February, 2015

Volume 11.2

Dealtracker
Providing M&A and Private Equity Deal Insights

2015 Grant Thornton India LLP. All rights reserved.

Disclaimer

Dealtracker editorial team:

This document captures the list of deals announced based on information available in the public domain
and based on public announcements. Grant Thornton India LLP does not take any responsibility for the
information, any errors or any decision by the reader based on this information. This document should not
be relied upon as a substitute for detailed advise and hence, we do not accept responsibility for any loss as
a result of relying on the material contained herein. Further, our analysis of the deal values are based on
publicly available information and based on appropriate assumptions (wherever necessary). Hence, if
different assumptions were to be applied, the outcomes and results would be different.

Monica Kothari, Sowmya Ravikumar

Deal Round Up February 2015

Deal summary

Volume

Highlights

Value (US$mn)

2015 This month witnessed 113 deals worth US$ 3.4 billion, which

2013

2014

2015

2013

2014

Domestic

26

21

23

436

385

867

Cross-border

12

28

17

2,090

1,346

1,832

30

2,556

1,736

55%

73

402

794

7%

Merger & Internal

Restructuring

was higher in terms of volume (40%) and value (36%) as

compared to the same period in 2014.

February 2015 saw a 125% increase in domestic deal values.

Even though the volume of cross-border transaction
0
decreased by 65%, the value of transaction rose by 36%.
2,699 Inbound deals continued to witness an upward trend, led by
the Mylan Inc-Famy Care deal worth US$ 750 million and 3
737
other deals of over US$ 100 million each.

Total M&A

45

50 20% 40

Private Equity

30

31

Grand Total
Cross border includes
Inbound

75

81

113

2,958

2,530

3,436 PE investments grew 135% in volume as compared to the

18

2,024

1,224

1,554

10

66

122

Outbound

135%

corresponding month last year, largely driven by e-commerce

deals.

278 The month also saw 2 QIPs worth US$ 425 million and 1

IPO.
Total Deal Volume Trend February 2015

Total Deal Value Trend (US$ mn) February 2015

794

PE

737

73

2013

402

31

30

2014
2015

2024

26

1554
1224

21

23
18

M&A

867
436 385
30

Domestic

66 122

Internal
Restructuring

Inbound

2015 Grant Thornton India LLP. All rights reserved.

Outbound

278

1
Domestic

10

4
0

Internal
Restructuring

Inbound

Outbound

M&A Round Up February 2015

Key Sectors
Notable Sectors

Top Sectors based on Deal Value (US$ mn)

Volume

IT & ITES

US$ mn

10

240

Retail & Consumer

253

Manufacturing

220

Pharma, Healthcare &

Biotech

772

Media & Entertainment

412

Pharma,
Healthcare &
Biotech 29%

The IT&ITeS sector drove M&A deal

activity in terms of volumes with ecommerce continuing to play a key role
within the sector.
The Pharma sector saw the fourthbiggest inbound M&A ever in the
country, with the acquisition of the
Famy Care by Mylan

Others 26%

IT & ITES 9%

Telecom

Target

Sector

Mylan Inc - Mylan

Famy Care Ltd
Laboratories Limited

Pharma, Healthcare
& Biotech

Undisclosed

Telecom

Infosys
Technologies Ltd

Bharti Airtel Ltd

Panaya Inc

Sembcorp Industries
Green Infra Ltd
Ltd

Telecom 12%

Retail &
Consumer 9%

310
Top Sectors based on Deal Volume

Top M&A Deals of the Month

Acquirer

Media &
Entertainment
15%

IT & ITES
Energy & Natural
Resources

Balasore Alloys LtdRohit Ferro-Tech Ltd Manufacturing

Ispat Group

2015 Grant Thornton India LLP. All rights reserved.

US$ mn

750
310
200
169

165

Deal Type
Acquisition
Minority Stake

%
Stake
Retail &
Consumer
17%

100%
3%
IT & ITES
25%

Acquisition
Majority Stake
Acquisition

Manufacturing
12%
Pharma,
Healthcare &
Biotech
10%

100%
60%
100%

Others
28%

Media &
Entertainment
8%

PE Round Up February 2015

Key Sectors
Notable Sectors

Top Sectors based on Deal Value (US$ mn)

Volume

IT & ITES
Retail & Consumer

US$ mn

46
7

367
52

Pharma, Healthcare &

Biotech

49

Real Estate

195

Hospitality & Leisure

36

Banking & Financial Services

21

The month witnessed continued interest in

IT & ITES (e-commerce & software
development) contributing more than half of
total PE deal values and volumes

Equis Funds Group

Investee
Assetz Property

Retail &
Consumer 7%

Sector

%
Stake
N.A.

