56,080 compact spinning spindles, 11568 Eli-Twist
spindles and 2400 Slub Yarn Spindles) and also has
2000 Rotors in Rajapalaiyam and around 2000
Rotors in Andhra Pradesh.
It export 80% of its spinning capacity to the highly
quality-conscious markets like Japan and also to
other countries like Korea, China, Hong Kong,
Malaysia, Indonesia, Thailand, Pakistan, Dubai,
Bahrain, Italy and Spain etc.Its annual net profit has grown from R1.32 Cr in
the year ending March12 to R23.77 Cr in the year
ending March13. Its annual sales have witnessed
a growth of 12.54% from R298.80 to R336.28 Cr in
the period.
Announcement Date | 28 May 2013
Industry | Retail / Leisure/ Travel
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Deal Concise
GIC May acquire Lloyds Syndicate Member
India's national reinsurer General Insurance
Corporation plans to acquire a Lloyds Syndicate
member to meet its goal of being among the top
five reinsurers globally, TOI states.
Ashok Roy, Chairman GIC believes organic growth
would take many years and acquisitions were
under the company's consideration. Being a
member at Lloyds, it would provide the company
with the platform to operate in 60 countries
across the world.
Lloyds is the specialist insurance market. Unlike
many other insurance brands, Lloyd's is not a
company, is more like an insurance exchange; it's a
market where members join together assyndicates to insure risks. The risk Llyods cover
can be grouped into seven main categories:
casualty, property, marine energy, motor, aviation
and reinsurance.
Lloyds accredits companies that individually
underwrite insurance business from all over the
world.
GIC of India (GIC Re) is a reinsurance company
with over three decades of experience with
branches in London, Dubai and Kula Lumpur.
GIC Re has been ranked 15th among
international reinsurers by S&P.
Besides expanding in London, GIC is also lookingto expand its aviation reinsurance business in
the US.The company is planning to send
representatives to an aviation reinsurance event
in Bermuda to tap the US market
Announcement Date | 28 May 2013
Industry | Airlines/Autos
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Deal Concise
Concert Care acquire Novel Infosolutions
Concert Care Healthcare Solutions, a Birmingham
based healthcare software provider has acquired
Novel Infosolutions in Chennai.
With this acquisition, Concert Care will receive the
roughly eight or nine clients that Novel has in
Australia, Sweden and the U.S. Novel Infosolutions
15 member team will be added to Concert Care,
Business Journal states.
Novel Infosolutions is a specialized provider of
software services and solutions for process
automation to all Industries. It is a full service
provider, offering products, custom application
development, testing, operations support etc. Itspecialize in application integration, web
development, web-enabled solutions, groupware
solutions, mobile solutions, and business process
consulting to help build secure intranet, extranet,
and internet business applications.
Founded in 2012 by Tanveer Patel, Concert Care
is an international Healthcare services firm that
provides business solutions for healthcare
organizations. It helps medical groups increasetheir net revenue, enhance physician
satisfaction, take full advantage of Health IT and
strengthen their strategic position. Concert Care
plans two more acquisition this year
Announcement Date | 28 May 2013
Industry | Technology
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www.indelglobal.com
INDEL Advisors LLPINDEL is a global business advisory and consulting firm led by experienced professionals withentrepreneurial skills dedicated to serve middle-market companies in their Tax, Audit, Legal,
Transaction and Advisory services. With the unique depth of thought combined with the global
expertise of leading professionals, INDEL is committed to protect and enhance the enterprise
value of its clients. At INDEL we live through our people. INDEL is about a collective vision with
a common goal that allow its people to stand together. Founded in 2009, the firm is
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