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IL&FS Transportation Networks LimitedAnalyst Presentation – May 2012

May 07, 2012

Disclaimer

This presentation has been prepared solely by IL&FS Transportation Networks Limited (“ITNL”) and does not constitute a prospectus or placementmemorandum or an offer to acquire any securities. This presentation or any other documentation or information (or any part thereof) delivered orsupplied does not and should not be deemed to constitute an offer.

No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctnessof such information or opinions contained herein. The information contained in this presentation is only current as of its date. Certain statements made inthis presentation may not be based on actual historical information or facts, and may be “forward looking statements”, including without limitation thoserelating to the general business plans and strategy of ITNL, its future financial condition and growth prospects, future developments in its industry and itscompetitive and regulatory environment, and any other statements which contain words or phrases such as ‘will’, ‘expected to’, ‘horizons ofgrowth’, ‘strong growth prospects’, etc., or similar expressions or variations of such expressions. These forward-looking statements involve a number ofrisks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by theforward-looking statements. These risks and uncertainties include, but are not limited to risks with respect to ITNL’s growth, business and the industrythat it operates within.

ITNL reserves the right to alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person ofsuch revision or changes. This presentation cannot be copied and disseminated in any manner.

With references to projects and project companies, short names and brief descriptions are used which may not be representative of the actualdescription of the project or the name of the project company. These are used for brevity in the presentation and any person accessing such informationmay get further details of such project or project companies from other data available on the website of the company or other publicly available data

No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given ormade, such information or representation must not be relied upon as having been authorized by or on behalf of ITNL

1

In this presentation…

� Company Overview

� Key Differentiators

� The ITNL Group

� Project Portfolio

� Recent Project Awards and Financial Closures

� Project Pipeline

� Road Sector Opportunity

� Financial Performance Parameters

� Key Quarterly Financial Parameters of FY12

� Capital Works Remaining to be Executed

� Toll and Annuity Collection on Operational Projects

� Board of Directors and Key Managerial Personnel

� Road Projects

2

MaharashtraMaharashtraMaharashtraMaharashtra

KarnatakaKarnatakaKarnatakaKarnataka

APAPAPAP

ChhattisgarhChhattisgarhChhattisgarhChhattisgarh

GujaratGujaratGujaratGujarat

RajasthanUttar Pradesh

JharkhandJharkhandJharkhandJharkhand

NKEL: 472 kmNKEL: 472 kmNKEL: 472 kmNKEL: 472 km

GRICL: 333 kmGRICL: 333 kmGRICL: 333 kmGRICL: 333 km

WGEL: 386 kmWGEL: 386 kmWGEL: 386 kmWGEL: 386 km

TRDCL: 168 kmTRDCL: 168 kmTRDCL: 168 kmTRDCL: 168 km

Gurgaon MetroGurgaon MetroGurgaon MetroGurgaon Metro

Maharashtra

Karnataka

Kerala

Andhra Pradesh

Chhattisgarh

GujaratJharkhand

NKEL: 472 kmNKEL: 472 kmNKEL: 472 kmNKEL: 472 km

GRICL: 333 kmGRICL: 333 kmGRICL: 333 kmGRICL: 333 km

WGEL: 386 kmWGEL: 386 kmWGEL: 386 kmWGEL: 386 km

TRDCL: 168 kmTRDCL: 168 kmTRDCL: 168 kmTRDCL: 168 km

Haryana

Map not to scale

Does not depict political boundaries

An Introduction

� IL&FS Transportation Networks Limited (ITNL) has the largest BoT

road asset portfolio (in terms of lane kilometer) in India

� ITNL has a pan India presence with projects in 16 states in India

� Promoted by Infrastructure Leasing and Financial Services Limited

(IL&FS) in the year 2000

� ITNL has ~ 11,860 lane km under its road assets portfolio

� Has presence in other sub sectors viz. metro rail , bus transportation

and border entry points

� A ‘Thought Leader’………..,

IL&FS Transportation plays varied roles such as Sponsor, Project

Developer cum Manager, Operations & Maintenance Manager, Design

& Value Engineer and Policy Advisor

ShareholdingPattern

PAN India presence with

BoT projects in 16 States

3

Jammu &

Kashmir

Madhya Pradesh

Meghalaya

Assam

Himachal Pradesh

Orissa

West Bengal

IL&FS Group 70.75%

IL&FS EWT 1.71%

Goldman Sachs 3.39%

Stanchart Fund 3.15%

Bessemer 2.13%

Others18.87%

Promoter Holding: 72.46%; Public Holding: 27.54%

Key Differentiators

Market Leadership in the Transportation Infrastructure Sector

• With around 12,000 lane km comprised in 23 projects in its road assets portfolio

• Forays into other surface transportation sub-sectors like metro, bus & border check-post

Track Record of Successful Project Implementation

• Operational portfolio 5453 lane kms of highways, operating one bus transportation project

