july - september 2019...to political uncertainties in the first half of the year, 2019 ... uncertain...

Investment ChronicleJuly - September 2019

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Investment Chronicle July - September 2019

We are pleased to present the Investment Chronicle by Nexdigm (SKP) – our quarterly update that focuses on the deal-making landscape in India, comprising Mergers and Acquisitions (M&A), equity investments and exits. In this report, we look at the Indian transaction arena in the third quarter of 2019.

In line with anticipations around investor behaviour, owing to political uncertainties in the first half of the year, 2019 initiated cautiously with deals worth USD 16.6 billion in the first quarter. The following two quarters followed steadily at USD 18.1 billion and USD 19.2 billion. At a further dissection of the landscape, after a phenomenal record in 2018, M&A has continued on a declining trend with deals worth only USD 8.8 billion this quarter and just two deals crossing the USD 1 billion mark.

While factors such as policy interventions and trade wars have brought upon a prudence in investors globally, investments in India have continued to stay strong. In contrast to M&A’s dismal performance this quarter, Equity Investments at USD 9.9 billion have kept momentum with their performance in the previous years, reflecting investor confidence in the economy despite short term obscurities.

As volatile capital markets and unyielding valuations forced investors to revisit their exit strategies, Private equity exits plummeted the most in 2019 with a marginal share in the deal landscape, collating as low as USD 393 million.

Despite the setback in the deal momentum in the last three quarters, investor sentiments remain positive as India continues to offer a progressive market to be catered to in the long term. Temporary halt in M&A activities is expected to recede over the coming quarters as the government takes measures to reinforce investor confidence after the uncertain environment in the first half of the year. Along with gradual fruits of implementation of major policy reforms such as Goods and Service Tax, Insolvency and Bankruptcy Code and relaxations in foreign investment regulations, recent reduction in corporate tax and custom duty rates continue to make the Indian market more lucrative.

While the effects of transaction deceleration this year may partially spill into the last quarter of 2019, 2020 is expected to gain traction again, with a continuing flow of investors motivated by the vast potential of the Indian market, and growing clarity on a stabilising political and regulatory environment.

Foreword

Maulik DoshiSenior Executive Director

Transaction Advisory

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July - September 2019 Investment Chronicle

Quarterly Compass

Deal Trends (Volume/Value) (USD million)

30,614

12,51615,827

9,063 10,3948,845

7,003

6,258

4,981

7,3926,903

9,731

908418

162853

Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

DEAL VALUE

DEAL VOLUME

258

66

219 227

46

193

174

25

275

217

32

199

266

28

198

9,918

393

306

30

193

Quarter Highlights

Average M&A

Deal Value

USD 45.83million

Top M&A Deal Value

USD 2,726million

Top EInv Deal Value

USD 3,666 million

M&A CAGR (4 years)

11%

Hot Sector

Information Technology

Top Outbound Partner

England

Average EInv

Deal Value

USD 32.41 million

Top PEE Deal Value

USD 223.80million

EInv CAGR (4 years)

6%

Emerging Segment

Packaged Foods and Meats

M&A - Merger & Acquisitions EInv - Equity InvestmentsPEE - Private Equity Exits

4


Mergers and Acquisitions

Deal Buyer Target Type Value % Sought Sector

1 JSW Steel Ltd. Bhushan Power and Steel Ltd. Domestic 2,726.00 100% Materials

2 RA Hospitality Holdings (Cayman) Oravel Stays Pvt. Ltd. Inbound 2,000.00 20% Information Technology

3 IndInfravit Trust Sadbhav Infrastructure Project Ltd Domestic 956.90 100% Industrials

4 Patanjali Ayurved Ltd. Ruchi Soya Industries Ltd. Domestic 630.90 100% Consumer Staples

5 Adani Power Ltd. GMR Chhattisgarh Energy Ltd. Domestic 511.80 100% Utilities

As observed in the first half of 2019, this quarter has continued to showcase relatively cautious investor behaviour, leading to 15% reduction of M&A activity (by deal value) from the previous quarter.

The IT sector has the highest number of deals consistently every quarter of this year, with ~22% share of deal value in 2019. The Industrials and Materials space has outshone this quarter comprising 49% of the deal value, creating scope in terms of domestic and worldwide demand.

