India: M & A Tracker - February 2015

Last Updated: 21 October 2015
Article by Zulfiqar Shivji

Tata-Tesco JV plans over $40 million (Rs 250 crore) investment to open more stores

Trent Hypermarket — the equally owned JV between the Tata Group and UK's Tesco — plans to invest Rs 250 crore as the only Indian multi-brand retailer with foreign investment aims to open more stores. Trent's board has been authorized to raise up to Rs 250 crore via loans, guarantees, securities or by way of subscriptions. In December 2013, the previous Congress-led government had approved Tesco's application to invest approximately$110 million in the joint venture. Trent intends to add another five hypermarkets in 2015 to the dozen outlets it already has, but the main focus is on opening smaller convenience stores. The previous government allowed up to 51% foreign holding in multi-brand retail in late 2012 and said states can make the decision on whether or not to allow such outlets in their territories.

Few other India-UK specific deal announcements

No. Target Company Acquiring Company Deal Value Deal Highlights
1 Whyte & Mackay EmperadorInc $729 million
  • India's United Spirits Ltd agreed to sell its Whyte & Mackay Scotch whisky unit to Emperador UK Ltd (wholly owned subsidiary of EmperadorInc) in a 430 million pound (~ $729 million) deal that satisfies UK antitrust concerns.
  • The deal is dubbed as the single biggest investment by a Philippine company in Scotland and the 3rd biggest in the world.
2 Nimbuzz New Call Telecom $175 million
  • UK-based privately held communication services provider New Call Telecom has acquired a 70% stake in instant messaging and mobile calling application firm Nimbuzz for around $175 million.
  • Founded in the Netherlands in 2006, Nimbuzz shifted its corporate headquarters to Gurgaon in India a couple of years ago.
  • It claims to have 201 million subscribers in over 200 countries.
  • New Call will integrate the capabilities of the Nimbuzz platform along with a plethora of new apps with its Wi-Fi and home broadband service in India, and eventually in other parts of the world.

Other India-related Deals

No. Target Company Acquiring Company Deal Value Deal Highlights
1 ING Vysya Bank Kotak Mahindra Bank $2.4 billion
  • The deal entails the swap of 725 Kotak Mahindra shares for every 1,000 shares in ING Vysya.
  • The merged firm would have over 1,200 branches and a combined deposit base of Rs.1.1 trillion (~$ 17.74 bn).
  • The combined entity will be the largest private sector lender in India by assets after ICICI Bank, HDFC Bank and Axis Bank.
2 Jaiprakash Power Ventures Ltd (JPVL) JSW Energy $1.57 billion
  • JSW Energy will acquire two hydroelectric projects of JPVL in Himachal Pradesh at an enterprise value of about Rs 9,700 crore (~$1.57 billion), in one of the biggest infrastructure M&A deals in India in 2014.
  • The acquisition will make JSW Energy the largest private sector hydro-power generator in the country.
  • Post-acquisition, the aggregate installed power generation capacity of JSW Energy will enhance to 4,531 MW.
3 Jaiprakash Associates Ltd's Cement Units UltraTech Cement Ltd $853 million
  • UltraTech has struck a deal to acquire two units of Jaiprakash Associates Ltd located in Madhya Pradesh (MP) at an enterprise valuation of Rs 5,400 crore (~$853 million).
  • The deal involves acquisition of an integrated cement unit with clinker capacity of 2.1 mtpa and cement grinding capacity of 2.6 mtpa.
  • The other unit has clinker capacity of 3.1 mtpa with cement grinding capacity of 2.3 mtpa in the same state.
  • The deal would also involve transfer of 25 MW power capacity at Bela and 155 MW capacity at Sidhi, both located in MP.
4 Avantha Power &Infrastructure Ltd's thermal power project Adani Power Ltd $680 million
  • Adani Power has struck a deal to buy Avantha Power & Infrastructure Ltd's 600 MW thermal power project Korba West Power Co Ltd (KWPCL) for an enterprise value of Rs 4,200 crore (~$680 million).
  • The acquisition will increase Adani Power's installed capacity to 11,040 MW.
  • KWPCL's power project is located in Chhattisgarh and the deal values it at ~Rs 7 crore per MW.
5 Lightbridge Communications Corporation Tech Mahindra Ltd $240 million
  • IT and software services provider Tech Mahindra has acquired US-based global network services provider Lightbridge Communications Corporation (LCC) for $240 million in an all-cash deal.
  • The deal, one of the largest overseas acquisitions in the IT space, is subject to regulatory approvals and is expected to close by March 2015.
  • Headquartered in Virginia, LCC is one of the world's largest independent providers of network engineering services to telecom industry.

Originally published February 2015

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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