SBI Cap to advise another Indo-Italian deal

Mumbai, Sep 26 (UNI) After successfully closing a deal in which Italian firm SAET acquired Induction Equipment of India (IEI), another Indo-Italian deal is in the offing for which SBI Caps will be the advisors, said group head (M&A) Meenakshi Iyer today.

The acquisition will be done in the retail-fashion industry and is likely to be closed in six to twelve months.

''We have located a target for the Italian company and the acquisition may take place in 6-12 months,'' Ms Iyer said while speaking to reporters here today.

However she did not disclose further details of the deal. The SAET-IEI deal, in which SBI Capital and Arietti and Partners were the exclusive advisors, was sealed for an estimated amount of 20 million euros.

The SAET Group, which has plants and headquarters in Turin, Italy, is a key supplier of induction heating equipment to many European and US-based players in the automotive industry and wind energy sector.

SBI Caps had arranged seven targets in India in September 2006 to explore a possible strategic fit.

In 2006-07, SBI Cap had facilitated six cross border deals. The firm joined as a member of M&A International Limited (MAI), world's leading M&A alliance for mid-market transactions, in May 2006.

M&A International, which was established in 1985, has closed 290 deals worth USD 17.5 billion in 2006 with an average deal size in 2006 at USD 60 million.

In 2007, MAI closed 215 transactions and is currently involved in 423 active deals. The organization has operations in 38 countries.

UNI