Mergers and Acquisitions

Successfully advised on some of the largest & most complex M&A transactions in India

Highlights

  • Advised on some of the largest and most complex M&A transactions of every type in India.
  • Ranked #2 by volume of deals and #8 by value of deals in the M&A league tables in FY2016 (Source: Bloomberg, amongst investment banks only)

Kotak Investment Banking has demonstrated its leadership in M&As by successfully advising on some of the largest and most complex M&A transactions of every type in India. The team has a wealth of experience and offers in-depth M&A advisory expertise and deal execution skills across a broad spectrum of products & services.

Kotak Investment Banking has significant experience in all types of M&A transactions including acquisitions, divestments, cross border transactions, restructuring advisory, buybacks, defence strategy advisory and open bidding.

To see a snapshot of our landmark M&A transactions, click here

Key Recent Deals

Some of Kotak Investment Banking recent deals are given below

Buy-side Transactions

  • Ingenico - TechProcess: In 2017, Exclusive Financial Advisor to Ingenico Group on the acquisition of 100% shareholding of TechProcess Payment Services Ltd., a leading Indian online and mobile payment services provider
  • Kotak Mahindra Bank: In 2016, Advisor to Kotak Mahindra Bank on the acquisition of 99.49% of equity shares of BSS Microfinance
  • Godrej Agrovet: In 2015, Advisor to Godrej Agrovet for acquisition of controlling interest in Astec Lifesciences and Manager to the Open Offer, US$ 62 million
  • Vodafone: In 2014, Sole Financial Advisor to Vodafone for acquisition of stake from minority shareholders in Vodafone India Limited, US$ 1,682 million
  • Kotak Mahindra Bank: In 2014, Acquisition of 15% stake in Multi Commodity Exchange of India Limited (MCX), US$ 77 million

Sell-side Transactions

  • Tata Sons: In 2016, Financial Advisor to Tata Sons for sale of 23% stake in Tata AIA Life Insurance Company by Tata Sons to AIA Group
  • Bharat Forge: In 2016, Sale of 50% stake in Alstom Bharat Forge to GE, US$ 35 million
  • National Collateral Management Services: In 2015, Exclusive Financial Advisor to NCML for sale of majority stake to Fairfax for an aggregate consideration of ~Rs 8 billion. This is the largest transaction in the agri-logistics space in India.
  • Sterling Hospitals-Actis: In 2014, Sale of controlling stake in Sterling Hospitals
  • Bausch & Lomb Eyecare India: In 2014, Bausch & Lomb Eyecare India Ltd divested its Ophthalmology Portfolio to Ipca Laboratories Ltd

Mergers

  • Vodafone Group Plc and Vodafone India: In 2017, Financial Advisor to Vodafone Group Plc and Vodafone India for the merger of Vodafone India and Idea Cellular with a joint control construct, creating India's largest telco, US$ 23 billion. This is the largest M&A deal ever done in India.
  • Kotak Mahindra Bank: In 2014, Financial Advisor for the merger of ING Vysya Bank with Kotak Mahindra Bank, US$ 2,582 million

Restructuring Transactions

  • HDFC Standard Life Insurance Company: In 2016, Provided Fairness Opinion to HDFC Life in the merger of the Life Insurance business of Max Group with HDFC Life, US$ 2,028 million
  • Aditya Birla Nuvo: In 2016, Provided Fairness Opinion to Aditya Birla Nuvo in the merger of Aditya Birla Nuvo with Grasim Industries followed by the demerger of the financial business of Aditya Birla Nuvo into Aditya Birla Financial Services Ltd, US$ 7,943 million
  • Advanta: In 2015, Advisor on the Merger of Advanta Limited with UPL Limited
  • Mastek Limited: In 2014, Demerger of the Insurance Products and Services business of Mastek Limited into Majesco Limited and the transfer of the offshore insurance operations of Majesco by way of a slump sale to Majesco Software and Solutions India Private Limited, a step down subsidiary of Majesco. Kotak Investment Banking acted as the transaction advisor to Mastek Limited and also provided the Fairness Opinion on the transaction.

Cross-Border Transactions

  • JTEKT Corporation - Sona Koyo Steering Systems: In 2017, Exclusive Financial Advisors to JTEKT Corporation for acquisition of 25.1% stake in Sona Koyo Steering Systems Limited from Sona Group, followed by an Open Offer to acquire additional 26% stake; US$ 126 million
  • Tata Chemicals - Yara International: In 2016, Sale of the Urea Business of Tata Chemicals to Yara International for a consideration of US$ 400 million. Kotak was the lead advisor on the transaction to Tata Chemicals.
  • American Tower Corporation - Viom Networks: American Tower Corporation to acquire a 51% controlling interest in Viom Networks Limited for Rs 76 billion (Enterprise Value of Viom: US$ 3.2 billion). Kotak Investment Banking and Evercore are joint financial advisors to American Tower.
  • Tubacex: In 2015, Tubacex, the world's leading Spanish manufacturer of stainless steel tubular solutions, acquired a majority stake in Prakash Steelage's seamless stainless steel tube division, US$ 42 million
  • Mahindra Group – CIE Automotive: Global alliance between Mahindra Group & CIE Automotive, Spain for auto components business and open offers for Mahindra Forgings Limited and Mahindra Composites Limited. Kotak Investment Banking was the exclusive financial advisor to the Mahindra Group and is the manager to the open offers, US$ 900 million.