While the M&A outlook is positive, transactions have still fallen short of achieving the results initially envisioned. Political uncertainty, exchange rate volatility, global trade wars, and the current fiscal conditions were the major factors tempering deal momentum. While external factors continue to be prime influencers, the need for more effective due diligence to ensure that revenue projections materialize is also being recognized.

Global geopolitical developments and a robust economic structure have placed India at an advantage of being an attractive investment destination over her global peers. Several technology-driven M&As are expected to take place going forward in sectors such as

Others

Outbound

Inbound

Domestic

11651

1836

86317002 6900

5612

17559

1429

3557

4892090

2894

1067

387

1067

387958 181

336

8864

1767

790

445158

Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

Total Deal Volume193

Total Deal ValueUSD 8,845 million

Top SectorMaterials

Top RegionDelhi

Top Outbound CountryEngland

(USD million)

Fintech, data analytics, and the automobile industry with the gradual switch to electronic vehicles (EVs).

Majority of cross border transactions have originated from USA, Japan, and China. The static momentum exhibited by cross-border deals (following the moderate performance in the previous quarters of 2019) reflect the overall tepid nature of the global M&A landscape.

On the other hand, long-term prospects for the Indian deal landscape look favourable. India is witnessing a continued interest from foreign investors as well as a stable and strong government with a steady focus on growth and development, along with ongoing consolidation and restructuring activities.

(USD million)

5


Prime Deals

In Sept 2019, it was announced that JSW Steel Ltd would acquire Bhushan Power and Steel Ltd in an all-cash deal, making this the second deal undertaken under the Insolvency and Bankruptcy Code by the acquirer. The transaction would lead JSW Steel’s production capacity to increase by 15%, with a capacity addition of 3.5 million tonnes and the company’s expansion in eastern India, where it currently has no presence.

The National Company Law Tribunal (NCLT) approval on the deal came at a time when the steel industry was looking out for production cut and cost reduction options, in response to reducing demand due to slowdown of the economy. Nevertheless, India’s current infrastructural inadequacy should continue to drive domestic demand in the long term. Supported by the government’s infrastructure-focused initiatives to cater to India’s huge population, the company plans to almost double its investment every financial year until 2021, aiming to become a 45 million tonne capacity steel firm by 2030.

The transaction closure is subject to the fulfilment of certain requisite conditions put forth by JSW Steel.

IndInfravit Trust has entered into an agreement with Ahmedabad-based Sadbhav Infrastructure Project Ltd (SIPL) to acquire its nine operational road projects.

Sadbhav Infrastructure’s road portfolio comprises seven toll roads and two annuity roads in major cities (for the past six years). This acquisition has been carried out in line with IndInfravit’s strategy to acquire additional road projects in India and expand their existing operations.

Floated by L&T Infrastructure, IndInfravit holds five operational toll road concessions. Sadbhav Infrastructure is expected to receive the proceeds from the transaction in a combination of cash and allotment of units in IndInfravit Trust.

This deal anticipates significant economic benefits to both parties. It also further stresses on the fact that India continues to be attractive for long term investors.

Target: Bhushan Power and Steel Ltd Target: Sadbhav Infrastucture Project Ltd, 9 Road Projects

SECTOR Materials

SECTOR Industrials

Buyer: JSW Steel Ltd Buyer: IndInfravit Trust

DEAL VALUE USD 2,726 mn

DEAL VALUE USD 956.85 mn

DEAL TYPE Domestic

DEAL TYPE Domestic

% SHARE 100%

% SHARE 100%

RATIONALE Manufacturing and Geographic Expansion

RATIONALE Growth and Expansion

DEAL HIGHLIGHTS DEAL HIGHLIGHTS

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Equity Investments

Deal Buyer Target Type Value % Sought Sector

1 Brookfield Asset Management Inc Tower Infrastructure Trust Private

Equity 3,666.00 NA Financials

2 GIC Pvt Ltd, Abu Dhabi Investment Council Greenko Energy Holdings Real Estate 630.64 NA Financials

3 Invesco Ltd Zee Entertainment Enterprises Ltd. Others 613.96 11% Consumer Discretionary

4 GGV Capital, Altimeter Capital Management & Others Trustroot Internet Pvt. Ltd. Venture

Capital 585.00 NA Information Technology

5The Blackstone Group LP, Sattva Developers Pvt. Ltd. & others

GV Techparks Pvt. Ltd. Real Estate 379.46 NA Financials

Despite political uncertainty and other external factors that dampened the performance of M&A in 2019, equity investments in India have been exceptionally positive. At USD 9,918 million from 306 deals, Q3 2019 witnessed an increase in both deal value and volume as compared to the previous quarter, with a 44% and 15% increase respectively. The quarter also accounts for one of the largest deals in the private equity space (in the infrastructure sector) valued at USD 3,666 million.

