Investment Opportunities

in Indian Mining Sector

INDIAN STEEL & IRON ORE INDUSTRY

AN OVERVIEW

INDIAN STEEL & IRON ORE INDUSTRY AN OVERVIEW

Highlights

World Steel Production by Region

9th largest steel producer of the world - produced

over 38m tons of steel in 2005.
CAGR of ~7% over last 15 years.
Consumes 36m tons of steel
32kg per capita vs. world average of 150 kg.
Low per capita consumption, growing population
and
strong
GDP
growth
demonstrates Source:International Iron and Steel Institute
considerable untapped potential.
Steel production to grow from existing 38 m tons
in 2005 to 110 m tons by 2020.

Indian Iron Ore Production, m tons

Indian iron ore reserves estimated at 18 bln tons

- 8% of worlds total.
India produced 142 m tons of iron ore in 2005, of
which 70m tons were exported; third largest iron
ore exporter after Australia and Brazil.
Source:Indian Bureau of Mines (IBM)

Indian Iron Ore Industry Structure

Iron Ore Reserves

Overview

Mining Industry opened for private participation in

1993.
Witnessed spate of activities in last few years
driven by strong demand from metal industry.

East
India Belt

Iron Ore reserves located in two belts

East India
Chhattisgarh

Orissa,

Jharkhand

&

South India - Karnataka, Goa and Andhra

Pradesh.
Ores predominantly found in India are Hematite
and Magnetite.
75% of reserves are of Hematite.
Over 50% of hematite medium to high
grade.

South
India Belt

60% of hematite ore concentrated in the Eastern

region and 80% of magnetite ore in Southern
region.
4

Indian Iron Ore Industry Structure

Overview

Indian iron ore sector highly

predominantly small mines.

Public vs. Private Sector

fragmented

Over 250 mines, 40 owned by public sector (PSU).

Public S ector
40%

Private sector accounts for 60% of production.

Most of PSU mines are large and mechanized
Key PSUs include Steel Authority of India (SAIL),
Natural Mineral Development Corporation (NMDC),
Orissa Mineral Corporation (OMC) and Kudremukh
Iron Ore Company (KIOCL).
Prominent private companies are Tata Iron and
Steel Company (TISCO), Jindal Steel & Power
(JSPL), ESSEL Mining & Industries, Rungta Mines
and Sesa Goa.

Private S ector
60%

Source:IBM

2005 Top 10 Iron Ore Producers, m tons

Mining undertaken by both steel companies, with

captive mines and pure play mining companies.
Over 75% iron ore produced by non-captive
mines.
Large mines owned & operated by NMDC, SAIL,
KIOCL, TISCO and other state mining corporations.
Source:Companies Data

India has abundant iron ore with over 18 bln

tonnes as reserves

Chhattisgarh
Reserves - 2.3 bln tons
Production 23.2 m tons

Jharkhand
Reserves - 3.3 bln tons
Production - 16.1 m tons

Location of Indian Iron Ore Reserves,

(million tonnes)
State

Proven

Probable

Possible

Total

Orissa

1,824

763

1,590

4,177

Jharkhand

2,560

335

386

3,281

Chhattisgarh

993

537

747

2,277

Karnataka

796

209

311

1,316

Goa

461

149

119

729

1,653

504

1,687

3,844

Andhra
Pradesh

43

1,267

1,310

Goa

68

115

188

Haematite

oo

Goa
Reserves 0.9 bln tons
Production 22.3 m tons

Goa

o
o

Mangalore

Haldia
Paradip

Vizag

Chennai

Orissa
Reserves - 4.2 bln
tons
Production - 41.5 m
tons

Magnetite
Karnataka

Karnataka
Reserves 5.1 bln tons
Production 37.2 m tons
Source: Indian Bureau of Mines

Regulatory Environment

Except for precious stones and diamonds, automatic approval of foreign

direct investment up to 100% is permissible for exploration and exploitation of
all non-fuel and non-atomic minerals, including for gold and silver.

Although the State Government would grant the mineral concessions for Iron
Ore, approval of the Central Government is necessary.

Three kinds of mineral concessions are recognized in Indian law:

Reconnaissance Permit - Granted for preliminary prospecting. RP is

granted for 3 years and for a maximum area of 5,000 km 2, to be
relinquished progressively. A RP cannot be renewed.