Tybourne Capital, Valiant Capital

Accelyst Solutions Pvt
Sequoia Capital, Sofina and ruLtd- Freecharge.in
Net

IT & ITES

N.A.

Temasek and Norwest Venture

Partners

Manthan Software
Services Pvt Ltd

IT & ITES

N.A.

Falcon Edge Capital, Matrix

Partners India, Sequoia Capital
India and Omidyar Network

Ver Se Innovation Pvt Ltd

IT & ITES
- Newshunt

N.A.

Piramal Fund Management and

Aditya Birla Real Estate Fund

Adarsh DevelopersBangalore project

N.A.

Real Estate

Real Estate
26%

Top Sectors based on Deal Volume

Real Estate

2015 Grant Thornton India LLP. All rights reserved.

Hospitality &
Leisure 5%
Pharma,
Healthcare &
Biotech 7%

Top PE Deals of the Month

Investor

IT & ITES 50%

Others 5%

US$ mn

116

IT & ITES
63%

80
Retail &
Consumer
10%

60

40

33

Others
8%
Hospitality &
Leisure
4%

Pharma,
Healthcare &
Real Estate Biotech
8%
7%

Deal of the month M&A

Acquirer

Deal of the month PE

Mylan Laboratories
acquires Famy Care's
women's healthcare
businesses for US$
750 million.

Equis Funds Group

invests US$ 116 mn
in Bangalore-based
developer Assetz
Property.

Sector : Pharma,
Healthcare & Biotech

Sector : Real estate

development

Mylan Inc. is one of the

leading global generics and
specialty pharmaceuticals
company.

Target

Famy Care is a specialty

women's healthcare
company with global
leadership in generic oral
contraceptive products
(OCPs).

Rationale
The acquisition will build on Mylan's existing partnerships with
Famy Care in North America, Europe and Australia, and make
Mylan a hormonal contraceptives leader in high-growth emerging
markets around the world

2015 Grant Thornton India LLP. All rights reserved.

Investor

Equis Funds Group invests

across infrastructure and
energy space in Asia and
provides growth and
expansion capital to
companies.

Investee

Assetz Property Group

(APG) is in the business of
real estate development and
business portfolio
management with a
secondary focus on
infrastructure development in
the Asia region.

Comments
APG has plans for mid-income housing townships spread across
20 million square feet, with amenities including schools, aged care
facilities, health centres, public amenities, localised shopping
centres and recreation facilities.

