Following a strong momentum of India--US cross border transactions last month, September witnessed eight US bound and six India bound transactions. The rising trend of US bound investments by Indian companies was evident this month, especially in areas of Industrial commodities, Utilities, Information Technology and Healthcare. The key transaction(by size) this month were KEC international acquisition of SAE Towers Holding for $ 95 million in cash and Biologics capital raise of $ 80 million through equity shares. India bound transactions by US companies were led by private placement in IT, Healthcare and Utilities sectors with M&A taking a back seat. Micromax Informatics Limited received $43 million funding from new investors Sandstone Capital Sequoia Capital, and Madison Capital Management. Svasti Microfinance Pvt. Ltd raised its first round of equity funding from The Michael and Susan Dell Foundation, Endowment Arm and several high net worth individuals. With respect to US bound acquisition by Indian companies there were six M&A and two private placements. Core Projects & Technologies Limited acquired Technical Systems Integrators and Keenan and Keenan Group for approximately $20 million. Core Projects funded the acquisitions from the proceeds of its earlier foreign currency convertible bonds issue. Similarly IFGL Refractories Ltd. acquired CUSC International Ltd and El Ceramics LLC for $13 million. The acquisition has largely been funded, to the extent of $10 million, with five-year loans from HDFC Bank and the balance from IFGL. Welcome to the October 2010 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. For more information, please visit www.ivgpartners.com

1. October 2010
IMaCS Virtus Global Partners Newsletter
Transaction & Investment Flow between US and India
Recent Reports and Following a strong momentum of India--US cross border transactions last
month, September witnessed eight US bound and six India bound
News
transactions. The rising trend of US bound investments by Indian
companies was evident this month, especially in areas of Industrial
Recent Reports commodities, Utilities, Information Technology and Healthcare.
The key transaction(by size) this month were KEC international acquisition
Negotiating IT Deals with of SAE Towers Holding for $ 95 million in cash and Biologics capital raise
American Companies of $ 80 million through equity shares.
India bound transactions by US companies were led by private placement
Indian Pollution Control in IT, Healthcare and Utilities sectors with M&A taking a back seat.
Industry
Micromax Informatics Limited received $43 million funding from new
investors Sandstone Capital Sequoia Capital, and Madison Capital
Industry Trends & News Management. Svasti Microfinance Pvt. Ltd raised its first round of equity
funding from The Michael and Susan Dell Foundation, Endowment Arm and
several high net worth individuals.
Banking - CRISIL, Tata Steel,
Electrotherm With respect to US bound acquisition by Indian companies there were six
M&A and two private placements. Core Projects & Technologies Limited
acquired Technical Systems Integrators and Keenan and Keenan Group for
Technology - Core Projects,
approximately $20 million. Core Projects funded the acquisitions from the
Honeywell, Symphony
proceeds of its earlier foreign currency convertible bonds issue. Similarly
IFGL Refractories Ltd. acquired CUSC International Ltd and El Ceramics LLC
Hughes,IFGL,KEC,EMC,GE,Coca for $13 million. The acquisition has largely been funded, to the extent of
-Cola,GM $10 million, with five-year loans from HDFC Bank and the balance from
IFGL.
AES,Reliance Industries
Welcome to the October 2010 edition of our US-India newsletter, which
Biocon,Shasun,Teleradiology focuses on key developments and issues affecting foreign direct
Solutions,Suven investments (FDI) and foreign institutional investments (FII) between the
Lifesciences,Sun Pharma, US and India. For more information, please visit www.ivgpartners.com
Taro,Ranbaxy,Guthy-Renker
Recent Reports
About IVG Partners
Negotiating IT Deals with American Companies - A Guest
IMaCS Virtus Global Partners Column by Mark Grossman and Tate Stickles, The
(IVG Partners), a joint venture Grossman Law Group
between ICRA Management
Consulting Services and Virtus The information technology ("IT") industry has some rather
Global Partners, offers firmly established deal norms that apply worldwide. Knowing
transaction advisory to North the norms allows you to effectively focus on the areas where
American and Indian companies you can have impact while choreographing your concessions around areas
seeking cross border growth where you're not likely to win the battle anyway. This article is a primer on
and investment opportunities. understanding what are workable and fair agreements when contracting
For more information, please with American companies.
visit www.ivgpartners.com

2. Indian Pollution Control Industry - Opportunities for US Companies
India is one of the largest and one of the fastest growing
producers of greenhouse gases. It is estimated that 30-40
percent of India's industrial units produce sizeable quantities of
pollutants. India's pollution control equipment industry is
growing at 10-12 % annually, driven by government initiatives
and a proactive judiciary. Local production is mainly into
standard, low-tech equipment. The United States is the market leader for
imports, having over 30% of market share.
Industry Trends & News
Banking & Finance
Crisil to acquire Chicago-based KPO for $12.75 mn
Tata Steel To Invest Rs 1,350Cr In Canadian JV
Technology & Telecom
Honeywell India to expand partnerships with local
industry
Vertex, Shell Transource in tie-up to tap Indian BPO
market
Core Projects acquires 2 US-based education firms
GE to expand India R&D arm
Microsoft launches Halo Reach in India
Symphony Service Corp Acquires CoreObjects
Industrial Commodities & Manufacturing
Hughes sets up satellite hub in Hyderabad
IFGL Refractories buys 2 US cos for $ 13mn
KEC Intl buys US-based SAE Towers for $95 mn
EMC Corp unveils second global command centre in
India
GE to setup manufacturing unit in India
Coca-Cola to Build New India Plant
GM to open engine plant at Talegaon
Energy
US power major, AES Corporation to invest in Bihar
RIL completes Marcellus Shale deal
Life Sciences
Shasun's JV with US's Nanoparticle Biochem for $2-3

3. mn
Guthy-Renker hopes to garner $13-15 m from India
Biocon inks pact with Teleradiology Solutions
Suven Life Sciences gets 2 new US patents
Sun completes Taro acquisition
Ranbaxy gets US nod to sell Alzheimer's generic
Defence & Aerospace
Honeywell India to expand partnerships with local
industry
Jet Airways, IBM ink 10-year IT deal for $62 mln
India, US may sign $3.5 billion defence deal
Mahindra Signs Boeing Deal
IMaCS Virtus Global Partners
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