On the flip side of course, according to a report by SMC Global Securities, funds which made PIPE investments in 2007 are likely to find their investments already under water, thanks to the 40% retrenchment in the Sensex over the first six months of 2008. Extrapolated, the report's findings suggest that some PIPEs made in 2006 may be beginning to teeter on the brink. Might the investments form the basis for an Indian restructuring and recovery play in the coming couple of years? Certainly if Indian companies are as guilty of under-investing in their own businesses as the joint Deloitte / Sensex report of April 2008 suggests, there may be a lot of distressed and growth opportunities coming private equity's way.
India's economy is experiencing a slowdown for the first time in years, suffering from an antagonistic foreign exchange rate which simultaneously makes the country's goods and services more expensive to its overseas customers, whilst making foreign assets more attractive to Indian companies. At the same time inflation, which broke the 11% barrier in June 2008, is being fuelled by two global phenomena: Increasing oil and food prices are responsible for all but 2-3 percent of the current glut. Could private equity be instrumental in securing India's rise to international stardom on the M&A front, and how long will it take this appetite for international acquisitions to trickle down to much-needed domestic consolidation?
Come and join us this year in Mumbai's Grand Hyatt Hotel to uncover the answers to these fundamental questions, as well as many others, and to meet everyone who is anyone in Indian Private Equity.
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