Singhi Advisors were exclusive advisors for the divestment of 85% stake in India’s 2nd largest player in the cleanroom business, GMP Technical Solutions Pvt Ltd (currently owned by NSE-listed Vascon Engineers Ltd), to Japan based ~USD 1.7 Bn-annual revenue Shinryo Corporation, global leaders in HVAC solutions.

This is Singhi’s 7th India-Japan transaction.

Focused on the pharmaceutical and semi-conductor segments, INR 3 Bn-annual revenue GMP is fast expanding into modular partition and HVAC solutions. Established in 2005 in Baddi, Himachal Pradesh, GMP is India’s first company to start manufacturing cleanroom partitions, originally supported by the Cipla eco system. GMP has completed 1300+ projects in the last 15 years with 140+ projects in more than 47 countries.

Shinryo Corporation provides sustainable HVAC solutions across the globe. This is Shinryo Corp’s second acquisition in India after Suvidha Engineers India, a leading pharma sector-focused HVAC engineering company, in 2018.

Singhi Advisors advises Schaeffler Group in 100% acquisition of Koovers (KRSV Innovative Auto Solutions Pvt Ltd) for INR 1424 mn

Schaeffler India Ltd, part of the 75-year-old Euro 16 bn Schaeffler Group, has acquired 100% stake in Koovers, a leading automotive aftermarket B2B e-commerce platform in India for Rs 1424 mn.

Singhi Advisors was the exclusive M&A and strategic advisor to the Schaeffler Group.

Strategic rationale

With this acquisition, the Schaeffler Group forays into the fast-growing digital automotive aftermarket space in India. The $ 4.75 bn Aftermarket sector in India is expected to touch $ 7 bn by 2030, while the digital segment is expected to grow to a size of $ 500 mn by 2030.

About Schaeffler Group

The Schaeffler Group has been driving forward groundbreaking inventions and developments in the field of motion technology for over 75 years. The company manufactures high-precision components and systems for drive train and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications. 

About Koovers

Koovers is India’s leading tech enabled B2B spares platform with 1.8+ mn parts mapped and a network of 7000+ workshop onboarded. With a CAGR of 112% over three years, Koovers has recorded a revenue of INR 777 mn in FY 23.

About Singhi Advisors

Singhi Advisors is an independent global Investment Banking firm with over 32+ years of experience in handling transactions worth ~$ 5 bn. We have advised over 120 transactions across 18 sectors/sub-sectors, catering to various types of companies and deals. We are also a key member of Mergers Alliance, a network of 20 top investment banks worldwide, providing clients access to a global platform with ~450 professionals across 50 offices in 25 countries. 

Singhi Advisors acted as exclusive M&A advisors to Walter Pack Group, Spain, a leading global player in the design and development of high value added functional decorative/plastic parts catering to the high barrier automotive and Consumer durable segments, for divesting 90% of its stake in its Indian subsidiary WPI to listed SJS Enterprises Ltd., India’s leading player in the decorative aesthetics industry, for an aggregate enterprise value of INR 290 Cr.

Walter Pack Spain, which is 40% owned by USD 4 billion Group Antolin, has been present in India since 2007 through its 85% subsidiary, Walter Pack Automotive Products India, which is operating at 30%+ EBIDTA margins, using advanced technologies like IMD, IML, and IMF with continued technology support from the parent company.

SJS Enterprises Ltd., which is supported by Everstone Capital, is also operating at 25% EBIDTA margins with the widest range of traditional and premium products across 11 product categories like Decals, Logos, 3D Lux, IMD, etc. for 2 Wheelers, Passenger vehicles, and Consumer Durables.

This is Singhi’s 8th transaction in the Auto-Comps space in the last 3 years.

Singhi Advisors acted as sole M&A advisors for diversified Greaves Cotton Ltd., entering into a binding arrangement for acquiring first generation technopreneurs promoted Excel Controlinkage Pvt. Ltd., one of the largest players and margin leaders in Mechanical and Electronic Motion Control Systems, having its own technology to manufacture heavy duty push-pull cables, levers, and linkages, for an upfront valuation of INR 3850 mn.

In a potential future value multiplying partnership, whereby Greaves will acquire a 60% upfront stake and the balance in three tranches in the fast growing business, in a predetermined valuation methodology, the transaction will help it expand into global markets and exploit full growth potential from the strong base built by Excel.

This is Singhi’s 7th transaction in the Auto-Comps space in the last 3 years.

Singhi Advisors acted as exclusive advisor for the divestment of a 100% stake in the Indian subsidiary of Netherland headquartered Koeleman Foods International B.V, engaged in the business of manufacturing and processing of Processed Foods and vegetables, to a $10 billion valued, Softbank backed tech startup- OFB Tech Pvt Ltd (OfBusiness).

OFB Tech Pvt Ltd, a privately held unicorn startup, invested by globally reputed funds like Softbank, Tiger Global, Norwest, Zodius, and Matrix Partners, has entered into an agreement to acquire 100% stake in Bengaluru based Koeleman India Pvt Ltd, one of the reputed processors and exporters of various fruits and vegetables, like Gherkins, Olives, Jalapeno, Bell pepper, and Baby corn, through private labelling arrangements with many large, globally reputed food companies based in the US, Europe, and Australia.

Through this acquisition, OFB will get access to a state-of-the Art processing unit, long-term global customers, a professional management team, and entry into the high growth processed food segment.

Singhi Advisors acted as sole and exclusive M&A advisors to INR 112bn Market cap - V-Guard Industries, India’s leading consumer electrical and electronics major, for their acquisition of 100% stake in Sunflame Enterprises Pvt. Ltd., India’s leading player and an iconic brand in household Kitchen Appliance/Gas Stove space for INR 660 Cr in an all cash deal.

The Sunflame brand is one of the oldest and most profitable brands in the Indian Kitchen appliance space. This is Singhi’s 4th transaction in the Kitchen/ Consumer Appliance space, including landmark acquisitions like Groupo SEB- Maharaja Whiteline, Nirlep- Bajaj Electricals, IFB- Ramsons, etc.

India’s leading player in the high barrier Pharma Packaging space - Shriji Polymers (I) Ltd., a globally competitive company in a high margin business, acquired a controlling stake in Parekhplast India Ltd, another leading player in high margin Rigid Packaging business with a multi-locational set up, engaged in high growth segments like Paints, Construction Chemicals, Pharma, and FMCG.

This is Singhi Advisors’ 5th transaction in the Rigid Plastic and Packaging solution space.

Singhi Advisors acted as an exclusive M&A and strategic advisor for the acquisition of Udaipur’s largest diagnostics chain, Medicentre, by India’s fastest growing healthcare platform, Redcliffe Labs.

Redcliffe Labs has become one of India’s leading diagnostic service providers within a span of 4 years and is backed by marquee health-tech investors like LeapFrog, Chiratae Ventures, HealthQuad, and others.

Until now, Redcliffe has expanded organically to establish a pan-India presence, and Medicentre marks its first major inorganic expansion in India. With this acquisition, Redcliffe will get a strong foothold in the Rajasthan market and a stronger base to offer both pathology and imaging tests under one roof.

Medicentre is the largest independent diagnostic lab chain, with 10 labs spread across 5 cities in southern Rajasthan.

Proventus Life Science is engaged in the business of manufacturing, researching, developing, and selling niche Active Pharmaceutical ingredients (API) and supplies regulated and semi-regulated markets with 80% exports. The Company is present in various therapeutic areas, including anti-epileptic, anti-fungal, antimuscarinic, and veterinary.

Singh Advisors exclusively advised the acquisition of India’s 2nd largest player and margin leader in Optical Brightening Agents (OBA) - INR 2.25bn Khyati Chemicals by Indian Multinational and specialty chemicals major- INR 25 bn Dorf Ketal Pvt Ltd in all-cash deal.

With this acquisition, Dorf Ketal aims to make it a global play by expanding into niche Performance Chemicals space, servicing high growth markets like Detergents, Textiles, Polymers and Papers.

This is Singhi Advisors 5th transaction in the chemicals space in the last 12 months.

TIL, JV with TIDCO, is a specialty fluoride chemical manufacturer. The company is also a leading producer of Hydrofluoric Acid and is engaged in manufacturing other organic and inorganic fluorine-based products such as Aluminium Fluoride, Sodium Silico Fluoride, Potassium Fluoride. In addition to that, Sulphuric Acid and Oleum are key products of the company.

Anupam Rasayan India Ltd (ARIL), a custom synthesis and speciality chemical company, acquired 24.96% of the total equity shareholding of and joint control of Tanfac Industries Limited (TIL) from Birla Group. ARIL will become a promoter and will have joint control in TIL along with TIDCO.

Tanfac is a strategic fit for ARIL's fluorination chemistry business, which will help reduce their import dependence and launch new derivatives under this chemistry. They will add Fluoro derivatives having applications in Crop protection, Pharma intermediates and Polymers such as Fluoro Elastomers and Fluoro Electrolytes and other Polymers which have application in Polyamide and Semiconductors.

Singhi Advisors acted as an exclusive advisor to building materials major HIL Limited (Charminar), the flagship company of the $2.8 billion CK Birla Group for acquisition of Orissa based AAC Block business of Fast Build Blocks Pvt Ltd on slump sell basis. The acquisition will help HIL to profitably ramp up its business in new age AAC blocks which is substitute for red bricks and take leadership position in the eastern India region The listed entity HIL is the world’s largest manufacturer and seller of Fiber Cement Roofing and is a leading provider of comprehensive building solutions. Fast Build is the pioneer in manufacturing AAC blocks and its facilities are strategically located in the Cuttack district of Odisha.

Singhi Advisors exclusively advised yet another transaction in Engineering Plastics, involving €1.5bn, European major Radici group, (engaged in high performance Polymers and Specialty Chemicals), completing acquisition of Engineering Plastic Compounding business of Ester Industries Ltd on slump sell basis for all cash INR 290Cr. Ester will further consolidate its position and growth initiatives in its core Film and Specialty Polymer business.

This is Singhi Advisors 6th Cross Border transaction in the Engineering Plastics/Modified Polymers space involving transactions with global majors like Kingfa Sci, Radici, LyondellBasell, DSM, Rhodia (Solvay), etc.

Mawana Sugars sold its non-core business of Chloe alkali to Gujarat based dye and dye intermediates major Bodal Chemicals. The transaction will enable Bodal Chemicals to enter the North Indian market and expand into chlorine and hydrogen downstream products.

The deal will strengthen Savex’s enterprise channel portfolio as the value added services network to further expand its business.

Dyanamatic Technologies Ltd (Dynamatic) has sold its non-core foundry business assets in its wholly owned subsidiary JKM Ferrotech Ltd to Danblock Brakes India Private Limited, an Indian subsidiary of the $2 bn MAT Holdings Inc. (MAT) of USA. The Transaction will enable Dynamatic to exit its non-core business of automotive components to focus on its Aeronautics, Defense and Hydraulics business. At the same time, it will mark MATs first entry in Southern India and the foundry being close to the port, it will help better service its international customers.

The transaction is part of Solvay’s global strategy to rationalize its global products portfolio. This business being non-core to the overall business strategy in India, Solvay has agreed to divest this business by a sale of controlling stake in Sunshield Chemicals to Indus Petrochem and continue to focus on their core business in advance materials and other specialty chemicals from the other manufacturing units in India. Indus Petrochem is desirous of expanding into the manufacturing of specialty chemicals, growing its portfolio and strengthening its global presence. This acquisition will enable Indus to achieve its long term objective.

Singhi, acting as an exclusive advisor, has a long standing relationship with Solvay Group.

Singhi Advisors acted as sole advisors to ~INR 3500 Cr Kirloskar Ferrous acquisition of controlling stake in ~INR 2000Cr ISMT Ltd (Indian Seamless), committing to invest INR900Cr (including open offer for INR 240cr) by way of change in control and OTS (onetime settlement) of ~INR3500 Cr lenders liability at INR 670 Cr.

ISMT is one of the top three players in India in manufacturing. of Alloy Steel (3.5lac TPA) and Seamless Tubes (4lac TPA) having operations across 3 units.

With this acquisition, KFIL becomes an integrated value chain player, from ore, pig iron, casting, steel and right up to value added steel tubes.

Jindal Aluminium Ltd (JAL), has completed the acquisition aluminium extrusion assets of Delhi based Indo Alusys Industries Ltd, making it Jindal’s first acquisition, and establishing manufacturing base in lucrative NCR region.

Indo Alusys Industries Ltd (IAIL), formally known as Mahivir Aluminium Ltd is one of largest aluminium extruder in North India and among top 5 in India. Its sole manufacturing facility is located at Bhiwadi Industrial Area, Alwar district of state of Rajasthan ~50 Kms from India Gandhi International Airport.

With the acquisition JAL will increase its capacity from 1.75 lakh MTPA to 2 Lakhs MTPA. Jindal will additionally invest INR 100 Cr in the next 2-3 years to modernize the plant to bring in more automation to increase productivity and efficiency along with investment to increase capacity.

Secure Meters Ltd, an Indian multinational, having presence in 50 countries, acquired 100% stake in Adaptricity AG, a Switzerland based premium provider of smart grid solutions with innovative cloud-based grid analytics platform. Adaptricity AGs modular and cloud-based solution platform represents for Secure Meters Limited an ideal strategic addition to its own product portfolio for distribution network operators.

Secure Meters plans to invest in further expansion of the technology and to integrate Adaptricity AGs products into its international sales activities.

Adaptricity AG will operate as a 100% subsidiary of the Secure Meters Group.

With 100 plus years’ experience in refractories, Calderys, a wholly owned subsidiary of Imerys group, is a network of industry-leading experts working in close collaboration with customers to provide personalised refractory solutions. EUR 5 Bn Imerys Group is the world leader in mineral-based specialities with presence in more than 50 countries and employs more than 17,800 people. Imerys delivers high value-added, functional solutions to a great number of industries, ranging from process manufacturing to consumer goods.

HIL Limited is a flagship company of the US $2 Bn C K Birla Group. HIL, being World’s largest manufacturer and seller of fibre cement roofing, offers comprehensive building solutions. The company has five major brands viz. Charminar, Birla Aerocon, Charminar Fortune, Birla HIL and Parador and has 20 state-of-the-art manufacturing facilities in India and 2 manufacturing sites in Germany and Austria.

HYSIL Thermal Insulation products services wide range of application including in Cement Industry, Metallurgical Industries, Oil Refinery & Petro-Chemical Industry, etc. HYSIL is positioned as a premium insulation solution within the niche market it caters. HYSIL being a non-core business of HIL Ltd, a conscious management decision was taken to divest the business and focus on its core Building Materials business.

France-based Imerys Group, world leader in mineral-based specialities, has through its wholly owned subsidiary, Calderys India Refractories Limited, signed definitive agreements to acquire the Thermal Insulation (HYSIL) business from HIL Limited on a slump sale basis.

Global Investment Banking firm, Singhi Advisors were the exclusive Strategic and Financial advisors to Imerys India for this transaction.

Tecnocap is a worldwide metal packaging manufacturer, specialized in metal closures for glass jars and plastic containers. It is the 3rd largest lug caps manufacturer globally.

The group sales for 2019 is €160 Mn and is one of the biggest producers of tinplate and aluminium closures as well as aluminium monobloc aerosol cans and aluminium bottles for some of the world’s best-known consumer brands in food, beverages, spirits, cosmetics, nutraceuticals, and pharmaceuticals, industrial and household products.

Oricon Enterprises Ltd., the flagship company of Parijat Enterprises is currently into Packaging, Real Estate, Marine Logistics and Petrochemicals having consolidated sales for FY 18-19 of more than INR 11 Bn.

Oricon Enterprises Ltd. is engaged in the business of manufacturing and marketing packaging products comprising metal caps and closures including crown caps, plastic closures, roll over pilfer proof caps (ROPP caps), twist off/lug caps, aluminium collapsible tubes, pre-forms, etc.

Oricon Enterprises Limited sold its lug cap manufacturing business to Tecnocap Oriental Private Limited and entered into a Joint Venture (JV) agreement with Tecnocap Group, where Tecnocap has a majority stake.

The company will be engaged in the manufacturing of lug caps and will be located at Murbad in Thane district of Maharashtra.

This partnership enables Tecnocap to jointly leverage their synergies to provide state-of-the-art packaging solutions to Indian customers.

Singhi Advisors acted as an exclusive buy side advisor to Tecnocap S.p.A having its scope of services starting from Target mapping and identification till the closure of the transaction.

Punjab-based Modern Steels Limited, one of the leading players in the alloy steel segment, has signed definitive agreements to transfer its steel, heat treatment and auto component business to ADV Partners backed Arjas Steel Private Limited on a slump sale basis.

Acquisition of Jharsuguda plant of Concast Steel & Power Limited

SMC Power Generation Limited (“SMC Power”), part of INR 30,000 mln Noida based SMC Group, operates an integrated steel plant in Jharsuguda, Odisha and engaged in manufacturing of steel products including TMT bars and billets with backward integration of DRI kiln for sponge iron & has a captive power plant. Apart from SMC Power, the Promoters also have business interest in dairy & dairy products.

The manufacturing facility of SMC Power was operating at more than 90% capacity since FY 16 and was looking to increase the production capacity inorganically and had approached for the acquisition of integrated steel manufacturing plant

Singhi scouted various assets which could be a good fit for SMC Power and then selected Jharsuguda plant of Concast Steel & Power Limited (in Liquidation) (“CSPL”) which was strategically located ~3 km from the existing plant of SMC Power were given exclusive mandate to provide advisory services for acquisition of Jharsuguda plant of CSPL and fund raising for the same,

Singhi proactively coordinated with the Liquidator and finalized the letter of intent, sale deed and other ancillary documents with the Liquidator well before the auction process.

During entire insolvency process which took more than 1 year to complete, actively hand- held SMC Power through the entire transaction and structured the deal.

Apart from the advisory services for the acquisition, arranged one stroke debt financing for the acquisition and capex to be incurred at the plant.

SMC Power’s Acquisition of Jharsuguda plant of CSPL resulted in one of the largest recoveries ever in liquidation under Insolvency and Bankruptcy Code.

Agrocel Industries Private Limited (Agrocel) is part of Excel Group promoted by the Shroff family. The Company is primarily engaged in manufacturing of bromine and bromine based fine and specialty chemicals located in the Greater Rann of Kutch and Bhavnagar, Gujarat respectively.

