Now Available ROAD DEVELOPMENT IN INDIA 2016 Research report with weekly newsletters and monthly updates Research Report Data-set (Excel) 52 Weekly Newsletters 11 Monthly Updates India Infrastructure Research www.indiainfrastructure.com
Table of Contents SECTION I: SECTOR PERFORMANCE AND OUTLOOK 1. Executive Summary 2. Sector Overview Network Size and Growth Traffic Trends Institutional Framework Policy Framework Safety Policies Key Implementation Models Current Award and Bidding Scenario Progress Report of the Last One Year Major Players Issues and Concerns The Way Forward 3. New Policy Initiatives and Impacts Recent Policy Announcements Amendments to Existing Policies/Acts Other Important Initiatives Proposed Policies and Initiatives State Government Proposed Policy Key Concerns and Industry Expectations 4. Sector Outlook and Projections (till 2020) Growth Drivers Project Awards - Central (MoRTH and NHAI) - States Expected Investments By Mode of Development (PPP, EPC) 5. EPC Experience and Opportunity Overall Experience Targets versus Awards Project Pipeline Issues and Concerns EPC Outlook 6. Emerging PPP Models and Outlook PPP Experience So Far Emerging Models Hybrid Annuity Model TOT Model Swiss Challenge Industry Expectations Project Pipeline Key Concerns PPP Outlook 7. Project Economics Determinants of Project Viability Cost Components Tolling Revenues IRRs New Business Models Key Risks 8. Financing in the Current Scenario Financing Scenario Funding Sources Recent Trends Emerging Funding Sources Evolving Terms and Structures Recent Financial Closures Investment Requirements (till 2020) Opportunities for Investors Key Concerns 9. Project Performance Analysis of Key Analysis of Time Overruns Analysis of Cost Overruns Cost Per Lane-km Traffic Revenues Case Studies 10. Performance of Key Players Key Players Current Portfolio Progress Report of Road Segment Revenue Financial Performance Key Financial Moves Outlook 11. OMT Experience and Opportunities Progress So Far Industry Experience Tolling Methods and Technologies Progress under ETC Implementation New TOT Model Key OMT Players Market Outlook and Opportunities (till 2020) Issues and Challenges 12. Equipment and Material Market Road and Earthmoving Equipment Materials - Cement - Steel - Bitumen Others (Geosynthetics and Aggregates) SECTION II: KEY GOVERNMENT PROGRAMMES 13. NHDP Progress Report NHDP Overview Progress in 2015-16 Progress during FY2006-15 Current Bidding Scenario Investment Mobilised Project Pipeline Issues and Challenges 14. Road Development in Northeast Overview of Road Development in the Northeast NHIDCL's Mandate Awarded during 2014-15 Targets and Achievement of NHIDCL during 2015-16 JICA's Support in Building Roads in the Northeast NHIDCL's Award Target for 2016-17 NHIDCL's Strategies to Stay Efficient
Future Targets Progress under SARDP-NE Key Concerns 15. Other Government Programmes Upcoming Bharat Mala Project Setu Bharatam Char Dham Project National Highway Interconnectivity Improvement Project Other Proposed SECTION III: STATE ROAD DEVELOPMENT 16. Project Pipeline and Opportunity Current Status Investment Plans and Requirements State-wise Analysis of Project Pipeline Future and Outlook Market Opportunities 17. Profiles of Key States Andhra Chhattisgarh Gujarat Himachal Jammu and Kashmir Jharkhand Kerala, Madhya Odisha Punjab Rajasthan Tamil Nadu Telangana Uttar Uttarakhand West Bengal SECTION IV: PROFILES OF LEADING PLAYERS 18. Key Players Ashoka Buildcon Gayatri GMR Infrastructure Hindustan Construction Company IL&FS Transportation Networks IRB Infrastructure Developers KMC Constructions Larsen & Toubro NCC Oriental Structural Engineers Reliance Infrastructure Sadbhav Engineering Others Release Date: February 18, 2016; No. of Slides: 501 Monthly Updates The 11 monthly updates will comprise 16-24 pages on: - Summary of Key New Developments - Analysis of Major Monthly Trends - Latest Status of Key (NHDP/Others) - Analysis of Policy and Regulatory Developments - Upcoming Bids, Contracts, Tenders, etc. - Information on New - Key Data and Statistics Weekly Newsletters The weekly newsletter will comprise 4-6 pages. It will cover news developments in the Indian road sector relating to: - Policy - - Developers - NHDP and Other Programmes - Construction Contracts - Loans and Investments - Mergers and Acquisitions - Etc. About Us India Infrastructure Research is a division of India Infrastructure Publishing Private, a company dedicated to providing information on the infrastructure sectors through magazines, conferences, newsletters and research reports. It publishes five magazines Indian Infrastructure, Renewable Watch, Power Line, tele.net and Gujarat Infrastructure. India Infrastructure Research publishes research reports in the areas of power, oil & gas, ports & shipping, roads & bridges, telecommunications, aviation and water. Our reports are acknowledged as high-quality, user-friendly, up-to-date, accurate and comprehensive sources of information. Our clients include most organisations involved in the infrastructure sectors multinationals, top Indian corporates, commercial and investment banks, consulting companies, public sector companies, government agencies, multilateral agencies, and legal firms. India Infrastructure Research
