Roads and Highways Annual Review October 2008 : Market Research Report

Roads and Highways Annual Review October 2008

Published by: CRISIL Ltd.

Published: Oct. 27, 2008 - 120 Pages

Sections
Large investments hinging on funding availability
Executive summary: 1.0 Implementation of NHDP; Awarding of contracts slip; Risks to implementation; 2.0 Bidding and awarding process; Key changes suggested in Model RFQ; 3.0 Investment opportunity in roads sector; Doubling of investments; Funding of national highway and state road projects; 4.0 Project economics
Boxes: 1.0 Implementation of NHDP; 1 Size of contracts gradually increasing:; 3.0 Investment opportunity in roads sector; 1 State roads
Charts: 1.0 Demand to remain robust; increase in supply on the horizon; 1 Phase I, II and III; 2.0 Bidding and awarding process; 1 The flowchart describes the bidding process
Figures
Executive summary: 1 Trend in road sector investments; 1.0 Implementation of NHDP; 1 NHDP - Completion period of contracts; 2 Size of contractLength-wise; 3 Size of contractsProject cost; 3.0 Investment opportunity in roads sector; 1 Trend in road sector investments; 2 Projected investments: CRISIL Research vs Planning Commission (2008-12); 3 Penetration of road network v/s Investment; 4 Shift in implementation from public sector to private sector; 5 NHAI funding Eleventh 5-year Plan Rs 1,587 billion; 6 Private vs Public investments in state roads (Rs 819 billion) during 2008-12
Tables
Executive summary: 1 CRISIL Research's estimates on completion; 1.0 Implementation of NHDP; 1 NHDP - Progress on awarding; 2 NHDP - Completion status across phases; 3 Typical project implementation schedule; 4 CRISIL Research's estimates on completion; 5 Cost per km of various phases; 6 CRISIL Research's estimates on completion (risk scenario); 3.0 Investment opportunity in roads sector; 1 Sources of funds available to NHAI; 2 User fee/Toll rates in 2006-07; 4.0 Project economics; 1 Sensitivity analysis; 2 Sensitivity analysis; 3 Comparison of BOT (toll) stretches across phases; 4 Comparison of IRRs between annuity and toll contracts
Sections: 1.0 Roads Network In India; Extensive road network; Clear preference for road transport; 2.0 Legal, institutional and policy framework; Institutional framework; Policy framework; Concession structure NHAI projects; Fiscal Incentive; Legal framework; Ownership; 3.0 Road construction activity; Type of roads; Construction equipments used in roads; 4.0 National highway; National Highway Development Programme (NHDP); Major chunk under implementation; 5.0 State highways; Gujarat; Maharashtra; Rajasthan; Bihar; 6.0 Rural roads; Pradhan Mantri Gram Sadak Yojana (PMGSY); Chart; 2.0 Legal, institutional and policy framework; 1 Road sector Institutional arrangement at the central and state level; Figures; 1.0 Roads Network In India; 1 Freight traffic across mode of transportYear 2000 (848 btkm); 2 Freight traffic across modes of transport -Year 2008 (1,651 btkm); 3 Movement of passenger traffic Roads vs Railway; 4.0 National highway; 1 Trend in national highway network; Tables; 1.0 Roads Network In India; 1 Road network in India as in 2007-08; 2 Pecentage of National higway in terms of width; 4.0 National highway; 1 NHDP — Current status as on 30 June 2008; 5.0 State highways; 1 Road sector development Comparison across states; 6.0 Rural roads; 1 Progress on PMGSY as on July 2008
Sections: 1.0 Road network; 2.0 Investments; 3.0 NHDP; 4.0 Player profile
Tables: 1.0 Road network; 1 Vision 2021 Plan1; 2 Freight and Passenger Movement; 3 Addition to National Highway Length (plan-wise); 4 Road Network in 2005-06; 5 Physical targets and achievements for Tenth Plan; 6 Operations of Road Transport; 7 India Existing road network (National highways; their length); 8 Indian national highways by state/UT; 9 State-wise road length in relation to area and population; 2.0 Investments; 1 Share of transport sector in GDP (at 1999 2000 prices); 2 Investments in road sector; 3 Central road sector outlay/expenditure; 4 State wise ongoing Road Projects funded under Central Road Fund (CRF); 5 Revenues from cess on Petrol and diesel; 6 State-wise allocation and release of funds under centrally sponsored schemes — Pradhan Mantri Gram Sadak Yojana; 7 Funds required and available for NH maintenance; 8 Financing of NHAI; 3.0 NHDP; 1 NHDP Phase I status; 2 NHDP PHASE II Status; 3 NHDP Phase III Status; 4 NHDP Phase V status; 5 NON NHDPStatus; 6 NHDP Phase I (Contractwise details); 7 NHDP Phase II (Contractwise details); 8 NHDP Phase III (Contractwise details); 9 NHDP Phase V (Contractwise details); 10 NON NHDP Contractwise details
