Mergers

Mergers

Indian firms entering the South American agriculture sector in a big way!

by Aseem Rastogi

Beaches…Parties…Brazilian Carnivals.. These are some of the words and thoughts which come into one’s mind when thinking of South America. Tourism and parties are one of the biggest money spinners in South America. So one cannot find fault with the Indians for having such a picture of the continent. But off late Indian firms …

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Is Vedanta-Cairn India deal on a ‘Slippery’ path ?

by Viral Dholakia 3 comments

London-listed mining group Vedanta Resources, which is controlled by ambitious Indian billionaire Anil Agarwal, is all set to acquire a controlling stake in Cairn India, in a bid to diversify into oil business. Cairn India operates in the country’s largest producing oil fields in Barmer, Rajasthan. Moreover, the mandatory open …

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Turnaround for the Tata Group – Corus logs a Steely show and JLR Sales Zooms Ahead!

by Viral Dholakia 2 comments

The Tata Group is known for its acquisition spree, both in India and overseas, to fulfill its ambitious plans through inorganic expansions at a faster click – be it Tata Tea’s one of the oldest

acquisitions of UK-based blended tea-marketing giant, Tetley Tea, at $400 million as early as Feb 2000; or Tata Coffee’s buy-out [...]

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Mergers & Acquisitions back with a Bang – Telecom Sector leads…

by Arun Prabhudesai 1 comment

M&A activity in India is back with a bang on back of mega Telecom Industry deals involving Indian companies. According to figures released by ASSOCHAM, Mergers & Acquisition deals valued at USD USD 33.83 billion were executed during just the first quarter of financial year 2010, a growth of about 257% over corresponding quarter last [...]

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Reliance Industries acquires Infotel to foray in Telecom Business

by Viral Dholakia 5 comments

The auction process was always slated to peak out in a day or two with the soaring bids. So, it wasn’t a big surprise to see end of BWA Auction. What was surprising though is the news that pan-India winner of the BWA spectrum, Infotel Broadband, has become an acquisition target. Yes, it’s none other [...]

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Reliance Communication Dilemma – Strategic Sale to Etisalat or Merger with MTN?

by Viral Dholakia 1 comment

The initial signs of consolidation in the bleeding sector of telecom seem to have already begun. Probably, the signal of consolidation has come-up a bit too early than anybody could have expected. That’s not all. A strange fact remains that the consolidation seems to have kicked-off with reference to a stronger company selling in …

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Pharma Sellout to MNCs – A Case of Creating Shareholder Value or Losing Hold over Traditional Pharma Business?

by Viral Dholakia 3 comments

Call it creation of value for shareholders or selling matured pharmaceutical businesses, but the fact of the matter remains that India is certainly losing hold over its traditional Pharma industry, just as old players of the game with substantial size are calling quits and monetizing their decades old generics model. In latest, Piramal Healthcare has agreed [...]

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6 important aspects of Global Mergers & Acquisitions

by Viral Dholakia 1 comment

According to the quarterly deals data, the total value of outbound (overseas) deals by Indian companies grew to over $12 billion in the March 2010 quarter from a measly $52 million seen in the same period last year. The number of deals also increased to 45 from 15 over the year.

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Private Equity investment touches $2 billion in 1st Quarter of 2010

by Arun Prabhudesai 0 comments

We are now truly out of recession – atleast that’s what the PE investment data suggests. According to study by Venture Intelligence, Private Equity firms invested about US$2,000 million in India across 56 deals during the quarter ended March 2010, which is highest in last 6 quarters. The figure for corresponding quarter last year …

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Bharti Seals Zain Deal to Fulfill its African Dreams

by Viral Dholakia 7 comments

Finally, Bharti Airtel can now be termed as emerging-market multinational. Bharti and Zain Telecom on Tuesday signed a legally binding agreement in Amsterdam where Bharti acquired most of the African assets of Kuwait’s Zain telecom for a $10.7 billion deal. This acquisition is the second biggest overseas purchase by an Indian company …

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Global Recovery sees India Inc Moving Ahead with Acquisition-led Growth Plans

by Viral Dholakia 2 comments

Would 2010 be the year of Acquisitions ? … Well, it is already turning out to be one as early as the first quarter of calendar year 2010. With the sight of recovery in the global markets after the period of two years of recessionary environment, the Indian corporate world is losing no time in [...]

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Would 2010 be the year of Acquisitions ?

by Arun Prabhudesai 3 comments

Twenty Ten seem to have all the right ingredients in place to become the year of Acquisitions – and that too cross-border acquisitions. 2009 was comparatively a lackluster year in terms of M&A activity, understandably so, as the world economy was in doldrums. 2010 has already started with a bang, with news of M&A deals [...]

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Finance Friday: Deal Radar, Acquisitions , Rate Hike

by Ankit Agarwal 2 comments

Deal Radar: Finance Sector Seeing Consolidation, Aptech Expanding The M&A scene has been a little dull off late but there are signs of it picking up albeit slowly.We covered the Bharti-Warid deal earlier which was a a comparatively big ticket deal.However, it is the finance sector that is seeing a lot of consolidation.There is increased [...]