Solaris Chemtech Industries Limited (Solaris), part of Avantha Group, is India’s largest manufacturer of bromine, bromine chemicals and bromine derivatives from plants located at Rann of Kutch in Khavda. It caters to customers in various industries in India and globally including pharmaceuticals, agrochemicals, fire retardants and pesticides.

With the acquisition of Solaris, Agrocel became the market leader in India and one of the largest manufacturers of the bromine and bromine derivatives. Agrocel can expand its base & customer access into lucrative European & Eastern European markets.

Together with Solaris, Agrocel has now access to ~95,000 acres of bromine-rich resources with a manufacturing facility of around 45,000 MT per annum in the Greater Rann of Kutch, Gujarat.

Singhi Advisors acted as end to end exclusive advisor to Agrocel in acquisition advisory, deal structuring, negotiation & financing for the acquisition of Solaris.

Incorporated in 1998, Dhoot Transmission has 15 manufacturing locations in India, Europe, and Thailand. It supplies its products to original equipment manufacturers across automotive and industrial sectors in India and Europe. Dhoot Transmission claims to be the second-largest wiring harness manufacturer in the two-wheeler segment in India.

San Electromec makes wiring harnesses for the automotive industry, Indian Railways, and the defense industry. Its major clientele includes Wirtgen, Volvo, Terex, Faiveley, BEML and Tata Motors, etc.

The acquisition will help the company grow the client base in harness and control panels and provide benefits of economy of scale.

Singhi Advisors, a global investment bank focused on niche mergers and acquisitions, advised Dhoot Transmission in the transaction.

Incite Cam Centre is a leading line builder for various types of Welding Applications, Assembly, Process and Handling Automation. The firm also manufactures Checking Fixtures & Auto Gauging Systems.

Established in 2000, Incite Cam Centre has emerged as a trusted line builder and turnkey solutions provider for leading OEM and Tier 1 automotive players, aerospace component manufacturers and transformer parts manufacturers.

Wipro Infrastructure Engineering was demerged from parent Wipro Ltd, the listed information technology (IT) outsourcing arm in 2013, and along with Wipro’s consumer care business clubbed under Wipro Enterprises.

Wipro Infrastructure Engineering does not share its financials but is estimated to be a $400 million business division, offering solutions across four areas, including in hydraulic products, aerospace and defense, water treatment and additive manufacturing or 3D printing.

Wipro Infrastructure Engineering, a business division of Wipro Enterprises Ltd, the privately held business by billionaire Azim Premji, has entered into an agreement to acquire industrial automation business of Bangalore based Incite CAM Centre. The acquisition will help WIN automation to expand its presence in the Welding automation segment.

This will be the first acquisition of WIN automation, which is a newly created business division of Wipro Enterprises.

Singhi Advisors, a global Investment Bank, focused on niche cross border M&A’s, acted as exclusive advisor for this transaction.

Kalpataru Power Transmission Limited (KPTL), is one of the largest global players in infrastructure EPC space. KPTL has its footprints in over 55 countries, executing marquee projects with comprehensive capabilities that deliver complete solutions covering design, testing, fabrication, erection and construction of transmission lines, sub-stations, oil and gas infrastructure, railways projects and civil infrastructure on a turnkey basis.

KPTL is part of the Kalpataru Group which is a diversified conglomerate spanning real estate, power generation and transmission, railway infrastructure, construction of roads, factories, buildings and oil & gas infrastructure and agri-logistics space.

Linjemontage i Grastorp AB (Linjemontage), a Swedish EPC company, specializes in power supply solutions and services for electricity networks within the voltage range of 0.4 – 400 kv. The Company mainly operates into three main business areas, comprising Substation, Transmission & Local Networks and Electricity Network Services.

KPTL’s through its subsidiary in Sweden, Kalpataru Power Transmission Sweden AB, bought 85% stake of Linjemontage for an enterprise value of $ 24 million.

Singhi Advisors (Singhi) acted as an exclusive advisor to KPTL in the acquisition of Linjemontage.

With the acquisition of Linjemontage, KPTL got market access and qualifications for Nordic countries and Europe where KPTL had no presence.

Singhi successfully carried out negotiations in the key area of valuations and actively hand-held KPTL through the entire transaction i.e., due diligence exercises, legal documentation, etc., and finally the successful closure of the deal.

Salzer Electronics, an INR 5.5Bn revenue company is a leading player offering Total and Customized Electrical Solutions in Switchgears, Wires & Cables and Energy Management business. It is the largest manufacturer of CAM Operated Rotary switches & Wire Ducts in India, with a market share of 25% & 20% respectively.

Kaycee, then part of the INR 2.7Bn revenue CMS group, is a leading provider of electrical and electronic components in India and manufactures products such as rotary cam switches, weather tight switches and breaker control switches. It was originally bought out by the CMS group from Bajaj Electricals Ltd in 2002. Incidentally, this transaction was also advised by Singhi Advisors.

CMS group is a leading player in IT/ ITES, traffic signaling, cash management, E-governance, Surveillance. Singhi helped them identify Kaycee Industries as non-core to their current business model and convinced them to exit.

Salzer’s focus was to strengthen its position in the Industrial Switchgear market by increasing its product offering which constituted ~42% of its revenue and expand its footprint in Railway business, manufacturing set up in western India and access to all India dealer network.

Salzer acquired a 72.36% stake in Kaycee Industries and made an additional offer to purchase 26% from public.

Singhi was an exclusive and sole advisor to both Salzer Electronics and CMS Group. It was successful in executing the all-cash deal by carrying out negotiations for valuations managing the expectations of both the parties and hand holding them through the entire due diligence process and legal documentation etc. and finally successfully closing the deal.

DSM India is a wholly owned subsidiary of Dutch headquartered Royal DSM. Royal DSM group delivers annual net sales of about €10 billion with approximately 23,000 employees in 2018.

In 2018, DSM’s total sales in India, realized with about 550 employees, amounted to about €250 million, an increase of 17% compared to 2017. DSM is active in both Nutrition and Materials in the country. DSM Engineering Plastics operates a compounding facility and an R&T center in Pune.

SRF’s Engineering Plastics business, founded in 1979, with its main operations located in Pantnagar (India), realized sales of about US$37 million in 2018 and has seen double-digit growth in recent years. The company's Engineering Plastics Business manufactures multiple grades of engineering plastic compounds, catering to the automotive and electrical industries.

SRF has a consolidated sales of more than INR 77 billion generated from 12 manufacturing plants in India, 2 in Thailand and 1 in South Africa and commercial interests in more than 75 countries. It manufactures industrial and specialty intermediates, and its portfolio includes technical textiles, fluorochemicals, specialty chemicals, packaging films and engineering plastics.

DSM India will pay a consideration of INR 3.2 billion (about €38 million) to SRF Ltd. The acquisition is expected to close in Q3 2019, subject to customary closing conditions.

The acquisition will further cement DSM Material’s position in India as the leading player in among others engineering plastics in this fast-growing economy and fits with its strategic aim of generating leading positions in fast-growing economies.

SRF's business is highly complementary to DSM’s business in India and will allow DSM to further grow its business without having to significantly invest in capital expenditures. With strong anticipated market growth in the coming years, fueled by increasing domestic demand from a growing middle class and weight reduction/metal replacement in automotive, this acquisition will help DSM to meet the current and future needs of its customers in India and saves DSM a capacity investment required for further growth in India.

Singhi Advisors acted as an exclusive advisor to SRF on the transaction.

Savex Technologies, a USD 2 billion firm, is the 3rd largest Information and Communication Technology (ICT) distributor in India.

Headquartered in Mumbai, the company has 86 sales offices and 42 stocking locations across the country, catering to over 7000 customers in more than 650 cities monthly.

Savex acquired a 64% stake in Uniserved, a curated local first aggregation platform for technology services delivery. It specializes in providing its clients with the ability to access on-demand technology services in their specific target geography.

The company’s proprietary engagement framework engages with partners having the expertise and local presence for timely delivery of services. Termed as The HumanCloud and with a presence in 680+ districts, Uniserved engages with 20,000+ partners across the country, giving its customers access to over 150,000 technically qualified manpower.

This acquisition empowers Savex’s regional System Integration Partners and their OEM partners with the heft and capability to deliver quality technology services across the country. The deal is also key to helping its partners expand their businesses profitably. With this transaction, Uniserved gains access to Savex’s vast partner ecosystem, enabling them to scale up quickly and take a leadership position in the fast growing technology rollouts market.

Singhi Advisors were the Sole Advisors to the transaction and successful in closing this deal by carrying carried out negotiations in the key area of valuations and actively hand-holding both the parties through the entire transaction i.e., due diligence exercises, legal documentation, etc.

ANSA Merchant Bank Ltd is a subsidiary of the US$ 1.2 billion ANSA McAL Ltd which is Trinidad and Tobago’s largest business conglomerate by profit.

Indian state-run Bank of Baroda started operations in Trinidad and Tobago in October 2007 and is one of only eight banks that operate in the country. It has three retail branches in the country, in Port of Spain, San Fernando and Chaguanas, that offer loans to both retail and corporate clients.

Bank of Baroda agreed to sell its business in the Caribbean nation of Trinidad and Tobago to ANSA Merchant Bank Ltd. as part of efforts to rationalize its international operations and sharpen focus in its home market of India.

Through this transaction, ANSA Merchant Bank will extend its offerings into commercial and retail banking from the current focus on investment banking and investment management services.

It was the first time that an Indian state-owned bank is successfully divesting an international subsidiary.

Singhi Advisors and its international partner Broadspan Capital from the Mergers Alliance network worked together to provide ANSA with the most effective cross-border advisory team. This included, among others, coordinating a complicated transaction process between stakeholders and regulators in Trinidad and India, positioning ANSA to be successful in its bid, and effectively negotiating key transaction parameters and definitive documentation.

TCPL is a one of the premium manufacturers of auto accessories for OEM and Aftermarket products. It is a leading manufacturer of auto accessories with core competency in design, development, and manufacturing of premium accessories in metal, aluminum and plastic. It caters to OEMs both - In-line & Genuine Accessories and After Market with a registered trademark, Hiker. It serves reputed OEMs like Toyota Kirloskar, Ford India, Mahindra & Mahindra, Maruti Suzuki, Renault-Nissan, Honda etc. TCPL has strong network in Andhra Pradesh, Tamil Nadu, Karnataka, and Kerala along with good presence in Mumbai, Rajasthan, Goa and New Delhi.

Varroc Polymers is a division of Varroc Group, an emerging global auto component manufacturer. With group sales of USD 1.5 Bn, Varroc is the second largest auto component company in India with presence across Polymer, Electrical & Electronics, Metallic and Lighting segments. Through this acquisition, Varroc Group gets access to enter the lucrative premium auto accessories market which is estimated to have a market size of USD 1.5 Bn by 2020.

This transaction will help Varroc Group to diversify its domestic businesses towards four wheelers and after-market segment, adding to its leadership position in the two-wheeler space. For TCPL, this partnership will help them to grow the business substantially by utilizing Varroc’s multi location presence and strong network. Singhi acting as an exclusive advisor to TCPL, played a key role to amplify potential of both the companies. Singhi sees great potential in this niche acquisition, bringing in reach and enhancing processes and capability offerings, carving a win-win situation for both the parties.

Started in 1968, Aurangabad-based Nirlep Appliances is among the pioneering brands to introduce non-stick technology and is also the first domestic firm to export to Europe. Company's products include non-stick cookware, hard anodized cookware, pressure cooker, gas tops, etc. Company has consulted and completed several turnkey projects in the Middle East, Africa, and Sri Lanka for setting up advanced non-stick cookware production technologies. It has developed state-of-the-art non-stick coatings and speciality heat resistant paints with in-house expertise.

Bajaj Electricals Limited is part of the globally renowned and trusted Bajaj Group. Bajaj Electricals business is spread across – Consumer Products, Exports, and EPC. Its consumer Bajaj Electricals has 20 branch offices spread in different parts of the country besides being supported by a chain of distributors, authorised dealers, retail outlets, exclusive showrooms called ‘Bajaj World’ and approximately 500 customer care centres. Company's consumer business manufactures and markets home & kitchen appliances, fans, lighting.

Singhi Advisors was the sole financial advisor to Nirlep Appliances. The acquisition provides Bajaj Electricals with a portfolio of products which complements the offerings of exclusive access to Nirlep brand, its manufacturing facility, employees, distribution network, intellectual property rights and goodwill.

The deal was completed in two tranches. In the first tranche, 80 per cent of shares were acquired within 60 days from the announcement date and in the second tranche, the company has a right to exercise the call option to acquire the remaining 20 per cent of shares any time after the closing date.

Ramsons Group is a six decade of experience is the largest manufacturer of Commercial Laundry, Garment Finishing and Leather Processing equipment in India.

Ramsons has over 2000+ customers in Industrial Laundry with 5000+ installation base all over India.

IFB Industries Limited originally known as Indian Fine Blanks Limited started their operations in India during 1974 in collaboration with Heinrich Schmid AG of Switzerland. The company’s business is divided in four division's - Home Appliances, Agro, Automotive and Fine Blanking. IFB had a small commercial business selling Commercial Dishwashers and Laundry equipment with no manufacturing capability. With this acquisition IFB got a ready manufacturing setup along with Ramsons six -decade old brand. It helped IFB in its increasing manufacturing capacity, bringing in more robust systems & processes to manage inventory, cost control and increasing productivity. Its focus is more now on sustainable products, which consume less water and are more energy efficient.

Singhi Advisors was sole financial advisor to Ramsons Group (Ramsons) for the sale of Industrial Laundry Equipment to IFB Industries. Singhi advisors reached out multiple players in & outside India. Out of all the players targeted, IFB Industries which is leader in Consumer/household laundry equipment space showed interest as they have plans to enter the Commercial Laundry equipment segment.

We helped the promoters through the entire cycle of the transaction taking the lead in managing whole DD and negotiations. We also helped in transition and discussion on family separation between the promoter family.

Mahindra & Mahindra Ltd, India’s biggest tractor maker, said on Friday it has agreed to acquire a 75.1% stake in Turkish farm machinery maker Hisarlar Makina Sanayi ve Ticaret Anonim Sirketi.

The company will invest 71 million Turkish lira ($19 million or Rs 127 crore) to buy the stake, it said in a stock-exchange filing. The deal is likely to be concluded by April, it added.

Mahindra said the deal will help it get a distribution network in Turkey, Europe’s largest tractor market, and strengthen its farm machinery portfolio on the continent.

This is Mahindra’s second European deal within a year in the farm equipment sector. In March last year, it had agreed to acquire a 35% stake in Finland-based harvester maker Sampo Rosenlew Oy for up to $20.5 million.

Pawan Goenka, managing director at M&M, said the Hisarlar acquisition is part of the company’s globalisation game plan. “Our strategy going forward is to globalise aggressively and also expand our portfolio to include various new categories of farm machinery,” he said, in a statement.

The deal is subject to regulatory approvals in Turkey, Germany, and India.

As per the deal, the European Bank for Reconstruction and Development will own a 18.7% stake in Hisarlar, and the founding Turker family will hold 6.2%.

Darby Converging Europe Fund, the third European fund launched in 2011 by private equity firm Darby, will exit its investment.

Hisarlar was incorporated in 1977. The company is a key player in Turkeyâ’s agriculture machinery industry. It also makes tractor cabins and components for off-highway machinery.

The company’s revenue in 2015 was 208 million Turkish lira. Exports constitute around 35% of sales. It has two production facilities in western Turkey and employs about 820 people. Hisarlar has about 45% share of the soil preparation equipment segment in Turkey. It has 85 dealers across Turkey.

Singhi Advisors and Istanbul-based Odin Financial Advisors represented Hisarlar in the transaction.

Wadia Group is a reputed Indian business house with interests in plantations, foods, textiles, chemicals, light engineering, and real estate. Bombay Burmah, India’s 2nd oldest public company along with Bombay Dyeing and Britannia are the mastheads of the group.

National Peroxide, controlled by the Wadia Group, is the largest domestic producer of hydrogen peroxide, with a domestic market share of 45%. Wadia group held 45.4% stake in National Peroxide prior to the acquisition.

Solvay S.A. is a Belgium based, EUR 10 Bn revenue chemical company and amongst the global leaders in hydrogen peroxide business.

Singhi Advisors were sole advisors for the divestment of polymer division of PI industries to Solvay (then Rhodia) and divestment of Sunmica laminate business of Wadia group to Aica Kogyo of Japan.

National Peroxide was jointly promoted in 1956 by Bombay Burma and Laporte Industries, UK. Solvay had a joint venture with Laporte, which it acquired in 1972 and thus inherited 25.1% stake owned by Laporte Industries

For Solvay, to align its presence in the Indian market in line with its global positioning of being a market leader, it had to either strategically re-calibrate its shareholding and enhance interest in National Peroxide to consolidate its position in the company or alternately divest its stake and have operations independent of National Peroxide.

Solvay opted to divest its stake and Singhi was able to get a binding offer from a financial sponsor at a good valuation.

Singhi convinced Wadia group to increase its holding to ~70% in National Peroxide by acquisition of Solvay’s stake.

Singhi Advisors, having earned goodwill and trust through its past transactions with Solvay and Wadia Group, was able to address the trust deficit between the two parties and drive the transaction to its logical conclusion.

Singhi was an exclusive and sole advisor to the transaction. It carried out negotiations in the key area of valuation managing the expectation of both the parties, handheld both the companies in the entire due diligence process, legal documentation etc and successfully closed the deal.

Aditya Infotech Limited, based out of Noida, is the market leader and a fast growing product company in the Security & Surveillance space in India. With its own brand “CP Plus”, Aditya Infotech commands leadership position amongst all Indian players in the technology driven electronic video surveillance & security equipment with ~30% market share in the industry. The company has a deep penetration in India with 6000+ channel partners in more than 300 cities across India & a network of ~45 branch offices.

To retain its edge in India and be a self-reliant player in the long run, even while enjoying the additional incentives through domestic manufacturing, the company formed a Joint Venture (JV) with Dixon Technologies to manufacture its products in India, including for exports to Southeast Asian markets and Middle East. In this 50:50 JV, Aditya shall provide the product knowledge, access to design/R&D capability, input material sourcing & logistics of the materials for manufacturing, while Dixon would contribute its best manufacturing practices, efficient manufacturing & worker handling, technical expertise & handle the day to day operations of the unit, to quickly achieve the scale and quality needed.

Dixon Technologies, based out of Noida, is the large Electronic System Design & Manufacturing (ESDM) companies in India with complete manufacturing solutions to satisfy the most demanding requirements.