• Projects substantially completed to budget and within time

Strong Parentage of IL&FS

• IL&FS Brand and expertise in finance & other infrastructure areas

• Experience in working with various Government and other Authorities

Partnerships and Bilateral contracts with State Governments

• State Highway Concessions in joint venture with the States of Kerala, Gujarat, Rajasthan &

Jharkhand

Diversified and de-risked portfolio

• Pan India presence with a fair mix of annuity and toll concessions• Presence in Europe, Latin America through Elsamex SA• Acquired Operational road project in China

4

Organization Chart

Notes:

1 Includes beneficial ownership

2 All stakes include direct and indirect

ownerships

Urban Transport Projects Others

North Karnataka Expressway

(93.5%1)

Thiruvananthpuram City Roads

(50%)

Andhra Pradesh Expressway

(100%1)

Hazirabagh Ranchi Road (74%)

Chenani Nashri Tunnelway

(100%)

Jorbat Shillong Road (50%)

East Hyderabad

Expressway (74%)

Jharkhand Roads (74%1)Warora Chandrapur Road

(35%)

NAM Road (50%)

Gujarat Toll Road (83.6%)

Noida Toll Bridge (25.4%1)

West Gujarat Eway (100%1)

Beawar Gomti Road (100%)

Ramky Elsamex Hyderabad

Ring Road (26%)

Pune Solapur Road (100%)

Rajasthan Mega Highways

(50%1)

Moradabad Bareilly Road

(100%)

Vansh Nimay - Bus (90%)

Rapid Metro Rail

Gurgaon (59.3%)

YuHe Expressway(49%)

A4 Autovia (48.75%)

Charminar Robo Park –

Multi level car park (98%)

ITNL International Pte.

Ltd. (100%)

IL&FS Rail Ltd (69.29%)

ITNL Offshore Pte. Ltd.

(100%)

Kiratpur to Nerchowk

(100%)

Annuity Projects Toll Projects

Sikar-Bikaner Highway (100%)

Baleshwar Kharagpur

Expressway (100%)

MP Border Check Post –

(51%)

Elsamex SA, Spain (100%)

20 subsidiaries (O&M)

5

0

100000

200000

300000

400000

500000

0

3000

6000

9000

12000Sikar

Bikaner

Kharagpur

Baleshwar

Chenani

Nashri

Jharkhand Road

Development-II

Kiratpur

Ner

Chowk

Chandrapur

Warora

Ranchi

Hazaribagh

Narketpally

Addanki

Moradabad

Bareilly Shillong

JorbatJharkhand Road

Development-I

Thiruvananthapuram

City Roads-II

RIDCOR -II*YuHe expressway

China^

RIDCOR- I

AP

Expressway

Hyderabad Outer

Ring Road

Beawar

Gomti

Ramky Elsamex

Hyderabad

Ring Road

A-4 Autovia,

Spain

Vadodara

Halol

Noida Toll

Bridge

North

Karnataka

Expressway

Thiruvananthapuram

City Roads-IAhmedabad

Mehsana Road

Portfolio: Road Projects

ITNL has the largest Private Sector BOT Road Asset Portfolio in India

2001 2004 2005 2007 2009 2010

West Gujarat

Expressway

Len

gth

in L

an

e k

m

2013 2014 & beyond201220082002

Pro

ject C

ost in

` ` ` ` Millio

n

2011

Commissioned

Under Development/

Implementation

Financial Years in which Commissioned /Expected to be Commissioned

Cumulative Project Cost

• Diverse BOT portfolio of 23 road projects covering 11,860 lane km spread across 16 states in India

• Fair mix of “Annuity / assured payments” and “Toll” based projects in various stages of development

* Partly commissioned with three out of five stretches commissioned

^ The operational project was acquired in Dec, 2011

Pune

Sholapur

RIDCOR III

6

Portfolio: Non Road Projects

7

Metro Rail Project – awarded by Haryana Urban Development Authority (HUDA)

� Metro link from Delhi metro Sikanderpur station to DLF Cyber City on NH-8 in Gurgaon

� Project Cost of ~ `1088 cr with a concession period of 99 years - ITNL stake in the project ~59.3%

� Likely Commissioning in Q4 -2012-13 – financially closed and construction commenced

Nagpur Bus System Project – awarded by Nagpur Municipal Corporation

� Mobilizing, running, operating and maintaining the Nagpur City Bus Services on an exclusive basis

� Concession period of 10 years ending on 2020 - 470 buses deployed

� Project Cost ~ ` 715.10 mn, ` 394.10 mn sanctioned by Pooled Municipal Debt Obligation Fund & Other

` 162.10 mn sanctioned by UBI for JnNURM buses.

Bus System

MP Border Check Post Project – awarded by the Government of Madhya Pradesh

� In consortium with Spanco (ITNL stake 51%), 24 border check-post in MP to be developed

� Revenue sources – entry fee from commercial vehicles, parking fee, loading/unloading etc

� Concession period of ~12.5 years with ~2 year construction period. Project cost estimated at `13,500 mn

Border EntryPoint

Metro Rail

Recent Project Awards & Financial Closures

*Under Jharkhand Accelerated Development Program Government of Jharkhand signed concessions for Chaibasa Kandra Chowka & Adityapur Kandra roads.