The Indian start-up ecosystem is developing, amounting to 49% of the total deal value this quarter. With India positioned as the delivery centre for the world, a large number of global organizations have their IT, financial, and compliance operations delivered out of India to drive down costs, which explains why these sectors account for 80% of the total private equity investment deal value for Q3 2019.

In terms of deal volume, Consumer Discretionary and Information Technology are the leading sectors.

Healthcare and Industrials sectors have showcased a growth in deal volume throughout 2019, which is in line with the booming scope for India for these arenas.

Domestic factors like growth slowdown, liquidity crisis, sensitive market sentiments and depreciating home currency have caused uncertainty, inspite which investors continue to march ahead, displaying confidence in India’s long-term growth prospects.

Others

Venture Capital & Debt

Public Equity

Private Equity

3,983

3169

1,579

4,914

2,373

4,508

1,251

15

598

582

1,848

547

1,294

2,465

1,483

1,676

2,130

2,821

475

609

1,321

221

551

2,043

Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

Total Deal Volume306

Total Deal ValueUSD 9,918 million

Emerging SegmentReal Estate & Apparel Retail

Top RegionMaharashtra

(USD million)

Infrastructure and real estate sectors have taken the lead in attracting PE investments. The infrastructure theme has witnessed interest from global buyout, and this trend is expected to remain strong in the near term.

Recent regulatory developments such as RERA (Real Estate (Regulation and Development Act, 2016), GST (Goods and Services Tax), Insolvency & Bankruptcy law, etc are making the Indian economy more lucrative to do business.

(USD million)

Top SectorFinancials

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Prime Deals

In July 2019, Canadian investment firm, Brookfield Asset Management Company, along with its affiliates, announced its forthcoming investment in Reliance telecom tower assets, one of the largest private equity deals in India amounting to USD 3,666 million.

In this multi-stage deal, the proceeds will primarily be invested in units of Tower Infrastructure Trust, an infrastructure investment trust sponsored by Reliance Industries Limited’s (RIL) subsidiary Reliance Industrial Investments and Holdings Ltd. The trust holds 51% stake in telecom tower operator Reliance Jio lnfratel Pvt. Ltd, while the balance stake is held by RIL.

It took the Canadian investment firm a few years before it found this opportunity to establish a foothold in India’s telecom tower segment. Brookfield owns and operates one of the largest infrastructure portfolios in the world, measuring around $65 billion of assets. The proceeds of this investment will be used to repay certain existing financial liabilities of Reliance Jio lnfratel and to acquire the balance 49% stake in the tower company from Reliance Industries Limited (RIL).

GIC announced an investment of USD 630 million to acquire an investment trust sponsored by IRB. The transaction involves IRB transferring nine of its current road assets in an investment trust wherein it will hold 51% stake and GIC will hold 49%. The company will jointly bid with GIC Pte for all future projects and step-up its revenue by securing larger projects.

GIC being a sovereign wealth fund had indicated its interest in India’s infrastructure sector few months prior to this deal. IRB poses strength and expertise as a market leader in Indian roads and highways sector. This deal will help IRB cut debt, save annual interest costs and seed under-construction projects. Companies in the same industry are facing a credit crunch post the ILFS crash, along with litigation delays with regulators having an increased fund requirement for such companies.

The new road investment trust has an enterprise value of INR 22,500 crore and a potential to generate INR 1.29 trillion of revenue and INR 88,000 crore of cash flow over the next 20 years. The proceeds will also be used for equity funding in future projects.

Target: Tower Infrastructure Trust Target: IRB Infrastructure Developers Ltd, Road Platform

SECTOR Financials

SECTOR Financials

Buyer: Brookfield Asset Management Inc Buyer: GIC Pvt Ltd

DEAL VALUE USD 3,666 mn


DEAL TYPE Private Equity

DEAL TYPE Real Estate

% SHARE NA

% SHARE NA

RATIONALE Diversification

RATIONALE Growth acceleration


8


Private Equity Exits

With transactions worth USD 10,994 million, the first half of 2018 witnessed a stellar performance of private equity exits, mainly owing to the exit made by various investors in the big ticket Flipkart-Walmart deal. Private equity exits have been on a declining trend post Q2 2018, with only 30 exits valuing USD 393 million during this quarter. The average deal size has decreased by almost 57% this quarter compared to Q2 2019.