Deal List

2015 Grant Thornton India LLP. All rights reserved.

I. M&A Deals
Acquirer

Target

Sector

Mylan Inc - Mylan Laboratories

Famy Care Ltd
Limited

Pharma, Healthcare
& Biotech

Undisclosed

Bharti Airtel Ltd

Telecom

Infosys Technologies Ltd

Panaya Inc

IT&ITES

Sembcorp Industries Ltd

Green Infra Ltd

Energy & Natural

Resources

Balasore Alloys Ltd- Ispat Group Rohit Ferro-Tech Ltd

Manufacturing

US$ mn

750.00

310.48
200.00
168.50
164.50

ITC Ltd

Blue Coast Hotels Ltd- Park Hyatt

Hotel

Hospitality & Leisure

Sundaram Finance Ltd

Royal Sundaram Alliance Insurance

Banking & Financial

Services

Tubacex SA

Prakash Steelage Limited- seamless

Manufacturing
stainless steel tube division

40.00

Cipla Limited

Jay Precision Pharmaceuticals Pvt

Ltd

15.40

Future Consumer Enterprise Ltd Aadhaar Wholesale Trading and

(FCEL)
Distribution Limited

2015 Grant Thornton India LLP. All rights reserved.

Pharma, Healthcare
& Biotech
Retail & Consumer

82.80
72.40

9.00

Deal Type

Acquisition

Minority Stake

%
Stake

Domestic/
Crossborder

100% Inbound

3%

Domestic

Acquisition

100% Outbound

Majority Stake

60%

Acquisition

100% Domestic

Acquisition

100% Domestic

Increasing stake to
75.90%

26%

Domestic

Majority Stake

68%

Inbound

Majority Stake

60%

Domestic

Increasing stake to
100%

30%

Domestic

Inbound

I. M&A Deals
Acquirer

Target

Sector

US$ mn

LiveMinds Solutions Pvt LtdBookMyCab.com

Eventifier

IT & ITES

Ipca Laboratories Ltd

Krebs Biochemicals & Industries Ltd

Pharma, Healthcare &

Biotech

eMedEvents Corporation

OMICS International

IT&ITES

Warren Tea Ltd

Pressman Advertising Ltd

Media &
Entertainment

1.10

Dalmia Cement (Bharat) Ltd

OCL India Ltd

Manufacturing

Godrej Consumer Products Ltd Darling Group Holdings

Mitsubishi Corp

Deal Type

%
Stake

Domestic/
Crossborder

Majority Stake

N.A.

Domestic

Minority Stake

19%

Domestic

Strategic Stake

N.A.

Inbound

Minority Stake

9%

Domestic

N.A.

Increasing stake to
74.6%

27%

Domestic

Retail & Consumer

N.A.

Increasing stake to
90%

39%

Outbound

Indo Nissin Foods Limited

Retail & Consumer

N.A.

Strategic Stake

34%

Inbound

Quest Global Engineering

EDF GmbH

Automotive

N.A.

Acquisition

100% Outbound

Brick Eagle

DBS Affordable Home Strategy

Limited

Real Estate

N.A.

Strategic Stake

49%

Domestic

Ajay Singh

SpiceJet Ltd

Aerospace & Defense

N.A.

Majority Stake

58%

Domestic

2015 Grant Thornton India LLP. All rights reserved.

2.00

1.50
1.25

I. M&A Deals
Acquirer

Target

Sector

US$ mn

Deal Type

%
Stake

Domestic/
Crossborder

News Corporation

MAA Television Network- broadcast Media &

rights
Entertainment

N.A.

Acquisition

100% Inbound

ITC Ltd

Johnson & Johnson- Savlon &

Shower to shower

Retail & Consumer

N.A.

Acquisition

100% Outbound

Entertainment Network (India)

Ltd- Radio Mirchi

TV Today Network Limited - Oye FM

Media &
Entertainment

N.A.

Acquisition

100% Domestic

Godrej- Natures Basket

EkStop Shop Pvt Ltd

IT & ITES

N.A.

Acquisition

100% Domestic

SILA Solutions Pvt Ltd

Envocare Pest Control Services

Retail & Consumer

N.A.

Majority Stake

51%

Exotel Techcom Pvt Ltd

Croak.it

IT&ITES

N.A.

Acquisition

100% Outbound

Foodpanda.com

JustEat- India

IT & ITES

N.A.

Acquisition

100% Outbound

Adfactors PR

Yorke Communications Pvt ltd

Professional /
Business Services

N.A.

Acquisition

100% Domestic

Mahindra Group

Nest Childcare Services Pvt Ltd Babyoye.com

IT & ITES

N.A.

Acquisition

100% Domestic

RJ Corp

iClinic Healthcare Pvt Ltd

IT&ITES

N.A.

Acquisition

100% Domestic

2015 Grant Thornton India LLP. All rights reserved.

Domestic

I. M&A Deals
Acquirer

Target

Sector

US$ mn

Deal Type

%
Stake

Domestic/
Crossborder

Quadragen Vet Health Private

Limited

Karnataka Nutraceuticals India

Limited

Pharma, Healthcare &

Biotech

N.A.

Controlling Stake

50%

Cognizant Technology Solutions

CNO Financial Group Inc.- India

operations

IT & ITES

N.A.

Acquisition

100% Outbound

Tata Steel Group

SSAB- Halmstad, Naantali and

Tynnplater

Manufacturing

N.A.

Acquisition

100% Outbound

Thomas Cook-Quess Group

Aramark- Aramark India Pvt Ltd

Professional /
Business Services

N.A.

Acquisition

100% Domestic

Jasper Infotech Pvt LtdSnapdeal.com

Exclusively.in Inc

IT & ITES

N.A.

