Roads and Highways Annual Review June 2009 : Market Research Report

Roads and Highways Annual Review June 2009

Published by: CRISIL Ltd.

Published: Aug. 31, 2009 - 168 Pages

Sections
State roads to lead future road investments
Executive summary: 1.0 Investment in road sector (2009-10 to 2013-14); National Highway Development Project: Implementation expected to be on fast lane; State roads: Witnessing steady growth; Rural roads: Continued government focus to increase investments; 2.0 Financing of road projects; 3.0 Players track record in NHDP projects; Project profile of players; Statewise- Time overrun in completion of NHDP projects executed by 18 players; 4.0 An analysis of state roads across five states; Snap shot of state policies across five states; Comparison of various parameters across five states; Rajasthan; Madhya Pradesh; Karnataka; Gujarat; Maharashtra; Status of road programme in the five states; List of abbreviations
Figures
Executive summary: 01 Investments in road sector (2009-10 to 2013-14)- Rs 5,216 billion; 02 Funding of road projects during 2009-10 and 2013-14 (Rs 5.2 trillion); 1.0 Investment in road sector (2009-10 to 2013-14); 01 Yearwise break-up of total length; 02 Yearwise estimated investment; 03 Phase III-Proportion of awarding of projects under different models; 04 Phase V-Proportion of awarding of projects under different models; 05 State roads— Projected investments; 06 Rural roads — Yearwise break-up of length constructed; 07 Rural Roads — Yearwise break-up of investment; 08 Rural roads — Expected length to be constructed; 09 Rural roads— Expected investment
Figures: 2.0 Financing of road projects; 01 Funding of road projects during 2009-10 and 2013-14 (Rs 5.2 trillion); 02 Proportion of use of public funds; 03 Financing of NHDP (Rs 1.9 trillion); 04 Funding of state roads (Rs 2.0 trillion); 4.0 An analysis of state roads across five states; 01 Project mix in Rajasthan state roads; 02 Project mix in MP State roads; 03 Project mix in Karnataka State roads
Tables: 1.0 Investment in road sector (2009-10 to 2013-14); 01 Trends in road sector investment; 02 Cost per km of various phases (Rs million); 03 State roads — Capital expenditure; 2.0 Financing of road projects; 01 Estimated sources of funds available to NHAI; 3.0 Players’ track record in NHDP projects; 01 Players’ track record in NHDP projects; 02 Average time overrun in cash and BOT contracts; 03 Statewise- Time overrun for NHDP projects; 4.0 An analysis of state roads across five states; 01 Comparison of policies across states; 02 Parametres across the states; 03 Rajasthan — Road network (as of March 2005); 04 Grant payment schedule; 05 Base rates of toll fee; 06 Applicable factors across sectors; 07 Average size of projects; 08 Upcoming projects in Rajasthan state roads; 09 Expected outlay of capital expenditure for Rajasthan's state roads; 10 Madhya Pradesh — Road length (as of March 2006); 11 Base rates as per toll policy; 12 Applicable factors across sectors; 13 Averag size of projects; 14 Upcoming projects in Madhya Pradesh State roads; 15 Expected outlay of capital expenditure for Madhya Pradesh state roads
Tables: 11 Base rates as per toll policy; 12 Applicable factors across sectors; 13 Averag size of projects; 14 Upcoming projects in Madhya Pradesh State roads; 15 Expected outlay of capital expenditure for Madhya Pradesh state roads; 16 Karnataka — Road network (as of March 2005); 17 Base rates as per toll policy; 18 Applicable factors across sectors; 19 Average size of projects; 20 Upcoming projects in Karnataka State roads; 21 Expected outlay of capital expenditure for Karnataka state roads; 22 Gujarat — Road network (as of March 2006); 23 Applicable factors across sectors; 24 Escalation factors; 25 Average size of projects; 26 Upcoming projects in Gujarat state roads; 27 Expected outlay of capital expenditure for Gujarat state roads; 28 Maharashtra — Road Network (as of March 2006); 29 Average ticket size of projects; 30 Upcoming