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138 Bibliography

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newsdetail&id=285.
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eng_html.html.
Index

AB Electrolux 31 AV Birla Group 86

Accenture 55 AV Metals Inc. 81, 82–3
Active pharmaceuticals ingredients AV Minerals (Netherlands) 82–3
(APIs) 91, 93, 94
Adhingam Trading Private Bao Steel 58
Limited 25 Barr Pharmaceuticals (BRL) 101
Advanta B.V. 17 BASF 14, 98
Advanta India 21, 22 Bear Stearns International
acquisitions of 15 Limited 94
Agrawal, Vineet 38, 47, 48 Bensulfuron-methyl 17
Agrochemical Beta Institut 94, 95
classification of 12 Betapharm Arzneimittel GmbH
company sales, in 2007, 13 (Betapharm) 91, 94
global agrochemical industry Bharat Aluminium Co. Ltd 79
12–13 Bhattacharya, Debu 80, 84, 87, 88
Agrodan A/s 14, 17 Birla, Kumar Mangalam 76–7, 83
Ag Value Inc. 14, 17 BlueScope Steel Limited
Air India 116 (Australia) 51
Akai 29 BMS Laboratories 93
Alcan 77, 88 Brand Finance 115
Alcoa 88 British Wind Energy Association 66
Aleris 85, 86, 88 Brooks, Martha 77
Allianz Group 105 Brunner Mond (BM) 117, 121,
Aluminium companies in India 123–4, 126
production, sales and market TCL’s acquisition of 123–5
share of 79 Bt cotton 13
‘The Aluminium Store’ 77 BTM Consult ApS World Market
American Natural Soda Ash Corp Update 69
(ANSAC) 125 Business intelligence (BI)
Anglo-Dutch steel company 118 module 21
Anshan-Benxi 58 Business process reengineering
Arcelor 2, 53 (BPR) 20
Arcelor-Mittal 54, 56, 57
Areva 71, 105, 107, 108, 110 Calcium chloride liquor 124
Asian economies 40–1 Cathode ray tubes (CRT) TV 25
Asian Paints 21 market share for 29–30
Asulam, Trichlorfon & ODM 17 Cequisa 17, 20
Aura 77 Cerexagri 15, 16, 17, 19, 20–1
AVALON 19 Cheminor Drug Ltd (CDL) 91, 93
AV Aluminium Inc. 81, 82 ChrysCapital 74

139
140 Index
Cipla 100
Citigroup Global Services 118
Citigroup Venture Capital
International 74
Clifford Chance 95
Colour picture tube (CPT) 25, 26
Videocon’s acquisition of
Thomson’s CPT 29
Comicrom 117
Companhia Siderurgica Nacional
(CSN) 1, 3–4
Compound Annual Growth Rate
(CAGR) 14
Convertible Alternative Reference
Securities (CARS) 5
Corus Group 3, 54–5, 85, 118,
119, 126
acquisition by Tata 1–9, 49, 51
post-merger integration 6
bidding war between Tata and
CSN for 3–4
shareholders of 3–4
Crisil 84
Cropserve (Pty) Limited 17
Daewoo Electronics 30
Daewoo Motors 117
Darak, Rajendra 16
Dense soda ash manufacturing
121, 124
Devrinol 17, 23
Devrinol Japan 17
Devrinol ROW 17
Dhoot, Venugopal 34
Docpharma 100
Dow AgroSciences 14
Dr Reddy’s Foundation (DRF) 92
Dr Reddy’s Laboratories Limited
(DRL) 91
Betapharm, acquisition of 94–5
claimed synergies, from
acquisition 95–7
post-acquisition 98–9
reasons for interest in 94
from 3i Group PLC 94–5
biogenerics, business of 101
company background 91–3
competition for 101
corporate social responsibility
(CSR) of 95
criticism of deal 97–8
future issues 100–2
generic sales of 100
growth of 93–4
Indian pharma industry, impact
on 99–100
synergistic alliances with
companies 93
Eagle Corporation Limited 31
Earnings before interest,
depreciation, taxes and
amortization (EBIDTA) 8
Earnings Before Interest, Taxes,
Depreciation and Amortization
(EBITDA) 14, 18, 89, 95
East Asian countries, GDP of 40
Economic Optimization of
Pharmaceutical Care Act 97
Electrolux Kelvinator Ltd (EKL) 31
Electronics Corporation of Tamil
Nadu (ELCOT) 27
Enercon GmbH 68, 75
Enterprise resource planning (ERP)
system 19, 21
Esparma 100
Everlast 77
Evofarms 17
Fast moving consumer goods
(FMCG) category 37, 41–2
growing Indian market for 41–2
penetration levels 41, 43
WCCLG in 42–3
FMC Wyoming Corporation 121,
122
Ford Motors 126
Foxpro 19, 21
‘Freshfields Bruckhaus Deringer’ 95
Gamesa Corporación
Tecnológica 68, 111