Prospecting License - Granted for exploring, locating or proving mineral

deposit. A PL is granted for a maximum period of 3 years & maximum
area of 25 km2.

Mining Lease - Granted for undertaking operations for winning any mineral.
A ML is granted for 20 - 30 years and for a maximum area of 10 km 2. It is
renewed for periods not exceeding 20 years.
7

Regulatory and Tax Environment

The general principle for granting mineral concessions is first come first serve.

A company with reconnaissance operations has preferential right for PL, and similarly,
a person/ company which has prospected the mineral has the preferential right for
ML.

The mineral concession to be executed within three months for RP and PL, and within six
months for ML, after completing all documentation.

The Central Government notifies the rates of royalties and dead rent. Once fixed, the law
provides that these rates cannot be enhanced before three years.

The State Governments collect and retain royalties and dead rent. The State Governments
lay their own procedures for collection of these payments.

Over 10 agencies involved in granting mining clearances.

State Government to convey the decision on a mineral concession in time bound menner:

RP: 6 months

PL: 9 months

ML: 12 months

In case of delay, the State Governments to indicate reasons in writing.

Conditions for grant of ML are not fixed and are often subject to individual assessment.
8

Procedure of Obtaining of Mining Lease

Forest Clearance

Submission of
application

Environment Clearance

Preparation of
rapid EIA/EMP

Public Hearing
through State
Pollution

Recommendation by
State Government

Examination by
Forest Advisory
Committee ofMoEF

Mining Lease

Preparation of
Mining Plan.

Preparation
of FR

Approval of M.P. by IBM

Clearance on
availability of
water & power
from State

Submission of application for

Envrn. Clearance to
MoEF,
GOI through MOS

Recommendation of
Secy., Stat. Govern.,
Mining Dep.

Preparation of
EIA/EMP
Recommendation of
Chief Secy., State
Govrn.

Examination by
Environment Advisory
Committee (EAC) ofMoEF,
GOI

Stage-I clearance of
MoEF with certain
conditions

Approval of Chief
Minister

Sire inspection by EAC and

suggestions, if any, by EAC

Compliance of Stage
I conditions by State
Govr. and applicant

Submission of
application for mining
lease/renewal

Minimum
12 months

Approval of Union
Minister of Mines,
GOI

Grant of Environmental Clearance

Grant of foreign
clearance byMoEF
GOI

Grant of ML by State

Signing of ML agreement by State

Govrn.

MoEF

Ministry of Environment and Forest

MOS

Ministry of Steel

GOI

Government of India

EIA

Environmental Impact Assessment

EAC

Environment Advisory Committee

EMP

Environmental Management Plan

Prominent States - Snapshot

10

Orissa
Comments

Area of 156,000 square kilometers

& coast line of 480 kilometers
Iron ore reserve of 4.2 bln tons 24% of Indias iron ore reserve.
Produced 40.5 m tons in 2005, over
29% of Indias iron ore production.
15.7 mtpa exported out of India
Has only 1 steel plant with installed
capacity of 2 mtpa. However, with
the current rush state to have 43
new plants with installed capacity by
56 mtpa by 2020, Investment of
US$ 32 billion
Iron Ore
Belt

11

Jharkhand
Comments

Area of 80,000 sq. Km. Landlocked,

access to sea through Orissa &
Andhra Pradesh.
Iron ore reserves of over 3.2 billion
tons primarily Hematite.
Produced over 16 million tons in 2005.
The state has restricted exports of
minerals from the state and is
prohibiting mining lease allocation to
pure play mining companies.

Iron Ore
Belt

Witnessing slew of investments Installed production capacity of steel in

the state to increase by 32mtpa
entailing an investment of over US$ 25
billion.
12

Chhattisgarh
Comments
Carved out from Madhya Pradesh in 2001.
Has an area of 135,000 square kilometers.
Completely land locked, access to sea through
Orissa in North and Andhra Pradesh in South.
Iron ore reserve of 2.3 bln tons accounting for
13% of Indias total iron ore reserve.
Produced 23 m tons in 2005 - 16% of Indias
iron ore production.
The Bailadila Mines operated by NMDC are
amongst the largest iron ore mines in India
producing almost 16 million tons of iron ore.
Of this almost 5 million tons of iron ore was
exported, mainly to Japan
Has high quality iron ore reserves, however
most of them in the forest cover, requiring
environmental approval which are not
forthcoming.
State has attracted an investment of $4.5 billion
for setting up of 16 mtpa steel plants
Iron Ore Belt

