The case focused on two main issues in the deal-making in the emerging markets, the deal sourcing and negotiations, focusing on the real (but disguised) Indian private equity transaction. In 2010, Surya was growing Tutors training academy for high school students seeking to enter the prestigious Indian Institute of Technology (IIT). General Director of Surya, RK Sharma, wanted to expand its sphere of influence beyond the Cat (of 1 million people in the northern state of Rajasthan), which became the center of the school of IIT training industry and home to tens of thousands of students enrolled in the rigorous IIT entrance exam. Sharma knew that the huge untapped potential in the Indian metropolis full of Mumbai, Chennai, Delhi and Bangalore, as well as in overseas markets, such as Dubai and Australia. Sharma received term sheets from two private equity firms willing to finance the expansion of Surya. By the end of the month he has to decide what to take. The offer from the big bulge bracket Fund Blackgem, or one of ZenCap, a small Indian company based in Mumbai, with whom he close look at last year's "Hide
to Paola Sapienza, Vineet Bhagwat, Apaar Kasliwal Source: Kellogg School Management 24 pages. Publication Date: Aug 09, 2012. Prod. #: KEL679-PDF-ENG
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