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Amongst BRIC Nations, India second most targeted country for Mergers & Acquisitions

by Arun Prabhudesai 0 comments

After a subdued 2009, the M&A deals seem to be picking up steam in 2010. India had great 2007 and 2008 when it came to Mergers & Acquisitions, however, 2009 recession saw drastic fall in

cross border M&A deals. Now according to report published by Dealogic, India has emerged as the second most targeted …

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Bharti-MTN Deal Falls Off Yet Again, MTN Stock Plummets, Bharti Surges

by Arun Prabhudesai 0 comments

The deal was being touted as one of the biggest M&A deal in India lest it happened. Well rightly so ! Should the had gone through, it would have catapulted Bharti Airtel to become the third largest telecom services provider spanning 20 countries and 200 million subscribers globally.   But, the talks …

India Venture Capital & Private Equity Report

by Arun Prabhudesai 39 comments

If you are a Early Stage Startup, your chances are of getting VC or Private Equity funding is very slim and numbers prove it – Only 9% of all the VC / PE deals have been for early stage companies between 2004 to 2008. This is especially true during the times of recession. Venture Capitalists [...]

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Finance Friday: M&A Activity in India, Down but not out

by Arun Prabhudesai 0 comments

During the first half of 2009, Indian companies were involved in a total of 136 Mergers & Acquisition deals, down 54% from the same period in 2008, according to a study by Venture Intelligence . The deal activity was also down 28% compared to the second half of 2008. It is …

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Finance Friday: India News Digest

by Arun Prabhudesai 5 comments

Finance Friday is our weekly round up of buzzing stories relating to Finance and Indian Stock Market

Inflation dips to minus 1.54% , But Is the Food Getting Cheaper?

Inflation tumbled to (-) 1.54% for the week ended July 18, as compared to (-) 1.17% in the previous week, but food prices continued to rise.

The wholesale-price index based inflation remained negative for the seventh consecutive week. However, it is widely expected to rise in the coming months.

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BSNL and Esssar are going on an African safari. What’s the real reason?

by Sriram Vadlamani 1 comment

India’s African connection is growing strong. If Airtel-MTN deal has triggered the biggest M&A in India-Africa relationship, many new deals are bolstering the African connection.        BSNL, which now lags Airtel as the country’s top telecom company in both revenues and subscriber base, is looking for ways to turnaround. It is …

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Corus and Ranbaxy – Acquisitions gone wrong?

by Sriram Vadlamani 2 comments

These two acquisitions were the cynosure of all eyes in the past years. Is the world looking at these big-ticket acquisitions with the same respect? I doubt it. Corus to me is the first thing that went wrong for Tata group. It paid a huge amount for acquiring and then you know some thing called [...]

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RIL-RPL are merging. Who will benefit?

by Sriram Vadlamani 6 comments

Who will benefit? definitely not Chevron. Chevron has a 5% stake in Reliance Petroleum Limited (RPL). It bought the stake 3 years ago for 60 rupees per share. If it doesn’t raise the stake now to 29%, it will get the same amount of money it invested. Not bad, given the wipe out every other [...]

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Infosys identifies BCC, Ciber Novasoft for acquisition for SAP expertise

by Sriram Vadlamani 1 comment

After losing out on Axon bid to HCL, Infosys is scouting for smaller SAP targets across Europe. It is linked to several potential targets, two targets has surfaced as the potentials. Ciber Novasoft and BCC both Europe based companies are the latest favorites. Infosys backed out of Axon or rather did not go forward with [...]

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Tata Teleservices stake sale to DoCoMo and the future of Indian telecom

by Sriram Vadlamani 4 comments

Tata Teleservices has sold a stake of 26% to Japan’s NTT DoCoMo. The deal value is $2.7 bn. Tata Tele has 30 million CDMA subscribers and is rolling out its GSM services. Some say the deal is over-valued and some say its not easy to put value on the fastest growing mobile market in …

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Unitech sells 60% stake to Telenor and makes profit without a subscriber

by Sriram Vadlamani 2 comments

Unitech’s stock was available at at throw away price. People were choosing between Colgate paste and unitech stock. It has also complained to SEBI about a possible stock price manipulation. It’s subsidiary, Unitech Wireless has recently won a GSM license to operate in 22 circles. Unitech which took at a beating at the stock market [...]

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Love is in the air…literally !

by Sriram Vadlamani 5 comments

Indian Aviation industry is seeing a lot of turbulence since last year. The airline industry has already seen $2bn losses. Crude at $140/barrel did not help their cause. Rising crude prices and falling domestic demand has been the two killers for the industry. Sensing that the scenario is not going to change any time soon, two of India’s largest airlines has said enough is enough and started making love. Kingfisher and Jet Airways has decided to share facilities to cut costs. It is not an exact Mergers or an Acquisitions. It is collaboration.

Pending some approvals these are the things they will be doing:

1. Manage fuel expenses jointly 2. Share some pilots 3. Cross-selling of tickets 4. Sharing training facilities 5. Accepting each other’s frequent flier miles.

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Indian Infotech companies on shopping spree – No credit, all cash!

by Sriram Vadlamani 3 comments

Nasscom forecasted a 21-24% revenue growth for IT industry till April 2009. This is valued at $50 billion. Not the expected 30% growth, which the industry saw for the past 3 years. I think the final figure would settle down at 20%. Satyam has fired 4500 employees and the same news is expected from other companies. BPO companies are going easy on the hiring part.

Reading this should you be worried? If you said yes then read on.

Infotech is eyeing a $40 billion dollar acquisition in Germany. Satyam has 20000 crores for acquisitions. Satyam and TCS have gained key contracts in Middle East and Europe. Satyam has also acquired land for new facilities in Pune and Vizag. TCS is zeroing on buying the BPO arm (Citigroup global services) of Citibank for $550 million. Symphony Technology Group (STG),

the US-based strategic holding company founded by an Indian, plans to invest $900 million (around Rupees 4,230 crore) in acquisitions.