Gandhi, Arun 4
Garrison Townsend 15
GE 69
Gemplex 117
General Chemical and Industrial
Products (GCIP) 113,
119, 123
market share added by 120
TCL’s acquisition of 125–7
General Chemical Group 123
GHCL 121, 122
Global agrochemical industry 12
profile and trends 12
Global Wind Energy Council
(GWEC) 62
Golden 15
Goldwind (Jinfeng) 68
Good Earth 117
Granular soda ash 121
Green River Basin 121
‘Group of Four’ (Go4) 15–16
Hansen Transmissions International
NV 70–1, 103, 104–5
Suzlon’s acquisition of 70–2, 105
achievements 111
management teams,
augmenting 109
post-merger integration 108–9
rationale for 106
stock markets reaction 110
valuation and due diligence
108
Harbinger Capital 123
Heumann Pharma 100
Hindalco Industries Limited 76,
77, 79
background 77–8
entry into global leaders’ club 81
Novelis, acquisition of 81–2
deal financing 82–3
due diligence 86
funding sources 83
future 89–90
opportunities and challenges,
integration of 86–8
Index 141
performance evaluation 88–9
post acquisition 82–6
rationale for 78–81
stock market reaction 83–4
valuation concerns 84–6
production capacity 78
profit after tax (PAT) of, in
2006 77
subsidiaries
AV Aluminium Inc. 81, 82
AV Metals Inc. 81, 82
AV Minerals (Netherlands) 82
Hind Lever Chemicals (HLCL) 119
Hindustan Unilever Ltd 43
Hiren Aluminium Ltd 79
Hispano Carrocera 117
Hydro power
costs of 65
Hyundai electronics 29
Icona 17, 21
Imperial Chemical Industries (ICI)
123
INCAT International 117
Indian FMCG market 41
Indian Hotels 114, 117, 118
Indo Maroc Phosphore 117
Integrated business model 107
Intellectual property (IP) 17, 18, 92
Jaguar Land Rover 115, 118, 119,
125
Jamshedpur
R&D Centre 59
Tata Steel in 1, 50
JEMCA 118
JFE Steel Corporation 57, 58
Joekels Tea Packers 118
Jubilant Life Sciences 100
Kerrigan, John 123
Kim, K. R. 35
Kohli, Ajay 80–1
Laiwu-Jinan 58
Land Rover 118, 119, 125
142 Index