It has facilities at Noida & Dehradun, supplying contract manufacturing services to consumer durables, & mobility industries which are high volume, demanding segments. It also provides reverse logistics, PCB assembly, box building assembly, sheet metal assembly & Plastic Injection Moulding solutions.

Singhi were the Sole Advisors to Aditya Infotech in the transaction. Singhi played a significant role in strategizing and making respective approaches to accomplish the desired objective, in the best mutual interests of the JV partners and the business.

The transaction, which would be the third by the Indian firm, will help the company to expand its presence in Europe and get access to key auto component markets in Western Europe.

The deal is expected to be announced as early as Thursday. Mumbai-based investment bank, Singhi Advisors was the sole advisor to the deal.

Set up in 1999, Dhoot Transmission is one of the top electrical equipment companies, supplying products to automotive and industrial sectors in India and Europe. It has grown from being a single unit in 1999 at Aurangabad to a multi-locational, multi-country business entity, with 13 units across Pune, Aurangabad, Chennai, Manesar, Pithampur, UK and Slovakia. The company counts Volvo, Piaggio, Honda, Bajaj Auto, Royal Enfield, Suzuki, and CNH among its top clients and has reported a revenue of Rs 600 crore in FY17.

Founded in 1971 in Scotland, TFC has units in Scotland and Slovakia and services products such as analytical instruments, work access platforms, heating, ventilation, and control equipment for the auto industry.

Guala Closures Group, headquartered in Luxembourg, is a global leader in the production of Safety, Roll On and Luxury closures for spirits, wine, oil and vinegar, water and beverages and pharmaceuticals with over 14 billion closures sold in more than 100 countries. The Group operates through 26 production plants and has 5 research centers to design and manufacture innovative and technological solutions to protect the quality of the products.

Axiom Propack Pvt Ltd had its first full year of production in 2016 and has its production units in Karnataka and mainly caters to the Indian IMFL market. The company manufactures high-tech safety Closures that are Tamper Evident, Non- Refillable and leak-proof mainly catering to the fast growing alcoholic beverage industry. The Company has some premium customers in the country with a manufacturing capacity of 330 million closures per annum.

Axiom has developed some exciting high tech closures for the alco-beverage segment where the brand owners face significant risks of counterfeiting, and this has prompted Guala Closures to acquire the Indian company and integrate the products into their global portfolio also. The acquisition is expected to help the Italian multinational fortify its position in its core business vertical - protection against products’ counterfeiting – in the Indian market.

Sale of contract manufacturing business of Okasa Pharmaceuticals, manufacturer for global and domestic pharmaceutical companies, to Medispray Laboratories (Cipla Group).

Strategic Stake Sale of Leading Newsprint Company

S K Bangur Group controlled West Coast Paper Mills (WCPML) was a principal shareholder in Shree Rama Newsprint & Papers Ltd - India’s largest single location newsprint manufacturing capacity of 150,000 TPA.

The plant is built on 405 acres of fully developed industrial land in a coastal location, near Surat (Hazira), Gujarat. Of the 405 acres of plot, only 80 acres was utilized resulting in surplus land of 325 acres. The company had environmental clearance from MoEF to produce 336,000 TPA of paper.

Singhi Advisors were given exclusive mandate to identify the best suited acquirer, Indian or foreign strategic or financial and enable WCPML to focus on its core business.

Riddhi Siddhi Gluco Biols Ltd (RSGBL) was set up in 1994 by Mr. Ganpatraj L Chowdhary and his family to manufacture starch and starch derivatives. With this acquisition, RSGBL gets a ready industrial platform to re-enter the manufacturing sector.

Singhi Advisors successfully closed this transaction which presented a rare case where banks (through Joint Lenders Forum) approved change of control and necessary debt restructuring to enable the same (SRNL had ~INR 3.50 bn debt), backed by commitment from RSGBL to infuse INR 1.20 bn in SRNL.

Cooper Standard, headquartered in Novi, Mich. USA is a leading global supplier of automotive components having a topline of USD 3.2 billion. Its products include sealing and trim, fuel and brake delivery, fluid transfer and anti‐vibration systems. It has 97 facilities and 10 technical centers across 20 countries. The company employs more than 27,000 people globally. Today Cooper Standard holds top position in global Sealing systems and Fuel & Brake Delivery systems, and it is the North American leader in FTS (Fluid Transfer Systems) and Anti‐Vibration Systems.

Polyrub Extrusions (I) Pvt Ltd is a part of a USD 80 million (~INR 5000 million) Sujan Group. With more than 3 decades of experience, Polyrub Extrusions (I) Pvt Ltd is widely recognized for its engineered rubber products and customized rubber hose solutions. Polyrub is one of the leading companies in India with experience and capability of manufacturing high‐performance fluid transfer rubber hoses for various OEM requirements.

It provides Fluid system applications & solutions to various industries including 2 Wheeler, 4 Wheeler, Agriculture, Industrial, Heavy Vehicle Portable Power, Defense and Aerospace. It is a TS‐16949‐2002 and ISO‐9001 certified company and its production capabilities boast 2 state‐of‐the‐art plants, one in Chakan, Pune and the other in Navi Mumbai.

As a part of the transaction Polyrub Extrusions (I) Pvt Ltd have transferred its FTS (Fluid Transfer System) business to the Joint Venture Company (Polyrub Cooper Standard FTS Private Ltd). This FTS business relates to four or more wheeled vehicles including passenger cars and commercial vehicles, carried on at its plant in Chakan, Pune. Upon closing, Cooper Standard would own 35 percent and Polyrub would own 65 percent of the Joint Venture Company. Polyrub Cooper Standard FTS Private Limited is expected to achieve operational and financial benefits for the two groups by combining their respective strengths for the development of this business. At the completion of this transaction, Polyrub Cooper Standard FTS Private Limited will have enhanced and expanded product offerings, access to wider markets, increased domestic and export business from India, close relationships with an extensive list of original equipment manufacturers, and improved technological capabilities, which will significantly improve the strategic alliance’s market position.

Singhi Advisors acted as an exclusive advisor to the transaction.

LyondellBasell (NYSE: LYB) is one of the world's largest plastics, chemical and refining companies, and a member of the S&P 500. LyondellBasell (www.lyb.com) manufactures products at 55 sites in 18 countries. LyondellBasell products and technologies are used to make items that improve the quality of life for people around the world including packaging, electronics, automotive parts, home furnishings, construction materials and biofuels.

SJS was established in 1996 to create products that improve the performance and aesthetics of plastics in automotive supply. SJS is one of the leading companies in India with experience and capability of manufacturing polypropylene compounds for various OEM requirements. These compounds are used in the production of thermoplastic materials for automotive, home appliances and other markets. It is an ISO/TS‐16949‐2002 certified company and its production capabilities boast a state‐of‐the‐art plant located in Aurangabad, Maharashtra.

As a part of the transaction Basell Polyolefins India Private Limited, Indian subsidiary of LyondellBasell acquires polypropylene compounds (PPC) business of SJS Plastiblends Pvt Ltd. LyondellBasell has supplied the Indian market through imports and tolling arrangements since 2009. Through this strategic acquisition LyondellBasell will have enhanced and expanded product offerings, access to wider markets, increased domestic and export business from India, and close relationships with an extensive list of original equipment manufacturers which will further strengthen the Company’s position in India’s growing automotive market.

S K Bangur Group controlled West Coast Paper Mills (WCPML) was a principal shareholder in Shree Rama Newsprint & Papers Ltd - India’s largest single location newsprint manufacturing capacity of 150,000 TPA.

The plant is built on 405 acres of fully developed industrial land in a coastal location, near Surat (Hazira), Gujarat. Of the 405 acres, only 80 acres was utilized resulting in surplus land of 325 acres. The company had environmental clearance from MoEF to produce 336,000 TPA of paper.

Singhi were given the exclusive mandate to identify the best suited acquirer, Indian or foreign strategic or financial and enable WCPML to focus on its core business.

Riddhi Siddhi Gluco Biols Ltd (RSGBL) was set up in 1994 by Mr. Ganpatraj L Chowdhary and his family to manufacture starch and starch derivatives With this acquisition, RSGBL gets a ready industrial platform to re-enter manufacturing sector.

Singhi successfully closed this transaction which presented a rare case where banks (through Joint Lenders Forum) approved change of control and necessary debt restructuring to enable the same (SRNL had ~INR 3.50 bn debt), backed by commitment from RSGBL to infuse INR 1.20 bn in SRNL

United Arab Emirates-based cable manufacturer Ducab Cable Co Pvt Ltd has acquired assets of British cable maker AEI Cables for an undisclosed amount. AEI Cables was a wholly owned subsidiary of India’s Paramount Communications Ltd.

Last week Paramount Communications said in a disclosure that AEI Cables has gone to the administrator and the secured lenders have shared that the administrator has finalised the sale of the company’s assets. As a result, AEI Cables is no longer a subsidiary of Paramount Communications.

Delhi-based Paramount Communications acquired AEI Cables in September 2007.

AEI Cables has a 175-year history of cable manufacturing making it one of the oldest players in the business. It caters to demands of several industrial sectors, including, mining, tunnels, defense, shipbuilding, rubber industrial, rail (over and underground), air-field lighting, shipping and offshore, while its clients include Britain’s Royal Navy and the London Underground transport network.

Financially troubled AEI Cables entered a restructuring process with creditors through a company voluntary arrangement in 2011 following cash flow issues.

Ducab – which operates five cable manufacturing facilities in UAE – is jointly owned by the emirates of Dubai and Abu Dhabi, two regions in UAE. The company has revenues of over $1 billion and is among the world’s largest power cables and copper products makers.

Singhi Advisors was the sole advisor to Ducab Cable on the transaction.

Sale of Majority Stake to World's Largest Modified Plastics Manufacturer

Hydro S&S Industries Limited (HSSIL) is one of the pioneers in Engineering Plastic Compounds in India, established almost three decades ago. HSSIL is amongst the leaders in PP Compounding segment with only Company in the segment operating three Manufacturing facilities in India.

HSSIL, a INR 1.7 Bn company, holds one of the largest installed capacities in the segment, at 30,000 TPA. Hydro is listed on BSE and NSE.

Kingfa Sci. & Tech., Co. Ltd (Kingfa) was established in 1993, and has grown at CAGR of around 30% annually, becoming they largest modified plastic manufacturer worldwide, which has 5 facilities in China, and a production capacity of 1.2 MN TPA.

Kingfa manufactures and supplies engineering plastic compounds and customised resizes & alloys covering over 3000 grades, to their customers from various industries primarily including, Automotive, Home Electronics, IT & Communication Devices, Household appliances and Office Equipment and Power Tools/Garden Tools.

Kingfa, a USD 2.5 Bn multi-national company listed on the Shanghai Stock Exchange.

The transaction marks the first overseas acquisition for Kingfa and first Indo-Chinese deal in the Indian Engineering Plastic Industry.

Strategic acquisition of 40% stake in Anupam Rasayan, India’s leading specialty chemical manufacturer by UK-based USD 100Mn chemical group–Exochem.

Sale of Aluminium Extrusion business to Japanese Major YKK AP

Bhoruka Aluminium Ltd (BAL), established in 1980, with a current installed capacity of around 18000 MT p.a. is the second largest capacity in India, after Jindal Aluminium and one of the most integrated manufacturers of Aluminium Extrusions business, servicing Building Construction, Architectural Products, Automobile, and Industrial Consumers across all over India as well as supporting global players. The company has a state of the art manufacturing facility at Mysore, with world class manufacturing infrastructure spread over 18 acres of fully developed industrial land, which houses die making, extrusion, anodizing, alloy making and powder coating, all under one roof, making it the most integrated independent player in India.

YKK Group (a US $ 6 Bn revenue company) is a Japan based group of manufacturing companies, which operates in two main business segments: Zipper/Zip manufacturing and Architectural Products (AP) business. The Architectural Products (AP) business is a part of YKK AP Inc. YKK Group is the world’s largest player in Zipper/Zip manufacturing with over 90% of the market share. YKK AP (a US $ 4 bn revenue division in AP business) manufactures entrances, storefronts, curtain wall, window wall, sunshades, windows and sliding doors for office buildings, residential high-rises, schools, stadiums, shopping centers and institutional structures. YKK AP focuses on providing energy efficiency (reducing energy consumption) and comfort of space in each of its products, especially windows.

The transaction involves carving out an entity, as being part of the financial settlement being negotiated with the lenders and creditors, thus making the carved entity independent of the other issues with the parent company. This aluminium Extrusion business has been acquired by YKK through a slump sale as a going concern on a cash free-liability free basis. The completion of the transaction is subject to statutory compliances and certain conditions precedent including consent from the lenders.

Hydro S&S Industries Limited (HSSIL) is one of the pioneers in Engineering Plastic Compounds in India, established almost three decades ago. HSSIL is amongst the leaders in PP Compounding segment with only Company in the segment operating three Manufacturing facilities in India.

HSSIL, a INR 1.7 Bn company, holds one of the largest installed capacities in the segment, at 30,000 TPA. Hydro is listed on BSE and NSE.

Kingfa Sci. & Tech., Co. Ltd (Kingfa) was established in 1993, and has grown at CAGR of around 30% annually, becoming the largest modified plastic manufacturer worldwide, which has 5 facilities in China, and a production capacity of 1.2 MN TPA.

Kingfa manufactures and supplies engineering plastic compounds and customised resins & alloys covering over 3000 grades, to their customers from various industries primarily including, Automotive, Home Electronics, IT & Communication Devices, Household appliances and Office Equipment and Power Tools/Garden Tools.

Kingfa, a USD 2.5 Bn multi-national company listed on the Shanghai Stock Exchange.

The transaction marks the first overseas acquisition for Kingfa and first Indo-Chinese deal in the Indian Engineering Plastic Industry.

Advisor to Sunways Group for Joint Venture with USD 2 Bn Rohto Pharmaceuticals, one of Japan’s largest OTC Healthcare Company. Value: USD 17 Mn

Bhoruka Aluminium Ltd (BAL), established in 1980, with current installed capacity of around 18000 MT p.a. is the second largest capacity in India, after Jindal Aluminium and one of the most integrated manufacturers of Aluminium Extrusions business, servicing Building Construction, Architectural Products, Automobile, and Industrial Consumers across all over India as well as supporting global players. The company has a state of the art manufacturing facility at Mysore, with world class manufacturing infrastructure spread over 18 acre of fully developed industrial land, which houses die making, extrusion, anodizing, alloy making and powder coating, all under one roof, making it the most integrated independent player in India.

YKK Group (a US $ 6 Bn revenue company) is a Japan based group of manufacturing companies, which operates in two main business segments: Zipper/Zip manufacturing and Architectural Products (AP) business. The Architectural Products (AP) business is a part of YKK AP Inc. YKK Group is the world’s largest player in Zipper/Zip manufacturing with over 90% of market share. YKK AP (a US $ 4 Bn revenue division in AP business) manufactures entrances, storefronts, curtain wall, window wall, sunshades, windows and sliding doors for office buildings, residential high-rises, schools, stadiums, shopping centers and institutional structures. YKK AP focuses on providing energy efficiency (reducing energy consumption) and comfort of space in each of its products, especially windows.

The transaction involves carving out an entity, as being part of the financial settlement being negotiated with the lenders and creditors, thus making the carved entity independent of the other issues with the parent company. This aluminium Extrusion business has been acquired by YKK through a slump sale as a going concern on a cash free-liability free basis. The completion of the transaction is subject to statutory compliances and certain conditions precedent including consent from the lenders.

Advised Hammond for acquisition of controlling stake in PETE Transformers, leading Indian manufacturer of power and distribution transformers, for INR 1.2 bn.

Absotherm, one of the first facilities management companies in India, has been in operations for over 15 years now, focusing on Hard Facility Management Services for HVAC, Electricals, Electro-Mechanical equipment, Engineering equipment etc. With a pan India presence, Absotherm operates in 42 cities through 6 regional offices, servicing prestigious clients in the Hotels, Malls, IT parks and Industrial establishments space like the Inorbit Mall, Grand Hyatt, Cisco, Ginger Hotels, etc. It currently has an employee base of over 5000 engineers, technicians, field staff and support employees.

OCS is the largest family owned International Facilities Services Group headquartered in United Kingdom. It combines a family ethos in its working culture with a meritocracy approach to management whilst maintaining operating standards similar to public companies. OCS with its worldwide presence has a strong focus in the Asian market where nearly half of its global employee strength is working in different countries in Asia, with Thailand taking the lead. OCS is now looking to replicate the same in India and is set to launch its entire range of Total Facilities Management with this investment.

Singhi Advisors were the advisors to the transaction for Absotherm.

Incorporated in the year 1995, ZICOM Group is a pioneer in the field of Electronic Security in India. With a history of offering high quality products and solutions to the most complex projects in the country, the name ZICOM has now become synonymous with electronic security in India. Over the last 17 years, ZICOM Group has geared up to meet the security needs of Residential, Retail, Commercial Industrial Customer and Government and Public Sector Undertakings. ZICOM Electronic Security Systems Limited is a flagship company of ZICOM Group that offers end to end security solutions by integrating Security, Telecommunication, and IT technology.

ZICOM is present in the fire protection business through its subsidiary in Dubai. Acquisition of Phoenix, including complete management control, would strengthen presence in fire protection business by expanding geographically in one of the fastest growing economies i.e. Qatar.

Established in 2006, Phoenix International WLL is one of the leading fire security solutions providers in Qatar. Phoenix offers turn keys solutions in fire protection and suppression projects, and it has a license to operate in the petrochemical sector. Phoenix International has exclusive tie‐up to market safety and security equipment of leading international suppliers. The portfolio of services offered by Phoenix International covers design, engineering, integrating, testing, and commissioning of fire safety, security and building management systems, with focus on fire prevention and protection. Phoenix has handled many prestigious projects in Qatar catering to large spectrum of clientele from government to corporate, refineries, shopping malls, multi-storey building, hotels, and resorts, etc.

Sold Majority Stake to Casa Capital Management Pvt Ltd

Navis Capital Partners manages over USD 3 billion and has made over 50 investments since inception. Navis was founded in 1998 to make private and public equity investments in South and Southeast Asia. It contributes both capital and management expertise to a limited number of well-positioned companies with the objective of directing strategic, operational, and financial improvements. Navis Capital Partners focuses exclusively on enterprises based in Asia, particularly South and Southeast Asia. Industries/segments in which Navis has invested include food processing, fast food/casual dining, industrial products, fast moving consumer goods, outdoor advertising, auto rentals, consultancy, and professional services, amongst others. Navis acquired a majority stake in Andromeda in December 2007.