Acquisition

100% Domestic

Tekni-Plex, Inc.

Ghiya Extrusions Private Ltd.

Manufacturing

N.A.

Acquisition

100% Inbound

MMRSS Majestic Market

Research Support Services
Limited- MRSS India

EMTEE Research and Consultants

Private Limited

Professional /
Business Services

N.A.

Majority Stake

N.A.

Domestic

WILLIS Europe B.V

Almondz Insurance Brokers Pvt Ltd Banking & Financial

(AIBPL)
Services

N.A.

Majority Stake

51%

Inbound

Anheuser-Busch InBev

InBev India International Ltd- RJ

Corp

Retail & Consumer

N.A.

Acquisition

100% Inbound

Future Lifestyle Fashions

Limited (FLF)

Indus Tree Crafts Pvt Ltd- Mother

Earth

Retail & Consumer

N.A.

Increasing stake to
72.16

2015 Grant Thornton India LLP. All rights reserved.

9%

Domestic

Domestic

II. Private Equity

Investor

Investee

Sector

% Stake

Equis Funds Group

Assetz Property

Real Estate

N.A.

Tybourne Capital, Valiant Capital Sequoia

Capital, Sofina and ru-Net

Accelyst Solutions Pvt Ltd- Freecharge.in

IT & ITES

N.A.

Temasek and Norwest Venture Partners

Manthan Software Services Pvt Ltd

IT & ITES

N.A.

Falcon Edge Capital, Matrix Partners India,

Ver Se Innovation Pvt Ltd - Newshunt
Sequoia Capital India and Omidyar Network

IT & ITES

N.A.

Piramal Fund Management and Aditya Birla

Adarsh Developers- Bangalore project
Real Estate Fund

Real Estate

N.A.

Creador

Ashiana Housing Ltd

Real Estate

5%

Sequoia Capital and Matrix Partners

Practo Technologies Pvt Ltd

IT & ITES

N.A.

Valiant Capital Partners,Vertex Venture

Holding, SAIF Partners, IDG Ventures

Firstcry - brainBees Solutions Pvt ltd.

IT & ITES

N.A.

Creador Advisors

PC Jeweller Ltd

Retail & Consumer

3%

Lightbox Ventures & Sequoia Capital

Faaso's Food Services Pvt Ltd

Hospitality & Leisure

N.A.

2015 Grant Thornton India LLP. All rights reserved.

US$ mn

116.00

80.00
60.00
40.00
33.00
32.26
30.00

26.00

23.00

20.00

II. Private Equity

Investor

Sector

% Stake

IT & ITES

N.A.

Tiger Global, Times Internet and Zodius

Culture Machine Media Pvt Ltd
Capital

IT & ITES

N.A.

Matrix Partners,Sequoia Capital and

Nexus Venture Partners

TinyOwl Technology Pvt Ltd

IT & ITES

N.A.

Individual investors - Nandan Nilekani

and Rakesh Jhunjhunwala

Coffee Day Enterprises Ltd

Hospitality & Leisure

N.A.

Sequoia Capital, SAIF Partners and

Aspada

Zen Lefin Pvt Ltd- Capital Float

Banking & Financial Services

N.A.

Energy & Natural Resources

N.A.

Nexus Venture Partners and Matrix

Partners.

Investee

Inasra Technologies Pvt Ltd- Stayzilla.com

Fidelity Growth Partners India, Deutsche

Greenlight Planet
Bank and Global Partnerships
Undisclosed

Smart Trip Tour & Travels Private LimitedSmartairtrip.com

IT & ITES

N.A.

CLSA Capital Partners

Nobel Hygiene Pvt Ltd

Retail & Consumer

N.A.

Angel Investors

Janaadhar India Pvt Ltd

Real Estate

N.A.

India Life Sciences Fund II

Comprehensive Prosthetics and Orthotics

(CPO)

Pharma, Healthcare & Biotech

N.A.

2015 Grant Thornton India LLP. All rights reserved.

US$ mn

20.00

18.00
16.13
16.00
13.00
10.00
10.00

10.00

9.70

9.68

II. Private Equity

Investor

Ventureast and Asian Healthcare Fund

Investee

Eye Gear Optics India Pvt Ltd - Ben

Franklin

Sector

% Stake

Retail & Consumer

N.A.