I guess everybody is following the Infosys-Axon-HCL triangular dance. Axon has agreed for a $441 million pound take over by HCL. Infosys, which wanted a SAP exposure through Axon, has to wait. May be HCL has paid a higher price for the company but it has gained key expertise and exposure to European market.

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Mergers and Acquisitions fall sharply, but PE activity grows

by Arun Prabhudesai 6 comments

2007 will go down in history as the year of Mergers & Acquisitions in India. However, 2008 has not kept pace with the momentum gained last year.

This year has not been good for India overall, Stock Market today has come down to nearly 12,500 points – a 15 month low -, investors have lost thousands of crores of rupees, the rupee has lost the fight handsomely against the dollar – last 6 months have seen rupee plummet from high of nearly 38.5 to a low of 42.75 against the dollar, real estate which grew at astonishing pace last year has seen tremendous slowdown. Inflation, which was hovering at less than 4% last year has nearly tripled to 11.5%.

The total number of Merger & Acquisition deals too have seen huge negative growth. During the first six months of 2008 total M&A deals stand at 265 with value at $18.54 billion as against 335 deals amounting to $ 43.97 billion in the corresponding period in 2007.

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Microsoft bullying Yahoo : Ready to talk only with new board

by Arun Prabhudesai 4 comments

Did you think Microsoft- Yahoo deal was over? Far from it.

It is now looking like a bollywood drama. Microsoft now says that if the current yahoo bosses go away and the new board comes in, it is ready to re-enter the negotiations !

Michael Arrington of Techcrunch has written about it in detail and is not too happy with the way Microsoft is bullying Yahoo – just because it is now in a position to do that.

Yesterday Microsoft released a statement clearly mentioning that it is not interested in talking with the current management and do not trust that they can take this forward.

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Reliance Retail winning battle against Bharti- Walmart !

by Arun Prabhudesai 16 comments

Last year I had written about interesting Test match between 2 retail giants who had announced their plans to open hundreds of stores across India.

Bharti Wal-Mart had announced their wholesale cash-and-carry and back-end supply chain management operations in India. Close to their heels, Reliance Retail has announced their plan of entering the same business segment with plans of supplying to kirana stores and institutional buyers.

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Will Reliance Communications acquire Capgemini to become India’s largest IT services provider?

by Arun Prabhudesai 11 comments

Anil Ambani is firing all cylinders in the quest to become India’s largest group (and Richest Indian), the coveted place currently held by his elder brother Mukesh. Close to the heels of Reliance Power – a $2.8 billion mammoth IPO, Anil has already announced his intentions of going public with his entertainment division.

Now another big news has started making rounds. Anil Ambani run Reliance Communications is in talks with up-for-grabs French IT consulting firm Capgemini.

Times Online reports:

Capgemini, the French IT services group, has held early-stage talks with Reliance Communications, of India, that could result in the first acquisition of a significant Western IT house by one of India’s fast-growing competitors.

Reliance Communication’s interest confirms Mr Ambani’s hopes to build a significant IT business.

A move on Capgemini would give it access to a client base in continental Europe and catapult it among the world’s top ten IT groups by market share.

Mr Ambani, India’s second-richest man after his estranged brother Mukesh, has already suggested that he aims to be among the world’s five biggest video games developers.

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Mega Acquisitions by Indian companies changing brand India !

by Arun Prabhudesai 22 comments

The giant positive strides that Brand India has taken in last few years is nothing less than astonishing. Indian Businessmen and Entrepreneurs are set out to revamp Indian image that will be boasting world’s biggest corporation’s in near future. All the sectors, be it Steel, manufacturing, Information technology, Auto and FMCG are all buzzing with Mega Indian acquisitions.The latest and probably the most talked about after Mittal’s buy-out of Arcelor, is Jaguar- Land Rover bid by Tata group.

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India Buzz: you just can’t miss it!

by Arun Prabhudesai 0 comments

India is buzzing in all directions, be it the stock market, the rising rupee, the high amount of mergers and acquisitions or Indian startups that are taking making waves globally. It is sometimes overwhelming the way things are progressing in India. It is exciting to think about where India will reach 10 – 15 years down the line.

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MarketRX Bid: Fight between Infosys and Wipro

by Arun Prabhudesai 3 comments

The trends of Indian companies buying US based companies is becoming increasingly common. In 2007 itself, more than 15 acquisitions have been made by Indian software companies. Like I have mentioned before on this blog, these kind of deals are the best ways for Indian companies to grow aggressively. It helps them on multiple levels, primarily fighting resource crunch, increasing global client based and addition of Intellectual property not easily available in open market.

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Big acquisitions by Indian Software companies in near future.

by Arun Prabhudesai 5 comments

Being in I.T Industry, I do understand the importance of these kinds of deal by Indian companies. It not only helps the Indian software firm to gain a strong foothold with local presence, but it provides with an added advantage of resourcing. As all of you know, the US government has a cap of 65000 H1B visas, which unfortunately will not be increased in near future. With such small number of visas available, it is extremely difficult for Indian software houses to expand aggressively. So the route of these acquisitions gives Indian companies added

advantage of securing existing people from acquired company and also providing Indian people as part of Intra company transfers, which circumvent the requirement of getting the H1B visa for the person traveling to US.

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Reliance Retail Vs Bharti Wal-mart: An exciting test match to watch !

by Arun Prabhudesai 12 comments

Yes, it is not a one day match, it is going to be a long and hard fought Test match. One that Indian consumers are going to watch closely with excitement.The Indian retail sector is on the cusp of a change, a very big change. This change is going to affect thousands of Kirana store owners, small and big traders and Indian consumers alike.