Started as a Direct Sales Associate for Citibank in 1991, Andromeda Sales and Distribution Pvt. Ltd. headquartered in Mumbai, is a leading direct sales and distribution player in India, covering a broad suite of financial services products including mortgages, personal loans, and insurance. It has presence across 12 cities across India. In the past 20 years of its operations, Andromeda has expanded its product offering and principal base to distribute more than 30 products on behalf of over 15 local and international banks and insurance companies.

Sold the Laminate Business, Leading to Value Unlocking.

Well Pack Papers & Containers based out of Ahmadabad (Gujarat), has presence in Kraft paper and Decorative Laminate business. As part of the company’s internal restructuring, the decorative laminate business was identified as non-core asset. Singhi Advisors were given exclusive mandate to divest the Laminate business to Global or Indian suitor.

Formica Group is a worldwide leading provider of branded, design coordinated surfacing solutions for commercial and residential customers. As the largest manufacturer of High Pressure Laminate (HPL), with a worldwide network of manufacturing, distribution and sales operations, Formica identified Well Pack Papers & Containers (Laminate unit) as a perfect asset to establish a long term presence in India. Fletcher Building (a US$ 9 bln company) based out of New Zealand, is Australasia's largest building materials supplier, has 19,200 employees globally and 50+ businesses under it.

Formica acquires the Laminate business on a going concern basis (leaving behind the Kraft Paper business), leading to unlocking of the company.

Sold Majority Stake to Casa Capital Management Pvt Ltd

Navis Capital Partners manages over USD 3 billion and has made over 50 investments since inception. Navis was founded in 1998 to make private and public equity investments in South and Southeast Asia. It contributes both capital and management expertise to a limited number of well-positioned companies with the objective of directing strategic, operational, and financial improvements. Navis Capital Partners focuses exclusively on enterprises based in Asia, particularly South and Southeast Asia. Industries/segments in which Navis has invested include food processing, fast food/casual dining, industrial products, fast moving consumer goods, outdoor advertising, auto rentals, consultancy and professional services, amongst others. Navis acquired a majority stake in Andromeda in December 2007.

Started as a Direct Sales Associate for Citibank in 1991, Andromeda Sales and Distribution Pvt. Ltd headquartered in Mumbai, is a leading direct sales and distribution player in India, covering a broad suite of financial services products including mortgages, personal loans, and insurance. It has presence across 12 cities across India. In past 20 years of its operations, Andromeda has expanded its product offering and principal base to distribute more than 30 products on behalf of over 15 local and international banks and insurance companies.

Well Pack Papers & Containers based out of Ahmadabad (Gujarat), has presence in Kraft paper and Decorative Laminate business. As part of company’s internal restructuring, decorative laminate business was identified as non-core asset. were given exclusive mandate to divest the Laminate business to Global or Indian suitor.

Formica Group is a worldwide leading provider of branded, design coordinated surfacing solutions for commercial and residential customers. As the largest manufacturer of High-Pressure Laminate (HPL), with a worldwide network of manufacturing, distribution and sales operations, Formica identified Well Pack Papers & Containers (Laminate unit) as a perfect asset to establish a long-term presence in India. Fletcher Building (a US$ 9 bln company) based out of New Zealand, is Australasia's largest building materials supplier, has 19,200 employees globally and 50+ businesses under it.

Formica acquires the Laminate business on a going concern basis (leaving behind the Kraft Paper business), leading to unlocking of the company.

Premium Transmission Limited, a Karan Thapar Group Company, manufactures top quality Gearboxes, Geared Motors, Fluid Couplings across four of its state-of-the-art plants in India.

The Automotive Gear division of Premium manufactures transmission gears for Auto Transmission. The unit specifically caters to three wheelers & four wheelers (sub 1 ton category). The division, located in Aurangabad, is highly profitable and has been consistently growing sales. The Division enjoys the highest standard of creditability and professional set up with long standing and established relationships with Auto Majors like Piaggio, M&M, Atul Auto, etc.

Since Premium has a greater focus on its industrial gearbox business and to optimize management focus, the Board decided to divest the automotive gear business to a company who could harness the established stable platform and its true growth potential.

Indsur is manufacturer of Insulator Castings and is the only casting manufacturing group completely focused on Power Infrastructure. The Group has manufacturing units strategically located in western India and China. Indsur had earlier acquired the foundry business of HGI Industries, Aditya Birla Group and has a Joint Venture in China with Seves Group, Italy the world’s second largest Insulator manufacturer.

The acquisition provides Indsur Group access to key customers, a strong platform for expansion and fits in line with the strategic vision of Indsur Group to complete value chain in its area of operations and have a strong presence in the growing automotive sector.

Singhi as exclusive advisor to Premium and the sole advisors to the transaction, successfully chalked out a comprehensive business plan, identified potential acquirers, carried out negotiations, managing the expectations of both the parties and actively hand-held Premium through the entire transaction including due diligence exercises, legal documentation etc., and finally the successful closure of the deal.

The Bombay Burmah Trading Corp is the second oldest company in India being part of INR 35 billion Wadia Group, a reputed Indian business house with interests in plantations, foods, textiles, chemicals, light engineering, and real estate. Bombay Burmah, Bombay Dyeing and Britannia are the mastheads of the group. As part of the group’s internal restructuring plans, decorative laminate division with brand “Sunmica” a generic brand in the decorative laminate industry, were identified as non-core assets.

Singhi Advisors were given an exclusive mandate to identify the best suited acquirer worldwide, who could exploit true potential of brand “Sunmica” and grow the business.

Wherein Singh Advisors reached Aica Kogyo Co, a $1.1 billion revenue Japanese major, that controls more than 60% market share in the decorative laminate & 70% in the adhesive industry in the home market. Having strong operations in Japan, Indonesia &Malaysia. Aica found Sunmica as a perfect platform to enter Indian Market.

Singhi successfully carried out negotiations in the key area of valuations and actively hand-held Bombay Burmah Trading Corporation through the entire transaction i.e., due diligence exercises, legal documentation, etc., and finally the successful closure of the deal.

Religare Enterprises Limited (REL) is a leading emerging markets financial services group and enjoys a dominant presence in the Indian financial services space offering a wide array of services including broking, insurance, asset management, lending solutions, investment banking and wealth management services.

REL has a network of more than 2,200 business centres across 550 plus locations, and over 7,000 employees with more than a million clients.

In endurance with expanding its multi-boutique global asset management platform REL was on the lookout for similar firms and appointed Singhi Advisors to assist them in the same.

Singhi Advisors hand-picked a list of 300 potential suitors from across the country for REL, interacted and shortlisted to 100 and finally zeroed down to 5 firms which could be of interest to REL.

REL finally chose to acquire Chennai-based Shreyas Stocks who best suited REL’s growth momentum.

Shreyas Stocks Private Limited is a company formed in 1995 with a membership with the NSE, a Depository Participant with NSDL and a SEBI-registered Portfolio Management Services company offering its HNI customers a complete bouquet of services ranging from Equity, Derivatives and Commodity Broking apart from Depository and Portfolio Management Services.

Shreyas has a customer pool of over 5,000 clients who its serves from its network of branches across the country and is consistently profitable.

Singhi were the Sole Advisors to the transaction and successful in closing this all-cash-deal by carrying carried out negotiations in the key area of valuations and actively hand-holding both the parties through the entire transaction i.e., due diligence exercises, legal documentation, etc.

Sale of Dermatology Business of Shalaks Pharmaceuticals for INR 1 bn to Singapore based Invida Holdings Pte Ltd.

Private Equity Placement of nearly INR 800 Mn

GR Infraprojects, promoted by Mr. Gumani Ram Agarwal way back in 1985 at Udaipur is one of the fastest growing, integrated road infrastructure companies having complete control on its own fleet of construction equipment, crushing plants and emulsion plant.

GR Infraprojects, currently being a zero-debt company, with the aggressive growth plans, fuelled by a strong traction in all the three operating divisions i.e. Road EPC, Toll BOT projects and Emulsion plant, is poised to grow to Rs 2,000 in next 4 years. The EPC division has executed many landmark projects in the last five years totalling ~ Rs 1,500 cr for prestigious clients like IL&FS, RIDCOR, etc and has an unexecuted order book of ~Rs 1,500 cr.

Company, having executed projects across diversified geographies (Rajasthan, U.P, Bihar, Jharkhand, Meghalaya and Madhya Pradesh), has recently signed a prestigious concession agreement with NHAI for Shillong Bypass (in Meghalaya), which will be inaugurated by Prime Minister himself.

The funds raised would be used for Shillong Project, Other EPC Projects, and long-term working capital requirements of the company.

Singhi successfully carried out negotiations in the key area of valuations and actively hand-held JEL through the entire transaction i.e., due diligence exercises, legal documentation, etc., and finally the successful closure of the deal.

Ravin Cables Ltd (Ravin) is one of India's most competitive and reputed cable manufacturers, with a range that includes LV and MV cables. Apart from its principal manufacturing facility in Pune, Ravin is also present in the United Arab Emirate of Fujairah with the company Power Plus Cable Co LLC, a JV with the Government of Fujairah. Power plus is equipped to produce high voltage cable. In FY 08-09, Ravin clocked a turnover of around approx INR 310 crores. Ravin was seeking a strategic partnership with a global EHV Cable manufacturer for bringing 220kV + cable capabilities to India.

Singhi, as exclusive advisor to Ravin, chalked out a comprehensive business plan, identified global strategic partners with EHV capabilities and shortlisted Prysmian S.p.A, Italy.

Prysmian S.p.A (Prysmian) is a leading player in the industry of high-technology cables and systems for energy and telecommunication with sales exceeding Euro 5 billion in 2008. Prysmian boasts a global presence with subsidiaries in 38 countries, 53 plants in 21 countries, 7 R&D Centres.

Prysmian will take a 51% stake in Ravin with the other 49% stake in the new JV remaining in the hands of the current promoters, with Mr. Vijay Karia being the Chairman and Managing Director of the JV. The new JV will look at expanding its position in Indian & Middle East market and development in the areas of high-tech cables for utilities as well as industrial cables.

Singhi successfully carried out negotiations in the key area of valuations and actively hand-held Ravin through the entire transaction i.e. due diligence exercises, legal documentation etc., and finally the successful closure of the deal.

Mid-Day Multimedia started newspaper publishing business during the freedom movement by Abdul Hamid Ansari with the Daily Inquilab in 1938, Sportsweek in 1968 and Mid-Day in 1979; the group strengthened its position as a significant player in the Mumbai newspaper industry. Subsequently launched Sunday Mid-Day, Gujarati Mid-Day and 3 new editions of Mid-Day in Pune, Bangalore and Delhi; have poised the group to make significant inroads as a national publisher. The Midday Group also has a radio business through its subsidiary Radio Mid-Day (West) India Ltd.

In FY 09-10, Mid-Day publication business clocked a turnover of INR 960 mn with operating margins at 20%. Mid-Day was seeking a partner to grow the business with whom it can bundle up its offerings and become a national player in the ad market.

Singhi, as exclusive advisor to Mid-Day, chalked out a comprehensive business plan, identified global strategic partners with capabilities and shortlisted Jagran Prakashan.

Jagran Prakashan’s Dainik Jagran is India's largest read daily with a total readership of 54.2 million readers. Dainik Jagran is now published in 37 editions across 11 states from 30 different facilities. The company also launched I-next, the first ever bilingual newspaper in the country in 2006, now published from 4 states in 12 editions and has an English Infotainment paper City Plus, now published in 24 editions. The Company publishes monthly magazines Sakhi targeted at women and Josh targeted at career oriented youth.

Singhi successfully carried out negotiations in the key area of valuations and actively hand-held Mid-Day Multimedia the entire transaction i.e., due diligence exercises, legal documentation etc., and finally the successful closure of the deal.

Bharat Wire Ropes Limited is India’s second largest steel wire rope manufacturer.

The wire ropes manufactured by the Company are used in critical applications in industries like Oil & Gas, Shipping, Mining, Railways, Electrical Transmission etc. Its clientele comprises all top A-list clients both in the government and private sectors such as the Army, Navy, Airforce, Railways, Port Trusts, Electricity Boards and PSUs like BHEL, NTPC, ONGC, BEML, SAIL, Shipping Corporation etc. Amongst its top private sector clients are Kone Elevators, Bajaj Electricals, Suzlon, etc. It enjoys a monopoly in some of its product range, especially for the Railways.

It manufactures wire ropes and strands of varied sizes and dimensions ranging from 0.5 mm up to 76 mm dia and of single continuous length. The ropes are manufactured in both galvanized as well as ungalvanised Carbon Steel variants and Stainless Steel wire ropes, Copper wire ropes, etc and of various core such as steel, fibre, jute, etc, depending on the customer requirements.

The company’s products are approved and manufactured in compliance with all the major Indian as well as international safety standards considering the magnitude of its end-user industry and is also ISO 9001/2000 certified.

The company recorded a turnover of INR 900 mln during FY10 and has grown with a CAGR of 23% in the past 3 years. With the current order book position of around INR 1000 mln, the company is poised to achieve a turnover of about INR 1500 mln in FY11.

Gaji Mercantile is a company into trading & investments promoted by first generation HNIs wanting to foray into manufacturing in high-growth industries like Bharat Wire.

Adani Enterprises is the largest merchant importer of the thermal coal in India, having imported 36 mn MT in FY10 with the target of 50 mn MT in FY11.

Adani imports almost 2/3rd of all the coal imports into India. As per their estimate, India’s imported coal requirement would exceed 200 mn MT by 2015, with Adani’s target to retain 60% of this market share.

In addition to the trading operations, they are also targeting 20,000 MW coal based power plants by 2020, which will have coal requirement exceeding 70 mn MTPA, majority of which would be imported.

By acquiring Linc's Galilee coal tenement, having estimated reserves of 8 billion tones, Adani targeted the production of over 50 mn MT of coal per year from 2014 after development of mines and other infrastructure, including a 500km of rail track over the next 4 years.

Singhi were M&A advisors for Adani. It proposed Adani to not only acquire coal assets in Australia, but also invest in end-to-end logistics, to reduce the effective cost of coal and to get assured supply. Its work involved identifying suitable targets, studying the viability based on the mining cost, various on-site costs (local costs of OB removal, coal getting, local haulage within mine, crushing, washing, administration, etc.), logistics costs including road, train, and port charges to assess acquirability, 'as is pricing', and suggest suitable deal structure.

The acquisition was the largest coal asset acquisition by an Indian firm, 5th largest acquisition by an Indian firm and 7th largest M&A deal involving an Indian entity.

TSI – Travel Services International Pvt. Ltd is one of India’s largest IATA approved ticket consolidators in the B2B space with a turnover of INR 4300 million. TSI, founded in 1999, presently operates through five locations, is in the process of expansion and has identified new strategic locations that would be crucial for its near term growth plans. TSI has recently developed its online B2B travel portal, www.tsi.travel.

Its array of services includes Ticketing – International & Domestic, Hotel Accommodation, Car Rentals, Cruises, Airport Transfers, Sightseeing and Excursions and other value added services like Visa & Passport Services, Foreign Exchange Facilitation, Railways, Insurance, hence, providing a complete travel package to its clients.

Yatra online is India’s premier multi-channel travel services provider with 30% market share of online travel reservations having a turnover of INR 12,000 million. Yatra.com is a one stop shop for all travel needs and gives access to the best travel deals across a myriad of national and international destinations through its 24x7 customer care centre, online & mobile support. Yatra is backed by Norwest Venture Partners, Reliance Venture Asset Management and Television 18 Group (TV18).

Yatra has acquired a majority stake in TSI with a 100% buyout option by 2013. By joining Yatra Bandwagon TSI intends to leverage their complementary strengths and expand into new locations, markets, and add new travel products to achieve a revenue target of INR 25000 million by 2013. TSI will continue to operate under the same name and Mr. Praveen Chugh, the promoter of TSI, will continue as the Managing Director and CEO of the Company. While Yatra is strong in the business to customer (B2C) segment and TSI being one of the largest ticket consolidators in the B2B space, the strategic acquisition will enable Yatra to strengthen its position in the B2B segment.

Singhi acted as the exclusive advisor to TSI on the deal. The process involved formulation of transaction strategy, deal structuring, business valuation, pre-acquisition due diligence, advising the management in finalization of the Share Purchase Agreement & other collaterals and assisting in final closure for the referred transaction.

This acquisition is a major step in Rhodia Engineering Plastics' growth ambition in India, aiming at doubling its local production capacities to represent 15% of Indian polyamide compound market by 2015.

The BSE-listed PI Industries operates three business units, agri inputs (manufacturing and distribution of agro chemicals-pesticides, insecticides, and herbicides), custom synthesis (custom synthesis in the areas of fine chemicals, agro chemicals and pharmaceutical intermediates) and PI Polymer (engineering plastics compounding for end-use in automotive, electricals and home appliances).

Private Equity Placement of nearly INR 1,000 Mn

John Energy Ltd (JEL), headquartered in Ahmedabad and incorporated in 1987, has a track record of servicing more than 2,500 wells and drilled more than 2,33,000 metres.

JEL’s spectrum of services includes drilling of oil wells, work over & servicing of oil wells, rehabilitation of sick / abandoned oil wells, enhanced oil recovery services, compression of natural gas, erection & commission of natural gas compressors and mud and cementing services.

JEL’s stellar track record and outstanding technical capabilities have allowed it to service blue chip customers like ONGC, Reliance, Jubiliant, GSPC, Cairn Energy and ENI among others.

The funds raised from Sage NPE Fund I will be used for acquiring additional rigs, undertaking capex on plant and machinery and for meeting working capital requirements.

Singhi, as exclusive advisor to JEL, chalked out a comprehensive business plan and presented the company and its growth strategy to a few potential equity investors including Sage NPE Fund I to arrange for the necessary equity.

Among other potential private equity investor, Singhi shortlisted Sage NPE Fund I and went ahead to raise around INR 1,000 mln through combination of primary and secondary issue of equity.

Sage NPE Fund I is a Mauritius based, USD 200 mln Fund focused on investments in private, mid-market Indian companies and creates value by partnering with entrepreneurs and owner-managers to help them build stronger, more profitable businesses.

Singhi successfully carried out negotiations in the key area of valuations and actively hand-held JEL through the entire transaction i.e., due diligence exercises, legal documentation, etc., and finally the successful closure of the deal.