projects in Maharashtra state roads; 31 Expected outlay of capital expenditure for Maharashtra roads; 32 PPP Road projects - Ongoing; 33 PPP Road projects - Upcoming; 34 Inter State Connectivity- ongoing works; 35 Ongoing CRF works; 36 Upcoming ISC works; 37 ADB Phase II - Ongoing projects; 38 ADB MPSRSP-II -Ongoing projects; 39 Regular contracts- Ongoing projects; 40 Ongoing BOT Road projects; 41 Upcoming - BOT projects; 42 ADB MPSRSP-III — Upcoming projects; 43 CRF-funded — Ongoing projects; 44 CRF-funded — Ongoing projects; 45 Economic Importance funded — Ongoing projects; 46 CRF-funded — Upcoming projects; 47 Economic Importance funded — Upcoming projects; 48 KRDCL Ongoing projects; 49 KRDCL Upcoming projects; 50 KRDCL Upcoming projects; 51 Ongoing CRF works as of July 2008; 52 Ongoing inter state connectivity works as of July 2008; 53 Ongoing projects under KSHIP I (status as of July 2008); 54 PPP — Ongoing projects; 55 GSRDC — Upcoming BOT projects; 56 Gujarat R&B — Gujarat State Highway Development Project: Upcoming BOT projects; 57 PPP Road Projects- Ongoing; 58 Upcoming BOT projects
Sections: 1.0 Roads network in India; Extensive road network; Roads account for 62 per cent of total freight traffic; Higher passenger traffic on roads than railways; Upgradation of highways from double lane to four lanes; 2.0 Legal, institutional and policy framework; Institutional framework; Policy framework; Key parameters of New Model Concession agreement - (2006) and Bidding process; Concession structure - NHAI projects; Recent changes in the policy framework; Proposed changes in the policy framework; Fiscal incentive for road developers; Legal framework; Ownership; 3.0 Road Construction Activity; Type of roads; Construction equipments used in roads; 4.0 National Highways; National Highway Development Programme (NHDP); Major chunk under balance for award; Phase I - Largely completed; Phase II- Still some way to go for completion; Phase III- Future action phase; Phase IV- To be implemented by MORTH & not NHAI; PHASE V- 87per cent from GQ and other stretches; Phase VI- No action on ground; Phase VII- Total length not yet identified; 5.0 Rural roads; Pradhan Mantri Gram Sadak Yojana (PMGSY)
Charts: 2.0 Legal, institutional and policy framework; 01 Road sector - Institutional arrangement at the Central and state level; 3.0 Road Construction Activity; 01 Road Construction Activity
Figures: 1.0 Roads Network in India; 01 Freight traffic across mode of transport; 02 Passenger traffic — Roads vs railways; 4.0 National Highways; 01 Trend in national highway network
Tables: 1.0 Roads Network in India; 01 Road network in India as in 2007-08; 02 Pecentage of National Higway in terms of width; 2.0 Legal, institutional and policy framework; 01 Comparison of tolling policies; 4.0 National Highways; 01 Description of NHDP phases; 02 NHDP — Current status as on March 31, 2009; 5.0 Rural roads; 01 Progress on PMGSY as on April 2009
Sections: 1.0 Road network; 2.0 Investments; 3.0 NHDP; 4.0 Player profile
Tables: 1.0 Road network; 01 Freight and passenger movement; 02 Addition to National Highway Length (planwise); 03 Capacity as on 2007-08; 04 Physical targets and achievements for Tenth Plan; 05 Operations of Road Transport; 06 India: Existing road network (National highways, their length); 07 Indian national highways by state/UT; 08 Statewise road length in relation to area and population; 2.0 Investments; 01 Investments in road sector; 02 Central road sector outlay/expenditure; 03 Statewise accrual/allocation from Cess (2007-08); 04 Revenues from cess on petrol and diesel; 05 Statewise release of funds under centrally sponsored scheme —; Pradhan Mantri Gram Sadak Yojana; 06 Proposed programme for devlopment of state roads for Eleventh; Five-Year Plan (2007-2012); 07 Funds required and available for NH maintenance; 08 Financing of NHAI; 3.0 NHDP; 01 NHDP - Phase I Status; 02 NHDP - Phase II Status; 03 NHDP - Phase III Status; 04 NHDP - Phase V status; 05 NON NHDP Projects-status; 06 NHDP - Phase I (Contractwise details); 07 NHDP - Phase II (Contractwise details); 08 NHDP - Phase III (Contractwise details); 09 NHDP - Phase V (Contractwise details); 10 NON NHDP - Contractwise details
