Overseas Acquisitions by Indian firms- A Study. November 2009
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1 Overseas Acquisitions by Indian firms- A Study November 2009 Personalized Reliable Innovative 1
2 Indian Companies Forays in the International Arena Since the beginning of this decade several Indian companies have made overseas acquisitions and are continuing to do so. It would be interesting to review the financial performance of such acquisitions since then. Obviously the success of non-financial objectives such as sourcing of technology/ raw materials/ manpower,etc. is also equally important, but may not be visible. Hence this study to take a look at the P&L performance of the acquisitions. Personalized Reliable Innovative 2
3 Outbound Acquisitions by Indian firms 20 Indian overseas acquisitons (Year-wise Figures) Personalized Reliable Innovative 3
4 Reasons for Overseas Acquisitions by Indian firms Liberalization by RBI; Appetite for growth; Hunger to make an international footprint; Technology acquisition; Access to Foreign markets & raw material sources. Personalized Reliable Innovative 4
5 Overseas Acquisitions by Indian firms Indian Acquiring Company Company Acquired Country Acq. Value Year USD Mn Business Advisory Crisil EconoMatters Ltd & subsidiaries UK Chemicals Rain Commodities Ltd. CII Carbon USA Wipro Ltd Unza Holdings Ltd Singapore The Sanmar Group Trust Chemical Inds Chemical Business Egypt Tata Chemicals General Chemical Industrial Products USA 1, Tata Chemicals Bruner Mond Kenya-Europe Electrical Machinery Suzlon Energy Repower Germany 1, D S Constructions Ltd Globeleq America power assets S. America Havell's India Ltd SLI Sylvania's lighting business Netherlands Fabricated Metal Products Bharat Forge Carl Dan Peddinghaus GmbH Germany Sundram Fasteners Ltd precision forgings biz. of Dana Spicer Europe UK El Forge Ltd Shakespeare Forgings Ltd UK Food & Beverages United Spirits Whyte & Mackay UK 1, Tata Tea Ltd Energy Brands Inc. USA Gems & Jewellery Gitanjali Gems Limited Samuels Jewellers USA Shrenuj & Company Ltd Simon Golub & Sons Inc USA IT & ITES Wipro Tech Infocrossing Inc. USA Firstsource Solutions MedAssist Holdings USA Tricom Pacific Data Centres USA Infotech Enterprises VARGIS USA Personalized Reliable Innovative 5
6 Overseas Acquisitions by Indian firms Indian Acquiring Company Company Acquired Country Acq. Value Year USD Mn Non-Electrical Machinery Suzlon Energy Ltd. Hansen Transmissions International NV Belgium Wipro Ltd Hydrauto Group AB Sweden Non-metallic mineral products Carborundum Universal Ltd Abrasives Enterprise Canada Paper & Pulp Ballarpur Industries Limited Sabah Forest Industries Malaysia Grasim Industries St Anne Nackawic Pulp Mill Canada Pharmaceuticals Dr Reddy's Laboratories Betapharm Arzneimittel GmbH Germany Sun Pharmaceutical Industries Taro Pharma Israel Ranbaxy Laboratories Ltd Terapia S.A. Romania Plastic & products Reliance Industries Ltd Trevira GmbH Germany Jindal Polyester Ltd Rexor, S.A., France Telecommunication Equipment Crompton Greaves Ganz Transelektro Villamossagi Zrt & Transverticum Kft Hungary Telecommunication Services VSNL Teleglobe International Holdings Ltd USA Reliance Communication FLAG Telecom UK Textiles & Apparels Skumar's American Pacific USA Spentex Industries Ltd. TashkentToyetpa Tekstil Ltd Uzbekistan GHCL Rosebys UK Transport equipment Sakthi Auto Component Intermet Europe Germany Mahindra & Mahindra Ltd Jeco Holding AG Germany Others Sical Logistics Limited Bergen Offshore Logistics Pte Limited Singapore Punj Lloyd Limited SembCorp Engineers and Constructors Singapore Personalized Reliable Innovative 6
7 Performance of Acquisitions Percentage of acquisitions that have lost money: 81.25% Percentage of acquisitions that have made money: 18.75% Average R.O.I. across all the outbound acquisitions: 6.83% Personalized Reliable Innovative 7
8 Acquisitions that have yielded positive return Indian Acquiring Co. Company Acquired Acq. Value Year Total Returns Avg. ROI since M-Cap Country [INR CRS] acquisition [%] Pre-Acq. Acq. Cost as % of M-cap Crisil EconoMatters Ltd & subsidiaries UK Bharat Forge Carl Dan Peddinghaus GmbH Germany Tata Tea Ltd Tetley UK 1, , , Personalized Reliable Innovative 8
9 Acquisitions that have yielded sub-optimal return Indian Acquiring Co. Company Acquired Acq. Value Year Total Returns Avg. ROI since M-Cap Country [INR CRS] acquisition [%] Pre-Acq. Acq. Cost as % of M-cap Rain Commodities Ltd. CII Carbon USA 2, Wipro Ltd Unza Holdings Ltd Singapore 1, , Tata Chemicals General Chemical Industrial Products USA 3, , Tata Chemicals Bruner Mond Kenya-Europe , Suzlon Energy Repower Germany 7, (0.01) (0.00) 28, Havell's India Ltd SLI Sylvania's lighting business Netherlands 1, (18.71) (0.71) 1, Sundram Fasteners Ltd precision forgings biz. of Dana Spicer Europe UK (1.53) (2.67) United Spirits Whyte & Mackay UK 5, , Ballarpur Industries Limited Sabah Forest Industries Malaysia 1, , Dr Reddy's Laboratories Betapharm Arzneimittel GmbH Germany 2, , Crompton Greaves Ganz Transelektro Villamossagi Zrt & Tr. Kft Hungary , GHCL Rosebys UK , Personalized Reliable Innovative 9
10 Takeaways from the results Overwhelming majority of Indian companies have failed to manage overseas acquisitions well; Me-too and unrelated acquisitions have failed; In the boom years, excessive prices have been paid for the takeovers; Lack of managerial depth in mid-size Indian companies that have acquired overseas companies has been instrumental in failures; Irrespective of the area of business, cost of acquisition and ability to integrate operations are the two critical parameters for success in acquisitions abroad. Personalized Reliable Innovative 10
11 Thank You Disclaimer: This product is distributed for information purposes only. The information in this report does not constitute an offer to sell or a solicitation of an offer to buy any of the securities mentioned in the report. The readers may note that neither the company, its Directors, Officers or employees take any responsibility, financial or otherwise, due to any transaction undertaken or any action based on the information contained herein. The Company, its Directors, Officers or Employees may have a position or may otherwise be interested in the investment referred to in this document. Personalized Reliable Innovative 11
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