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Indian Mergers and Acquisitions: The changing face of Indian Business

by Arun Prabhudesai 47 comments

Indian outbound deals, which were valued at US$ 0.7 billion in 2000-01, increased to US$ 4.3 billion in 2005, and further crossed US$ 15 billion-mark in 2006. In fact, 2006 will be remembered in India’s corporate history as a year when Indian companies covered a lot of new ground. They went shopping across the globe and acquired a number of strategically significant companies. This comprised 60 per cent of the total mergers and acquisitions (M&A) activity in India in 2006. And almost 99 per cent of acquisitions were made with cash payments.

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New Age Indian Entrepreneurs: Think Exit Strategy first !

by Arun Prabhudesai 0 comments

The Economic Times article on recent Indian business trends is quite interesting. The gist of the whole article is that Indian entrepreneurs no more think twice before selling off their business ventures, that they have built over years.This is very unlike the old tradition of growing their businesses and passing on the empire to their…

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Rediff Takeover: Rumor or Reality ?

by Arun Prabhudesai 3 comments

This is not a confirmed news, still in rumor stages, but because Hindustan times has published this news, it needs to be taken note of. According to the news Google and Yahoo are eyeing Rediff, one of the India’s most popular consumer portals. I am actually surprised that this has not happened earlier. Rediff now for sometime has been forefront capturing good market share of Indian Internet Readers.

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The Indian mergers and acquisitions are growing exponentially.

by Arun Prabhudesai 1 comment

Not only that, Indian corporations currently loaded with excess cash are on acquisitions spree. I have earlier written about how hot the scenario was last year, but 2007 seems to have already reached that mark in less than 6 months.ICICI bank’s private research division has come out with a Global Investment Outlook report, which says the total equity deals struck by Indian companies have crossed 50 billion USD in 2007. In the same timeframe last year the equity deals stood at 13.5 billion USD.

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India ranked at No. 1 for starting a Retail business across the globe

by Arun Prabhudesai 7 comments

The Retail sector in India has been hot for last 18 months or so…The huge Indian middle class consumer are now the blue eyed segment for biggies like Bharti, Wal-Mart, Reliance and loads of others, in race to…

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India’s new-found confidence: Global Acquisitions !

by Arun Prabhudesai 3 comments

Most of the Americans may have never heard of these Indian companies: Reliance Gatewaynet, VSNL, Scandent and GHCL – but these are growing number of Indian companies who have recently acquired US firms. The news of Indian company…

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Indian Political Landscape and its effect on doing business in India

by Arun Prabhudesai 3 comments

The Indian Political Landscape and its effect of doing business in India. if you need to do business in India, it is important that you understand the political implications on your business. Indian Political system is…

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Another Takeover – Indian company acquires a Glasgow-based Scotch giant !

by Arun Prabhudesai 2 comments

The Indian companies are doing M&As (Mergers and Acquisitions) at breathtaking pace !This time it is the Charismatic socialite and businessman Vijay Mallya.The UB Group chairman is set to unveil the acquisition of Glasgow-based Scotch giant Whyte & Mackay on Wednesday with the final payout to existing shareholders pegged at around £615 million (more…

Continue Reading →Deal Type Deal Date Target/Seller Co. Merged/Acquirer Co.

Takeover Rs.50 27 Sep 2010 National Commodity & Derivatives Exchange Ltd.

Shree Renuka Sugars Ltd.

Merger Rs.50 07 Aug 2010 Dhampur Sugar Distillery Pvt. Ltd. Dhampur Sugar Mills Ltd.

Merger Rs.50 17 Jun 2010 Bajaj Hindusthan Sugar & Inds. Ltd. Bajaj Hindusthan Ltd.

Takeover Rs.50 27 Apr 2010 G M R Industries Ltd. E I D-parry (india) Ltd.

Takeover Rs.50 26 Apr 2010 G M R Holdings Pvt. Ltd. E I D-parry (india) Ltd.

Merger Rs.50 20 Apr 2010 G S R Sugars Pvt. Ltd. Gayatri Sugars Ltd.

Takeover Rs.50 30 Mar 2010 M P Chini Inds. Ltd. Jay Shree Tea & Inds. Ltd.

Sale of Asset Rs.50 12 Mar 2010 Triveni Engineering & Inds. Ltd. Triveni Turbine Ltd.

Takeover Rs.50 22 Feb 2010 Equipav S A Acucar E Alcool Shree Renuka Sugars Ltd.

Merger Rs.50 22 Feb 2010 Gobind Sugar Mills Ltd. Zuari Industries Ltd.

Takeover Rs.50 27 Nov 2009 Dhampur Sugar Mills Ltd. Mr. Gautam Goel,mr.gaurav Goyal

Takeover Rs.50 11 Nov 2009 Vale Do Ivai S A Shree Renuka Sugars Ltd.

Takeover Rs.50 31 Oct 2009 Balrampur Chini Mills Ltd. Bajaj Hindusthan Ltd.

Takeover Rs.50 10 Oct 2009 Sadashiv Sugar Ltd. E I D-parry (india) Ltd.

Takeover Rs.50 10 Oct 2009 Sadashiva Sugars Ltd. E I D-parry (india) Ltd.

Deal Type Deal Date Target/Seller Co. Merged/Acquirer Co.

Takeover Rs.50 25 Sep 2009 National Commodity & Derivatives Exchange Ltd.

Shree Renuka Sugars Ltd.

Takeover Rs.50 18 Aug 2009 National Commodity & Derivatives Exchange Ltd.

Shree Renuka Sugars Ltd.