Acquisition of Majority Stake by Gaji Mercantile for INR 2000 Mn

Bharat Wire Ropes Limited is India’s second largest steel wire rope manufacturer. The wire ropes manufactured by the Company are used in critical applications in industries like Oil & Gas, Shipping, Mining, Railways, Electrical Transmission etc.

Its clientele comprises of all top A-list clients both in the government and private sectors such as the Army, Navy, Airforce, Railways, Port Trusts, Electricity Boards and PSUs like BHEL, NTPC, ONGC, BEML, SAIL, Shipping Corporation etc. Amongst its top private sector clients are Kone Elevators, Bajaj Electricals, Suzlon, etc. It enjoys a monopoly in some of its product range, especially for the Railways.

It manufactures wire ropes and strands of varied sizes and dimensions ranging from 0.5 mm up to 76 mm dia and of single continuous length. The ropes are manufactured in both galvanized as well as ungalvanized Carbon Steel variants and Stainless-Steel wire ropes, Copper wire ropes, etc and of various core such as steel, fibre, jute, etc, depending on the customer requirements.

The company’s products are approved and manufactured in compliance with all the major Indian as well as international safety standards considering the magnitude of its end-user industry and is also ISO 9001/ 2000 certified.

The company recorded a turnover of INR 900 mln during FY10 and has grown with a CAGR of 23% in the past 3 years. With the current order book position of around INR 1000 mln, the company is poised to achieve a turnover of about INR 1500 mln in FY11.

Gaji Mercantile is a company into trading & investments promoted by first generation HNIs wanting to foray into manufacturing in high-growth industries like Bharat Wire.

Singhi successfully carried out negotiations in the key area of valuations and actively hand-held Gaji Mercantile for the entire transaction i.e., due diligence exercises, legal documentation etc., and finally the successful closure of the deal.

This alliance between Fortis Group and Clinique Darne would not only provide the Clinique with much required funding but would also ensure that quality healthcare in terms of tertiary care in all the specialties is provided to the people of Mauritius.

Clinique Darne is thus partnering with an important strategic investor which will enable it to position itself to offer better services and pursue its growth strategy. The other investor, Novelife, is an investment entity part of the CIEL Group.

Tritronics, a North India based company, specializes in designing, manufacturing & marketing of power conditioning equipment with a focus on providing complete solutions to the clients. The Company is rated amongst the top 10 domestic UPS manufacturers. The Company has a dominant presence in various sectors such as BFSI, PSU, Government, and IT & Telecom etc. The Company has an installed base of more than 80,000 UPS Systems across the country, supported by over 70 Service Support Centers.

Luminous Power Technologies, a CLSA investee company and having a turnover of approx. INR 5 billion, is a leading power & energy storage company with a global presence, delivering high quality Inverters, UPS, batteries, and renewable energy products. The Company markets its products in over 32 countries worldwide and has other business interests in Consumer Appliances, Information technology and Networking Solutions.

Tritronics has entered a strategic tie-up with Luminous to leverage on the expanding market for UPS, attain multiple segment presence, expand its product portfolio and to further consolidate its position as a leading player in the Power Conditioning space in India and is expected to achieve a turnover of approx. INR 1 billion in the current year.

CLSA has accorded its approval for this strategic tie-up.

Singhi acted as the exclusive advisor to Tritronics in the deal. The process involves scouting for right strategic partner, formulation of transaction strategy, deal structuring, business valuation, price negotiations, pre-acquisition due diligence, while advising the management to finalize the Shareholders Agreement and assisting in final closure for the referred transaction.

Fund Raising of INR 180 mln for Proposed ICRI University Campus

ICRI has within a short span of 2 years established itself not only as the country’s premier education institution but also it has become one of the world largest institutes imparting education in clinical research and related courses. Starting with just 99 students at Dehradun in Aug’2004, today it has 3 centers at New Delhi, Mumbai & Bangalore with around 2000 students. The number of students in various concentrated and specialized courses of ICRI are expected to cross 3000 in 2007-08. Apart from becoming a preferred choice of the recruiters, ICRI is now also being approached for tailoring specific courses and imparting training to the corporate sector and medical professionals.

This phenomenal response prompted ICRI to apply for a full-fledged University at New Delhi with most contemporary tools and education facilities.

The project cost involved major funding towards immovable assets such as land and building, which was being perceived adversely by banks. Singhi accepted the challenge and with thorough research prepared presentation bringing to the foreground the bright future of clinical research opportunities in India and the potential for education and training once ICRI is recognized as a university.

The facts were presented in right perspective explaining the country potential and the incredible track-record of promoters as entrepreneurs/educationalist.

A unique repayment structure was devised to match with the cash flow of ICRI so as to ensure minimum interest burden on ICRI and at the same time giving additional comfort to the bankers.

Intense negotiation and Singhi’s excellent relationship with Banks ensured that a favorable funding structure was in place within a short span of time, despite of the challenging past of ICRI.

Private Equity Placement of INR 109 Mn

GEI Industrial Systems Ltd (GEI), started in 1970 at Bhopal, is a market leader with 50%-plus market share in India in Air Cooled Heat Exchangers and Steam Condensers, which includes design, manufacture, fabrication, erection, and commissioning of the same. This equipment is used by the oil, gas and power industries with equipment installed in all the six continents i.e., North America, South America, Europe, Africa, Asia and Australia. It achieved the turnover of INR 2150 mln in FY09.

Its strength is the strong focus on R&D in the heat transfer equipment and finned tubes, which has won accolades from the likes of Exxon Mobil, especially for the technology used in equipment installed at the LNG terminal in Dahej, supplied to Toyo Engineering Japan.

Singhi, as exclusive advisor to GEI, chalked out a comprehensive business plan and presented the company and its growth strategy to a few potential equity investors including BanyanTree Growth Capital LLC and established the value maximization emerging on account of additional working capital support.

Short listing among others, Singhi went ahead with BanyanTree Growth Capital LLC and raised INR 109 mln through preferential allotment which would be used for augmenting GEI's long term funding requirement and for routine capex.

BanyanTree Growth Capital LLC is a Mauritius based, USD 125 mln Mezzanine Fund focused on Indian companies operating in an attractive industry and with good leadership.

Fund Raising of INR 100 Mn Through Issue of CCDs

GEI Power Ltd., a wholly owned subsidiary of Rs. 220cr BSE listed GEI Industrial Systems, was started in FY08 to augment the heavy demand of Power Sector.

It manufactures Specialty structural items for power plants, Transmission Towers and sub-assemblies for power plant/oil & Gas Equipment, etc.

It was in an advanced stage of negotiation with a Chinese group for business and technological tie-up for manufacturing of Environmental Management Products like Electrostatic Precipitator (ESP), etc for which it wanted to raise INR 100mn as equity to start second phase of expansion.

Singhi, as exclusive advisor to GEI Power Ltd, chalked out a comprehensive business plan and presented the company and its growth strategy to a few potential equity investors including BanyanTree Growth Capital LLC to arrange the necessary equity.

Short listing among others, Singhi went ahead with BanyanTree Growth Capital LLC and raised INR 100 mln through issue of Compulsorily Convertible Debentures which would be used for funding the phase 2 of GEI Power.

BanyanTree Growth Capital LLC is a Mauritius based, USD 125 mln Mezzanine Fund focused on Indian companies operating in an attractive industry and with good leadership.

Singhi successfully carried out negotiations in the key area of valuations and actively hand-held GEI Power through the entire transaction i.e., due diligence exercises, legal documentation etc., and finally the successful closure of the deal.

Singhi acted as sole advisor to the transaction which involved purchase of 80.5% stake in EnPGS for an equity valuation of USD 30 Million. The transaction involves a combination of cash & equity swap between the two companies with an additional cash infusion of USD 4 Million in EnPGS. This acquisition is both revenue and earnings accretive to Allied and a perfect tool to strengthen its opportunity pipeline in the US market for its Remote Service offering and use EnPGS as a platform for several other inorganic growth initiatives across the globe.

GI Ltd., part of the MB realty group of Dubai, was incorporated in 1991 on the British Virgin Islands to setup an EOU for the manufacture of writing instruments at Zebel Ali Free Trade Zone, Dubai.

The company has integrated operations for manufacturing tips to ball pens with a capacity of producing 12,000,000 pens (including tips, refills) and 20,000,000 tips (up to 1 mm) per month. It is one of the leading suppliers to East European countries with reputed brands like “Crown”, “Alba”, etc. The promoters have other business interests in realty and construction areas, and with the boom in the realty market of Dubai, the promoters decided to hive off their non-core business of writing instruments. Having decided to concentrate on their core business, IGI mandated Singhi Advisors for formulating the appropriate exit strategy, carrying out valuation and facility evaluation and scouting for a buyer for the referred business.

Singhi was successful in creating interest with Hamilton Housewares (Milton group) to acquire the above facility. INR 1500 mln Hamilton Housewares is a leading player in organized Household Plastic & Glassware industry and is known for two of its prominent brands “MILTON” and “TREO”. With the company’s vision to reach out to every household, provide it branded products with value, convenience and style, synergy with plastic processing capability and become the unassailable leader in consumer products, the company saw potential in the writing instruments business.

Singhi has acted as a sole advisor for the entire transaction, from the identification stage to completion of asset sale process, which involved valuation, facility evaluation, negotiation with the acquirers, structuring of transaction, legal documentation and smooth facilitation of the entire assignment. "

"Aegis Group has acquired Communicate 2, a leading performance marketing and search agency in India. With this acquisition, Aegis Media becomes one of the strongest agencies in the digital space in India. Aegis Media’s iProspect is the global leader in search and performance marketing, which would join hands with Communicate2. The latter is a specialist performance-marketing agency, which focuses on Search Marketing, Digital Strategy Consulting, social media, and Digital Content Production. Vivek Bhargava leads the agency that started in 1997 and has offices in Mumbai, Delhi, and Pune. The leading clients of the agency include Tata Consultancy Services, Cleartrip, ICICI Lombard, HDFC Bank, Travelocity, Aviva Insurance and American Express.

Shared Ashish Bhasin, Chairman India & CEO South East Asia, Aegis Media, “For us Communicate2 was the obvious choice for multiple reasons – it is the oldest, largest and most competitive in search and performance marketing space. When we started speaking to them, there was a sense of comfort and we found them to be culturally aligned as well. Besides Vivek himself is the first google certified search-marketing guy in the country so his experience goes back many years in the area.” While he declined to disclose the monetary terms of the deal, he agreed it is substantial and reiterated that this deal makes us the Number 1 player in Search marketing.

SMC Group (SMC Global Securities and SAM Global Securities) is a leading broking house having a pan India network of over 1500 branches and has a customer base of over 4,00,000 clients. The Company provides equity and commodity-based products (research, equities, derivates, depository, etc.,) and has exchange memberships with major domestic and international equity and commodities exchanges. SMC is also one of the leading arbitragers in the country.

Singhi, as exclusive advisor to SMC, chalked out a comprehensive strategy and advised SMC on the joint venture for a Wealth Management Company and an Asset Management Company with Sanlam Investments.

Sanlam Investments is part of a Sanlam Group is the second largest listed financial services group in South Africa, with a market capitalization of US$8 billion, and total assets under management and administration of US$78 billion. Sanlam Investments comprises 14 specialized investment management businesses, each of which is a leader in its area. Key businesses include, Sanlam Investment Management, the group’s asset manager and Sanlam Private Investments, the private client business.

Sanlam Investments invested USD 37.5 mln in the company and USD 12.5 mln in the Assets Management Company and Wealth Management Company, making a total investment of USD 50 mln.

Blackstone Group Technologies (BGT) is an engineering consulting firm based in Chennai, India which offers design and detailing services. BGT has been in business for over 14 years and specializes in structural steel design and detailing for various industries, conveying equipment detailing, plant designing software application and development, deputation, and engineering services outsourcing. It employs nearly 250 staff members with a large percentage of technical staff and has offices in Chennai and Chicago, USA.

Shriram EPC (SEPC) is one of the leading service providers of integrated design, engineering, procurement, construction and project management services for renewable energy projects, process and metallurgical plants and municipal service sector projects throughout India and is also a leading manufacturer of 250 KW wind turbine generators (WTG). It is headquartered in Chennai with offices in Mumbai, New Delhi, Kolkata, and Beijing, and WTG and cooling tower factories in Puducherry, Chennai, and Umbergaon (Gujarat). Their EPC project experience and footprint reaches across 16 states in India and abroad, while their WTG business has completed wind energy projects throughout India.

The transaction, which was funded through internal accruals of SEPC, involved acquisition of 50% of the promoter’s stake in BGT and an additional 5% equity of BGT through fresh issue, taking SEPC’s gross holding in BGT to 55% with an option to purchase the balance equity at the end of 3 years.

Singhi acted as sole advisors to the transaction and successfully carried out negotiations in the key area of valuations and actively hand-held BGT through the entire transaction i.e., due diligence exercises, legal documentation etc., till the successful closure of the deal.

Allied Digital Services Limited (Allied), a Systems Integrator and IT Infrastructure Management Services Provider, operates across a network of 132 locations in 25 states across India with a team of around 1800 employees. Allied enables global, large and medium enterprises & service providers to reduce their total cost of ownership using a combination of onsite and remote services, a preferred choice for outsourced technical support for business-to-business, business-to-consumer, e-commerce and corporate internal environments.

En Pointe Technologies (EnPT), founded in 1993, is one of the leading players in the US market, offering hardware & software fulfillment & value-added services. With an eye on lucrative IT services sector, it forayed into a range of information technology life-cycle services, referred to as IT Infrastructure Managed Services. En Pointe Global Services Llc (EnPGS) is a carved-out subsidiary of En Pointe Technologies with contracted revenues of USD 40 Million, with gross margins of 35%. With a client base which includes several Fortune 1000 Corporates across healthcare, retail, manufacturing, aviation, transportation sectors & direct presence in 44 states, EnPGS offers great opportunity to Allied to extend High End & Cost-effective Remote Infrastructure management and Managed Security and compliance monitoring and reporting services, reach & credibility established over last 15 years of its operations in the US market.

Singhi acted as sole advisor to the transaction which involved purchase of 80.5% stake in EnPGS for an equity valuation of USD 30 Million. The transaction involves a combination of cash & equity swap between the two companies with an additional cash infusion of USD 4 Million in EnPGS. This acquisition is both revenue and earnings accretive to Allied and a perfect tool to strengthen its opportunity pipeline in the US market for its Remote Service offering and also use EnPGS as a platform for several other inorganic growth initiatives across the globe.

Plethico Pharmaceuticals Limited is a leading global healthcare/pharmaceutical company with a strong emphasis on the herbal and nutraceutical segments. The company was established in 1991 and engages in the manufacture, marketing, and distribution of pharmaceutical and allied healthcare products in the nutraceutical and herbal segments in India and internationally. Domestically, Plethico operates in the segments of Sports Nutrition, Confectionary and OTC, in India. In addition to India in the OTC segment, Plethico is also a leading player in the Commonwealth of Independent States (CIS), Africa, South East Asia, Latin America and in the GCC. With the recent acquisition of Natrol – a leading manufacturer and marketer of branded nutritional products in the United States, Plethico has now expanded its global footprint to the regulated markets of the United States and Europe.

Tricon is a leading Hong Kong based company which has investment in CIS retain pharmacy chain and is also a sourcing hub which feeds these pharmacy chains. The Organization is spearheaded by Professionals, who have vast experience in dealings in CIS, Africa and GCC. Their key differentiator is their holding into retail pharmacy across CIS. The pharmacies are multi locational in various CIS Countries catering to local as well as multinational brands, generics, disposables.

Singhi acted as the exclusive financial advisor to Plethico Pharmaceuticals for the acquisition strategy, deal structuring, business valuation, price negotiations, pre-acquisition due diligence, while advising the management to finalize the share purchase agreement and assisting in financial closure for the referred acquisition.

Private Equity Placement of INR 1640 Mn

Globe is a leading broking house and the biggest clearing member in North India with 84 trading members in NSE (F&O) and 11 trading members in BSE (F&O) segment and over 250 franchisees for retail broking. Having average daily turnover of over INR 87,000 mln and enjoys a market share of 12% in the F&O segment. Globe has already established operations in Dubai through a subsidiary and plans to acquire a London based company, ICON Capital Ltd, member of London Stock Exchange (LSE). It is also a leading arbitrageur in the Country.

Singhi, as exclusive advisor to Globe, chalked out a comprehensive business plan and presented the company and its growth strategy to a few potential equity investors and established the value maximization emerging on account of the consolidation and expansion.

Considering the growth potential in the Indian stock market, Globe Capital chalked out its growth strategy, i.e. to it augment the existing product portfolio by entering into the growing businesses viz. selling of financial products (viz. Margin financing, IPO, Mutual Fund and Insurance products). Base of approx. 700,000 customers of TMs, provide a readymade platform to market a bouquet of all financial services to tap ever growing Indian market. It also plans to acquire few small brokerage houses in addition to expanding its existing network.

Short listing among others, Singhi went ahead with Citigroup Venture Capital (CVC) and raised INR 1,640 mln.

Singhi successfully carried out negotiations in the key area of valuations and actively hand-held Globe Capital through the entire transaction i.e., due diligence exercises, legal documentation etc., and finally the successful closure of the deal.

Sale of IGI, Dubai’s Writing Instrument Business to Hamilton Housewares

IGI Ltd., part of the MB realty group of Dubai, was incorporated in 1991 on the British Virgin Islands to setup an EOU for the manufacture of writing instruments at Zebel Ali Free Trade Zone, Dubai.

The company has integrated operations for manufacturing tips to ball pens with a capacity of producing 12,000,000 pens (including tips, refills) & 20,000,000 tips (up to 1 mm) per month. It is one of the leading suppliers to East European countries with reputed brands like “Crown”, “Alba”, etc. The promoters have other business interest in realty and construction areas, and with the boom in the Realty market of Dubai, the promoters decided to hive off their non-core business of Writing instruments. Having decided to concentrate on their core business, IGI mandated for formulating the appropriate exit strategy, carrying out valuation and facility evaluation and scouting for a buyer for the referred business.

Singhi was successful in creating interest with Hamilton Housewares (Milton group) to acquire the above facility. INR 1500 mln Hamilton Housewares is a leading player in organized Household Plastic & Glassware industry and is known for two of its prominent brands “MILTON” and “TREO”. With the company’s vision to reach out to every household, provide it branded products with value, convenience and style, synergy with plastic processing capability and become the unassailable leader in consumer products, the company saw potential in the writing instruments business.