Motilal Oswal Private Equity Advisors Pvt

Arinna Lifesciences Pvt Ltd
Ltd (MOPE)

Pharma, Healthcare & Biotech

N.A.

Gaja Capital and DSG Consumer Partners Bakers Circle (India) Pvt Ltd

Retail & Consumer

N.A.

India Life Sciences Fund II

Relisys Medical Devices

Pharma, Healthcare & Biotech

N.A.

Helion Venture Partners

Wooplr

IT & ITES

N.A.

IDFC Alternatives- India Infrastructure

Fund-II

Cargo Service Centre Pvt Limited

Transport & Logistics

26%

Sequoia Capital & Angel investors

HomeLane.com

IT & ITES

N.A.

BlackSoil Realty Investment AdvisorsBlackSoil Realty Fund I

Gala & Ghosheh Group

Real Estate

N.A.

Canbank Venture Capital Fund

ESDS Software Solution Pvt Ltd

IT & ITES

N.A.

Tiger Global and angel investors

ADA News in Shorts Pvt Ltd- News in

shorts

IT & ITES

N.A.

IDG Ventures India

Abhiman Technologies Pvt Ltd myNoticePeriod.com

IT & ITES

N.A.

2015 Grant Thornton India LLP. All rights reserved.

US$ mn

6.50

6.45

6.00

5.16
5.00
4.60
4.50
4.10
4.00
4.00
3.00

II. Private Equity

Investor

Investee

Sector

% Stake

SAIF Partners and Fulcrum Capital

NoBroker Technologies Solutions Pvt Ltd

IT & ITES

N.A.

ChrysCapital

Pratibha Industries Ltd

Infrastructure Management

4%

Axilor Ventures

VigyanLabs Innovation

IT & ITES

N.A.

SAIF Partners

MTech Engineering Pvt Ltdindustrybuying.com

IT & ITES

N.A.

Mumbai Angels

Faaya.com

IT & ITES

N.A.

Orios Venture Partners

Yumist Foodtech Private Limited

IT & ITES

N.A.

Axilor Ventures

SellerworX Online Services

IT & ITES

N.A.

Angel Investors

Outletwise Retail Private Limited20Dresses.com

IT & ITES

N.A.

ah! Ventures, Lets Venture, and Mantra

iTraveller Tours Pvt Ltd- iTraveller.com
Ventures

IT & ITES

N.A.

InterGlobe Technology Quotient &

Lantern Capital

IT & ITES

N.A.

Trip38 Technologies Pvt Ltd

2015 Grant Thornton India LLP. All rights reserved.

US$ mn

3.00

2.45
2.00
2.00
1.02
1.00
1.00

1.00

1.00

1.00

II. Private Equity

Investor

Investee

SAIF Partners and Accion, - fund Venture

Aye Finance
Lab

Sector

% Stake

Banking & Financial Services

N.A.

Angel Investors

Right Axis Eye Hospital Private LimitedAkshara Eye Hospital

Pharma, Healthcare & Biotech

N.A.

India Quotient and Kae Capital

Fingertip Foods Pvt Ltd - Frsh.com

IT & ITES

N.A.

AngelPrime

Nimble Wireless Pvt. Ltd

IT & ITES

N.A.

Culcatta Angels, VentureNurserys angels

Klip.in
and Mumbai angels

IT & ITES

N.A.

Unitus Seed Fund and angel investors

Caravan Craft Retail Pvt Ltd

Retail & Consumer

N.A.

Mumbai Angels

Leaf Technology

IT & ITES

N.A.

Quotient Fund

HolaChef Hospitality Private Limited

IT & ITES

N.A.

Sol Primero and angel investor

Findulum Techlabs Pvt Ltd. - SmartPocket

IT & ITES

N.A.

Mumbai Angels

Chloroplast Foods(snackexperts.com)

IT & ITES

N.A.

Angel Investors

Retailworx Pvt Ltd- Freshworld

Retail & Consumer

N.A.

2015 Grant Thornton India LLP. All rights reserved.

US$ mn

1.00

0.61
0.51
0.50
0.50
0.48
0.34

0.32

0.24

0.23
N.A.

II. Private Equity

Investor

Investee

Sector

% Stake

Mumbai Angels

Dealwithus

IT & ITES

N.A.

Mumbai Angels

CleverSharks

IT & ITES

N.A.

