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

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1 Dealtracker Providing M&A and Private Equity Deal Insight May, 2014 Volume 10.5

2 Deal Summary Volume Value (US$ mn) Domestic ,465 Crossborder , ,364 Merger & Internal Total M&A ,656 1,697 4,377 Private Equity , Grand Total ,000 3,648 5,281 Cross border includes Deal Round Up May 2014 Inbound ,277 Active deal making continued in May with 95 deals deals worth US$ 5.3bn signed during the month. The M&A landscape improved dramatically with 52 deals pegged at US$ 4.4bn; the top deal being Adani Group's acquisition of Dhamra Ports for US$ 932 mn. PE investments stood at US$ 0.9bn (43 deals); the top deal being DST Global led US$ 210 mn investment in Flipkart Private Ltd. Domestic market continued to be buoyant in May both in terms of value and volume. The IT & ITeS sector stole the show in May with e-commerce companies doing well both in terms of strategic and financial investments. The month also saw YES Bank raise US$ 500mn through the QIP route. Outbound Trend spotting Total Deal Value Spread (US$ mn) May'14 Total Deal Volume Spread May '14 The overall M&A scenario witnessed an upsurge in May with 8 deals of over US$ 100mn each, of which 3 deals were valued over US$ 500mn each. Domestic deals saw a big leap in value In volume terms, PE investments saw a steady growth 38% 18% 54% 17% 51% 1% 54% 10% 2% 49% 7% 24% 3% 5% 9% 22% 10% 10% 3% 15% 24% 22% 23% 47% 21% Private Equity Merger & Internal Outbound Inbound Domestic 40% 43% 45% 6% 4% 5% 6% 16% 29% 29% 27%

3 Deal Round Up YTD May 2014 Deal Summary Volume Value (US$ mn) Year to Date May Domestic ,971 2,862 7,553 Crossborder ,573 5,412 5,720 Merger & Internal , ,101 Total M&A ,033 8,719 16,373 Private Equity ,082 4,642 3,646 Grand Total ,115 13,361 20,019 Cross border includes YTD May 2014 saw overall deal value at US$ 20bn (458 deals), up from YTD May 2013, both in value and volume. M&A continues to continues to gather steam with 230 deals worth US$ 16.4bn so far this year, driven by big ticket domestic deals. PE investment volume is much larger at 228 deals YTD May 2014, against 172 deals YTD May has seen continuous month on month improvement in deal activity, building up to the general election in May. This trend continues as the new government has given positive signals for a strong deal outlook. Inbound ,550 3,695 4,438 Outbound ,023 1,717 1,282 Trend spotting Total Deal Value Spread (US$ mn) YTD May'14 Total Deal Volume Spread YTD May '14 In terms of deal volume, PE investments continued to increase. However, the value is yet to match the levels seen in previous years. In terms of deal value, the domestic M&A shows an uptrend while crossborder deals have also increased marginally. The overall M&A has gathered momentum and is expected to show the same rate of growth in the coming months. 38% 36% 18% 51% 54% 15% 9% 58% 3% 6% 7% 3% 5% 22% 22% 8% 29% 10% 15% 24% 21% 38% 18% Private Equity Merger & Internal Outbound Inbound Domestic 40% 29% 37% 7% 5% 9% 17% 20% 24% 33% 27%