Tables: 4.0 Player profile; 1 Construction companies: Margins and RoCE; 2 Afcons/Shapoorji Pallonji Details of NHDP contracts executed; 3 Afcons/Shapoorji Pallonji Details of NHDP contracts under implementation; 4 Ashoka Buildcon Details of NHDP Contracts Executed; 5 Ashoka Buildcon Details of NHDP Contracts Under Implementation; 6 Gammno India Ltd Details of NHDP Contracts Executed; 7 Gammon India Ltd -Details of NHDP Contracts Under Implementation; 8 Gamuda Details of NHDP contracts executed; 9 Gamuda Financial details; 10 Gayatri Details of NHDP contracts executed; 11 Gayatri Details of NHDP contracts under implementation; 12 GMR Details of NHDP Contracts Executed; 13 GMR Details of NHDP Contracts Under Implementation; 14 Hindustan Construction Co. Ltd Details of NHDP contracts executed; 15 Hindustan Construction Co. Ltd Details of NHDP contracts; under implementation; 16 Hindustan Construction Co. Ltd Financial details Consolidated; Profit and Loss Account; 17 IJM Corporation Berhad Details of NHDP contracts executed; 18 IJM Corporation Berhad Details of NHDP contracts under implementation; 19 IJM Corporation Berhad Financial details; 20 ITD Cementation (I) Ltd Details of NHDP contracts executed; 21 ITD Cementation (I) Ltd Details of NHDP contracts under implementation; 22 ITD Cementation India Ltd Financial details; 23 IVRCL Infrastructure & Projects Ltd Details of NHDP contracts under implementation; 24 IVRCL Infrastructure & Projects Ltd Financial Details Consolidated; 25 Larsen & Toubro Ltd Details of NHDP contracts executed; 26 Larsen & Toubro Ltd Details of NHDP contracts under implementation; 27 Larsen & Toubro Ltd Financial Details Consolidated; 28 LG Engineering & Construction Details of NHDP contracts executed; 29 Madhucon Ltd Details of NHDP Contracts Executed; 30 Madhucon Ltd Details of NHDP Contracts Under Implementation; 31 Nagarjuna Construction Co. Ltd Details of NHDP contracts executed; 32 Nagarjuna Construction Co. Ltd Details of NHDP contracts under; implementation; 33 Nagarjuna Construction Co. Ltd Financial details - Consolidated; 34 Patel Engineering Co. Ltd Details of NHDP contracts executed; 35 Patel Engineering Co. Ltd Details of NHDP contracts under implementation
Tables: 4.0 Player profile; 36 Patel Engineering Co. Ltd Financial Details; 37 Punj Lloyd Ltd Details of NHDP contracts executed; 38 Punj Lloyd Ltd Details of NHDP contracts under implementation; 39 Punj Lloyd Ltd Financial details Consolidated; 40 Reliance Infrastructure Ltd Detais of NHDP Projects Under Implementation; 41 Simplex Infrastructure Ltd Details of NHDP contracts executed; 42 Simplex Infrastructure Ltd Details of NHDP contracts under implementation; 43 Simplex Infrastructure Ltd Financial details; 44 Sunway Construction Berhad Details of NHDP contracts executed; 45 Sunway Construction Berhad Details of NHDP contracts under implementation; 46 Sunway Construction Berhad Financial details; 47 UEM Details of NHDP contracts executed; 48 UEM Financial details

Abstract

CRISIL Research believes that the ongoing projects under Phase I, II, III and V will be completed to a substantial extent (over 90 per cent) by 2014. With the government’s continued focus on road development, CRISIL Research expects potential investments worth Rs 2,675 billion ($65.24 billion) in the road sector between 2007-08 and 2011-2012. This is almost double the investments made in the sector during 2002-2007(Rs 1, 450 billion ($40 billion)). The private sector is likely to account for a large part of the financing during 2008-2012.There are risks to the investment cycle, as large investments are planned on PPP basis. The trickle in equity financing could delay investments in the road sector. Taking these risks into consideration, CRISIL Research expects investments in the sector to come down from Rs 2,675 billion to Rs 2,026 billion. The private sector is expected to contribute around Rs 930 billion in funding of road sector investments.

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2/15/2012 - 32

Roads and Highways Annual Review October 2008

Table of Contents

Abstract