Mumbai Angels

InstaBounce

IT & ITES

N.A.

Angel Investors

TaxSutra Services Pvt Ltd

IT & ITES

N.A.

Angel Investors

Couponmachine.in

IT & ITES

N.A.

Angel Investors

Sattviko

Hospitality & Leisure

N.A.

Angel Investors

Aisle Network Pvt Ltd

IT & ITES

N.A.

TPG Growth

Sutures India

Pharma, Healthcare & Biotech

25%

N.A.

Carlyle Group

Destimoney Enterprises Private Limited

(DEPL)

Banking & Financial Services

N.A.

N.A.

ChrysCapital

Ipca Laboratories Ltd

Pharma, Healthcare & Biotech

1%

N.A.

Omidyar Network, Blume Ventures,

Mumbai Angels and Hyderabad Angels

NowFloats Technologies Pvt. Ltd

IT & ITES

N.A.

N.A.

2015 Grant Thornton India LLP. All rights reserved.

US$ mn

0.21

0.19
0.16
0.16
0.14
0.11
0.10

II. Private Equity

Investor

Investee

Sector

% Stake

US$ mn

Splice Advisors

Kobster Eshop Pvt Ltd - Kobster.com

IT & ITES

N.A.

N.A.

Angel Investors

Cardekho.com -GirnarSoft Automobiles Pvt.

Ltd

IT & ITES

N.A.

N.A.

Mangrove Capital Partners

LocalCube Commerce Pvt Ltd- Storeking

IT & ITES

N.A.

N.A.

Angel Investors

CarTrade.com

IT & ITES

N.A.

N.A.

Angel Investors

FindYahan India Private LimitedFindyahan.com

IT & ITES

N.A.

N.A.

Angel Investors

Dyulok Technologies Pvt Ltd- Townscript.com IT & ITES

N.A.

N.A.

Upaya Social Ventures and Artha

Initiative

Tamul Plates Marketing Pvt Ltd

Retail & Consumer

N.A.

N.A.

Mumbai Angels and Angel investors

NextGen PMS Pvt Ltd

IT & ITES

N.A.

N.A.

Angel Investors

SquadRun Inc

IT & ITES

N.A.

N.A.

Sequoia Capital

Nuvo Logistics Private Limited- PepperTap

IT & ITES

N.A.

N.A.

2015 Grant Thornton India LLP. All rights reserved.

III. IPO
Company Name

Sector

Akme Star Housing Finance Ltd

Banking & Financial

Services

Issue Price

Equity Offered

Capital Raised
INR mn

Capital Raised
US$ mn

30

1,600,000

48

0.80

IV. QIP
Investee

HDFC Bank Limited

Sector

Banking & Financial Services

% Stake

US$ mn

N.A.
333.3

Mold- Tek Packaging Limited

Manufacturing

2015 Grant Thornton India LLP. All rights reserved.

N.A.

91.7

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Chandigarh 160002
T +91 172 4338 000

CHENNAI
Arihant Nitco Park, 6th floor
No.90, Dr. Radhakrishnan Salai
Mylapore
Chennai 600 004
T +91 44 4294 0000

GURGAON
21st floor, DLF Square
Jacaranda Marg
DLF Phase II
Gurgaon 122 002
T +91 124 462 8000

HYDERABAD
7th floor, Block III
White House
Kundan Bagh, Begumpet
Hyderabad 500 016
T +91 40 6630 8200

KOCHI
7th Floor, Modayil Centre point,
Warriam road junction,
M.G.Road,
Kochi 682 016
T +91 484 40064541

KOLKATA
10C Hungerford Street
5th floor
Kolkata 700 017
T +91 33 4050 8000

MUMBAI
16th floor, Tower II
Indiabulls Finance Centre
SB Marg, Elphinstone (W)
Mumbai 400 013
T +91 22 6626 2600

MUMBAI
9th Floor, Classic Pentagon,
Nr Bisleri factory, Western
Express Highway, Andheri (E)
Mumbai 400 099
T +91 22 6176 7800

NOIDA
Plot No. 19A, 7th Floor
Sector 16A,
Noida 201301
T +91 120 7109001

PUNE
401 Century Arcade
Narangi Baug Road
Off Boat Club Road
Pune 411 001
T +91 20 4105 7000

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