LCD TVs Natural gas 27

global TV shipments for 29 comparison with wind power 66
in India 30 Natural soda ash 121, 122, 123,
Legal environment 124, 125, 127
for renewable market 66–7 Nestle 116
Lenacil, Cloradizon 17 New Chemical Entities (NCEs) 101
Leng, Jim 55 New York Stock Exchange (NYSE)
Leveraged buyout (LBO) 84, 78, 84, 93
85, 116 Niedermaier, Wolfgang 96, 97
LG electronics 27 Nippon Sheet Glass Co. Ltd 122
Light soda ash 121, 124, 126 Nippon Steel 57, 58
London Metal Exchange (LME) 77, Nirma 121, 122
80, 90 Norilet 91
Longreach 15 Norsk Hydro 88
North America 29, 70, 72, 77, 78,
Madras Aluminium Co. Ltd 79 81, 125
Management information system Corus Group shareholders in 3
(MIS) 19 Novartis 101
Martifier 71, 105, 106, 107, 108, 109 Novelis Inc. 76, 87
Matrix Laboratories Ltd 100 acquisition of, by Hindalco 81–2
MAXIMO 19 deal financing 82–3
Merck 100 due diligence 86
Mergers and acquisitions process funding sources 83
104–6 future 89–90
Meridian Healthcare Ltd 93 opportunities and challenges,
Millennium Steel 5, 51, 55, 118 integration of 86–8
Million tonnes per annum (MTPA) performance evaluation 88–9
1–2, 122, 124, 125 post acquisition 82–6
Mittal, Lakshmi 2 rationale for 78–81
Mittal Steel 53 stock market reaction 83–4
merging with Arcelor 5, 53 valuation concerns 84–6
Mohan, Madhav 16 background 77–8
Moody’s Investor Services 5 natural hedge for Hindalco 88
MTM Agrochemicals Limited (MTM) production capacity 78
11, 14, 17, 18, 20, 23
Mukherjee, Saion 95 OCI Chemicals 122
Multi-brand strategy of Videocon OCI Wyoming LP. Solvay Chemicals
28–9 121
Multinational corporation (MNCs) Offshore wind power 31, 68, 71
11, 21, 25, 27, 28–9, 35, 36 costs of 66
Muthuraman, Balasubramanian Omez 91–2
4, 59 Omezaprozole 91
Mylan Laboratories (MYL) 101 Onida 27
Onshore wind power
National Aluminium Co. Ltd 79 costs of 66
NatSteel 2, 50, 55, 117 Oracle DBMS 19
 Index 143

