Mergers & Acquisitions

1. BAJAJ HINDUSTAN & PARTAPPUR SUGARS Group 4 Navin Bafna Preet Sabharwal Hardik Doshi Sajeev Rao

4. Valuation in Sugar Industry

5. Book Value = Rs13.47 Replacement Cost = Rs 132 EPS Last 3 Yrs = Rs 1.2 Industry PE = 11.6 Value = 13.92 Market Price = Rs 56.8 Acquisition Cost = Rs 55.70

8. Business Intelligence

10. Capacity Expansion SS 2008 -3 new Sugar mills with 34,000 TCD Capacity taking total capacity to SS 2006 SS 2007 40,000 TCD 1 Mill, 3200 Cap expanded - New Distillery of 160 TCD to 6000 TCD KLPD - Exportable Co-gen 15 MW 210 44

11. Company Overview 1. BHSIL among India’s top 5 Sugar manufacturers 2. Capacities in place: Sugar : 40,000 TCD (4 Units, all in Eastern UP) Distillery : 160 KLPD Co-Gen : 15 MW Exportable surplus 6. Ideally positioned to service sugar deficient North Eastern / Eastern markets, where Sugar realisations are marginally higher 7. Synergies with parent which has mills in Western & Central UP 8. Close proximity to Kolkata provides opportunity to export sugar, if reqd. 9. Support from multilateral agencies like IFC through subscription to FCCBs indicates confidence in business model and the company management 43

12. Thank You 56