In the first quarter of 2010, there were eight acquisitions by Indian companies in the US and over 16 investments into India by US companies. There was a significant increase in energy related investments such as Essar's acquisition of Trinity Coal for $600 million, IFC's investment in renewable energy company Auro Mira, and Reliance's discussions with Atlas Energy for stake in Marcellus Shale natural gas operations. While information technology remains the dominant theme for Indian companies acquiring US assets, investments into India from the US were predominantly in the nature of stake purchase rather than mergers or acquisitions. Key transactions included AT&T's purchase of stake in Tech Mahindra and Matheson's acquisition of K-Air Specialty Gases. Welcome to the second edition of our US-India newsletter, which focuses on key developments and issues affecting foreign direct investments (FDI) and foreign institutional investments (FII) between the US and India. IMaCS Virtus Global Partners, a joint venture between ICRA Management Consulting Services and Virtus Global Partners, offers advisory services to North American companies and funds seeking India related growth and investment opportunities. For more information, please visit www.ivgpartners.com

1. US-India Transactions & Investment Monitor - April 2010 Page 1 of 3
April 2010
IMaCS Virtus Global Partners Newsletter
Transaction & Investment Flow between US and India
Columbia Business
In the first quarter of 2010, there were eight acquisitions by Indian
School - India companies in the US and over 16 investments into India by US companies.
Business Conference There was a significant increase in energy related investments such as
Essar's acquisition of Trinity Coal for $600 million, IFC's investment in
Join us at the Infrastructure renewable energy company Auro Mira, and Reliance's discussions with Atlas
Panel Energy for stake in Marcellus Shale natural gas operations.
Moderator: Anil Kumar, CEO,
IMaCS Virtus Global Partners While information technology remains the dominant theme for Indian
Speakers: companies acquiring US assets, investments into India from the US were
- Madhu Vuppuluri, predominantly in the nature of stake purchase rather than mergers or
President, Essar Americas acquisitions. Key transactions included AT&T's purchase of stake in Tech
- David Good, Chief Mahindra and Matheson's acquisition of K-Air Specialty Gases.
Representative, Tata Sons-
USA Welcome to the second edition of our US-India newsletter, which focuses on
- Dianne Moughan, New key developments and issues affecting foreign direct investments (FDI) and
Business Development foreign institutional investments (FII) between the US and India. IMaCS
Director, Dow Chemicals Virtus Global Partners, a joint venture between ICRA Management
- Howard Endleman, Partner, Consulting Services and Virtus Global Partners, offers advisory services to
Baseline Partners North American companies and funds seeking India related growth and
investment opportunities. For more information, please visit
www.ivgpartners.com
Top News from Major
Sectors
Recent Reports
Indian Wastewater Treatment
Market
Investment Opportunities in the Indian Infrastructure and Energy
Air India, GE ink deal to Sector
The Indian infrastructure and energy sector comprising roads
invest $90 m in MRO
and urban development, airports, energy, shipping and ports,
US construction machinery and electricity has become a key driver of the Indian
economy. By adopting an international competitive bidding
export to India up 55% in '09 process, allowing external commercial borrowings, and
facilitating statutory clearances the government of India has
AT&T buys 8 pct of Tech
opened up opportunities in the sector as never seen before. This presents a
Mahindra for $35 mln compelling investment opportunity for US and European project developers,
infrastructure and power equipment companies as well as financial
Fortis, Apollo & Max enter
investors.
into contracts with American
firms for US patients
Indian Water and Wastewater Treatment Market Opportunities for
India's Thermax, US Babcock
US Companies
& Wilcox in JV pact With a market size of over $4 billion, the Indian water and wastewater
market is growing at a rate of 10-12 percent every year.
Texas Pacific set to take over Government related projects contribute over 50 percent of
Vishal Retail assets revenues in this market while the private sector contributes
the rest. The water and wastewater treatment market
segment is highly fragmented and unorganized. Imports
constitute approximately $110 million of the $690 million
market for municipal and industrial water treatment equipment.
Industry Trends & News
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2. US-India Transactions & Investment Monitor - April 2010 Page 2 of 3
Defence and Aerospace
Boeing clinches 85 orders from India
Air India, GE ink deal to invest $90 m in MRO
BAE Systems to Provide Mission Computer Systems for
Indian Navy Patrol Aircraft
Energy
BorgWarner sets up Rs 30 cr facility near Chennai
PE group invests $425 mln in India power venture
Suniva Inc reports commissioning of 3MW solar
project in India
Reliance in running for Marcellus JV
Infrastructure
Moog arm bags $4-m deal from Rlys unit
US construction machinery export to India jumped
55% in '09
Office space: Oracle, Brigade call off deal
Techology & Telecom
AT&T buys 8 pct of Tech Mahindra for $35 mln
Courion opens tech centre in Pune
Synopsys set to buy US-based CoWare
Wipro inaugurates global delivery centre in Brazil
Life Sciences
Dr Reddy's opens mPEG alcohol manufacturing plant in
Mexico
Mission Vivacare enters US healthcare market
Fortis, Apollo & Max enter into contracts with American
firms for US patients
Piramal Healthcare Buys Cipla's Contraceptive Brand
For Rs 95Cr
GE announces expansion of Bangalore ops
Industrial Commodities
India's Thermax, US Babcock & Wilcox in JV pact
JSW Steel Makes First Export to U.S. in 18 Months
Retail & Franchising
Tesco brands available in India
Texas Pacific set to take over Vishal Retail assets
Pepsico records 100% growth in crop output in Bengal
Yum! Brands International Division Opens First Taco
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3. US-India Transactions & Investment Monitor - April 2010 Page 3 of 3
Bell in India
Amway to open around 170 outlets in India within 5
yrs
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