ITNL Secured projects worth around `̀̀̀ 74 billion each year

in the last 2 financial yearsDebt Tied-up

ITNL Offshore Pte. Ltd. an fully owned subsidiary of ITNL has raised $100 million by selling dim sum bonds, which are denominated in Yuan and

issued in Hong Kong, this is a first dim sum offering by an Indian non-financial corporate.

8

Project AuthorityBOT Length Estimated Cost

Type (lane km) ( ` ` ` ` Million)

Road Sector

Mega Highways-II GoR Toll 698 8,126

Chennai to Nashri in J&K NHAI Annuity 38 37,200

Jorabat to Shillong in North East NHAI Annuity 262 8,240

Narkatpally to Addanki in AP GoAP Toll 888 17,605

Madhya Pradesh Entry Point GoMP Fee - 13,500

Two stretches under JARDP* GoJ Annuity 198 6,732

Kiratpur to Ner-Chowk in HP NHAI Toll 327 22,910

Baleshwar Kharagpur in West

Bengal and OrissaNHAI Toll 477 6,544

RIDCOR III GoR Toll 607 6,113

IRIDCL II MORTH Toll 332 12,000

Sikar Bikaner in Rajasthan GoR Toll 540 8,029

Total 146,999

Project Debt tied-up

( ` ` ` ` Million)

Mega Highways –II 6,098

Chenani Nashri Tunnelway 33,480

Jorabat to Shillong 7,400

Narkatpally to Addanki 10,600

MP Border Check Post 11,475

Additional two stretches under JARDP 5,545

Kiratpur Ner Chowk 16,556

Total Debt tied –up 91,154

Project Pipeline for FY12

BID PIPELINE

RFP Stage (Post Qualification) RFQ Stage (Pre Qualification)

Projects Length (km) Cost (`̀̀̀ Mn) Projects Length (km) Cost (`̀̀̀ Mn)

NHAI 7 798 74,084 31 3,455 2,89,139

MORTH - - - - - -

STATE PROJECTS 3 216 17,022 8 959 1,15,065

Total 10 1014 91,106 39 4415 4,04,204

9

As of April 30, 2012

Road Sector Opportunity

10

Program Current rollout plan (in Km)

NHDP-III 1,274

NHDP-IV 7,235

NHDP-V 2,561

SARDP-NE 81

Total 11,151

NHAI has targeted award of around 8,800 km in FY13

Approved Financing Plan of NHDP

(public/private spend)

~23,000 km of award pending under NHDP – to be substantially executed under PPP

Total spend envisaged ~ USD 65bn

Financial Parameters (Consolidated)

(` mn)

(` mn)(` mn)

(` mn)

1. Includes other income and excludes gain from Foreign exchange fluctuation

2. RoE based on average equity;

3. RoCE based on average capital employed;

RoCE (%)RoE (%)

11

Revenue EBITDA(1)

Average Capital Employed(3)Profit After Tax(2)

-

10,000

20,000

30,000

40,000

50,000

60,000

FY07 FY08 FY09 FY10 FY11 FY12

1,981 4,375

13,320

24,873

40,483

56,056

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000


9602,489 2,900

8,785

12,33515,894

18,127 21,886 26,69939,003

63,296

1,03,119

3% 4%1%

21%18%

14%

0%

10%

20%

30%

40%

-

20,000

40,000

60,000

80,000

100,000

120,000


513932

278

3,444

4,329

4,970

7%11%

3%

26%22% 20%

0%

10%

20%

30%

40%

50%

-

1,000

2,000

3,000

4,000

5,000

6,000


Revenue

Financial Parameters (Standalone)

EBITDA(1)

Average Capital Employed(3)

(` mn)(` mn)

(` mn)

RoCE (%)RoE (%)

1. Includes other income and including gain from Foreign exchange fluctuation

2. RoE based on average equity;

3. RoCE based on average capital employed;

(` mn)

Profit After Tax(2)

12

-

5,000

10,000

15,000

20,000

25,000

30,000


1,649 2,499 2,277

9,415

16,158

27,726

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000


7961,358 1,323

6,440 6,1716,899

4,265 9,20713,050

22,931

33,898

41,744

5%

11%

9%

28% 18% 16%

0%

10%

20%

30%

40%

50%

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


462765

421

3,2472,880

2,523

14%

12%6%

28%

16% 14%

0%

10%

20%

30%

40%

50%

-

500

1,000

1,500

2,000

2,500

3,000

3,500


Profit & Loss Accounts Highlights

(All figures in `̀̀̀million)

13

* In consolidated results, as per the relevant accounting policy, annuity projects are treated as financial assets and shown as receivable in the balance sheet. Hence interest during construction on annuity projects is charged to P&L unlike for toll projects where it is capitalized