Singhi has acted as a sole advisor for the entire transaction, from the identification stage to completion of asset sale process, which involved valuation, facility evaluation, negotiation with the acquirers, structuring of transaction, legal documentation and smooth facilitation of the entire assignment.

Equity Investment of INR 750 Mn by Bennett Coleman & Company Ltd

SMC Group is a full-service financial services firm providing products and services include brokerage, research, equity, commodity and derivative trading, on-line trading services, merchant banking, investment banking, custodial services, clearing services, and insurance brokerage.

SMC has total of 400,000 investors presently, with a total franchisee network of 1,175 and approx 1,800 employees and a rapidly expanding retail distribution network of more than 7,500 independent financial advisors.

Bennett Coleman & Co Limited (BCCL) publishes The Times of India, the world’s largest selling English daily, and The Economic Times, India’s largest and the world’s second largest selling business daily, Education Times, etc. and has an enviable presence in other leading print and non-print media.

Singhi, acting as sole advisor to SMC Group, negotiated the attractive valuations and concluded the deal with BCCL, who was made a preferential issue of equity shares for INR 750 mln. The association with BCCL will go a long way in creating brand awareness of SMC Group.

SMC Group (SMC Global Securities and SAM Global Securities) is a leading broking house having a pan India network of over 800 branches and has a customer base of over 2,50,000 clients. The Company provides equity and commodity-based products (research, equities, derivates, depository, etc.) and has exchange memberships with major domestic and international equity and commodities exchanges. SMC is also one of the leading arbitragers in the country.

Singhi, as exclusive advisor to SMC, chalked out a comprehensive business plan and presented the company and its growth strategy to a few potential equity investors and established the value maximization emerging on account of the consolidation and expansion.

Considering the growth potential in the Indian economy, SMC Group chalked out its growth strategy, i.e., to it augment the existing product portfolio by entering the growing businesses viz. Online Trading, Margin Financing, Merchant Banking, Insurance Corporate Broking, and Portfolio Management Services.

Short listing among others, Singhi went ahead with Millennium India Acquisition (MICA), who acquired 14.99% in the SMC Group, valuing the company at approx INR 11 bn, making it the “First Blank Cheque Investment in India”.

Singhi successfully carried out negotiations in the key area of valuations and actively hand-held SMC through the entire transaction i.e., due diligence exercises, legal documentation etc., and finally the successful closure of the deal.

Rohit Pulp and Paper Mills Divests its Assets

Rohit Pulp and Paper Mills Limited (Rohit), part of the INR 2,500 mln packaging major J. M. Patel group of companies, is a prominent player in paperboard and writing/printing paper using unconventional raw materials like rice straw, wastepaper, and pulp, etc.

Rohit, to its credit had an uninterrupted dividend payment track record for the first thirty years of its operations (from FY 1969-70 up to FY 1999-00) and is also among the few medium sized paper mills who have survived the onslaught of the market forces, adverse cost structure, etc.

Singhi was mandated to scout for a prospective buyer who could acquire the controlling stake in the company or buy out the entire assets to liquidate the secured/unsecured liabilities apart from workers separation cost. Singhi was instrumental in carrying out business/asset valuation, locating an appropriate strategic buyer, initial negotiations and perception building as well as finalisation of the deal structure. Even after the deal broke with West Coast papers, Singhi has been successful in getting an alternative buyer, who has acquired the entire block of fixed assets.

Encompass Software, based in Bangalore, is a software service provider carrying out offshore software development for companies based in USA, apart from developing IT enabled solutions for various Indian corporates.

Encompass, the first in India to develop and implement a hospital management system for a leading Cancer Hospital in Bangalore, has also developed a Computer Telephonic Integration (CTI) product for the LPG dealers of the Indian Oil Corporation Ltd. and Bharat Petroleum Corporation Ltd.

The INR 6500 mln plus Salora Group, which is one of the major players in consumer electronics, components, telecom, etc., did also have varied interest in convergence technologies and IT, agreed to acquire 50% stake in Encompass along with associate friendly investors.

Singhi was instrumental in concluding the deal including preparation of business plans, carrying out business valuation and advising on the transaction strategy.

At the secondary stage, Singhi also played a pro-active role in re-arrangement of the shareholding as well as providing appropriate exit strategy for the investor.

Corporate Advisory, Capital Restructuring and Funds Raising

Pioneer Embroideries Limited (Pioneer), the largest producer of embroideries in the whole of Asia and one of the largest producers of crochet laces in the world, enjoys a dominant 14% market share in the domestic wholesale Embroideries, Fabric and Laces segment. With sales of INR 1,300 mln and net profit of INR 100 mln. Pioneer caters to the embroidery requirements of several leading garment exporters, apart from regularly exporting to countries like Nigeria, UAE, US, Brazil, among others.

Pioneer has attained its leadership position because of its nationwide dealer network, strong brands, quality products, huge capacities, in-house designing facility and its state-of-the-art fully integrated, multi-locational manufacturing facilities. Its business expansion strategy has been a combination of capacity expansion as well as acquisitions.

Over the years, Pioneer has taken over competitors like Salzer Textiles Ltd., Grant Apparels, and assets/brand of Fancy Corporation Ltd. During the financial year 2003-04 saw Pioneer taking an important step in merging its two other group companies-M/s Salzer Textiles Ltd. and M/s J. J. Textiles Ltd. with itself and transferred the brand Hakoba (acquired by Pioneer) into its 100% subsidiary- Hakoba Lifestyle Ltd. In FY05, Pioneer purchased the entire manufacturing assets of a Korean embroidery manufacturer, at a deal size of about INR 200 mln, and has relocated all the equipment to its existing plant at Naroli.

Singhi, over the years has been exclusively advising Pioneer for its expansion strategies, restructuring, acquisitions, and funds raising and has mobilised over INR 1000 mln. through suitable funding structure to meet Pioneer’s various need-based funding requirements, including acquisition funding. This also involved divestment of the promoter holding to financial investors to raise funds for its retail business.

Total Logistics Pvt. Ltd., (TLPL) is a part of the INR 3000 mln, Logistics and Transportation group owned by the Gupta Family. The Group has a network of 12 regional offices, 100 branch offices, 42 warehouses and a large fleet of trailers, trucks, cranes, forklifts, and elaborate ground infrastructure for undertaking multiple logistics-related operations throughout the country.

The group is presently engaged in Third party logistics, Supply Chain Solutions, Third Party Procurement, Warehousing, Distribution, Custom Clearance, and Warehouse Management Service with major corporates as their clients. It has recently set up offices in China to globalise the operations.

As an advisor to Surat Goods Transport Service, Singhi played an important role in due diligence and negotiations and were successful to reduce the acquisition cost by almost 25% and at the same time ensuring that the transaction is completed at a value most beneficial to the Acquirer.

Project Appraisal & Viability Study for INR 400 mln expansion project

Surya Medicare Limited (Surya), a INR 1,700 mln company is a leading and established player in the manufacture of Penicillin G based Anti-Biotics viz., Ampicillin Trihydrate, Amoxicillin, Cephalosporins, etc. The company having its state-of-the-art manufacturing facilities at Chandigarh, is a major Indian player having strong international presence as well in Penicillin G based products, enjoys the Export House status as well as WHO- GMP Certification.

Spurred by its quality inspired steady growth, Surya chalked out an expansion cum diversification project for a capital cost of INR 400 mln to manufacture Cephalosporin derivatives and Non-Anti Biotic Drug segment, both a High Value and new generation Drug segment with facilities to match the USFDA requirements.

Singhi apart from structuring the project, has carried out an independent viability appraisal of the proposed project jointly with BOB Capital Markets Ltd., a subsidiary of Bank of Baroda and a Category I Merchant Banker.

Equity Investment of INR 750 Mn by Bennett Coleman & Company Ltd

The Institute of Clinical Research (India), “ICRI” is the country’s premier and world’s largest Clinical Research Institute, dedicated to promoting ethical research and high-quality Clinical Research education. It imparts various innovative and intellectually challenging full time/ part-time Clinical Research Programmes in collaboration with leading domestic & global universities and Clinical Research organisations. With a 100% placement track-record, ICRI currently has over 3000 students on its roll sprawling 5 campuses in Delhi, Mumbai, Bangalore, Ahmedabad & Hyderabad. ICRI has a tie-up with Cranfield University, UK, one of the leading International University for Research & Faculty support. It also works in association with leading international players for work on Clinical Research (CR) and Clinical Data Management (CDM) activity.

Times Private Treaties is part of the Bennett Coleman Group and is an investment company for the group. Bennett Coleman & Co Limited (BCCL) publishes The Times of India, the world’s largest selling English daily, and The Economic Times, India’s largest and the world’s second largest selling business daily, Education Times, etc. and has an enviable presence in other leading print and non-print media. This transaction allows ICRI to continue to benefit from the extensive media and distribution capabilities of Bennett Coleman it under an agreement sought last year with an initial investment of Rs. 100 mln, and further strengthen the due potential and recognition to the Clinical Research activities and capabilities in India in general and of the Institute in particular with due awareness of courses of ICRI throughout India.

Singhi, acting as sole advisor to ICRI, negotiated the attractive valuations and concluded the deal with BCCL, to whom was made a preferential issue of Optionally Convertible Debentures (OCD) for INR 100 mln earlier in July 2007 and now of INR 415 mln in March 2009. The association with BCCL will go a long way in creating awareness about the potential of the Clinical Research industry in India and availability of specialized education through ICRI.

Rohit Pulp and Paper Mills Limited (Rohit), part of the INR 2,500 mln packaging major J. M. Patel group of companies, is a prominent player in paperboard and writing/printing paper using unconventional raw materials like rice straw, waste paper and pulp, etc.

Rohit, to its credit had an uninterrupted dividend payment track record for the first thirty years of its operations (from FY 1969-70 up to FY 1999-00) and is also among the few medium sized paper mills who have survived the on-onslaught of the market forces, adverse cost structure, etc.

The company with a gross asset base of over INR 700 mln and a low equity base of INR 35.75 mln with moderate gearing, having aggregate capacity of 37,800 MT p.a. of Duplex-boards, Coated Papers and writing/printing papers, etc., was put on block by the management of the J. M. Patel group, owing to older age and management focus on flexible packaging only.

Singhi was mandated to scout for a prospective buyer who could acquire the controlling stake in the company or buy out the entire assets to liquidate the secured/unsecured liabilities apart from workers separation cost. Singhi was instrumental in carrying out business/asset valuation, locating an appropriate strategic buyer, initial negotiations and perception building as well as finalisation of the deal structure. Even after the deal broke with West Coast papers, Singhi has been successful in getting an alternative buyer, who has acquired the entire block of fixed assets.

Pioneer Embroideries Limited (Pioneer), the largest producer of embroideries in the whole of Asia and one of the largest producers of crochet laces in the world, enjoys a dominant 14% market share in the domestic wholesale Embroideries, Fabric and Laces segment. With a sales of INR 1,300 mln and net profit of INR 100 mln, Pioneer caters to the embroidery requirements of several leading garment exporters, apart from regularly exporting to countries like Nigeria, UAE, US, Brazil, among others.

Pioneer has attained its leadership position because of its nationwide dealer network, strong brands, quality products, huge capacities, in-house designing facility and its state-of-the-art fully integrated, multi-locational manufacturing facilities. Its business expansion strategy has been a combination of capacity expansions as well as acquisitions.

Over the years, Pioneer has taken over competitors like Salzer Textiles Ltd., Grant Apparels and assets/ brand of Fancy Corporation Ltd. During the financial year 2003-04 saw Pioneer taking an important step in merging its two other group companies-M/s Salzer Textiles Ltd. and M/s J. J. Textiles Ltd. with itself and transferred the brand Hakoba (acquired by Pioneer) into its 100% subsidiary- Hakoba Lifestyle Ltd. In FY05, Pioneer purchased the entire manufacturing assets of a Korean embroidery manufacturer, at a deal size of about INR 200 mln and has relocated all the equipment to its existing plant at Naroli.

Singhi, over the years has been exclusively advising Pioneer for its expansion strategies, restructuring, acquisitions, and funds raising and have mobilised over INR 1000 mln through suitable funding structure to meet Pioneer’s various need-based funding requirements, including acquisition funding. This also involved divestment of the promoter holding to financial investors to raise funds for its retail business.

Funding for Financing the BCCI contract of USD 61.2 mln

Nimbus Communications Limited (Nimbus) is India’s only company with a business mix of sports, entertainment, airtime marketing & television content production. Its 50:50 joint venture with World Sports Group (a Rupert Murdoch group company), bagged worldwide distribution rights for all ICC cricket tournaments from 2002 till 2007 which includes the ICC Cricket World Cup, ICC Champions Trophy, ICC U-19 World Cup and the ICC Trophy. The Standard Chartered Afro Asia Cup Cricket: the international cricket tours to Pakistan 2006-2008 and the A1 Grand Prix World Cup of Motor Sport, are some of the other major contracts under Nimbus’ fold. Also, it is the only company in India to have twice secured exclusive rights to market the entire air time for the Cricket World Cup in 1992 and in 1999.

Nimbus is majority owned by Founder Chairman, Harish Thawani. In a landmark deal recently, Nimbus completed its second round of private equity infusion of USD 45.50 million from 3i, one of the world’s leading Private Equity firms. This deal which valued Nimbus at about INR 5,500 mln also marked 3i’s entry into India and is till date the largest investment in the Indian media segment. Nimbus has successfully won the four-year global media rights for cricket events in India from BCCI, for a sum of USD 612 mln against stiff competition from Zee, ESPN-Star & Sony. The contract up to 2010 includes rights for terrestrial, global satellite, radio and broadband.

As a successful bidder, Nimbus was to provide a Bank Guarantee/upfront funds to the tune of INR 5,230 mln within 21 days of signing the agreement with BCCI. Singhi was instrumental in obtaining a Bank Guarantee of INR 2,000 mln from SBI, ING Vysya & Corporation Bank and fund-based limits of INR 500 mln from SBI. Not only was the fund and non-fund based limits arranged in a record short-time, the banks which were introduced by Singhi never had a prior business relationship with Nimbus and were taking an exposure in Nimbus for the first time.

Private Equity Placement of INR 500 mln

John Energy Ltd (JEL), based in Gujarat is a full-scale service and equipment provider in the drilling/ workover segment for the onshore Oil and Gas exploration and production (E&P) sector in India. JEL is ranked the most efficient among its peers in India, scoring high on key parameters like equipment uptime (94% and above), high operating margins (above 40%) and returns on capital employed (around 40%). JEL has the unique distinction of offering services to all the E&P companies operating in India and is the preferred vendor for such services.

Oil and gas exploration activity, after a subdued decade, is expected to remain buoyant worldwide for the next few years. Strong crude oil prices and high demand for oil, coupled with low activity and inventories in the past decade, are leading to increased level of activity in E&P.

Considering the available potential in India and overseas, backed by strong prices and high demand for oil and its credibility among its clientele, JEL chalked out an ambitious expansion programme, to achieve quadrupling of its present turnover and even higher enhancement of profitability within the next three years. The blueprint included expansion into overseas markets, increasing service offering to include directional drilling and to also undertake oil exploration activity through joint ventures. It sought equity infusion to the order of INR 500 mln to crystallize its investment plan.

Singhi, as exclusive advisor to JEL, structured its business plan and presented the same to a handful of investor bodies which had specific awareness of, and intent to participate in, the opportunity presented by the oil sector buoyancy to efficient service providers. After discussions with local and foreign based investors, Singhi successfully concluded the deal ensuring rapid disbursement, which was of prime importance in JEL being able to pursue its aggressive ambitions.

Private Equity Placement of INR 450 mln

Maxwell Industries Ltd (MIL) one of the largest players in manufacturing and marketing of men’s innerwear, under the established brands of VIP, VIP Frenchie etc. is one of the earliest entrants in the organized segment of these products. It has also been aggressive in lingerie and lounge wear under the Lovable, Daisy Dee, Feelings and Vanity Fair brands, and men’s apparel business under the Live-in brand. MIL continues to be a dominant domestic market player in most of its categories

MIL has undertaken a corporate restructuring, wherein it is amalgamating its sister companies - Lovable Lingerie Pvt Ltd., (manufacturer of Lovable Lingerie) Microtex India Ltd (Manufacturer of Live-in Jeans) with itself and has purchased the manufacturing assets of group entities M/s Hybo Hindustan and M/s Gomma Industries.

Simultaneously, it is working on a INR 2,500 mln expansion project, which includes capacity enhancement, International Brand Launches and Export Outsourcing Projects in its core businesses of innerwear, lingerie and apparels. The Company is set to ink Joint Venture / Licensing and Outsourcing agreements with leading international brands in these categories. These alliances are being concluded with DBA Europe’s (formerly Saralee) brands of Lovable, FILA of Italy, Maidenform Lingerie, Vanity Fair Corp, Playboy Jeans of US, and Eminence of France. These Brands are set to enter retail space in Indian marketplace through MIL. Thus, MIL intends to become a fully integrated company doing activities right from manufacturing of yarn to retail ventures for selling its products.

Singhi, as exclusive advisor to Maxwell, chalked out a comprehensive business plan and presented the company and its growth strategy to a few potential equity investors and established the value maximization emerging on account of the consolidation and expansion.

Shortlisting among others, Singhi finally went ahead with Reliance Capital Partners, a part of the Anil Dhirubhai Ambani Group (ADAG), who have acquired preferential allotment of a mix of equity and optionally convertible preference shares, which would give it a 14.55% stake on full dilution, valuing the company at approx INR 3100 mln.

Singhi successfully carried out negotiations in the key area of valuations and actively hand-held Maxwell through the entire transaction i.e., due diligence exercises, legal documentation etc., and finally the successful closure of the deal.

Private Equity Placement of INR 130 mln

Salzer Electronics Limited (Salzer), a Coimbatore based, BSE listed, fast growing domestic electrical equipment manufacturers and suppliers of world class rotary switches, automobile switches, load break switches, proximity and modular switches etc. Salzer has a marketing tie up with L&T for domestic sales and with Crompton Greaves for exports. It is also an exclusive supplier of toroidal transformers to American Power Corporation

In order to meet the rising demand in the power sector demand in India, Salzer has chalked out ambitious plans to increase its existing capacities through a capex INR 100 mln and to reach a turnover of INR 1,000 mln in the next 2 years.