13

Karnataka
Comments

Has an area of 192,000 square kilometers and a

coastline of 300 kilometers.
9 minor and 1 major port at Mangalore. Northern
part of the state is in proximity to Marmagao,
major port in Goa.
Iron ore reserve of over 5 billion tons of which 3.8
billion tons are of magnetite and 1.3 billion tons
of hematite. Accounts for over 30% of iron ore
reserves in India.
Produced 37 m tons of iron ore in 2005 - 26% of
Indias production.
Exported almost 50% of the production.
Despite being in the second largest belt for iron
ore region has not attracted investment for steel
plants due to scarcity of water.

Iron Ore Belt

14

Goa
Comments

Area of 3500 sq. km.

The iron ore deposits in Goa are mainly
hematite and extend in Bicholim (North-North
West) and Senguen (South) occupying
nearly 1/5th area of the total territory
According to Indian Bureau of Mines, Goa
has iron ore reserve of 0.9 bln tons which is
appx. 5% of Indias iron ore reserve.
In 2005, Goa produced 21.5 m tons of iron
ore. It exported almost entire produce
accounting for almost 30% of the iron ore
exports.
The state has not witnessed investments for
integrated steel plant as the iron reserves
found in Goa are not of high quality.

Iron Ore Belt

15

Entry Strategies
Iron Ore Reserves

Rich states in iron ore

reserves are located in
East and South of
India:

Policy

The largest deposits of high

grade iron ore (Fe+65%) are
concentrated in Orissa,
Karnataka, Jharkhand and
Chhattisgarh

Karnataka
Orissa
Chhattisgarh
Jharkhand
Goa
These five states
account for over 85%
of Indian Ore reserves

State Government of
Jharkhand hasbanned export
of Iron Ore from the state
State government of Orissa
has also announced that it will
favor the projects doing value
addition in the state instead of
pure play mining companies

Possible Options
Participation in
privatization tender(s)
Launching Greenfield
project(s)
Join Venture with state
Owned trading
Corporation
Acquisition of local iron
ore & steel company(s)~
Infrastructure Play:
Beneficiation
Slurry Pipelines

16

INDIAN COPPER INDUSTRY

AN OVERVIEW

INDIAN STEEL & IRON ORE INDUSTRY AN OVERVIEW

Highlights

World Steel Production by Region

9th largest steel producer of the world - produced

over 38m tons of steel in 2005.
CAGR of ~7% over last 15 years.
Consumes 36m tons of steel
32kg per capita vs. world average of 150 kg.
Low per capita consumption, growing population
and
strong
GDP
growth
demonstrates Source:International Iron and Steel Institute
considerable untapped potential.
Steel production to grow from existing 38 m tons
in 2005 to 110 m tons by 2020.

Indian Iron Ore Production, m tons

Indian iron ore reserves estimated at 18 bln tons

- 8% of worlds total.
India produced 142 m tons of iron ore in 2005, of
which 70m tons were exported; third largest iron
ore exporter after Australia and Brazil.
Source:Indian Bureau of Mines (IBM)

18

Indian Iron Ore Industry Structure

Iron Ore Reserves

Overview

Mining Industry opened for private participation in

1993.
Witnessed spate of activities in last few years
driven by strong demand from metal industry.

Rajsthan

Iron Ore reserves located in two belts

East India
Chhattisgarh

Orissa,

Jharkhand

&

South India - Karnataka, Goa and Andhra

Pradesh.
Ores predominantly found in India are Hematite
and Magnetite.
75% of reserves are of Hematite.

Karnataka

Over 50% of hematite medium to high

grade.
60% of hematite ore concentrated in the Eastern
region and 80% of magnetite ore in Southern
region.

19

Indian Iron Ore Industry Structure

Overview

Indian iron ore sector highly

predominantly small mines.

Public vs. Private Sector

fragmented

Over 250 mines, 40 owned by public sector (PSU).

Public S ector
40%

Private sector accounts for 60% of production.

Most of PSU mines are large and mechanized
Key PSUs include Steel Authority of India (SAIL),
Natural Mineral Development Corporation (NMDC),
Orissa Mineral Corporation (OMC) and Kudremukh
Iron Ore Company (KIOCL).
Prominent private companies are Tata Iron and
Steel Company (TISCO), Jindal Steel & Power
(JSPL), ESSEL Mining & Industries, Rungta Mines
and Sesa Goa.