The Financial sector has topped the charts in Q3 2019, contributing 60% of the total exit value, while sectors such as IT and Consumer Discretionary have the highest number of deals. Traditional sectors such as consumer staples & Materials has seen a slack in exit activity consistently in 2019.

Although they continue to contribute a majority portion of the exit value pie, open market exits witnessed a decline of 36% in terms of absolute value this quarter when compared to Q2 2019, impacted by the volatility in capital markets. While there were no exits through secondary sales and initial public offering in Q3 2019, there has been a minor improvement in the value of M&A as an exit route, after the dismal performance over the last two quarters. With certain concerns around perceived signs of slowdown in the Indian economy, exit plans of various equity investors are being left stagnant or to seek alternative exit options.

Rising liquidity concerns are provoking investors to look at alternative routes and possibly move towards strategic or secondary sales to monetize their assets. Timing is the key factor for private equity exits and investors are either expected to adopt a wait-and-watch approach or consider alternatives in this market.

Others*

Secondary Sale

Open Market

M&A

7,977

157 100 14

612

592311

144472

1,103

1177

18

7

302

38

44360

13

Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

79

Deal Seller Target Type Value % Sought Sector

1 KKR India Advisors Ltd SBI Life Insurance Company Open Market 223.80 1.95% Financials

2 Warburg Pincus LLC Lemon Tree Hotels Ltd Open Market 77.06 12.4% Consumer Discretionary

3 SSG Capital Management HK Ltd.

Future Supply Chain Solutions Ltd M&A 54.62 13.4% Industrials

4 India Realty Excellence Fund II & III

Kolte-Patil Developers Ltd, City Avenue M&A 14.64 NA Financials

5 TA Associates Pvt Ltd, Sandstone Capital LLC & others Micromax Informatics Ltd Other 13.06 6.9% Information Technology

Total Deal Volume30

Total Deal ValueUSD 393 million

Top SectorFinancials

Emerging SegmentAir Freight and Logistics

Top RegionMaharashtra

(USD million)

(USD million)

*Others primarily includes exit through buy-back and IPO

9


Target: Lemon Tree Hotels

Seller: Warburg Pincus India Pvt Ltd


Prime Deals

KKR India Advisors, through its affiliate Value Line Pte Ltd., sold its 1.95% stake in SBI Life Insurance Company Ltd, one of the most reputed financial companies in India, through a series of open market transactions in Q3 2019.

The shares were bought at INR 460 per share by KKR India Advisors along with Temasek Holdings for a total investment of INR 8.97 billion individually leading to the IPO of SBI Life Insurance Company Limited. The fund sold 19,500,000 equity shares at an average price of INR 792.83 each during this quarter, stimulating a return of investment of 1.7 times for KKR Advisors and a complete exit for the investment firm from SBI Life Insurance.

The leading insurance company, which is a joint venture between SBI and BNP Paribas, has reported a 49% increase in its new business value to INR 330 crore in the first quarter of FY19-20 as compared to the corresponding period last year.

SECTOR Financials


% SHARE 1.95%

RATIONALE Return on investment

DEAL TYPE Open Market

Warburg Pincus India Pvt Ltd, through its affiliate Maplewood Investment Ltd, sold its entire 12.42% stake in Lemon Tree Hotels Ltd for $77.06 million through an open market transaction.

Lemon Tree Hotels was trading at INR 53.50 on the exit date, down by INR 3.6 from its previous closing. Prior to the deal, the company stock had performed exceptionally well gaining 14% after promoters acquired the company’s shares via open market. Lemon Tree hotels is one of the fastest growing hotel chains in India with its presence across major cities such as Mumbai, Bengaluru, Hyderabad, Chennai etc. and also certain Tier I and Tier II cities.

Prior to this exit, Warbug Pincus had sold 12.02% stake in Lemon Tree Hotels in 2017 for USD 82.32 million. The current transaction along with the previous partial exit has led to Warburg Pincus’s complete exit from Lemon Tree Hotels, earning it a ~2.5 times return on its original investment.