Consolidated Standalone

Key Parameters FY12 FY11 % Change FY12 FY11 % Change

Revenue 56,056 40,483 39% 27,726 16,158 72%

Other Income 1,238 791 41% 1,377 852 62%

EBITDA 15,894 12,335 29% 6,899 6,171 12%

EBITDA Margin 28% 30% 25% 38%

Interest 7,282 4,981 46% 2,656 1,555 71%

Depreciation 766 614 25% 106 98 8%

Profit Before Tax 7,846 6,740 16% 4,137 4,517 -8%

PAT after minority interest 4,970 4,329 15% 2,523 2,880 -12%

-

2,500

5,000

7,500

10,000

12,500

Q1FY12 Q2FY12 Q3FY12 Q4FY12

3,6775,088

4,046

8,5891,395

1,2471,474

1,613

Constr Income Fee Income O&M Income Other

Standalone Revenue & Expenses

Revenue Expenses

• During Q4 the revenue from construction nearly doubled on

account of increased construction activity and on account of

higher cost items being executed in construction work

• Fee income in Q4 comprises fees mainly from Kiratpur Ner

Chowk project and Chandrapur Warora plus some regular

supervision fee from JRPICL, MBEL, PSRDCL etc.

• The overall EBITDA margins during Q4 decreased due to the high

increase in construction revenue which contributes to low

EBITDA margins. However, overall EBITDA at absolute levels have

gone up

• The overall construction margins during FY12 were around 9%

which was maintained during Q4 too

• The increase in construction expense was in accordance with the

increase in construction costs

(in ` ` ` ` million)(in ` ` ` ` million)

14

79%

15%

67%75%

18%

67%

24%25%

0

2500

5000

7500

10000

12500


3,3784,558 3,696

7,782

Construction Cost Employee Cost Admin & General Exp

-

5,000

10,000

15,000

20,000


7,527 8,875 9,049

14,3881,617

1,831 1,574

2,665

1,256 1,348 1,485

1,814 1,472

Constr Income Elsamex Toll/Annuity Other

Consolidated Revenue & Expenses

Revenue Expenses

• Total Income during this quarter increased, as compared to

relevant quarter of last year, mainly on account of increased

construction activity and increase in toll & annuity revenues

• The difference between standalone and consolidated

construction revenues is a) due to projects in which ITNL does

have the EPC contract e.g. Jharkhand Road Projects and b) on

account of IDC and margin recognized at the consolidated level

in accordance with applicable accounting policies

• In the consolidated expenses for Q3 quarter, there were a few

exceptional one time expenses/provisions under the head other

expenses which brought down the margins

• The margins during Q4 also came down as proportion of income

from construction and Elsamex, both of which are low margin

incomes, increased in the total revenue


15

71%

13%

70%

12%

69%

14%

67%

14%

0

5000

10000

15000

20000


5,174 6,592 7,085

11,663

Construction Cost Other Operating Exp Employee Cost Admin & General Exp

Debt Equity Analysis

Standalone Consolidated

• The Debt Equity at the standalone level has marginally increased

mainly on account of investments made into projects during this

quarter

• The standalone debt is mostly unsecured debt for on-lending to

SPVs as sub-debt or for equity infusion into projects against cash

accruals expected from them

• The increase in debt at consolidated level is mainly on account

of drawdown happening from sanctioned debt in accordance

with construction progression

• In Q3 quarter the jump in debt equity was mainly on account of

the proportionate consolidation of debt from YuHe project and

debt taken for acquisition by IIPL to the extent not knocked off

Incremental Equity Commitment for existing projects is around ` 11,000 million

Total Investments made till 31-March-12 (including advance against equity) is approximately ` 27,919 million


16

18,469 19,078 19,535 19,438 20,104 21,476 24,739 27,261

1.09 1.13 1.27 1.40

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

-

20,000

40,000

60,000

80,000

100,000

120,000

Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12

Networth Debt Debt-Equity

23,982 25,80626,857 27,638

63,763 68,897

93,8641,02,259

2.66 2.67

3.49 3.70

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

-

20,000

40,000

60,000

80,000

100,000

120,000

Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12

Networth Debt Debt-Equity

In the Works…

(In ` ` ` ` million as on 31-March-2012)

17

Of projects awarded till last quarter* 87,887

Of projects awarded after last quarter 32,686

Total of Capital Works remaining to be executed 120,573

Capital Works remaining to be executed (ITNL proportionate share)

Project

capital

works

remaining

to be

executed

Andhra Pradesh5.76%

Himachal Pradesh21.12%

Haryana3.92%

J&K29.39%

Jharkhand6.41%

Kerala2.30%

Maharashtra10.76%

Madhya Pradesh5.03%

Meghalaya2.70%

Rajasthan2.16%

Uttar Pradesh10.45%

State wise State wise spread of spread of

capital works capital works remaining to remaining to be completedbe completed

NHAI72.80%

Non NHAI Roads16.42%

Non Road Projects10.78%

Revenue Collection on Operational Road Projects

(All figures in `̀̀̀million)