Sale of Asset Rs.50 27 Jul 2009 Indo Gulf Industries Ltd. Balrampur Chini Mills Ltd.

Takeover Rs.50 22 Jul 2009 Dharani Sugars & Chemicals Ltd. Promoter Group

Merger Rs.50 22 Jul 2009 G S R Sugars Pvt. Ltd. Gayatri Sugars Ltd.

Takeover Rs.50 02 Jul 2009 Shree Renuka Sugars Ltd. Qualified Institutional Buyers

Merger Rs.50 20 Feb 2009 Ratnaprabha Sugars Ltd. Shree Renuka Sugars Ltd.

Merger Rs.50 20 Feb 2009 Godavari Biofuel Pvt. Ltd. Shree Renuka Sugars Ltd.

Sale of Asset Rs.50 22 Jan 2009 Kesar Enterprises Ltd. Kesar Terminals & Infrastructure Ltd.

Takeover Rs.50 23 Dec 2008 Bajaj Hindusthan Ltd. Shishir Bajaj

Takeover Rs.50 23 Dec 2008 Bajaj Hindusthan Ltd. Rahul Bajaj

Takeover Rs.50 21 Nov 2008 U S Nutraceuticals L L C E I D-parry (india) Ltd.

Takeover Rs.50 29 Oct 2008 E I D-parry (india) Ltd. Buy Back

Takeover Rs.50 20 Oct 2008 Gokak Sugars Ltd. Shree Renuka Sugars Ltd.

Merger Rs.50 22 Sep 2008 Phenil Sugars Pvt. Ltd. Bajaj Hindusthan Sugar & Inds. Ltd.

Deal Type Deal Date Target/Seller Co. Merged/Acquirer Co.

Takeover Rs.50 23 Jul 2008 Ratnaprabha Sugars Ltd. Shree Renuka Sugars Ltd.

Takeover Rs.50 23 Jul 2008 Godavari Biofuel Pvt. Ltd. Shree Renuka Sugars Ltd.

Takeover Rs.50 21 Jul 2008 Corporate Merchant Bankers Ltd. Cosmos Industries Ltd.

Takeover Rs.50 18 Jul 2008 Ponni Sugars (erode) Ltd. Seshasayee Paper & Boards Ltd.

Takeover Rs.50 04 Jun 2008 Alagawadi Bireshwar Sugars Pvt. Ltd.

G M R Industries Ltd.

Takeover Rs.50 13 May 2008 Dhampur Sugar Mills Ltd. Goel Investments Ltd.

Takeover Rs.50 24 Apr 2008 E I D-parry (india) Ltd. Roca Bathroom Invst. S P

Takeover Rs.50 14 Feb 2008 Parry Phytoremedies Pvt. Ltd. E I D-parry (india) Ltd.

Takeover Rs.50 20 Dec 2007 Bajaj Hindusthan Sugar & Inds. Ltd. Bajaj Hindusthan Ltd.

Takeover Rs.50 17 Dec 2007 Shakumbari Sugar & Allied Inds. Ltd.

India Glycols Ltd.

Takeover Rs.50 28 Nov 2007 Balrampur Chini Mills Ltd. Preferential Basis.

Takeover Rs.50 29 Oct 2007 Shree Renuka Sugars Ltd. Qualified Institutional Buyers

Takeover Rs.50 30 Aug 2007 Indo Gulf Industries Ltd. Balrampur Chini Mills Ltd.

Sale of Asset Rs.50 25 Aug 2007 Dhanuka Cold Storage Pvt. Ltd. Shree Renuka Sugars Ltd.

Takeover Rs.50 28 Jul 2007 K B K Chem-engineering Pvt. Ltd. Shree Renuka Sugars Ltd.

Deal Type Deal Date Target/Seller Co. Merged/Acquirer Co.

Takeover Rs.50 26 Jul 2007 Shree Renuka Sugars Ltd. Promoters

Takeover Rs.50 18 Jul 2007 Kashipur Sugar Mills Ltd. Capital Cement Ltd.

Merger Rs.50 27 Jun 2007 Maheswara Sugars Ltd. [merged] Bannari Amman Sugars Ltd.

Takeover Rs.50 05 Apr 2007 Sakthi Sugars Ltd. Morgan Stanley Group

Takeover Rs.50 03 Apr 2007 Bajaj Hindusthan Ltd. Bajaj Auto Ltd. And Affiliates

Takeover Rs.50 01 Feb 2007 Indo Gulf Industries Ltd. Balrampur Chini Mills Ltd.

Merger Rs.50 25 Jan 2007 Mawana Sugars Ltd. [merged] Mawana Sugars Ltd.

Merger Rs.50 15 Jan 2007 Dalmia Sugars Ltd. [merged] Dalmia Bharat Sugar & Inds. Ltd.

Takeover Rs.50 29 Dec 2006 Bajaj Hindusthan Sugar & Inds. Ltd. Bajaj Hindusthan, J P Morgan Securities,& Others

Sale of Asset Rs.50 28 Dec 2006 Gayatri Sugars Ltd. Shree Renuka Sugars Ltd.

Takeover Rs.50 02 Nov 2006 Tilan Sugar Ltd. Sakthi Sugars Ltd.

Sale of Asset Rs.50 30 Oct 2006 Monnet Sugar Ltd. Sir Shadi Lal Enterprises Ltd

Merger Rs.50 30 Oct 2006 Sri Rama Distilleries Ltd. [merged] Jeypore Sugar Co. Ltd.

Merger Rs.50 26 Oct 2006 Parry Nutraceuticals Ltd. [merged] E I D-parry (india) Ltd.