Singhi, as exclusive advisor to Salzer, chalked out a fund raising strategy, prepared business plan and presented the company and its growth strategy to potential equity investors including the Corporates and HNIs, who could have positive interest in investing in the power and engineering sector.

Singhi successfully carried out the negotiations with the investors to get the best possible rates for the company, facilitated due diligence for the investors and assisted the company in carrying out the investment procedure while complying fully with the SEBI guidelines for preferential allotments, towards the successful closure of the deal.

Acquisition of Controlling Stake by Pioneer Embroideries

Salzer Textiles Limited (STL), a 100% EOU, engaged in manufacture of all types of embroideries and motifs with an installed capacity of 540 mln stitches and an asset base of over INR 190 mln, was jointly promoted by Coimbatore based Salzer group and M/s Naef Nuesch AG, Switzerland, one of the leading European players in the embroidery sector and in the business for over 160 years.

Owing to the initial teething problems faced by STL in stabilising its operations, lack of operational support and export assistance from the Swiss partners (due to the change of management of the Swiss company) and little experience of the Indian promoters in the embroidery business, STL soon started facing financial problems as a result of under-performance & continued losses.

Pioneer Embroideries Ltd. (PEL), the leading player in the business of embroidery fabrics and laces, wanted to establish their foothold in the Southern market and add manufacturing capacity. PEL, through Singhi, established contact with the Swiss-based foreign stakeholders to acquire their 40% stake in STL which eventually could be acquired by PEL on private negotiation basis.

Parallelly, Singhi also negotiated with the Indian partners to acquire further 10% held by them while negotiating with the lenders to settle the accumulated liabilities exceeding INR 160 mln. Singhi with great persuasion, could successfully negotiate with the Indian partners to sell their stake and clutch of lenders to settle their entire liabilities at around one-third level, i.e., INR 48 mln only.

Singhi had exclusively handled the deal in its totality, right from negotiations with the stakeholders to settlement with the bankers and making the two Public Open Offers, apart from dealing with various entities like SEBI and RBI and guiding the company in settling the legal cases filed by minor shareholders of STL and funding for the OTS/acquisition for PEL.

Sale of Controlling Stake to IVRCL

Hindustan Dorr-Oliver Ltd. (HDO), a part of Dubai based USD 2 billion Jumbo Group, is a leading player since the 50’s in Proprietary Equipment and Turnkey project supply with special emphasis on solid-liquid separation. The company is one of the leaders in water treatment plants. HDO is also major player in pulping equipment and mineral beneficiations, Oil & Gas, Pharma sector etc. It has technical collaborations in respective fields with globally reputed companies like Dorr-Oliver Eimpco, EMO, Sulzer, etc.

In order to restructure its businesses and consolidate their leadership position in their core activities, the Jumbo Group had made a corporate decision of exiting from its non-core business by divesting its stake in GWLL.

Singhi, acted as the sole advisor to the Jumbo Group for finalising the exit strategy, carrying out business valuation and pre-bid business and financial due diligence, scouting for a buyer and representing the Jumbo Group in negotiating the final terms of the sale.

Singhi has concluded the deal at the enterprise value of INR 900 mln, with one of the largest and the fastest growing Infrastructure company in India, INR 22000 mln IVRCL Infrastructures & Projects Ltd (IVRCL). Singhi identified IVRCL amongst others, as a potential acquirer keeping in mind niche positioning of HDO in water treatment plants and strong R & D team which was very crucial for IVRCL to gain leadership position in Indian water related Infrastructure sector.

Structured funding of INR 800 Mn. through Toll Securitization

The INR 3,000 mln Ashoka Group started its operations in 1975 from Nashik and has since scaled up from a mere construction company to one of the largest BOT player in the road sector because of its risk-taking and project-management capabilities.

The Group has built more than fifty factory buildings for Corporates, including MNCs, about twenty five residential and commercial buildings admeasuring approx. 75 lac sq. ft., more than 225 km of roads, apart from having constructed a number of river and rail over-bridges.

The Group has promoted about ten BOT projects in recent years through various SPVs, which put together have a potential to generate over INR 10,000 mln in toll revenues, during the balance concession periods available. With the phenomenal growth in the Construction and Infrastructure sector, Ashoka Group wants to expand further by taking up new projects and utilize its future cash flows from the existing BOT projects.

One of the SPVs, Ashoka Info Pvt. Ltd, formed to execute the Ahmednagar-Karmala BOT Road Project at a cost of INR 530 mln, having the right to receive toll from the vehicles plying the road for a concession period of 16 years, with a collection potential of INR 2,550 mln. The project was funded only to the extent of INR 380 mln and carried a high rate of interest as well.

Singhi, as exclusive advisor to Ashoka, after understanding typical funding requirements of the Group, has secured additional funds to the tune of INR 800 mln, at lower rate of interest, through securitization of toll receivables of the Ahmednagar- Karmala BOT Road Project. These low-cost funds will enable the Group to bid for new larger projects.

Sale of Controlling Stake to Wilo AG

Mather and Platt Pumps Ltd. (MPPL), part of USD 2 billion Jumbo group of Dubai, is one of the oldest players in the Indian pump industry, engaged into designing, manufacturing, installation and servicing of pumps. It is the market leader in custom made large vertical split case pumps. MPPL is known for its quality and its pumps are widely accepted by customers in both the private as well as public sector. The company has seen a major turnaround with turnover increasing from INR 730 mln in 2002-03 to INR 890 mln in 2004-05 and profitability rising to INR 205 mln in 2004-05 from a marginal operational loss in 2002-03.

In order to restructure its businesses and consolidate their leadership position in their core activities, the Jumbo Group had made a corporate decision of exiting from its non-core business by divesting its stake in MPPL.

Singhi, acted as the sole advisor to the Jumbo Group for finalising the exit strategy, carrying out business valuation and pre-bid business and financial due diligence, scouting for a buyer and representing the Jumbo Group in negotiating the final terms of the sale.

Shortlisting amongst other suitors, Singhi successfully completed the deal with USD 1000 mln pump major, Wilo AG (Wilo), who is amongst the largest pump manufacturers in the world, engaged in developing and manufacturing innovative pumps and pumping systems. Singhi identified Wilo, as a potential acquirer keeping in mind, Wilo’s global presence and the tremendous potential of the Indian Pumps industry, where Wilo has been unable to gain a strong foothold, as well as their success in growth through expansions across Asia. This has further consolidated Wilo’s position in the Asian pumps industry.

Private Equity placement of INR 500 Mn with Actis

Tema India Ltd. (Tema), the largest exclusive heat exchanger manufacturer in India, and among the most competitive suppliers of shell and tube heat exchangers, caters exclusively to large process industries like Refineries, Petrochemicals, Fertilizers, and power sector. Tema competes worldwide on the three fronts of price, consistent quality and one of the lowest delivery time cycles. It has established credibility in local and global markets.

Seeing the upturn in the user industries worldwide and to leverage on goodwill amongst its clientele, Tema chalked out an ambitious growth plan with a capex of INR 580 mln, to reach a turnover of INR 2,500 mln by 2007-08 from INR 750 mln in 2004-05.

Singhi, as exclusive advisor to Tema, chalked out a comprehensive business plan and presented the company and its growth strategy to a few potential equity investors who could have positive interest in investing in the thriving engineering sector.

Shortlisting among others, Singhi went ahead with Actis Capital LLP (erstwhile CDC Capital Partners), a leading private equity player in emerging markets, currently managing around US$ 2.8 billion of funds. Investment experience in India include leading companies like Punjab Tractors, UTI Bank, Jyothy Laboratories, Sify, HDFC, AVTEC, Daksh, Glenmark Pharma, etc.

Singhi successfully carried out negotiations in the key area of valuations and actively hand-held Tema through the various due diligence exercises, toward the successful closure of the deal.

Financial Restructuring & Fund Raising through Debt & Equity

Vybra Automet Limited (Vybra) promoted by first generation entrepreneur and a technocrat, Mr. V. A. Norhi, is into manufacture of high quality close-end Ferrous and Non-Ferrous forgings. It had an installed capacity of around 7,500 MTPA of forged components like engine and steering components, propeller shaft, crank shaft, etc., used in the automobiles and engineering industry. These supplies are made to reputed OEMs in the Indian Automobile sector viz., Telco, Maruti, Honda Siel, SRMT, Automobile Corp. of Goa, RSB Transmission, etc.

Slowdown in the Automobile sector, coupled with manufacturing at below break-even levels resulted in major problems for the company and it became sick, and referred to BIFR. However, backed by the support from its customers, particularly Telco and suitable debt restructuring package, the company could sustain the bad times and started generating profits from FY 02-03 onwards.

Between FY 02-03 and FY 04-05, Vybra grew at a CAGR of 50%-plus and met with all the performance commitments, while paying off its debts to its lenders. However, for long term sustenance of its growth, it needed capital infusion for capacity expansion to 15,000 MTPA as well as additional working capital to capture the growing demand from its customers.

Singhi has been instrumental in strategising the financial restructuring of Vybra and advising the company to leverage its excellent business potential, while maintaining Vybra’s commitment with the secured/ unsecured creditors.

Singhi has successfully completed the financial restructuring of Vybra by settlement with the secured lenders and raised the required funding by placing secondary equity with HNIs to make Vybra a zero-long term debt company by March’05. It further secured its line of credit and term debt totalling to INR 300 mln, to fund Vybra’s expansion project. Singhi has further lined up primary additional equity of INR 150 mln, for its long-term capital needs from financial investors.

Sale of 100% Stake to United Phosphorus Limited

SWAL Corporation Ltd (SWAL, erstwhile Shaw Wallace Agrochemicals Limited), part of USD 2 Billion Jumbo group of Dubai, is one of the oldest players in the Indian Crop Protection Segment, engaged into manufacturing, marketing and formulation of pesticides and fertiliser mixtures. It is the market leader in its product segments, viz., Acephate and Ethion and has several premium brands in its portfolio. The company has seen a major turnaround with turnover increasing from INR 233 mln in 2001-02 to INR 750 mln in 2004-05 and profitability rising from a peak loss of INR 51.70 mln in 2002-03 to the profit of INR 45 mln in 2004-05.

In order to restructure its businesses and consolidate their leadership position in their core activities, the Jumbo Group had made a corporate decision of exiting from its non-core business by divesting its stake in SWAL.

Singhi, acted as the sole advisor to the Jumbo Group for finalising the exit strategy, carrying out business valuation and pre-bid business and financial due diligence, scouting for a buyer and representing the Jumbo Group in negotiating the final terms of the sale.

Shortlisting amongst other suitors, Singhi successfully completed the deal with INR 18,000 mln United Phosphorus Limited (UPL), who is India largest agrochemical player, engaged in research, manufacture and distribution of agrochemicals and specialty chemicals across the globe. Singhi identified UPL amongst others, as a potential acquirer keeping in mind, UPL’s market leadership in the Acephate market, who post-acquisition now commands nearly 35% of the Indian market share, further consolidating its position in the Agrochemicals market while entering the Organic fertiliser segment in India.

Equity Investment by Bennett Coleman & Company Ltd.

Hakoba Lifestyle Limited (Hakoba), a subsidiary of the INR 1,300 mln Pioneer Embroideries Limited (Pioneer), is a well- known store brand, engaged in retailing of ready-to-stitch and other embroidery fabrics, through its retail stores under the brand “Hakoba”, situated all over the country. Hakoba is recognized as a trustworthy, high quality and fashionable brand, and is constantly enlarging its product range and achieving brand preference amongst fashion-conscious customers.

Hakoba, which had a reach to its dedicated customers through more than 50 retail stores, planned to expand its presence by expanding number of stores and marketing aggressively to re-position itself as a premium fashion wear store, and open to have a financial investor who could fund its brand strengthening plans. Singhi was mandated for the same.

Bennett Coleman & Co. Ltd. (BCCL), who are publishers of leading English Dailies like, “The Times of India”, “The Economic Times” and other leading publications like Femina & Filmfare etc., apart from the fashion-oriented TV channel, “Zoom” was identified by Singhi to be the most appropriate investor in view of their media reach and credibility.

Singhi, acting as sole advisor to Hakoba, negotiated the attractive valuations and concluded the deal with BCCL, who acquired 15% stake for INR 106 mln in Hakoba through preferential allotment of equity shares. Hakoba’s association with BCCL would not only help it in expanding its network rapidly but would also help in establishing and positioning the Hakoba Brand through improved visibility.

Project Financing & Debt Swap

Balbir Rolling Mills Ltd, (BRML), was promoted in 1997, by Dr. Prabhat Bhushan, in technical collaboration with Hennigsdorfer Stahl Engg. Gmbh, Germany (HSEG) to manufacture reinforcement bars by using Thermo Mechanical Treatment (TMT) technology under its trademark “THERMAX”, is a prominent player in the Steel Re-Rolling mills industry in Western India

To meet the ever growing demand from its clientele in Construction, Automobiles, Railways, Machine Tools, Heavy Industrial Machinery, Consumer Durables, Misc. Engineering etc. sectors, BRML proposed expansion in its existing plant at Silvassa by increasing its manufacturing capacity from 24,000 tons pa to 48,000 tons pa for manufacturing Structural Products (Angles, Channels, Beams, Round Corner Squares, Caron Steel Rounds).

Singhi exclusively advised BRML for swapping of its existing high cost borrowings and arranged sanction of fresh credit facilities with the new lender at competitive interest rates and enhanced funding requirement for business expansion.

Advisory Services and Fund Raising

Today’s Writing Products Limited (Today’s), the third largest manufacture of writing instruments, ball pens, gel pens, refills, etc., marketing under the popular brand name of “TODAY’S” and “WONDER”, has a uninterrupted profit-making and dividend-paying record since 1996.

Having collaboration with the largest ball-point manufacturers in Korea - MonAmi Co. Ltd. (who holds nearly 13% stake in Today’s), Today’s strengths lie in its production facilities, which can manufacture nearly 1.5 million pens per day, in-house designing and mould-making expertise and its wide distribution channel. It also has various bulk supply orders with companies like HLL, Colgate, etc., for their promotional campaigns.

After making its mark in the domestic market, Today’s is now expanding its operations in the international market and is setting up an EOU in Dadra for manufacture of around 2 mln pens per day, at a total project cost of INR 550 million to be funded through a combination of equity and debt.

Singhi is advising Today’s for its business expansion strategy, capital restructuring and fund raising to accomplish its long-term growth objectives

Financial Restructuring & Fund Raising

Ornate Multi-Modal Carriers Pvt. Ltd (Ornate) part of INR 1250 mln, Ornate Group promoted by Jalali family, being one of the oldest and experienced group in the shipping services and allied activities. Ornate Provided complete turnkey port logistic services and terminal handling for shipping companies, Importers/Exporters and presently manages the Container Freight Stations (CFS) for various large size corporation like CONCOR, under long-term arrangements.

With a large fleet and container handling facilities at the port / CFS ‘s, Ornate has a large number of clientele including MLNCs. However, in its pursuit of growth, Ornate had contracted large high-cost borrowings with NBFC’s and Banks with various maturity periods.

Singhi, identifying the potential of restructuring the finances of Ornate, has exclusively advised the company to restructure its loans with a clutch of lenders and help it implement the restructuring plans.

Singhi’s corporate finance team assisted Ornate in raising fresh term loans with suitable repayment structure and Working Capital limits of INR 150 mln, at competitive rate of interest, while pre-payment/repayment to existing NBFC’s/ Banks and consolidate its borrowings.

Valuation, Fund Raising and Business Advisory Services

Mid-Day Multimedia Limited (MML), promoted by Mr. Khaleed Ansari and the publisher of the largest selling newspaper that defines its category - “Mid-Day”. The group is also into Outdoor Advertising and FM Radio Channel “GO 92.5” which are fast growing media businesses with a lot of future business potential.

To consolidate its various offices in Mumbai under one roof and to increase the printing capacity of its existing colour printing press for editorial & advertisement section, MML had planned a capex of INR 150 mln. Apart from it, the group also wanted to restructure its Outdoor Advertising business and bring down its high borrowing cost, long term as well as short term.

Singhi has carried out the Valuations of various Business assets in MML/its subsidiaries apart from carrying out detailed business restructuring for its Outdoor Business.

Singhi has also been successful in arranging funds for the proposed capital expansion and swapping of its relatively high-cost borrowings through an innovative financing structure with a combination of FCNR loan, Demand loan and placement of Commercial Paper.

Divestment of Foundry Division

H. G. I. Industries Limited (HGI), a part of INR 300 billion Aditya Birla group, is one of the leading players in Western India in malleable and ductile iron castings and a major supplier for Insulator castings in India including companies like Jayshree Insulators, Modern and Maruti, etc.

In order to concentrate on certain core areas for growth and to optimise management focus in the areas where critical mass and size have been achieved, AV Birla group took a conscious decision of exiting from non-core and peripheral activities. Eventually, they decided to hive off the running foundry division and put it on block.

The foundry division, with an asset base of around INR 200 mln and sales of around INR 190 mln was not operating at optimum level on account of inadequate day-to-day controls as well as group’s relatively higher overheads.

Singhi carried out the business viability study for HGI’s foundry division and recommended divestment of the division on slump sale basis, in favour of any interested suitors.

Singhi has been, on exclusive basis, instrumental in identifying the suitable buyer I.e., India Power Services Ltd., a mid-sized steel company, who had, prior to the acquisition, run the Foundry business on business conducting agreement with HGI for the smooth takeover.

Fund Raising & Advisory Services

VFC Industries Ltd. (VFC), the flagship company of the J. M. PATEL GROUP, is one of the leading players in Indian packaging industry with a turnover of around INR 1000 mln. The J M Patel group is engaged in packaging related activity for more than five decades. The other group companies being Rohit Pulp & Paper Industries limited and Gujarat Propack limited, which have been divested by the group in the past.

VFC has one of the well -equipped facilities in the Western India, with best of the equipment including imported ones and catering to both the segments of packaging viz; flexible packaging as well as Carton printing, serving to the ever growing sectors like food, pharmaceuticals, cosmetics, soaps, liquor etc. with best of the clientele like Unilever , Kellogg, Ponds, Parle, Britannia, Parry’s, Colgate, etc.

Singhi has exclusively advised VFC in arranging the need based funding including inducting a new banker who could also provide foreign currency loan and restructure part of its working capital limits into Long term loans, improving the current ratio and reducing the cost of funds raised.

Fund Raising & Advisory Services

GMS Technologies Ltd. (GMS) is a part of INR 4,000 mln GMS group, having business interest in photo processing, digital printing, and auto dealership business, has presence all over India and is now moving towards one stop solution provider to the outdoor advertising industry.