SECTOR Consumer Discretionary


DEAL TYPE Open Market

% SHARE 12.42%

RATIONALE Return on investment

Target: SBI Life Insurance Company Ltd

Seller: KKR India Advisors Pvt Ltd

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Sector Insights

Consumer StaplesM&A USD 646.43 million 5 Deals

EInv USD 168.72 million 15 Deals

PEE - 2 Deals

Consumer DiscretionaryM&A USD 242.38 million 29 Deals


PEE USD 77.37 million 7 Deals

TelecommunicationM&A - 1 Deal

EInv - -

PEE - -

MaterialsM&A USD 3038.49 million 17 Deals

EInv USD 0.56 million 1 Deal

PEE - 1 Deal

UtilitiesM&A USD 801.62 million 8 Deals

EInv - 1 Deal

PEE - -

IndustrialM&A USD 1261.69 million 27 Deals



Information TechnologyM&A USD 2,193.24 million 54 Deals

EInv USD 2,127.59 million 146 Deals


HealthcareM&A USD 109.83 million 25 Deals


PEE - 3 Deals

EnergyM&A USD 1.51 million 2 Deals

EInv - -

PEE - -

FinancialsM&A USD 549.73 million 25 Deals



Bird's Eye View

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Sectoral Panorama

SectorQ3 2017 Q3 2018 Q2 2019 Q3 2019 Weights

Movement in Value*

Value Deals Value Deals Value Deals Value Deals Q2 2019

Q3 2019

Consumer Discretionary 1,251 93 820 83 1,374 87 1,537 94 8% 8% 12%

Consumer Staples 585 33 1,335 25 136 34 815 22 1% 4% 500%

Energy - 1 1 2 - 2 2 2 0% 0% -

Financials 3,493 84 1,522 56 7,986 60 6,553 62 44% 34% -18%

Healthcare 683 36 2,928 35 765 34 383 53 4% 2% -50%

Industrials 622 64 2,259 56 1,016 58 1,692 58 5% 9% 67%

Information Technology 3,172 219 2,804 186 4,373 183 4,334 209 24% 23% -1%

Materials 150 22 7,590 17 910 17 3,039 19 5% 16% 234%

Telecom 7 3 - - - 1 - 1 0% 0% -

Utilities 544 16 423 6 1,589 16 802 9 9% 4% -50%

Total 10,507 571 19,682 466 18,149 492 19,157 529 100% 100% 6%

* The movement mentioned above is a comparison between Q3 2019 and Q2 2019.

(USD million)

12


Indian Terrain

Consumer Discretionary

IT & ITES Healthcare

Industrials

Materials Financials

Utilities Consumer Staples

Top five states by transactions (Domestic + Inbound Deals)

9 Deals

DelhiM&A USD 3263 million 28 Deals

PEI USD 496 million 39 Deals

PEE USD 77 million 7 Deals

Top Sectors

5 Deals17 Deals 22 Deals

11 Deals

MaharashtraM&A USD 1,831 million 38 Deals

PEI USD 5,830 million 72 Deals


Top Sectors

27 Deals24 Deals

6 Deals

35 Deals

23 Deals

KarnatakaM&A USD 614 million 26 Deals


PEE - 4 Deals

Top Sectors

11 Deals59 Deals

6 Deals

4 Deals

10 Deals

GujaratM&A USD 47 million 16 Deals


PEE - -

Top Sectors

4 Deals6 Deals

2 Deals

5 Deals

5 Deals

HaryanaM&A USD 2,014 million 7 Deals



Top Sectors

3 Deals27 Deals

3 Deals

3 Deals

3 Deals

13


Cross-border Transactions

Sheela Foam acquired a majority stake in Interplasp S.L

Deal value: USD 46.8 million

% Sought: 100%

Sector: Materials

Sheela Foam will acquire a majority stake in a Spanish company, Interplasp to expand in Europe.

Although Sheela foam , made a positive debut in the market, it has been struggling to increase its growth in the recent quarters to due to competition and lack of demand. The acquisition will give Sheela Foam a presence in Europe, the world’s largest polyurethane foam market.

Post acquisition Sheela foam can purchase its raw materials for negotiated prices from India, Australia and Europe.

Top countries by deal volume

Sterlite Technologies acquired a majority stake in Impact Data Solutions Ltd

Deal value: USD 15 million

% Sought: 100%

Sector: Industrials

Sterlite Global Venture (Mauritius) Limited, a wholly-owned subsidiary of STL, has entered into definitive agreements to acquire 100 percent stake in Impact Data Solutions Group.

