M&A Deal Summary

IDFC Alternatives Limited and Ascent Capital Acquire GMR Energy

On June 5, 2010, asset manager IDFC Alternatives Limited and private equity firm Ascent Capital acquired infrastructure company GMR Energy for 465M INR

Acquisition Highlights
  • This is IDFC Alternatives Limited’s 2nd and Ascent Capital’s 1st transaction in the Infrastructure sector.
  • This is IDFC Alternatives Limited’s 0th and Ascent Capital’s 3rd largest (disclosed) transaction.
  • This is IDFC Alternatives Limited’s 17th and Ascent Capital’s 16th transaction in India.

M&A Deal Summary

Date 2010-06-05
Target GMR Energy
Sector Infrastructure
Buyer(s) IDFC Alternatives Limited
Ascent Capital
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 465M INR

Target

GMR Energy

Bhubaneswar, India
GMR Energy is a holding-and-operating company of all the power generation and related businesses, including coal mines, of GMR Infrastructure Limited (GIL) in India. GEL has 3 operational plants aggregating to 820 MW and ~10 power projects under construction / development aggregating to over ~9,000 MW. GEL aims to become one of India’s leading power generation companies. GMR Energy Limited operates as a subsidiary of GMR Infrastructure Ltd.

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Buyer(S) 2

Buyer

IDFC Alternatives Limited

Mumbai, India

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2002
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

IDFC Private Equity is a specialist private equity investor focused on infrastructure related investments in India. IDFC looks to invest between $40 and $100 million US in businesses dealing with power, telecom, oil & gas, and transportation. IDFC also looks to invest in businesses related to urban and rural infrastructure. IDFC typically invests in minority positions. IDFC Private Equity is a subsidiary of IDFC, an infrastructure focused financial institution. IDFC Private Equity was formed in 2002 and is based in Mumbai. As on 30 Jan 2019, Investcorp acquires IDFC Alternatives’ private equity, realty arms.


DEAL STATS #
Overall 17 of 19
Sector (Infrastructure) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 13 of 15
Country (India) 17 of 19
Year (2010) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-01 Manipal Group

Bengaluru, India

Manipal Group is a pioneer in healthcare, Manipal Hospitals is among the top five healthcare providers in India serving over three million patients annually. Its focus is to develop an affordable, high-quality healthcare framework through its multispecialty and tertiary care delivery spectrum and further extend it to homecare. Manipal Group is based in Bengaluru, India.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-23 GVR Infra Projects

Chennai, India

GVR Infra Projects is engaged in the business of construction and development of infrastructure projects and has been one of the fastest growing companies in the construction sector. The company is focused mainly on roads, but also has a presence in bridges, irrigation, railways and urban infrastructure. GVR is actively focusing on several state level programs with a selective targeting of NHAI projects. GVR Infra Projects is based in Chennai, India.

Buy -
Buyer

Ascent Capital

Bangalore, India

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 600M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ascent Capital is a private equity firm focused on growth capital investments in promising Indian companies driven by 'visionary leadership'. In addition to providing growth financing, Ascent also helps young companies attract senior management talent and maintain high standards of corporate governance in preparation for an exit. Ascent invests in the range of $10 - $30 million per transaction. Ascent prefers investing in sectors that leverage India's outsourcing strengths, benefit form the country's infrastructure boom, and address a growing consumer market. Ascent Capital was formed in 2000 and is based in Bangalore.


DEAL STATS #
Overall 16 of 32
Sector (Infrastructure) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 5 of 5
Country (India) 16 of 32
Year (2010) 1 of 1
Size (of disclosed) 3 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-12-16 Deepak Cables

Bangalore, India

Deepak Cables is a power infrastructure provider. The primary business areas include manufacturing of conductor cables, construction of transmission & distribution lines and electrical substations. Deepak Cables was founded in 1984 and is based in Bangalore, India.

Buy Rs200M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-11 RBL Bank

Mumbai, India

RBL Bank operates as a scheduled commercial bank. It is continuously expanding its presence across India through a growing network of branches and ATMs. RBL Bank was established in 1943 and is based in Mumbai, India.

Buy -