Tables: 4.0 Player profile; 01 Companies with exposure to roads sector - Margins and RoCE; 02 Afcons/Shapoorji Pallonji - Details of NHDP contracts executed; 03 Ashoka Buildcon - Details of NHDP Contracts Executed; 04 Ashoka Buildcon - Details of NHDP Contracts Under Implementation; 05 Gammon India Ltd - Details of NHDP Contracts Executed; 06 Gammon India Ltd - Details of NHDP Contracts Under Implementation; 07 Gammon Infrastructure Projects Ltd - Financial details; 08 Gayatri - Details of NHDP contracts executed; 09 Gayatri - Details of NHDP contracts under implementation; 10 GMR - Details of NHDP Contracts Executed; 11 GMR - Details of NHDP Contracts Under Implementation; 12 Hindustan Construction Co. Ltd - Details of NHDP contracts executed; 13 Hindustan Construction Co. Ltd - Details of NHDP contracts under implementation; 14 Hindustan Construction Co. Ltd - Financial details - Consolidated; 15 IJM Corporation Berhad - Details of NHDP contracts executed; 16 IJM Corporation Berhad - Details of NHDP contracts under implementation; 17 IJM Corporation Berhad: Financial details; 18 ITD Cementation (I) Ltd - Details of NHDP contracts executed; 19 ITD Cementation (I) Ltd - Details of NHDP contracts under implementation; 20 ITD Cementation India Ltd - Financial details; 21 IVRCL Infrastructure & Projects Ltd - Details of NHDP contracts executed; 22 IVRCL Infrastructure & Projects Ltd - Details of NHDP contracts under implementation; 23 IVRCL Infrastructure & Projects Ltd - Financial Details - Consolidated; 24 Larsen & Toubro Ltd - Details of NHDP contracts executed; 25 Larsen & Toubro Ltd: Details of NHDP contracts under implementation; 26 Larsen & Toubro Ltd - Financial Details - Consolidated; 27 LG Engineering & Construction - Details of NHDP contracts executed; 28 Madhucon Ltd - Details of NHDP Contracts Executed; 29 Madhucon Ltd - Details of NHDP Contracts Under Implementation; 30 Nagarjuna Construction Co. Ltd - Details of NHDP contracts executed; 31 Nagarjuna Construction Co. Ltd - Details of NHDP contracts under implementation; 33 Patel Engineering Co. Ltd - Details of NHDP contracts executed; 34 Patel Engineering Co. Ltd - Details of NHDP contracts under implementation; 35 Patel Engineering Co. Ltd - Financial Details; 36 Punj Lloyd Ltd - Details of NHDP contracts executed; 37 Punj Lloyd Ltd - Details of NHDP contracts under implementation; 38 Punj Lloyd Ltd - Financial details - Consolidated; 39 Reliance Infrastructure Ltd - Detais of NHDP Projects Under Implementation; 40 Reliance Infrastructure Ltd - Financial details - Consolidated; 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 Noida Toll Bridge Ltd - Financial details; 48 IRB Infrastructure Developers Ltd: Details of NHDP contracts executed; 49 IRB Infrastructure Developers Ltd - Details of NHDP contracts under implementation; 50 IRB Infrastructure Developers Ltd - Financial details

Abstract

State roads contribution to road investments expected to be higher than national highways With the government’s continued focus on road development, CRISIL Research estimates the potential investment in the road sector, over the next 5 years (2009-10 to 2013-14), will be to the tune of Rs 5,216 billion. Out of the total investments, state roads share would be 39 per cent followed by national highways share at around 36 per cent and rural roads would constitute remaining 25 per cent of the total investment. The state government’s focus on improving state roads and several initiatives taken by them has led to an increase in state road investments since 2006-07; consequently, share of state highways in road investments has increased.

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Roads and Highways Annual Review June 2009

Table of Contents

Abstract