Impact data solutions is a key partner to two of the global cloud companies for their data centre connectivity needs, with one relationship extending for more than 10 years.

This acquisition brings Sterlite technologies a step closer towards expanding its target market to USD 75 billion by 2023.

Godrej Consumer Products Ltd acquires a stake in Godrej West Africa Holdings Ltd


% Sought: 5%

Sector: Financials

Godrej Consumer Products announced that the company, through its subsidiary, has increased its stake from 90% to 95% in Godrej West Africa Holdings through an all cash deal.

Godrej West Africa Holdings, which was incorporated in 2014, in Mauritius, holds 100 per cent stake in South Africa based Subinite Pty and Mozambique-based Weave Mozambique LTDA, both of which are in the ethic hair care business.

USA

UK

Mauritius

Deal Volume: 6 Deals Deal Value: USD 1 mnTop Sector: Health Care

Deal Volume: 3 DealsDeal Value: USD 25 mnTop Sector: Industrials

Deal Volume: 2 DealsDeal Value: USD 21 mnTop Sector: Financials

Tech Mahindra acquires Mad*Pow Media Solutions LLC

Deal value: USD 70 million

% Sought: 65%

Sector: Information Technology

Tech Mahindra, a well known IT firm acquired a design consultancy firm, Mad*Pow Media Solutions. The company has currently acquired 65%, with the intention to buy the balance shareholding over the next three years.

Tech Mahindra aims to improve in customer experience and digital transformation, user experience design, behaviour change design, content strategy, mobile app and web development, data science and analytics etc, post this acquisition.

Mahindra & Mahindra Financial Services acquired majority stake in Ideal Finance Ltd


% Sought: 58.2%

Sector: Financials

Mahindra & Mahindra Financial Services Ltd has entered into a joint venture with Ideal Finance Ltd., a fully owned subsidiary of the leading Sri Lankan conglomerate, Ideal Group until March 2021 for upto 58.2% stake.

The joint venture will rely on Mahindra Finance’s valuable years of expertise in the financial services domain and Ideal Finance’s domestic market knowledge to build a leading financial services business in Sri Lanka. Ideal Finance has had an impulsive growth over the years with a quality lending portfolio and sustainable profitable growth.

14


Nexdigm (SKP) Transaction Advisory

Set and Define the Objective

Partner Identification

Initial Handshake

Valuation Binding Term Sheet

Due Diligence

Post Acquisition Integration

Transaction Closure Regulatory Clearances

Definitive Agreement

Transaction Structuring

Final Negotiation

Since inception, our founders have emphasized on professional standards and personalized service; and we continue to reflect this progressive mind-set by offering customized solutions to our clients across diverse industries with quality, integrity and respect.

Stemming from our client’s needs, we provide services that address all the aspects relevant to a business right from conceptualization to implementation and operations.

Acknowledgment Harshal Choudhary Ruchita Rathor

15


Our Recent Credentials

Furniture

Financial Advisory for a leading Alternate Asset Manager in relation to reporting on its investment in an Indian online furniture and home décor solution provider.

Retail Apparel

Financial advisory in accordance with RBI regulations for the fourth largest retail apparel group in the world aiming to expand their presence in India through their subsidiary.

Telecom

Financial advisory for a telecom software company providing mobile number portability and related software services transferring its assets to a third party.

e-Commerce

Financial advisory in relation to acquisition of the Philippines operations of a global online marketplace having presence in 40+ countries.

ITeS Software

Financial and Tax due diligence of a car services and repair solutions start up for one of the largest automobile dealership chains in India.

Food Processing

Financial and Tax due diligence of an Indian manufacturer of spices for a USD 3 billion Japanese group looking to meet its sourcing requirements through India.

Publications

Investment Chronicle

April – June 2019 January – December 2018January – March 2019

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Our cross-functional teams serve a wide range of industries, with a specific focus on healthcare, food processing, and banking and financial services. Over the last decade, we have built and leveraged capabilities across key global markets to provide transnational support to numerous clients.

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Disclaimer: SKP’s Investment Chronicle summarises the list of deals announced based on information available in the public domain and the VCCEdge database. For our analysis, we have referred

to information from media reports, the Department of Industrial Policy and Promotion (DIPP), the Reserve Bank of India (RBI) and other government sources.

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july - september 2019...to political uncertainties in the first half of the year, 2019 ... uncertain...

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