18

Not adjusted for ITNL’s stake

Operational Annuity Projects Annuity receivable Per Annum

Accrued

in Q4FY12

Maharashtra Border to Belgaum (Karnataka) 1,010.34 252.58

Thirvananthapuram City Roads (Ph-I) (Kerala) 118.00 29.50

Kotakatta to Kurnool (Andhra Pradesh) 1130.40 282.60

East Hyderabad Expressway Limited 666.60 166.50

Total Average Daily Collection from toll and annuity in Q4FY12 has been around ` ` ` ` 19.35 million

Average annualised toll/annuity revenue (net of grant) in Q4 per billion of project cost is ~`̀̀̀ 124 million

Toll Projects under Operation Average Daily Toll CollectionIn FY11 In FY 12 In Q4 FY 12

Ahmedabad Mehsana Road (Gujarat) 1.32 1.59 1.60

Vadodra Halol Road (Gujarat) 1.01 1.24 1.31

Noida Toll Bridge (UP) 1.91 2.11 2.31

Mega Highways – Rajasthan 2.91 4.23 4.53

Rajkot to Jetpur – Gondal (Gujarat) 0.92 1.04 1.11

Beawer Gomti (Rajasthan) 0.43 0.46 0.46

BOT Toll Revenue Growth

Sr.No Name of the ProjectToll Revenue start

date2007-08 2008-09 2009-10 2010-11 2011-12

1Ahmedabad Mehsana Road

(Gujarat)Feb-03

614 660 747 850 1037

2 Vadodra Halol Road (Gujarat) Oct-00

3 Noida Toll Bridge (UP) Feb-01 547 659 706 696 774

4Mega Highways - Rajasthan

(Ph - I)Mar-08 93 546 826 1063 1548

5Rajkot to Jetpur - Gondal

(Gujarat)May-08 121 225 312 337 380

6 Beawer Gomti (Rajasthan) Aug-10 - 94 168

Total 1,375 2,090 2,591 3,040 3,907

Rs in million

19

IL&FS - Strong Parentage

IL&FS Overview IL&FS Shareholding

� Incorporated in 1987 as a JV between the Central Bank of India (CBI), Housing

Development Finance Corporation Limited (HDFC) and Unit Trust of India (UTI)

to commercialize infrastructure projects and work with public & private sector

project sponsors

– Offers a full range of financial, project development and management

services including investment banking, project financing, project

development, management and implementation, asset

management, corporate advisory and back office services through Group

companies

– Identifies need-driven projects including

roads, bridges, power, ports, water supply, area development which can

be commercially viable and works on structural / financial solutions to

enhance project viability

� Has expertise across diverse sectors such as transportation, area

development, cluster development, finance, power, ports, water and waste

management, urban infrastructure, environment, education and tourism

– Track record of promoting and financing public infrastructure projects in

India for over 22 years

� Strategic relations with Governments of 17 states across India and on-going

relationships with various departments of the Central Government

– Benefits to ITNL in negotiating bilateral contracts with state and central

government entities when such bodies are seeking customized proposals

� Incorporated in 1987 as a JV between the Central Bank of India (CBI), Housing

Development Finance Corporation Limited (HDFC) and Unit Trust of India (UTI)

to commercialize infrastructure projects and work with public & private sector

project sponsors

– Offers a full range of financial, project development and management

services including investment banking, project financing, project

development, management and implementation, asset

management, corporate advisory and back office services through Group

companies

– Identifies need-driven projects including

roads, bridges, power, ports, water supply, area development which can

be commercially viable and works on structural / financial solutions to

enhance project viability

� Has expertise across diverse sectors such as transportation, area

development, cluster development, finance, power, ports, water and waste

management, urban infrastructure, environment, education and tourism

– Track record of promoting and financing public infrastructure projects in

India for over 22 years

� Strategic relations with Governments of 17 states across India and on-going

relationships with various departments of the Central Government

– Benefits to ITNL in negotiating bilateral contracts with state and central

government entities when such bodies are seeking customized proposals

LIC Of India

26%

ORIX

Corporation,

Japan

24%Abu Dhabi

Investment

Authority 11%

HDFC

11%

Central Bank of

India 8%

State Bank of

India 7%

Others

2%

IL&FS EWT

11%

20

Value for Shareholders

Trinity Capital`̀̀̀ 1542 Cr* (Dec, 2006)

Goldman Sachs`̀̀̀ 1624 Cr* (Mar, 2007)

StanchartIL&FS Fund`̀̀̀ 2280 Cr* (Mar, 2008)

Bessemer`̀̀̀ 4184 Cr* (Oct, 2009)

Public Issue

`̀̀̀ 5012 Cr*

(Mar, 2010)

Have consistently created wealth for our shareholders….