Started in 1984, as supplier of slitted photographic paper to QSS Colour Lab, a group company having photo-processing shops spread across the country, GMS diversified into digital imaging activities and printing hoarding posters during 1994 –95. GMS today is a dominant player in the organized digital imaging segment, with a market share of more than 25% in India. GMS presently specializes in turnkey solutions for a complete basket of indoor and outdoor media applications along with consultancy assignments for space management.

Singhi after understanding typical funding requirements of GMS and studying the nature of business in which it was operating, have exclusively advised them to raise structured finances, secured through charge on fixed assets and contractual receivables, also substituted high-cost borrowings with the low-cost funds.

Corporate Advisory, Capital Restructuring & Credit Syndication

Promoted by technocrats, Anupam has a successful track record of more than 2 decades in the chemical industry and is a niche player and one of the largest players in Ether Based Chemicals, with state of the art manufacturing facilities at Surat.

With products like TADE, Aminofen, Di Chloro Phenols, Amino Benzoic Acid Esters, etc., which find wide application in Pharmaceuticals, Healthcare and Agro Chemicals, Anupam is a key supplier for its product categories to Ciba group- Germany, Bayer- Germany, Whyte Chemical -UK, and Ipca Laboratories – India, in competition with other world leaders like Rhodia, Clariant, Bayer and a host of Chinese players.

Singhi, after studying the typical requirements of Anupam, its nature of business and expansion needs, had exclusively advised them on capital restructuring ( including conversion of Partnership firm into a Company under Chapter IX of The Companies Act, 1956), replacement of high cost borrowing with the low cost borrowings and arranging of long term funds by leveraging its existing block of fixed assets.

Singhi is also advising Anupam for raising Capital resources towards a dedicated manufacturing facilities for one of its esteemed clients.

Structured Project Funding & Working Capital Syndication

IVRCL Infrastructures and Projects Limited (IVRCL) is a INR 22000 mln, 15-year old Hyderabad-based high end infrastructure construction and water-management services company, providing EPC and turnkey solutions in key infrastructure segments like Urban/Rural Water & sewerage systems, pipelines, power projects, effluent treatment, industrial structures, road projects, power projects, etc.

IVRCL, having current book order position exceeding INR 16,000 mln, with an all India reach, is one of the fastest growing companies in the Infrastructure Sector with a Turnover of around INR 4,000 mln and a net worth of INR 1,000 mln plus. The total income and net profit of the company has increased at a CAGR of 53% and 49% respectively since 1995-96.

IVRCL is rated as the second fastest growing construction company in India as per “Construction World”, a leading periodical’s Annual Issue 2002. IVRCL’s competitive edge lies in its excellent execution skills in handling turnkey assignments with a dedicated project team; excellent alliances and contracts, both domestic and international and a backup of strong business network.

Singhi in the past two-three years have raised more than INR 750 mln for the company in the form of regular working capital limits in consortium, short term unsecured loans, substitution of high-cost borrowings with low-cost borrowings, structured project funding based on suitable escrow, apart from acting as house consultants to the company to advise the management on various strategic issues.

Structured Funding and Syndication of Working Capital Limit

Sumitomo Chemical India Pvt. Ltd (Sumitomo India), a 100% subsidiary of Sumitomo Chemical Corporation Limited, Japan is a part of the INR 420 bln SUMITOMO group based in JAPAN, a prominent player in basic chemicals, petrochemicals, agrochemicals and pharmaceuticals. The group has been rated as Baa1 by Moody’s Investor Services internationally.

Sumitomo India is one of largest manufacturer in India of active chemical ingredients used in manufacturing household insecticides and catering to all the reputed domestic companies & MLNCs in the organised sector. The Company has been rated A1+ by ICRA for the short-term debts based on its monopoly position and strong cashflows.

Singhi had been instrumental in advising Sumitomo through the rating process with a target to bring down the cost of domestic borrowings. Singhi, on an exclusive basis has been able to formulate & implement an innovative funding structure through a combination of MIBOR Linked NCDs, CPs, Unsecured Loans, Invoice Discounting etc. to bring down the cost of funds to less than 6% p.a. Singhi has also advised in the deployment of surplus funds generated by the Company in the various safe investments (long & short term) avenues with attractive rate of returns.

Divestment of Woven Sacks Division

Essel Mining & Industries Limited, a part of the INR 300 billion Aditya Birla group, is active in mining, ferro-chemicals and woven sacks. As part of the initiative to concentrate and optimise management focus in growth areas where critical mass and size have been achieved, the AV Birla group had decided to exit the woven sacks business. Consequently, the division, “Quality Packaging”, located at Jagdishpur, was put on the block.

The woven sacks division, situated strategically near its main client Indo-Gulf Industries, has an asset base of INR 110 mln and sales of around INR 250 mln, with an impressive clientele. This vital factor had helped it stay afloat in difficult times, when many units in the same line of business lapsed into sickness.

Though faring better than the industry average, the division was not operating at optimum level on account of inadequate day-to-day controls. In addition, relatively higher group overheads were choking off the profits.

Singhi carried out the business viability study for the division and recommended divestment on slump sale basis , highlighting the optimum location and strong client list, in favour of interested suitors.

Singhi has been, on exclusive basis, instrumental in structuring an appropriate divestment strategy, identifying interested parties, holding discussions and negotiations with the shortlisted parties, and concluding the deal in favour of Ganga Bag Udyog, based in Varanasi.

Fund Raising & Financial Restructuring

Britacel Silicones Limited, (Britacel), promoted in 1990, by Mr. Hiren Vashi in technical collaboration with Dow Corning, specializing in the manufacture of specialty silicones like Micro Amino, Easltomer, Cationics, Hydrophilic, Silicone Oil, Lubricant, Special Finish, Coating for textile and contraceptive industry. Being the largest supplier of Speciality Silicones in India, with over 35% market share, Britacel has shown a phenomenal growth in sales by about 1000 %, during the past five years with equally impressive growth in profitability.

With strong clientele like Raymonds, Digjam, Reid & Taylor, Hindustan Latex, TTK, Clariant, etc., Britacel’s specialized silicones are used to develop good internal Softness for luxurious handle and good durability within the fiber structure of end user industries. These products offer good hydrophilic & antistatic properties, coupled with good rewetting, non-yellowing & soft handle and produces excellent bounciness, surface softness & smoothness in the final output of user industry.

Singhi has advised Britacel for the restructuring of the existing high-cost borrowings and arranged sanction of fresh credit facilities with the new lender at attractive rate of interest and enhanced funding requirement for business expansion.

Structured Funding for INR 1300 mln Urban Infrastructure Project

IVR Prime Urban Developers Limited (IVRPUDL), a special purpose vehicle (SPV) promoted by the INR 10,000 mln infrastructure major IVRCL Infrastructures and Projects Limited (IVRCL) to take up the project of development of a National Games Village (NGV) on a Build, Own and Sell basis in Hyderabad, for temporarily accommodating the athletes, participating in the National Games held in November 2002.

The project “HILLRIDGE” spread over 50 acres plot of land in the hi-tech city of Hyderabad, allotted to IVRPUDL by APIIC, was to construct an integrated township, consisting of residential units, commercial blocks, shopping malls and villas of various sizes at an estimated cost of INR 1,300 mln for the first phase. On completion of the games, the site and the constructed flats were to be handed back to IVRPUDL for commercial realisation out of the sale of the units.

Singhi has successfully achieved the financial closure of the first phase of the project, by raising a term loan of INR 900 mln and a L. C. facility of INR 4 mln through a unique structure of securitisation of the sales proceeds from the sale of the flats, to be sold over by IVRPUDL in addition to the floating charge over the project.

Fund Raising & Business Advisory Services

Uran Shipyard Pvt. Ltd (Uran), promoted by Mr. Shaikh Nusrath, having more than three decades of experience in the ship building industry, is engaged in shipbuilding and ship repairs at Uran, close to JNPT, the largest terminal port in India.

Municipal Corporation of Greater Mumbai had planned to start the ferryboats plying between Marve & Manori Islands and the contract of the same was to be awarded to private parties on Built, Own & Operate basis (BOO). With its prior experience in the business and competitive bidding, Uran was successful in getting the contract awarded in its favour.

Singhi was exclusively mandated for arranging funds for Uran’s new venture for carrying out the construction of boats, for repairs and extension of jetty. Singhi has successfully completed the financial closure for the same at competitive rate of interest and the project is already operational.

Singhi is also advising Uran in the development of Dry- Docking facility, at its repair yard including scouting for a financial investor for the same.

Divestment of Oil Palm Business to Ruchi Group

Sical Logistics (formally South India Corporation and Agencies), a part of the USD 1.5 bln MA Chidambaram group, is a leading shipping & logistics service provider. It divested its palm oil business, consisting of palm processing facility which operates on fruit procured from a command area of around 5000 hectares, pre-allocated by the state government of Andhra Pradesh.

The business was very well-structured and quite profitable, with low overheads. Sical had created a corporate set-up with access to world-class technology, knowledge of latest farming techniques and a good network of support staff up to village level, which saw area under coverage go up to nearly 5000 hectares from only 237 hectares initially.

The divestment was primarily because the business was non-core in terms of Sical’s increasing focus on logistics business. Sical has, over the past two years, broadened its profile from basic logistics to include high-end areas like logistics support for offshore drilling, and leading consortia to create an iron-ore terminal at Ennore port near Chennai and a rail terminal at Nagpur, both on BOT Basis.

Singhi acted as sole advisors to Sical for the transaction, finalizing the exit strategy, carrying out business valuation, scouting for a buyer and representing the Chidambaram group in the negotiations. The business was demerged via High Court route and transferred to a subsidiary called Mac Oil Palm and the divestment transaction was done through sale of shares in the subsidiary.

Shortlisting among other suitors, Singhi successfully completed the deal with the USD 3.25 bln Ruchi group, which has some of the best brands in the domestic edible oil market. The merits of the business made it a natural fit in Ruchi’s game plan of an integrated approach to the domestic edible oil market, from access to cultivators up to retail branded sales.

India Entry Strategy and IT Foray

Etisalat is the incumbent TELCO in United Arab Emirates providing Fixed Line Telephony both domestic and International, Wireless services on GSM and 3G besides data services to Retail and Enterprise segments.

ETISALAT also provided through its subsidiaries, Cable TV services as well as submarine cable installation services. It has investments in telephony networks across the region from Pakistan in Asia to Mobily in Saudi Arabia besides scores of networks in Africa

ETISALAT identified Information Technology to be a core differentiator to fight competition at home and to meet is growth objectives and it decided to offshore part of its IT requirement to India.

Under this strategy, Singhi advised ETISALAT on Off shoring strategy and preparing a business plan for forming a new subsidiary in India. The business plan was successfully implemented by ETISALAT to set up its presence in the city of Bangalore, India.

Sale of Auto Ancillary Division, Indrad Auto, to Lucas TVS

Sical Logistics (formerly South India Corporation and Agencies Ltd) is part of the USD 1.5 bln MA Chidambaram group and is a leading shipping & logistics service provider. Along with the logistic business of USD 0.4 bln, Sical had auto ancillary division, palm oil business etc. under its portfolio.

As a part of its corporate policy, Sical decided to divest from non-core business and concentrate on logistics business. Hence, it divested out of Indrad, its auto-ancillary division.

Indrad was in the business of manufacturing radiator cooling fan module and has been a leading supplier to Tata Motors and Ford. The division had also initiated diversification in other micro-motors starting with wiper motors. Indrad had a technical collaboration with GATE, Italy a subsidiary of Johnson Electric for over a decade. However, the deal with Lucas TVS was exclusive of business arising out of the technical collaboration.

Singhi acted as sole advisors to the deal on behalf of Sical.

Fund Raising of INR 500 mln for Proposed Engineering cum Management College & School

Shree Chanakya Education Society (SCES) is a trust managing the Indira group of Institutes in Pune. SCES was formed with an objective to provide world-class education in a world class environment with motto being education from KG to PG. With this objective and with a view of satisfying the demand for management graduates, the said society has established Management Institutes with specialised courses in various management fields. These institutes are recognised by All India Council For Technical Education (AICTE) and accredited by National Board of Accreditation (NBA).

SCES has not only grown vertically but also horizontally by adding new streams of education. Starting with a modest 70 students in 1994 SCES has more than 4700 students today to its credit. Not only does it claim a sound alumni base, but the recruiters from their Institutes too have turned back to them year on year.

In addition to top-class education, SCES also Provided to its students excellent infrastructure in terms of very good hostel & lodging facilities; in-house recreational facilities (Jogging-track, Fully-equipped gym and fitness centre, Basketball court, Swimming Pool); transportation services; scholarships; AV studios; computer labs; modern classrooms; syndicate rooms; air-conditioned auditorium & convention centre and conference centre with ultra-modern teaching tool, for imparting concepts in a student friendly manner.

SCES has to his credit many awards and accolades till date and is ranked today amongst the top Business Schools in the country. It today imparts education in all the streams of management in addition to commerce & science graduation courses. This phenomenal response prompted SCES to set-up an Engineering & Management College and an International grade school with similar contemporary tools and education facilities.

The project cost of Rs. 690 mln involved major funding towards immovable assets such as land and building, which was being perceived adversely by its existing banker, Bank of Maharashtra. Singhi accepted the challenge and with thorough research prepared the presentation bringing to the foreground the bright future of the society in it Engineering College & School venture.

The facts were presented in the right perspective explaining the society’s potential and the incredible track-record of promoters as entrepreneurs/educationalist. Intense negotiation and Singhi’s excellent relationship with ICICI Bank ensured that a favorable funding structure was in place within a short span of time.

Asset/Business Valuation & Resolution Strategy

Asset Reconstruction Company India Limited (Arcil) is the first ARC to commence business in India, established to acquire non-performing assets (NPAs) from financial institutions and banks with the objective of focused management of these assets and maximization of recovery. Relieving institutions and banks of the burden of NPAs allowing them to focus on their core activities.

Arcil has been sponsored, inter-alia, by the significant players in the Indian financial sector, namely State Bank of India, ICICI Bank Ltd, Industrial Development Bank of India, Housing Development Finance Corporation Ltd, and HDFC Bank Ltd. Arcil is set up as a private sector entity with 51% of its equity capital being held by the private sector banks, thus facilitating flexibility in its operations.

Arcil before making a bid to the lenders to take the sick accounts, needs to evaluate, understand & analyse the intrinsic worth of the business and underlying assets of the target loan accounts in a time bound manner. Singhi, with its core team of techno financial professionals has been actively involved with Arcil to assist them in the asset and business valuation and advise them on the resolution strategy. Singhi has successfully completed more than 250 assignments across various industries and locations for Arcil.

Brand/Asset Acquisition & Retailing Strategy

Fancy Corporation Limited (FCL), erstwhile owner of the brand “HAKOBA” were the pioneers in embroidery business in India. Over the last fifty years, the brand Hakoba had become so popular that it was synonymous to the embroidered products in India as also in US, UK and other countries where there is a sizeable Indian/South East Asian population. The fan following for Hakoba brand of embroideries and fabrics is well established and is among the strongest textile brand in India.

Over the years, even though the visibility of Hakoba products and its brand equity was well maintained through exhibition-sales and retailers, FCL couldn’t maintain its profitability as the successors couldn’t support the growth of the business, eventually, turning the company sick.

Pioneer Embroideries Limited (PEL), the largest manufacturer of embroidery products in India has its products under the brand name as TULIP & SWEETPEA. These brands were popular in the wholesale segment, however, presence of PEL in the retail segment was not as strong as Hakoba. Seeing the opportunity arising out of the financial constraints being faced by FCL, Singhi advised PEL to attempt for the valuable brand like Hakoba and well built, primely located manufacturing assets of FCL at Borivali, to establish PEL in the retail and garment segment as-well.

Singhi could successfully conclude the deal in two tranches, first for purchase of the manufacturing assets of FCL followed by acquisition of brand, including valuation and acquisition funding.

Singhi is further advising PEL to integrate the Hakoba into a prime retail brand., with plans of PEL opening more than 100 outlets, targeting fashion segment.

Strategic M&A Advisory

Adecco India is a leading end-to-end HR solutions company with a focus on Executive Search, Recruitment, Learning and Temporary Staffing services to client organisations. Adecco India is a wholly owned subsidiary Adecco S.A which is the world's leading provider of HR solution. The company has one of the largest branch networks, covering over 80 India cities/town. With more than 100,000 associates is one of the leading players in Temp Staffing. It has an esteemed list of 1500 clients across all the segment.

Singhi Advisor's role was to broadly assess the current business needs of the Company, possible growth avenues and region, and arrive at a profile of a possible target suiting the business needs of Adecco in terms of possible acquisitions by Adecco.

Identify appropriate targets, recommend appropriate strategy/structuring with each interested target, finalize Transaction Structure i.e. Merger/Acquisition/Strategic Partnership/ JVs/Investment in the target(s), conduct commercial negotiations with the target, work with the Company's legal counsels to draw suitable definite agreement incorporating all terms and conditions of the proposed transaction with the target, represent the Company during the material period of the assignment, and coordinating with other independent third party firms for services like due diligence, business evaluation, viability and achieve deal closure.

Fund Raising of INR 120 million for Proposed Casino by Essel Group

Pan India Network Infravest Private Ltd (PINI) is an Essel group company set up in the year 2001 for providing lottery infrastructure to various State Governments for selling online lotteries. The company is operating the lottery scheme under the brand name “Playwin” in four States of the country, namely, Maharashtra, Sikkim, Arunachal Pradesh & Mizoram.

As a logical extension to their lottery gaming business, the promoters proposed to diversify into the casino business. Being innovators, the group decided to start the casino operations on board the ship to be acquired separately and to operate on River Mandovi, Goa.

This project involved acquisition of a ship from Italy and its refurbishment at a total project cost of INR 200 mln with an external fund requirement of INR 120 mln. The sector not being popular amongst local banks Singhi accepted the challenge and with thorough research prepared a presentation of the case for prospective lenders.

The facts were presented in a right perspective explaining the country potential and the impeccable track-record of the Essel group.

A unique repayment structure was devised to match with the cash flows of the business so as to ensure minimum interest burden on the company and at the same time giving additional comfort to the bankers.

Intense negotiation and Singhi’s excellent relationship with Banks ensured that a favorable funding structure was in place within a short span of time and the required funding was arranged through The Mauritian Commercial bank.