Private S ector
60%

Source:IBM

2005 Top 10 Iron Ore Producers, m tons

Mining undertaken by both steel companies, with

captive mines and pure play mining companies.
Over 75% iron ore produced by non-captive
mines.
Large mines owned & operated by NMDC, SAIL,
KIOCL, TISCO and other state mining corporations.
Source:Companies Data

20

India has abundant iron ore with over 18 bln

tonnes as reserves

Chhattisgarh
Reserves - 2.3 bln tons
Production 23.2 m tons

Jharkhand
Reserves - 3.3 bln tons
Production - 16.1 m tons

Location of Indian Iron Ore Reserves,

(million tonnes)
State

Proven

Probable

Possible

Total

Orissa

1,824

763

1,590

4,177

Jharkhand

2,560

335

386

3,281

Chhattisgarh

993

537

747

2,277

Karnataka

796

209

311

1,316

Goa

461

149

119

729

1,653

504

1,687

3,844

Andhra
Pradesh

43

1,267

1,310

Goa

68

115

188

Haematite

oo

Goa
Reserves 0.9 bln tons
Production 22.3 m tons

Goa

o
o

Mangalore

Haldia
Paradip

Vizag

Chennai

Orissa
Reserves - 4.2 bln
tons
Production - 41.5 m
tons

Magnetite
Karnataka

Karnataka
Reserves 5.1 bln tons
Production 37.2 m tons
Source: Indian Bureau of Mines

21

Regulatory Environment

Except for precious stones and diamonds, automatic approval of foreign

direct investment up to 100% is permissible for exploration and exploitation of
all non-fuel and non-atomic minerals, including for gold and silver.

Although the State Government would grant the mineral concessions for Iron
Ore, approval of the Central Government is necessary.

Three kinds of mineral concessions are recognized in Indian law:

Reconnaissance Permit - Granted for preliminary prospecting. RP is

granted for 3 years and for a maximum area of 5,000 km 2, to be
relinquished progressively. A RP cannot be renewed.

Prospecting License - Granted for exploring, locating or proving mineral

deposit. A PL is granted for a maximum period of 3 years & maximum
area of 25 km2.

Mining Lease - Granted for undertaking operations for winning any mineral.
A ML is granted for 20 - 30 years and for a maximum area of 10 km 2. It is
renewed for periods not exceeding 20 years.
22

Regulatory and Tax Environment

The general principle for granting mineral concessions is first come first serve.

A company with reconnaissance operations has preferential right for PL, and similarly,
a person/ company which has prospected the mineral has the preferential right for
ML.

The mineral concession to be executed within three months for RP and PL, and within six
months for ML, after completing all documentation.

The Central Government notifies the rates of royalties and dead rent. Once fixed, the law
provides that these rates cannot be enhanced before three years.

The State Governments collect and retain royalties and dead rent. The State Governments
lay their own procedures for collection of these payments.

Over 10 agencies involved in granting mining clearances.

State Government to convey the decision on a mineral concession in time bound menner:

RP: 6 months

PL: 9 months

ML: 12 months

In case of delay, the State Governments to indicate reasons in writing.

Conditions for grant of ML are not fixed and are often subject to individual assessment.
23

Procedure of Obtaining of Mining Lease

Forest Clearance

Submission of
application

Environment Clearance

Preparation of
rapid EIA/EMP

Public Hearing
through State
Pollution

Recommendation by
State Government

Examination by
Forest Advisory
Committee ofMoEF

Mining Lease

Preparation of
Mining Plan.

Preparation
of FR

Approval of M.P. by IBM

Clearance on
availability of
water & power
from State

Submission of application for

Envrn. Clearance to
MoEF,
GOI through MOS

Recommendation of
Secy., Stat. Govern.,
Mining Dep.

Preparation of
EIA/EMP
Recommendation of
Chief Secy., State
Govrn.

Examination by
Environment Advisory
Committee (EAC) ofMoEF,
GOI

Stage-I clearance of
MoEF with certain
conditions

Approval of Chief
Minister

Sire inspection by EAC and

suggestions, if any, by EAC

Compliance of Stage
I conditions by State
Govr. and applicant

Submission of
application for mining
lease/renewal

Minimum
12 months

Approval of Union
Minister of Mines,
GOI

Grant of Environmental Clearance

Grant of foreign
clearance byMoEF
GOI

Grant of ML by State

Signing of ML agreement by State

Govrn.