Takeover Rs.50 20 Oct 2006 Piccadily Agro Inds. Ltd. Piccadily Hotels Pvt. Ltd.

Deal Type Deal Date Target/Seller Co. Merged/Acquirer Co.

Takeover Rs.50 10 Oct 2006 Rana Sugars Ltd. Promoters

Merger Rs.50 07 Sep 2006 D S M Hi-tech Products Ltd. [merged]

Dhampur Sugar Mills Ltd.

Takeover Rs.50 24 Aug 2006 Indo Gulf Industries Ltd. Balrampur Chini Mills Ltd.

Takeover Rs.50 17 Aug 2006 Prudential Tirumala Sugars Ltd. Unknown

Takeover Rs.50 17 Aug 2006 Prudential Ammana Sugars Ltd. Unknown

Merger Rs.50 15 Aug 2006 Bharat Sugar Mills Limited. [merged]

G M R Industries Ltd.

Sale of Asset Rs.50 15 Aug 2006 G M R Industries Ltd. Cronimet Alloys India Ltd.

Takeover Rs.50 19 Jul 2006 Parry Nutraceuticals Ltd. [merged] E I D-parry (india) Ltd.

Takeover Rs.50 10 Jul 2006 Shri Prabhulingeshwar Sugars & Chemicals Ltd.

Unknown

Takeover Rs.50 24 Apr 2006 Trident Sugars Ltd. Rajshree Sugars & Chemicals Ltd.

Sale of Asset Rs.50 01 Apr 2006 Arunachalam Sugar Mills Ltd. Shree Ambika Sugars Ltd.

Merger Rs.50 31 Mar 2006 Santhanalakshmi Investments Pvt. Ltd. [merged]

E I D-parry (india) Ltd.

Sale of Asset Rs.50 20 Feb 2006 New India Retailing & Invst. Ltd. Upper Ganges Sugar & Inds. Ltd.

Sale of Asset Rs.50 13 Jan 2006 Kothari Sugars & Chemicals Ltd. Unknown

Takeover Rs.50 04 Jan 2006 Rajshree Sugars & Chemicals Ltd. Rajshree Pathy

Deal Type Deal Date Target/Seller Co. Merged/Acquirer Co.

Sale of Asset Rs.50 15 Dec 2005 E I D-parry (india) Ltd. Roca Bathroom Products Pvt. Ltd.

Takeover Rs.50 12 Dec 2005 Cosmos Industries Ltd. Indian Sucrose Ltd.

Merger Rs.50 28 Nov 2005 Nanglamal Sugar Ltd. [merged] Mawana Sugars Ltd. [merged]

Sale of Asset Rs.50 08 Nov 2005 Dhampur Sugar Mills Ltd. Balrampur Chini Mills Ltd.

Merger Rs.50 20 Oct 2005 Santhakumari Investments Pvt. Ltd. [merged]

E I D-parry (india) Ltd.

Takeover Rs.50 02 Sep 2005 Bajaj Hindusthan Sugar & Inds. Ltd. Bajaj Hindusthan Ltd.

Merger Rs.50 31 Aug 2005 Mansurpur Sugar Mills Ltd. [merged]

Dhampur Sugar Mills Ltd.

Takeover Rs.50 23 Jun 2005 J K Agri Genetics Ltd. J K Sugar Ltd.

Takeover Rs.50 23 Jun 2005 J K Sugar Ltd. B M F Beltings Ltd. [merged]

Sale of Asset Rs.50 13 Jun 2005 New Horizon Sugar Mills Ltd. E I D-parry (india) Ltd.

Takeover Rs.50 09 Mar 2005 Thiru Arooran Sugars Ltd. Promotors

Merger Rs.50 09 Mar 2005 Shree Vaani Sugars & Inds. Ltd. Karnataka Breweries & Distilleries Pvt. Ltd. [merged]

Takeover Rs.50 02 Mar 2005 Sakthi Sugars Ltd. A B T Ltd.

Takeover Rs.50 29 Dec 2004 Nahar Sugar & Allied Inds. Ltd. [merged]

J. L. Growth Fund Ltd.

Takeover Rs.50 09 Dec 2004 Ponni Sugars (erode) Ltd. Mr. Anubhav Aggarwal

Deal Type Deal Date Target/Seller Co. Merged/Acquirer Co.

Takeover Rs.50 26 Nov 2004 Kothari Sugars & Chemicals Ltd. Parvathi Trading & Finance Co. Pvt. Ltd.

Merger Rs.50 01 Nov 2004 Saran Trading Co. Ltd.[merged] New India Retailing & Invst. Ltd.

Takeover Rs.50 20 Oct 2004 Rana Sugars Ltd. Mr. Rana Ranjit Singh

Takeover Rs.50 20 Oct 2004 Rana Sugars Ltd. Mr. Rana Gurjeet Sin

Takeover Rs.50 11 Aug 2004 Triveni Engineering & Inds. Ltd. Mrs.rati Sawhney

Takeover Rs.50 11 Aug 2004 Triveni Engineering & Inds. Ltd. Dhruv M Sawhney

Takeover Rs.50 04 Aug 2004 Gayatri Sugars Ltd. Promoters & Fis

Takeover Rs.50 03 Jul 2004 Rangar Breweries Ltd. Indian Sucrose Ltd.

Takeover Rs.50 26 May 2004 Sakthi Sugars Ltd. Global Small Cap Fund & Gmo Foreign Small Companies Fund

Takeover Rs.50 31 Mar 2004 Coromandel International Ltd. E I D-parry (india) Ltd.