Pacific Hydro 74 valuation and due diligence

Pearl Group 117 107–8
Per capita consumption, in India Rhodia Pharma 100
41, 42 Ritz-Carlton Hotel 118
Perlecan Pharma 93 Rohra, Anil 16
Petrocon India Limited 32 Rolled products business 88
Pfizer 93 Rothschild 95
Philips 25, 27
Phillips McDougall Agroservices 12 Sal Oppenheim 94
The Pierre hotel 117 Samsung 25, 27
Plant growth factors (PGFs) 23 Sansui 29
Plant growth regulators (PGRs) Santoor soap 38, 39, 43, 45, 47
11, 23 Sara Lee 116
Plasma TVs 29 Satyam Infoway (Sify) 21
Pohang Iron and Steel Company Saurashtra Chemicals 122
(POSCO) 57–8 Sawyer, Steve 62
Poland, manufacturing in 34 Searles Valley 122
Prasad, G. V. 93, 96, 101–2 Shasun Chemicals 100
Premji, Azim 40 Shroff, Jai 16
‘Production tax’ concept 104 Shroff, R. D. 10
Propanil 17 Shroff, Vikram 16
Protectors 12 Siemens 69
acquisitions by 69
Ranbaxy 21, 93, 94, 97, 100 Soda ash 113, 115, 119, 120–1,
Ravva Oil and Gas 27, 32 123–7
Raye, Aumit 89 competition in industry 121–3
Reddy, Anji 91 Sodium bicarbonate 123, 124, 126
Reddy, Satish 93, 96, 99 Solvay Chemical Inc. 120, 121,
Renewable market 66 122, 125
legal environment for 66–7 Sony 27, 30
Renewable Obligation, in UK 67 South-East Asian countries, GDP
Renewable Portfolio Standard (RPS) of 40
104 Specialty drugs 93
in US, 67 Srivastava, K. R. 16, 21
Reposo S. A. 17, 20 Standard and Poor’s rating
REpower (Germany) 70–2, 103, service 5
104 Starwood Group 117
achievements 111–12 Stauffer Chemicals 10
Suzlon’s acquisition 105–6 Steel industry, overview of 2, 49,
dealing with stakeholders 110 52–4, 57, 60
management teams, Steel prices, in India 53
augmenting 109 Stimulants 12
post-merger integration 108–9 Suedwind 70
rationale for 106, 107 Sumitomo Corp. 122
stock markets reaction Supertin, Vendex 17
110–11 Surflan 17
144 Index
Suzlon Energy Ltd 61, 103, 112
achievements 111–12
acquisition of Hansen
Transmissions and REpower
70–2, 105–6
dealing with stakeholders 110
management teams,
augmenting 109
post-merger integration 108–9
rationale for 106–7
stock markets reaction 110–11
valuation and due diligence
107–8
backward integration 72–4
business strategy 62
in China 73
company background 61–2,
103–4
competitive advantage of 64
dilemma 74–5
global market share of 69
headquarters in 69
innovation, on research and
development 64
leading players and
competitors 67–9
M&A as a technology
development strategy
104–6
market share in India 69
operations of 69–70
out-of-India sales 74
performance of 74–5
post acquisitions 73
product portfolio 63–4
research and development
activities 73
risks and challenges 75
wind energy
benefits of 64–5
economic perspective and
growth trends in 65–6
global distribution, of wind
market 62, 63
legal environment 66–7
market 62–3
SWAL Corporation 17, 18, 19
Synthetic soda ash 119, 120, 121,
122, 124, 127
Tanti, Tulsi 61, 103, 105, 107, 108,
109, 110, 111
about acquisitions 70
ambitions of 61
emphasis
on innovation 63
research and development 64
vision 70
see also Suzlon Energy Ltd
Target Research 100
Tata, Jamsetji 1
Tata, Jehangir Ratanji Dadabhoy
50, 116
Tata, Ratan 4, 5, 8, 55, 60, 113,
116, 118, 127
Tata Chemicals (TCL) 50, 113,
115, 117
Brunner Mond (BM) acquisition
123–5
competition in soda ash
industry 121–3
continuing the tradition 120
General Chemical Industrial
Products (GCIP) acquisition
118, 119, 120, 125–7
soda ash manufacturing 120–1
Tata Coffee 118
Tata Communications 115, 117
Tata Consulting Services (TCS)
50, 115
Australian Financial Network
Services, acquisition of 117
Citigroup Global Services,
acquisition of 118
Pearl Group, acquisition of 117
Tata–Corus merger 1, 8–9, 49
acquisition process 4
background 2–3
bidding 4
competitors 57–8
deal, issues and challenges of
54–7
deriving synergies 7–8
in Europe 51, 59