* Post money valuation

21

Experienced Board of Directors

Name Designation

Mr Deepak Dasgupta Chairman; Former Chairman, NHAI

Mr RC Sinha Former Vice Chairman & MD,

Maharashtra Airport Development

Company Limited

Mr HP Jamdar Former Principal Secretary,

Government of Gujarat

Mr Deepak Satwalekar Former Managing Director, HDFC

Independent Directors Non-Independent Directors

22

Name Designation

Mr Ravi Parthasarthy Chairman, IL&FS

Mr Hari Sankaran Managing Director, IL&FS

Mr Arun K Saha Joint Managing Director, IL&FS

Mr Vibhav Kapoor Group Chief Investment Officer, IL&FS

Mr Pradeep Puri Managing Director, NTBCL

Mr R C Chandra Partner, Bessemer Venture Partners

Mr K Ramchand Managing Director

Mr Mukund Sapre Executive Director

Key Managerial Personnel

23

• He has over 40 years of experience in the industry and is our in-house expert on structures including

bridges and RoBs. He has been associated with many projects & has authored books on the subject too

• He has over 28 years of experience in the industry. He is the compliance officer, legal adviser and

Company Secretary

• He has over 28 years of experience in the industry. He heads our in-house design unit

• Has over 33 years of experience in various road construction projects.

• He has over 35 years of experience in accounting and finance. Responsible for Financial and Accounting

matters, Statutory Compliances and Financial Planning

• He has over 30 years of experience in urban and transport infrastructure development sector

• He has over 27 years of experience in the industry.

K. RamchandManaging Director

Mukund SapreExecutive Director

Harish MathurChief Executive

George CherianChief Financial Officer

V. K. RainaTechnical Director

Krishna GhagAVP & Company Secretary

S C MittalSenior Vice President

Road Projects

Name of ProjectName of ProjectName of ProjectName of ProjectNorth Karnataka Expressway North Karnataka Expressway North Karnataka Expressway North Karnataka Expressway

Limited (NKEL)Limited (NKEL)Limited (NKEL)Limited (NKEL)

West Gujarat Expressway West Gujarat Expressway West Gujarat Expressway West Gujarat Expressway

Limited (WGEL)Limited (WGEL)Limited (WGEL)Limited (WGEL)NoidaNoidaNoidaNoida Toll Bridge (NTBCL)Toll Bridge (NTBCL)Toll Bridge (NTBCL)Toll Bridge (NTBCL)

VadodaraVadodaraVadodaraVadodara HalolHalolHalolHalol Toll Road Toll Road Toll Road Toll Road

(GRICL)(GRICL)(GRICL)(GRICL)

Ahmedabad Ahmedabad Ahmedabad Ahmedabad ---- Mehsana Road Mehsana Road Mehsana Road Mehsana Road

(GRICL)(GRICL)(GRICL)(GRICL)

Authority NHAI NHAI NOIDA Govt. of Gujarat Govt. of Gujarat

State Karnataka Gujarat Delhi & Noida Gujarat Gujarat

BOT Type Annuity Toll Toll Toll Toll

Project (Lane Km) 472 389 60 190 333

Project Cost (Rs Mn) 5,995 2,758 5,888 1,709 3,422

Debt Outstanding as at

March 31, 2012 (Rs. Mn)

3,986 1,401 1,086 2,284

Date of Start

(Concession)

June-02 Sept-05 Dec-98 Apr-99 Apr-2000

Concession Period 17.5 years 20 Years 30 yrs (extendable) 30 yrs (extendable) 30 yrs (extendable)

Description 4 laning of the section of

the Belgaum to

Maharashtra Border

aggregating77 km on

BOT (Annuity) basis

Widening / Improvement of

the Rajkot – Jeptur -

Gondal Section from 2 lane

to 4 lane; on National

Highway No. 8 B (NH-8B) in

state of Gujarat

Development of a toll

bridge and approach roads

connecting Delhi to NOIDA

on BOOT basis

4 Laning of Vadodara Halol

road Km 8.0 to 40.0 of SH

87 with service road in the

state of Gujarat on BOOT

Basis

4-Laning of Ahmedabad

Mehsana Road (SH-41)

with service roads from Km

19.0 to 70.6 and Kadi spur

road (11.5 Km) in the state

of Gujarat on BOOT Basis

Operational Projects

25

Name of ProjectName of ProjectName of ProjectName of ProjectAndhra Pradesh Expressway Andhra Pradesh Expressway Andhra Pradesh Expressway Andhra Pradesh Expressway

(APEL)(APEL)(APEL)(APEL)

Thiruvananthapuram City Thiruvananthapuram City Thiruvananthapuram City Thiruvananthapuram City

Roads (Phase I) (TRDCL)Roads (Phase I) (TRDCL)Roads (Phase I) (TRDCL)Roads (Phase I) (TRDCL)

Mega Highways Project Mega Highways Project Mega Highways Project Mega Highways Project