Sale of Asset Rs.50 30 Mar 2004 E I D-parry (india) Ltd. Parry Engineering & Exports Ltd.

Takeover Rs.50 30 Mar 2004 Roca Bathroom Products Pvt. Ltd. E I D-parry (india) Ltd.

Takeover Rs.50 26 Mar 2004 Shree Vaani Sugars & Inds. Ltd. Promoters

Takeover Rs.50 03 Jan 2004 Oudh Sugar Mills Ltd. Reliance Growth Fund

Takeover Rs.50 27 Dec 2003 Girdharilal Sugar & Allied Inds. Ltd. Promoters

Deal Type Deal Date Target/Seller Co. Merged/Acquirer Co.

Takeover Rs.50 27 Dec 2003 Balrampur Chini Mills Ltd. D S P Merrill Lynch, Reliance Mutual Fund, Hsbc & India Capital Fund

Merger Rs.50 24 Oct 2003 Ghaghara Sugar Ltd. D C M Shriram Consolidated Ltd.

Takeover Rs.50 01 Oct 2003 Khandwala Securities Ltd. Bajaj Hindusthan Ltd.

Sale of Asset Rs.50 27 Aug 2003 Monnet Sugar Ltd. Bajaj Hindusthan Ltd.

Merger Rs.50 19 Aug 2003 Nahar Sugar & Allied Inds. Ltd. [merged]

Nahar Industrial Enterprises Ltd.

Sale of Asset Rs.50 06 Jun 2003 Monnet Industries Ltd. Monnet Sugar Ltd.

Takeover Rs.50 15 May 2003 Empee Sugars & Chemicals Ltd. Empee Distilleries Ltd.

Merger Rs.50 12 May 2003 Parry & Co. Ltd. [merged] E I D-parry (india) Ltd.

Merger Rs.50 12 May 2003 Mofussil Warehouse & Trading Co. Ltd. [merged]

E I D-parry (india) Ltd.

Sale of Asset Rs.50 12 May 2003 E I D-parry (india) Ltd. Coromandel International Ltd.

Takeover Rs.50 06 Mar 2003 Sri Chamundeswari Sugars Ltd. Chamundeswari Enterprises, A B T Industries & Shakti Beverages

Sale of Asset Rs.50 04 Feb 2003 Mawana Sugars Ltd. Mawana Sugars Ltd. [merged]

Merger Rs.50 23 Jan 2003 South India Sugars Ltd. [merged] Rajshree Sugars & Chemicals Ltd.

Takeover Rs.50 22 Jan 2003 Shree Vaani Sugars & Inds. Ltd. Promoters

Sale of Asset Rs.50 07 Oct 2002 J K Tyre & Inds. Ltd. J K Sugar Ltd.

Deal Type Deal Date Target/Seller Co. Merged/Acquirer Co.

Takeover Rs.50 21 Aug 2002 Bajaj Hindusthan Ltd. Bacchraj & Co. Pvt. Ltd. & Jamnalal Sons Pvt. Ltd.

Takeover Rs.50 14 Aug 2002 India Sugars & Refineries Ltd. Mr.rajendraprasad R Morarka - Karta (huf)

Merger Rs.50 15 Jun 2002 Somaiya Organo-chemicals Ltd. Godavari Sugar Mills Ltd.

Takeover Rs.50 26 Apr 2002 Kesar Enterprises Ltd. Kesar Corporation Pvt. Ltd.

Takeover Rs.50 16 Apr 2002 Dhampur Sugar Mills Ltd. Bual Management Inc, Sonitron Ltd & Others

Sale of Asset Rs.50 04 Apr 2002 Nizam Sugars Ltd. Transfer To 49:51 Jv With Delta Paper Mills Ltd.

Takeover Rs.50 30 Mar 2002 Empee Sugars & Chemicals Ltd. Empee Holdings Ltd.

Takeover Rs.50 27 Mar 2002 Indian Sucrose Ltd. Yadu Sugar Ltd.

Sale of Asset Rs.50 26 Feb 2002 Mawana Sugars Ltd. Sir Shadi Lal Enterprises Ltd.

Takeover Rs.50 20 Feb 2002 Kirlampudi Sugar Mills Ltd. Mr. C Raghuram

Takeover Rs.50 16 Feb 2002 Simbhaoli Sugars Ltd. Occident Orient Company Ltd., Mauritius

Takeover Rs.50 24 Dec 2001 Balrampur Chini Mills Ltd. Buy-back Of Shares

Takeover Rs.50 27 Nov 2001 Rana Sugars Ltd. Promoters & Punjab Energy Development Agency

Takeover Rs.50 07 Sep 2001 Nagarjuna Co-operative Sugar Mill Nuziveedu Seeds Pvt. Ltd.

Takeover Rs.50 07 Sep 2001 Nandyal Co-operative Sugar Mill Sree Rayalaseema Green Energy Ltd.

Deal Type Deal Date Target/Seller Co. Merged/Acquirer Co.

Takeover Rs.50 07 Sep 2001 A S M Co-operative Sugar Factory Delta Paper Mills Ltd.

Takeover Rs.50 07 Sep 2001 Sri Hanuman Co-op. Sugar Mill Delta Paper Mills Ltd.

Sale of Asset Rs.50 03 Aug 2001 Sical Logistics Ltd. Rajshree Sugars & Chemicals Ltd.

Takeover Rs.50 12 Jun 2001 Venus Sugar Ltd. Promoters, Fis & Others

Takeover Rs.50 09 May 2001 Gobind Sugar Mills Ltd. K K Birla Group

Sale of Asset Rs.50 27 Apr 2001 Nizam Sugars Ltd. Jeypore Sugar Co. Ltd.