EV/EBITDA 56
financing 5, 6
funding structure 85
future 58–60
Global steel ranking 54
initial offer 3
post-merger integration 6–7
production capacity of 57
rationale 3–4
raw material self-sufficiency,
increasing 55
reasons for 2–3
steel industry overview 52–4
stock market reactions, after
acquisition 8
valuation and due diligence 4–6
Tata Group
acquisition deluge 117–19
acquisition of so many companies
127–8
business operations of 114
company background 49–52,
113–15
growth through
acquisitions 115–17
inorganic expansion of, in Europe
and America 115
major companies of 114
Tata Industries 50
Tata Interactive 118
Tata Motors 50, 114, 115, 117,
118, 119, 125
Tata Sons 5
Tata Steel 1, 50, 115, 117, 118
agreement with BlueScope Steel
Limited 51
background 1–2
bidding up with Companhia
Siderurgica Nacional (CSN) 1
for Corus 3–4
Corus deal, see Tata–Corus merger
financial performance 51
foreign acquisitions 2
global acquisitions 2
inspiration for 2
greenfield projects 50
international acquisitions 50–1
Index 145
local and global production 2
recognition for 52
steel deals 1997–2006 54
Tata Tea 50, 114, 115, 116, 117,
118
Tata Technologies 117
Teleglobe International 117
Tertia Edusoft Gmbh 118
Tetley 116, 118, 119
Thomson SA 25, 30–1, 31–2, 33
3i Group PLC (3i) 91
Tiscor 50
Tiscrom 50
Torrent Pharmaceuticals Limited
100
Toshiba 29
Trigenesis 93
Trimethyl phosphate (TMP) 10
TRIPS (Trade Related Aspects of
Intellectual Property Rights)
agreement 92
Trona 121, 125
Uberoi, Raman 84
Unicorn 15
United Phosphorus Ltd (UPL) 10
acquisitions of 17
approach 15–18
as business process 23–4
versus strategic alliances 23
administrative costs of 22
Cerexagri acquisition 15, 16, 19,
20–1
company background 10–12
global acquisitions 14–15
position of, in global market
(in 2007) 12–13
growth model 14
integration
divestiture and retention 23
information technology
approach 19–21
manufacturing approach 21–3
‘soft’ approach 18–19
international business
(in 2001) 20
international subsidiaries 20
146 Index
United Phosphorus Ltd (UPL) –
continued
IT strategy 20
manufacturing sites in 11
products of 11
strategy 13–14
subsidiary offices of 11
Unza Holdings 39, 40, 45
Unza India Inc., Wipro’s acquisition
of, see Wipro’s acquisition of
Unza India Inc.
US Eight O’Clock Coffee Company
118
US Tyco Global Networks 117
Varin, Phillippe 3, 56
Vestas 67, 75, 111
Videocon 25, 35–6
acquisition
of AB Electrolux 31
of Daewoo Electronics 30
of Eagle Corporation 31
of Electrolux Kelvinator Ltd 31
of Thomson’s CPTs 29, 30–1
background 25–8
business strategy 28–9
in China 30
colour television market, market
share in 27
competition with MNCs 28–9
core activities 26
distribution network within
India 28
domestic market 28
family-based management 34–5
in glass shell industry 26–7
global business activities 35
in Italy 31
low-cost manufacturing 30
major events 26
in Mexico 30
multi-brand strategy 28–9
advantages and
disadvantages 29
in oil and gas production and
exploration 27–8
in Poland 30, 34
in South Korea 30
Petrocon India Limited,
amalgamation of 32
post-merger integration 32–4
professional management 35
rationale 29–31
valuation and due diligence 31–2
Western India Vegetable Products
Limited 37
Wind energy
benefits of 64–5
economic perspective and growth
trends in 65–6
global distribution 62, 63
legal environment 66–7
market 62–3, 65
new players, involvement of 66
structural changes of 66
Wind turbine generators (WTG)
63, 65, 103, 106
Wipro Consumer Care and Lighting
(WCCLG) 47
acquisitions in 2003–7 39
B2B institutional lighting
profile 38
in FMCG space 42–3
furniture division of 39
post-acquisition of Unza
Holdings 38–9
product portfolio of 38
Wipro Limited
acquisition strategy of 40
business segments of 38
company background 37–8
compounded annual growth rate
(CAGR) of 37–8
growth through acquisitions
39–40
Wipro’s acquisition of Unza India
Inc. 37, 38–9, 47–8
cultural fit 44
human resources and
management-related
reasons 44
financial fit 44–5
profitable operations of Unza 44
 Index 147

valuation and due strategic fit 40–4

diligence 45
post-acquisition assimilation 45
financial reporting 46
human resource
assimilation 45
marketing activities,
assimilation of 46–7
economic reasons 40–2
marketing reasons 42–3
operational reasons 43–4
Wockhardt 100
Zeneca 14
Zocor 100