4 M&A Round Up May 2014 Top M&A Deals of the Month Acquirer Target Sector US$ mn Deal Type % Stake Adani Ports and Special Economic Zone - Adani Group Emperador Inc Reliance India Ltd - through Independent Media Trust Vodacom - Arm of Vodafone Essar Oil Dhamra Port Company Limited - JV between L&T and Tata Steel Whyte & Mackay Group - United Spirits Network 18 Media & Investments Limited (including TV 18 Broadcast Limited) Neotel - Tata Communications Limited Vadinar Power Company Ltd Transport & Logistics 932 Acquisition 100% Retail & Consumer 725 Acquisition 100% Media & Entertainment 678 Majority Stake 78% Telecommunication 455 Majority Stake 68% Energy & Natural Resources 356 Internal Flipkart India Pvt Ltd Myntra IT & ITEs 340 Acquisition 100% 74% It is the largest deal in the port sector in India since The deal is subject to shareholder approval and approval by regulators in India and Britain, where Whyte & Mackay is based. Based on public information, the deal is a stock transaction and is pegged at US$ 340mn Sectoral Snapshot Top Sectors based on Deal Value (US$ mn) Top Sectors based on Deal Volume Notable Sectors Volume US$ mn IT & ITeS Banking & Financial Services 7 41 Biotech 6 37 Media & Entertainment Infrastructure Management 4 20 Energy & Natural Resources Retail & Consumer Real Estate Telecom IT & ITEs 9% Energy & Natural Resources Others Transport & 9% 5% Logistics Others 21% 16% 17% Media & Entertainment Retail & Consumers Infrastructure Management 33% 8% Media & Entertainment 10% Banking & Financial Services Biotech IT & ITEs Manufacturing 4

5 PE Round Up May 2014 Top PE Deals of the Month Acquirer Target Sector % Stake US$ mn Naspers Ltd., Tiger Global Management, DST Global, ICONIQ Capital Flipkart Private Limited IT & ITEs N.A. 210 With this investment, Flipkart has raised to US$780 mn since its inception. Warburg Pincus Laurus Labs Pvt Ltd Biotech 25% 150 Premji Invest, Temasek Holdings, BlackRock, Myriad and Tybourne Snapdeal.com-Jasper Infotech Pvt Ltd IT & ITEs 10% 100 International Finance Corporation Religare Enterprises Ltd Banking & Financial Services 8% 68 Olympus Capital and India Value Fund Advisors (IVFA) Aster DM Healthcare Biotech N.A. 60 Sectoral Snapshot Top Sectors based on Deal Value (US$ mn) Top Sectors based on Deal Volume Notable Sectors Volume US$ mn IT & ITeS Education 6 14 Banking & Financial Services Biotech Retail & Consumer 5% Banking & Financial Services Hospitality & Leisure 15% Others 2% 5% IT & ITEs 48% Retail & Consumer Biotechnology 7% Others IT & ITEs 42% Retail & Consumer 3 41 Hospitality & Leisure 2 22 Biotech 25% Banking & Financial Services Education 5

6 Acquirer Deal of the Month M&A Investor Comments Investee Adani Group acquired the entire stake of L&T and Tata Steel in Dhamra Ports. Valued at US$ 932 mn, it is one of the largest deals in the port sector. Adani Ports An arm of Adani Group, Adani Ports and Special Zone is India s largest port operator., with its flagship Mundra Port in Gujarat being the largest commercial port in India. Rationale Target Dhamra Port Co. Ltd Dhamra Port, located in Orissa, is a 50:50 JV between L&T and Tata Steel. Handling coal, iron ore and other minerals, in FY14 the port handled total cargo of 14.3mn tonnes. The acquisition is part of Adani Group s strategy to build their expanse across the Indian coastline. The deal is, however, subject to third party approvals Flipkart raised US$ 210mn in a fresh round of funding, bringing in technology focused PE firm DST Global besides existing investors. DST Global, Tiger Global, Naspers and Iconiq Capital DST Global, founded by Russian entrepreneur and venture capitalist, Yuri Milner is a technology focused fund. It has invested for the first time in Flipkart. It also leads the investment. Existing investors also participated in this round. Deal of the Month PE Flipkart India Pvt. Ltd. India s largest e-commerce website, Flipkart has raised funds of over US$ 750 mn since its inception in Flipkart plans to upgrade its technology and acquire firms across areas like e-commerce, technology and supply chain; while DST hopes to bring a global perspective into the investment. 6

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8 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, 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. Advisory Business Risk Corporate Social Responsibility Corporate finance Forensic & Investigations Government & Infrastructure Healthcare &Life Sciences Leadership Consulting 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/ We would be delighted to receive your feedback! contact@in.gt.com Dealtracker Editorial team: Sowmya Ravikumar, Ankita Arora & Kriti Singhania 19