Sale of Asset Rs.50 21 Apr 2001 Nizam Sugars Ltd. United Spirits Ltd.

Sale of Asset Rs.50 21 Apr 2001 Nizam Sugars Ltd. Mr. D K Adikeshavulu

Sale of Asset Rs.50 21 Apr 2001 Nizam Sugars Ltd. I M C

Merger Rs.50 12 Apr 2001 Chilwaria Sugars Ltd. [merged] Simbhaoli Sugars Ltd.

Takeover Rs.50 07 Apr 2001 Kesar Enterprises Ltd. Kesar Corporation Pvt. Ltd.

Takeover Rs.50 26 Mar 2001 Dhampur Sugar Mills Ltd. I C I C I Ltd. [merged]

Takeover Rs.50 23 Mar 2001 Dharani Sugars & Chemicals Ltd. Dharani Credit & Finance Pvt. Ltd.

Takeover Rs.50 14 Mar 2001 Shiva Texyarn Ltd. Bannari Amman Sugars Ltd.

Takeover Rs.50 20 Feb 2001 Empee Sugars & Chemicals Ltd. Empee Distilleries Ltd.

Deal Type Deal Date Target/Seller Co. Merged/Acquirer Co.

Takeover Rs.50 15 Dec 2000 Ravalgaon Sugar Farm Ltd. Carina Finvest Ltd.

Sale of Asset Rs.50 22 Nov 2000 Upper Ganges Sugar & Inds. Ltd. Proposed

Takeover Rs.50 04 Oct 2000 K C P Sugar & Inds. Corpn. Ltd. Buy-back Of Shares

Takeover Rs.50 29 Jul 2000 Sir Shadi Lal Enterprises Ltd. Buy Back Of Shares

Sale of Asset Rs.50 04 May 2000 Rajshree Sugars & Chemicals Ltd. Proposed

Takeover Rs.50 18 Apr 2000 Sakthi Sugars Ltd. Promoters & Associates

Sale of Asset Rs.50 18 Apr 2000 Sakthi Sugars Ltd. Transfer To Separate Company

Sale of Asset Rs.50 26 Mar 2000 Thiru Arooran Sugars Ltd. Terra Energy Ltd.

Takeover Rs.50 11 Dec 1999 Chilwaria Sugars Ltd. [merged] Balrampur Chini Mills Ltd.

Takeover Rs.50 02 Dec 1999 Rana Sugars Ltd. Promoters & Associates

Merger Rs.50 01 Nov 1999 Triveni Engineering & Inds. Ltd. [merged]

Triveni Engineering & Inds. Ltd.

Sale of Asset Rs.50 29 Oct 1999 Sakthi Sugars Ltd. Sakthi Auto Components Ltd.

Takeover Rs.50 16 Oct 1999 Chilwaria Sugars Ltd. [merged] Simbhaoli Sugars Ltd.

Sale of Asset Rs.50 29 Sep 1999 Kothari Sugars & Chemicals Ltd. Proposed

Takeover Rs.50 04 Sep 1999 Shree Ambika Sugars Ltd. Thiru Arooran Sugars Ltd.

Deal Type Deal Date Target/Seller Co. Merged/Acquirer Co.

Sale of Asset Rs.50 04 Sep 1999 Aruna Hotels Ltd. Shree Ambika Sugars Ltd.

Sale of Asset Rs.50 31 Jul 1999 Ponni Sugars (orissa) Ltd. Ponni Sugars (erode) Ltd.

Takeover Rs.50 06 Jul 1999 Balrampur Chini Mills Ltd. Vasukhi Agencies

Merger Rs.50 07 Apr 1999 Sharda Sugar & Inds. Ltd. [merged] Bajaj Hindusthan Ltd.

Merger Rs.50 01 Apr 1999 Tulsipur Sugar Co. Ltd. [merged] Balrampur Chini Mills Ltd.

Takeover Rs.50 30 Mar 1999 Pettavaittalai Sugars & Chemicals Ltd.

E I D-parry (india) Ltd.

Merger Rs.50 02 Jan 1999 Sree Kailas Sugars & Chemicals Ltd. [merged]

Kakatiya Cement Sugar & Inds. Ltd.

Takeover Rs.50 06 Nov 1998 Kothari Sugars & Chemicals Ltd. Eid Parry, French Co Eridania Beghin-say

Takeover Rs.50 16 Oct 1998 Aruna Hotels Ltd. Thiru Arooran Sugars

Takeover Rs.50 10 Jun 1998 Pettavaittalai Sugars & Chemicals E I D-parry (india) Ltd.

Ltd.

Takeover Rs.50 17 Apr 1998 Tulsipur Sugar Co. Ltd. [merged] Balrampur Chini Mills, Pampa Properties Etc

Merger Rs.50 31 Mar 1997 D S M Sugar (kashipur) Ltd. [merged]

Kashipur Sugar Mills Ltd.

Merger Rs.50 31 Mar 1994 Babhnan Sugar Mills Ltd. [merged] Balrampur Chini Mills Ltd.

Merger Rs.50 31 Mar 1993 Sakthi Soyas Ltd. [merged] Sakthi Sugars Ltd.

Merger Rs.50 31 Mar 1989 Bharat Sugar Mills Ltd. [merged] New India Retailing & Invst. Ltd.

Deal Type Deal Date Target/Seller Co. Merged/Acquirer Co.

Merger Rs.50 31 Mar 1985 New Swadeshi Sugar Mills Ltd. [merged]

Oudh Sugar Mills Ltd.

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