MoEF

Ministry of Environment and Forest

MOS

Ministry of Steel

GOI

Government of India

EIA

Environmental Impact Assessment

EAC

Environment Advisory Committee

EMP

Environmental Management Plan

24

Prominent States - Snapshot

25

Orissa
Comments

Area of 156,000 square kilometers

& coast line of 480 kilometers
Iron ore reserve of 4.2 bln tons 24% of Indias iron ore reserve.
Produced 40.5 m tons in 2005, over
29% of Indias iron ore production.
15.7 mtpa exported out of India
Has only 1 steel plant with installed
capacity of 2 mtpa. However, with
the current rush state to have 43
new plants with installed capacity by
56 mtpa by 2020, Investment of
US$ 32 billion
Iron Ore
Belt

26

Jharkhand
Comments

Area of 80,000 sq. Km. Landlocked,

access to sea through Orissa &
Andhra Pradesh.
Iron ore reserves of over 3.2 billion
tons primarily Hematite.
Produced over 16 million tons in 2005.
The state has restricted exports of
minerals from the state and is
prohibiting mining lease allocation to
pure play mining companies.

Iron Ore
Belt

Witnessing slew of investments Installed production capacity of steel in

the state to increase by 32mtpa
entailing an investment of over US$ 25
billion.
27

Chhattisgarh
Comments
Carved out from Madhya Pradesh in 2001.
Has an area of 135,000 square kilometers.
Completely land locked, access to sea through
Orissa in North and Andhra Pradesh in South.
Iron ore reserve of 2.3 bln tons accounting for
13% of Indias total iron ore reserve.
Produced 23 m tons in 2005 - 16% of Indias
iron ore production.
The Bailadila Mines operated by NMDC are
amongst the largest iron ore mines in India
producing almost 16 million tons of iron ore.
Of this almost 5 million tons of iron ore was
exported, mainly to Japan
Has high quality iron ore reserves, however
most of them in the forest cover, requiring
environmental approval which are not
forthcoming.
State has attracted an investment of $4.5 billion
for setting up of 16 mtpa steel plants
Iron Ore Belt

28

Karnataka
Comments

Has an area of 192,000 square kilometers and a

coastline of 300 kilometers.
9 minor and 1 major port at Mangalore. Northern
part of the state is in proximity to Marmagao,
major port in Goa.
Iron ore reserve of over 5 billion tons of which 3.8
billion tons are of magnetite and 1.3 billion tons
of hematite. Accounts for over 30% of iron ore
reserves in India.
Produced 37 m tons of iron ore in 2005 - 26% of
Indias production.
Exported almost 50% of the production.
Despite being in the second largest belt for iron
ore region has not attracted investment for steel
plants due to scarcity of water.

Iron Ore Belt

29

Goa
Comments

Area of 3500 sq. km.

The iron ore deposits in Goa are mainly
hematite and extend in Bicholim (North-North
West) and Senguen (South) occupying
nearly 1/5th area of the total territory
According to Indian Bureau of Mines, Goa
has iron ore reserve of 0.9 bln tons which is
appx. 5% of Indias iron ore reserve.
In 2005, Goa produced 21.5 m tons of iron
ore. It exported almost entire produce
accounting for almost 30% of the iron ore
exports.
The state has not witnessed investments for
integrated steel plant as the iron reserves
found in Goa are not of high quality.

Iron Ore Belt

30

Entry Strategies
Abundant Iron Ore Reserves

Rich states in iron ore

reserves are located in
East and South of India:
Karnataka
Orissa

Large Deposits & Conducive Policy

The largest deposits of

high grade iron ore
(Fe+65%) are concentrated
in Orissa, Karnataka,
Jharkhand and
Chhattisgarh.

Chhattisgarh
Jharkhand
Goa
These five states account
for over 85% of Indian Ore
reserves

State Government of
Jharkhand has recently
banned the export of Iron
Ore from the state

Possible Options
Participation in
privatization tender(s).
Launching Greenfield
project(s).
Join Venture with state
Owned trading Corporation
Acquisition of local iron ore
& steel company.