Rajasthan (RIDCOR)Rajasthan (RIDCOR)Rajasthan (RIDCOR)Rajasthan (RIDCOR)Beawar Gomti Road (IRIDCL)Beawar Gomti Road (IRIDCL)Beawar Gomti Road (IRIDCL)Beawar Gomti Road (IRIDCL)

East Hyderabad Expressway East Hyderabad Expressway East Hyderabad Expressway East Hyderabad Expressway

Ltd (EHEL)Ltd (EHEL)Ltd (EHEL)Ltd (EHEL)

Authority NHAI KRFB Govt. of Rajasthan MORTH HUDA

State Andhra Pradesh Kerala Rajasthan Rajasthan Andhra Pradesh

BOT Type Annuity Annuity Toll Toll Annuity

Project (Lane Km) 328 51 2106 248 173


Debt Outstanding as on

March 31, 2012 (Rs. Mn)7,329 516 16,316 2,607 2,904

Date of Start (Concession) Sept-06 Jul-07 Jan-06 Oct-09 Dec-07

Concession Period 20 years 17.5 Years 32 Years 30 Years if 4 lane is done

otherwise 11 Years

15 Years

Description Kotakatta Bypass to

Kurnool on NH-7 in the

state of Andhra Pradesh

under North South Corridor

(NHDP Phase II) on BOT

(Annuity) Basis

Thiruvananthapuram City

Roads Improvement Project

Improvement of following

project road stretches

aggregating 1053 km -

Phalodi to Ramji ki Gol,

Hanumangarh to

Kishangarh, Alwar to

Sikandra, Lalsot to Kota

and Baran to Jhalawar

Widening of 2-lane road to

2-lane + Paved Shoulder in

Beawar – Gomti Section of

NH- 8 from km 58.245 to

km 177.050 in the State of

Rajasthan on DBFOT Basis

8 – Laning Outer Ring Road

in Hyderabad from Pedda

Amberpet to Bongulur from

Km 95.000 to Km 108.000

on BOT (Annuity) basis

Operational Projects

26

Project Under Implementation

Name of ProjectName of ProjectName of ProjectName of ProjectThiruvananthapuram City Thiruvananthapuram City Thiruvananthapuram City Thiruvananthapuram City

Roads (Phase II) (TRDCL)Roads (Phase II) (TRDCL)Roads (Phase II) (TRDCL)Roads (Phase II) (TRDCL)

Jharkhand Accelerated Road Jharkhand Accelerated Road Jharkhand Accelerated Road Jharkhand Accelerated Road

Development Programme Development Programme Development Programme Development Programme

((((JRPICL)JRPICL)JRPICL)JRPICL)

Hazaribagh Ranchi Hazaribagh Ranchi Hazaribagh Ranchi Hazaribagh Ranchi

Expressway Limited (HREL)Expressway Limited (HREL)Expressway Limited (HREL)Expressway Limited (HREL)

Pune Sholapur Road Pune Sholapur Road Pune Sholapur Road Pune Sholapur Road

Development Company Development Company Development Company Development Company

Limited (PSRDCL)Limited (PSRDCL)Limited (PSRDCL)Limited (PSRDCL)

Mega Highways Project, Mega Highways Project, Mega Highways Project, Mega Highways Project,

Rajasthan (Additional) Rajasthan (Additional) Rajasthan (Additional) Rajasthan (Additional)

(RIDCOR)(RIDCOR)(RIDCOR)(RIDCOR)

Authority KRFB GOJ NHAI NHAI Govt. of Rajasthan

State Kerala Jharkhand Jharkhand Maharashtra Rajasthan

BOT Type Annuity Annuity Annuity Toll Toll

Project (Lane Km) 107 466 319 571 715



March 31, 2012 (Rs. Mn)

783 11,096 5,919 3,417 3,593

Grant (Rs. Mn) 1,190 (award) - - - -

Appointed Date Jun -09 Apr-10 – RRR Mar 10 Aug-10 Sept - 11 -

Scheduled Project

Completion Date

Earlier 30 Nov 2011

New dates not yet received

Oct-12 Jan-13 Jan-14 Jan-13

Concession Period 15 years 17.5 years 18 years 20 years 32 years

Description Thiruvananthapuram City

Roads Improvement Project

Improvement works of

Jharkhand Roads

- Ranchi Ring Road

- Ranchi Patratu

- Patratu Ramgarh

4 laning of Hazaribagh –

Ranchi Section Of NH-33 in

State Of Jharkhand Under

NHDP Phase III On BOT

(Annuity) Basis

4 laning of Pune - Sholapur

Section of NH-9 from in the

state of Maharashtra under

NHDP phase III on DBFOT

basis

Improvement of 6 new

project roads :Alwar to

Bhiwadi Road, Arjunsar to

Pallu, Jhalawar to Jhalawar

Road, Hanumangarh to

Sangaria, Kapren to

Mangrol & Jhalawar to

Ujjain

27

Name of ProjectName of ProjectName of ProjectName of ProjectChandrapurChandrapurChandrapurChandrapur WaroraWaroraWaroraWarora

