c
In the banking sector, important mergers and acquisitions in India in recent years include the merger

between IDBI (Industrial Development bank of India) and its own subsidiary IDBI Bank. The deal was worth $
174.6 million (Rs. 7.6 billion in Indian currency). Another important merger was that between Centurion Bank
and Bank of Punjab. Worth $82.1 million (Rs. 3.6 billion in Indian currency), this merger led to the creation of
the Centurion Bank of Punjab with 235 branches in different regions of India.

In the telecom sector, an increase of stakes by SingTel from 26.96 % to 32.8 % in Bharti Telecom was worth
$252 million (Rs. 10.9 billion in Indian currency). In the Foods and FMCG sector a controlling stake of Shaw
Wallace and Company was acquired by United Breweries Group owned by Vijay Mallya. This deal was worth
$371.6 million (Rs. 16.2 billion in Indian currency). Another important one in this sector, worth $48.2 million (Rs
2.1 billion in Indian currency) was the acquisition of 90% stake in Williamson Tea Assam by McLeod Russell
India In construction materials 67 % stake in Ambuja Cement India Ltd was acquired by Holcim, a Swiss
company for $634.9 million (Rs 27.3 billion in Indian currency).

Ä
 

 
  


Mahindra & Mahindra has added another company to its portfolio with the acquisitionthrough its subsidiary Mahindra
Forgings Global based in Mauritius of a 90.47 percent stake in Schoneweiss& Co. GmbH., a leading company in the
forgings sector in Germany.

The transaction was completed at the beginning of the year.Schoneweiss is a family-owned German company with over
140 years of experience in the forging sector.It is one of the top five axle beam manufacturers in the world and
specialises in suspension, power train and engine parts. The company has forging capacity of 50,000 tonnes per annum
and turnover of Euro 90 mn (for CY 2005).

Its top customers include the DaimlerChrysler Group, MAN, Scania and Volkswagen. Schoneweiss has three
manufacturing plants in Hagen and Gevelsberg, Germany with a total manpower of 550 people.

Strong European base

Anand Mahindra, Vice Chairman & Managing Director, Mahindra & Mahindra, said, "This acquisition creates for us a strong
European base as it is fully harmonious with our existing presence in Germany through Jeco AG. We are now well on the
path to capitalise on and consolidate our position towards becoming a globally significant player in the forgings business.
Also by expanding Mahindra's 'Design to Delivery' bandwidth in the components space, Schoneweiss would be a huge
step in the Mahindra's evolution as the first fully integrated auto component provider from India."

HemantLuthra, President, Systems and Technologies Sector (Systech), and Member of the Group Management
Board,Mahindra& Mahindra, said, "Schoneweiss is highly regarded for its technical abilities and deep customer
relationships with some of the marquee names in Europe. Together with Jeco, which the company acquired last
September, it creates a complementary and synergistic business platform. We hope to derive benefits across the various
Systech entities from this acquisition. More importantly, we will be able to offer our customers across various geographies
a comprehensive suite of products and technical skills." He added, "This is furthering our strategic goal of being an auto
component player with capability in design & engineering, adding value for our stakeholders."

HaraldKorte and Andreas Voss, members of two of the founding families will continue as shareholders of Schoneweiss and
continue to be in its Advisory Board and work with the company as Managing Director respectively. Commenting on the
transaction, HaraldKorte said, "We expect to derive benefits in both directions by the coming together of Mahindra &
Mahindra and are delighted to be a part of this emerging global family".

Kotak Investment Banking, Mumbai and M&A International GmbH, Kronberg, Germany advised Mahindra & Mahindra
while InterFinanz, Dusseldorf acted as consultants for the Schoneweiss Group.

Systech has acquired several companies including Stokes Forging of the UK, And within India, it began with the
acquisition of SAR Transmission and then went on to acquire Plexion technologies, Amforge and most recently acquired a
66 percent stake in DGP Hinoday. 


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