State government of Orissa

has also openly announced
that it will favor the projects
bringing investments into
the state instead of
allocating mining leases to
pure play mining
companies

31

Gold Mining An Overview

Gold Industry Scenario

World Gold Council estimates over 20 million tons of proven, probable and
possible gold ore reserves in India.
Only two gold mining companies, both state owned:

Bharat Gold Mines in financial troubles Government had announced

for the privatization of Bharat Gold Mines

Hutti Gold Mines only operation gold mine with proven reserves of 600
tons.

Two private sector companies producing gold by product of copper production

Hindustan Copper Ltd and

Hindalco Ltd.

One company actively pursuing for RP, PL & ML Deccan Gold Mines

33

Gold A case study

Australia India Resources

Started Indian operations in 1993

Set up two subsidiaries

Geomysore Services India Pvt. Ltd. &

Indophil Exploration Resources

Gets RP for 26 locations in Central & South India for Gold & Nickel

Sets up Rama Mines Ltd. in Mauritius

Acquires Wimper Trading Ltd. renamed to Deccan Gold Mines Ltd.

Obtains 6 PL for Shimoga-Dharwar, Raichur & Mangalur block in Karnataka

and Ramagiri in Andhra Pradesh and 1 ML for Dharwar

34

Foreign Companies - Approved by FIPB for Gold Mining

Year

Indian Co

Foreign Co

Equity

Activity

(US$ mln.)

2001

Anglovaal Mining Anglovaal Mining Ltd.,

India Pvt. Ltd.
South Africa

2000

ADI Gold Mining Pebble

Creek
Pvt. Ltd.
Resources Ltd., canada

1998

Australian Indian India

Mining
Resources (India) Investment Pty. Ltd.,
Pvt. Ltd.
Australia.

1997

Gold
Guernsey

1996

Geomysore
Australia
Services
(India) Resources,
Pvt. Ltd.
Australia

Fields Gold Fields Guernsey

Ltd., South Africa
India
N.C.

Proposed
Location

1 Exploration for precious

and base metals
0.2 Exploration & Mining UP
for Cu, Lead, Zn
2 Prospecting
and
Exploration of Gold and
Base Metal Ores.
30 Gold: Exploration and
mining.
220 Gold: Exploration and
exploitation.

Karnataka
& AP

Almost 140 RPs issued for gold mining of which over 110 to foreign companies

35

Entry Strategies
Entry Options
Participation in privatization tender(s) Bharat Gold Mines.
Launching Greenfield project(s) starting with RP.
Join Venture with State Owned Corporation

36

37

India Entry Services

FiNoble assists companies gain Advantage India, ensuring

that business objectives are met with minimum risk and time

And Beyond
Comprehensive basket of post entry services including
investment banking and asset management to strengthen
Advantage India

38

Value Proposition

FiNobles Value Offering

Experienced management team
In-depth knowledge of Indian market

Clients vision
Establish successful India
operations
Expand market share
Enhance competitiveness
Build successful partnerships

Insights into Business & Legal

Environment
Innovative go-to-market strategies
Experience in influencing public policies
Speed and flexibility

PLUS

Post entry support

Proactive and on-going advice
Investment Banking & Asset Management

Expertise
Strong Panel of Domain Experts

39

Strengths
Diversified transaction expertise of team members include:
India Entry and Advisory: 100+ assignments

Advised clients on strategy, corporate finance and operations

management

M&A: Completed 50+ transactions

Led M&A and integration of mergers at an operational level

Team experience across India, US, Europe and the Middle-East

Innovative go-to-market strategies

Value preservation through efficient structures

Experience in structuring cross border transactions for entry and
exit
Partnership approach with clients to invest and assist

Established network

Partners well linked to the business and investment community

Strong relationships across central and state governments

40

India Entry

Investment Banking

Market Study
Strategy Formulation
Location Analysis
Regulatory Approvals
Lobbying
Recruitment of
Management Team
Accounting, Bookkeeping, IT and Admin
support

M&A
Financial DD
Legal DD
Environmental DD
Techno Commercial DD
Negotiations

Private Equity and

Venture Capital
Investor selection
Valuation
Deal structuring
M&A Advisory

Unique Proposition Only company offering the marriage of India Entry

Services & Investment Banking

41

Services Portfolio
Pre Entry
Services
Entry Options

Market exploration and validation visit

Select Entry Option, develop skeletal business plan and India strategy

Greenfield
Location Analysis and
Selection
Regulatory approvals
pertaining to land