WCBTRLWCBTRLWCBTRLWCBTRL))))

Moradabad to Moradabad to Moradabad to Moradabad to Bareilly Bareilly Bareilly Bareilly

((((MBEL)MBEL)MBEL)MBEL)

ChennaniChennaniChennaniChennani ---- NashriNashriNashriNashri

(CNTL)(CNTL)(CNTL)(CNTL)

JorabatJorabatJorabatJorabat ShillongShillongShillongShillong

((((JSEL)JSEL)JSEL)JSEL)

NarketpallyNarketpallyNarketpallyNarketpally ---- AddankiAddankiAddankiAddanki

((((NAMEL)NAMEL)NAMEL)NAMEL)

M P Border M P Border M P Border M P Border Check Post Check Post Check Post Check Post

(MPBCDCL)(MPBCDCL)(MPBCDCL)(MPBCDCL)

Authority PWD, Maharashtra NHAI NHAI NHAI Govt. of Andhra

Pradesh

MPRDC

State Maharashtra Uttar Pradesh Jammu & Kashmir Assam & Meghalaya Andhra Pradesh Madhya Pradesh

BOT Type Toll Toll Annuity Annuity Toll Fees Collection

Project (Lane Km) 275 522 38 262 888 NA

Project Cost (Rs Mn) 6,886 19,836 37,200 8,240 17,605 13,500

Debt Outstanding as

at March 31, 2012

(Rs. Mn)

- 7,580 9,065 2,630 3,500 2,009

Grant (Rs. Mn) 1763 4433 - - - -

Appointed Date Jan -11 Dec - 10 May - 11 Jan - 11 Jan - 11 May – 11

Scheduled Project

Completion Date

Jan-14 Jun-13 Nov-15 Jan-14 July-13 Jan -14

Concession Period 30 years 25 years 20 years 20 years 24 years 12.5 years

Description 4 Laning of Warora

Chandrapur Ballarpur

Bamni road on SH 264

in Maharashtra on

DBFOT basis

4 Laning Of Moradabad

Bareilly Section Of Nh-

24 in Uttar Pradesh

Under NHDP Phase III

4 Lanning of Chenani

to Nashri section of

NH-1A including 9 Km

long tunnel on BOT

(Annuity) basis in

Jammu and Kashmir

4 Laning of Jorabat-

Shillong (Barapani)

section of NH-40 in

Assam & Meghalaya

4-Laning of Narketpally

– Addanki –

MedarametlaRoad

(SH-2) in Andhra

Pradesh

Development of 24

Border Check post in

MP on BOT Basis


28

Name of ProjectName of ProjectName of ProjectName of ProjectChaibasaChaibasaChaibasaChaibasa KandraKandraKandraKandra ChowkaChowkaChowkaChowka

RoadRoadRoadRoad (JRPICL)(JRPICL)(JRPICL)(JRPICL)

AdityapurAdityapurAdityapurAdityapur KandraKandraKandraKandra

RoadRoadRoadRoad (JRPICL)(JRPICL)(JRPICL)(JRPICL)

KiratpurKiratpurKiratpurKiratpur NerNerNerNer ChowkChowkChowkChowk

(KNEL)(KNEL)(KNEL)(KNEL)

Kharagpur Baleshwar

Road (BKEL)Sikar Bikaner

Beawer Gomti

(Additional)

Authority Govt of Jharkhand Govt of Jharkhand NHAI NHAI MoRTH MoRTH

State Jharkhand Jharkhand Himachal Pradesh West Bengal & Orissa Rajasthan Rajasthan

BOT Type Annuity Annuity Toll Toll Toll Toll

Project (Lane Km) 137.4 60.4 327 477 540 217

Project Cost (Rs Mn) 4,910 2,420 22,910 6544 8029 12000


March 31, 2012 (Rs.

Mn)

490 448 - - - -

Grant (Rs. Mn) Nil Nil 1,345.7 350 (Premium) 2473 -

Appointed Date Nov-11 Feb-12 Pending Financial closure pending Financial closure pending Financial closure pending

Scheduled Project

Completion Date

May-14 Oct – 2012 - - - -

Concession Period 17.5 15.75 28 24 Years 25 Years 30 Years

Description Two laning of the Chaibasa-

Kandra-Chowka stretch

(total length of 68.70 kms)

in Jharkhand on BOT

Annuity basis

Four laning of the

Adityapur-Kandra

stretch (total length

of 15.1 kms)

in Jharkhand on

BOT Annuity basis

Four laning of

Kiratpur-Ner

Chowk section of NH

21 in Himachal

Pradesh on BOT (Toll)

Construction of NewStructures & Repair ofexisting Four Lane NHfrom Kharagpur toBaleshwar (NH-60) inOrissa andWest Bengal

Development andOperation of Two laningof Sikar Bikaner Section inRajasthan

Four laning of existingtwo lane section on theBeawar Gomti section ofNational Highway No.8in Rajasthan


29

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