Open Offers /Delisting Transactions

  • Crompton Greaves: In 2016, Advisor to the Committee of Independent Directors of Crompton Greaves Consumer Electricals Limited for the Open Offer for acquisition of 26% equity stake by Amalfiaco Limited along with Macritchie Investments Pte, US$ 253 mn
  • Hitachi: In 2016, Advisor to the Independent Committee of Directors of Hitachi Home & Life Solutions (India) Ltd for the Open Offer by Johnson Controls Inc., an affiliate of Hitachi Ltd, US$ 93 mn
  • Computer Sciences Corporation: In 2016, Manager to the Open Offer cum direct delisting offer to the shareholders of Xchanging Solutions Limited by Computer Sciences Corporation, US$ 16 mn

Buyback Transactions

  • Bharti Infratel: In 2016, Manager to the Buyback Offer to the shareholders of Bharti Infratel via Tender Offer route, US$ 303 mn
  • Dr. Reddy's Laboratories: In 2016, Manager to the Buyback Offer to the shareholders of Dr. Reddy's Laboratories Limited via Open Market route, US$ 234 mn
  • Vardhman Textiles: In 2016, Manager to the Buyback of equity shares through the tender offer process, US$ 108 million
  • Smartlink Network Systems: In 2016, Manager to the Buyback Offer to the shareholders of Smartlink Network Systems Limited via Tender Offer route, US$ 13 mn
  • Hexaware Technologies: In 2016, Manager to the Buyback of equity shares through the tender offer process, US$ 20 million

Landmark Transactions

  • Vodafone Group Plc and Vodafone India: Financial Advisor to Vodafone Group Plc and Vodafone India for merger of Vodafone India and Idea Cellular creating India's largest telco, US$ 23 billion. This is the largest M&A deal ever done in India.
  • JTEKT - Sona Koyo Steering Systems: Acquisition of 25.1% shareholding of SKSSL By JTEKT, followed by an Open Offer to acquire additional 26% stake
  • Ingenico - TechProcess: : Acquisition of 100% shareholding of TechProcess by Ingenico
  • Tata Chemicals – Yara: Sale of Tata Chemicals' Urea Business to Yara International
  • American Tower - Viom: Acquisition of 51% controlling interest in Viom Networks by American Tower Corporation
  • National Collateral Management Services: Divestment of stake in National Collateral Management Services Limited to Fairfax
  • Tubacex: Acquisition of stake in the Stainless Steel Tubes Division of Prakash Steelage by Tubacex
  • Kotak Mahindra Bank: Merger of ING Vysya Bank with Kotak Mahindra Bank
  • Mastek: Demerger and consolidation of the Insurance Products business
  • Kotak - MCX: Acquisition of 15% stake in MCX
  • Vodafone: Valuation advisory for acquisition of stake in Vodafone India Ltd
  • Toshiba: Acquisition of 26% strategic stake in UEM India Pvt. Ltd.
  • Torrent Pharmaceuticals: Acquisition of Indian Formulation Business of Elder Pharmaceuticals
  • Hitachi Limited: Acquisition of 100% stake in Prizm Payments Services by Hitachi Ltd
  • Vijai Electricals: Sale of major part of Electricity Transmission and Distribution (T&D) business to Toshiba Corporation
  • Mahindra Group - CIE Automotive: Global Alliance in Auto Components between Mahindra Group and CIE Automotive
  • Tech Mahindra: Acquisition of Hutchison Global Services by Tech Mahindra
  • iGate: Delisting Offer for Patni Computer Systems Limited
  • Kokuyo - Camlin: Joint Venture between Kokuyo Ltd. and Camlin Ltd
  • Tech Mahindra: Acquisition of control of Satyam Computer Services Limited by Tech Mahindra Limited through a competitive bidding process
  • Reliance Industries and Reliance Petroleum: Merger of Reliance Petroleum Ltd. with Reliance Industries
  • CRH: Entry of building materials major, CRH, into India
  • Thomas Cook: Acquisition of 74.9% stake (including Open Offer) in Thomas Cook (India) Limited and 100% stake in Thomas Cook Egypt and Lebanon
  • Wal-Mart: Entry of Wal-Mart into India and JV with Bharti Group
  • SREI - BNP Paribas: Joint Venture between SREI and BNP Paribas
  • Hutch - Vodafone: Divestment of Hutch to Vodafone Plc (Largest Telecom M&A transaction)

Team Leader

Joined Kotak Mahindra Group in 1999

Specialist in M&A Advisory, Deal Structuring, Restructuring, Valuations, JVs and India Entry services. Intimately familiar with the regulatory framework for M&A (including cross-border M&A), open offers, buybacks and delisting offers.

Outbound M&A expertise has been built by liaising with international investment banks across Japan, Europe, the UK and the US, and is currently working on many initiatives covering these geographies.

Member of SEBI's Takeover Regulations Advisory Committee, which recommended a new set of Takeover Regulations for Indian listed companies in 2010.

An Engineer from the Indian Institute of Technology, Delhi and MBA from the Indian Institute of Management, Ahmedabad.

Leadership Team