Implementati
on Services

M&A
Prospective target
identification
Initial due diligence
Interest affirmation by
target company
Detailed due diligence
Negotiation and closing

Distribution
Distributor identification
Interest affirmation by
identified distributors
Due diligence
Negotiation, target setting
and closing

All regulatory and statutory approvals

Finalization of Business Plan
Develop Organization Structure and recruit management team

Post Entry
Services

Strategic inputs for performance enhancement

Preparation of vision plan and translate to operational plan
Constant and ongoing regulatory and statutory support
Identification of new market opportunities
Administrative, Legal, HR, Accounting and Book keeping and IT support
Financial support (Including organizing funds)
Assess and interpret overall company performance
Managing relationships and sales leads generation
Public policy influencing

42

Team FiNoble

Manish Chandra

16 years experience in private equity, investment banking, business advisory and start-ups
Former Key Director of US $ 60m HSBC Private Equity (South Asia) Fund; instrumental in
setting up HSBCs Private Equity operations in India; headed Portfolio Management, Investor
Relations, Compliance and Finance
CFO responsibilities at Nokia Mobile Phones (South Asia)
Senior positions at Arthur Andersen, India and Pearl Group, UK; Internet entrepreneur
Bachelor of Commerce, SRCC, Delhi University; Chartered Accountant

LM Singh

17 years experience covering private equity investments, buy outs, distressed assets,
consulting, audit and control in Middle East, North America, Europe and India.
Substantial cross border investment experience having managed US $ 40 million + with
portfolio investments valued at $110 million with 80% value exited.
Interim Senior Management positions in turnaround situations and post merger integration
Senior positions at Ernst & Young; Price Waterhouse, ANZ Grindlays and TAIB Bank
Bachelor of Commerce, SRCC, Delhi University; Chartered Accountant; a degree in
Information Systems (CISA) USA

43

Team FiNoble

Vikram Jhunjhunwala

16 years of experience in investment banking covering M&A, capital markets,

restructuring and business advisory for MNC and Indian corporates

35+ M&A transactions executed of value US $ 250 m+

Senior positions at Coca Cola, Reliance, Ernst & Young, Star TV and ANZ Grindlays Bank

Bachelors in Engineering (Bangalore University); MBA from Stern School, New York

Shiv Kumar

18 years experience in merchant banking, capital markets, wealth management across

India and the Middle-East

Significant experience in securities trading, private placement, debt restructuring,

disinvestments & privatization

Prior work experience with Bank of America and Merrill Lynch International, Dubai.

Co-founder of Prime Securities, Hinduja Finance and Genesis International, Dubai

Bachelors of commerce from HR College of Commerce (Bombay University) and MBA

from International Management Institute, New Delhi

44

Team FiNoble
Eshwara Venkatesam

18 years experience in industry, company and equity research and portfolio management

Integral part of three successful start-ups

Head of research with Trisys Communications, Indias only focused financial research and
communications company. Clients include Ispat International, Dun and Bradstreet, Essel
Propack, HCL Technologies, Mahindra British Telecom, among others

Founded Equisearch, a research and fund management venture

Bachelors of commerce from St. Xaviers College, Calcutta

Manish Arora

Heading FiNobles India Entry Services division

Former Associate Vice President with one of the leading India Entry consultancy companies
Led a team in advising a number of large multinational corporations on developing and
implementing India Entry strategies
Has actively worked on obtaining various government approvals, established 100% subsidiaries,
initiated acquisitions, conducted detailed market research, established India branch offices,
identified importers and distributors and conducted senior management recruitments
Possesses a thorough understanding of the Indian market, the demand-supply scenarios,
government regulations, competition, distribution network and location analysis
Re-strategized the existing operations of multinational companies
Worked actively in influencing public policy
Post Graduate Diploma in Business Management from IIPM, New Delhi

45

Team FiNoble

Mohit Chhabra

8 years experience in industry and consumer research and consulting

Former Sr Consultant with one of the leading India Entry consultancy companies

Conducted research in IT, telecom and consumer electronics

Has actively worked on obtaining various government approvals, conducted detailed market
research, identified importers and distributors and conducted senior management recruitments

Possesses a sound understanding of the Indian market, the demand-supply scenarios,

competition, distribution network and location analysis

Post Graduate Diploma in Business Management from Birla Institute, New Delhi

46