List of Tables Key Acts, Policies and Agencies at the State Level Safety-related Policies and Initiatives at the State Level Safety-related Policies and Initiatives at the State Level Features of Key Implementation Models Awarded under NHDP during January 2015 and January 2016 Key National Highway and State Road Completed and Awarded in the Last One Year Major Players in the Roads Sector New Policy Initiatives and Impacts Terminated and Re-awarded Contracts under NHDP (as of September 2015) Won by Key Contractors under the NHDP between April 2014 and September 2015 Key NHDP Floated on an EPC basis (as of February 10, 2016) State-wise EPC Opportunity Indicative Pipeline of Offered by NHIDCL Other Key Government Programmes Set to Offer EPC Opportunity Details of BOT Awarded by NHAI (November 2015) Opportunity Size for TOT Toll Revenues of Key Companies in the Road Sector (Rs billion) Expected IRRs for Key Budgetary Support to MoRTH (Rs billion) Allocations under the CRF (Rs billion) Major IPOs Launched in 2015 Major QIPs Launched in 2015 Key Financial Closures in 2015 Key PE Exits Announced during 2014 and 2015 Key Premium Deferment Transactions Lending Rates for IBRD Flexible Loans (January 2015) Fixed Swap Rate for Dollar-denominated Loans by ADB (May 12, 2015) Investment Requirement at State-level State?wise Completed during April 2011-December 2015 Analysis of Time Overruns (no. of projects) State?wise Analysis of Time Overruns (range in months, no. of projects) Analysis of Cost Overruns (no. of projects) State?wise Analysis of Cost Overruns (range in Rs million, no. of projects) Analysis of Cost per lane?km of Completed Road State?wise Analysis of Cost per lane?km of Completed Toll Revenues of Key Completed Road Market Capitalisation of Key Players (as on January 27, 2016) Current Portfolio of Key Players in the Road Sector Financial Performance of Companies during April-December 2015-16 OMT Initiatives at the State Level Year-wise OMT Contracts Awarded Potential Market for TOT Contracts Project Portfolio of Feedback Brisa Highways OMT Project Portfolio of EROI Ongoing Toll Plazas with PATH Project Mix of MEP Infrastructure Developers (As of June 2015) Operations and Maintenance of Elsamex India's Export of Key Construction Equipment in Value Terms (Rs billion) India's Value of Import of Key Construction List of Tables and Figures Equipment (Rs billion) Details of Key Equipment Players Capacity Expansion by Key Equipment Manufacturers in the Last Two Years Average Estimated Equipment Prices in India Key Rental Companies in India State-wise Distribution of Cement Plants Wholesale Prices of Various Types of Cement (Index no.) Details of Key Players in Cement Industry (mt) Growth in April-December 2015 over 2014 period Financial Performance of Key Players (Rs billion) Financial Performance of Key Steel Players (Rs billion) Key Bitumen Manufacturing Companies in India Different Types of Geo-textiles Progress so far under NHDP (as of November 30, 2015) Work Plan/Targets for 2015-16 Key Contracts Awarded during 2015-16 Key Contracts Awarded Between April and September 2015 Decline in No. of Bids for PPP under the NHDP Financing Details of NHDP (Rs billion) State-wise Opportunity under NHDP Key Upcoming under NHDP (as of November 2015) Details of Sub-project Proposals of North East Connectivity Project to be funded by JICA Targeted Timeline for Different Parameters Initial Road Stretches Proposed for Preparation of DPR Component-wise Project Cost of NHIIP Details of Various Planned Contracts Details of the Bids invited in 2015 State-wise Network Size Institutional Framework at the State-level Summary of Completed EPC Summary of Ongoing EPC Summary of Completed PPP Summary of Ongoing PPP State-wise Summary of Key Upcoming EPC Key Upcoming EPC-based State-wise Summary of Key Upcoming PPP Key Upcoming PPP Sector in Andhra Details of Ongoing Works Under Government Schemes in Andhra Status-wise Details of Length of Packages under Andhra Road Development Improvement Component List of Completed in Andhra List of Ongoing in Andhra List of Upcoming PPP in Andhra Sector in Plan Budget Outlay for the Financial Year 2015-16 in Details of State Highways Development Programme (SHDP) Key Ongoing Bridge in Details of BSHP-I Details of BSHP-II Details of BSHP-II, Additional Financing Status-wise Details of PPP in Details of Ongoing EPC projects in Chhattisgarh Works under CRF in Chhattisgarh (Rs billion) Budgetary Allocation to PWD in Chhattisgarh in 2014-15 Details of Chhattisgarh State Road Sector Development Project Details of Road Stretches under CSRSP Bids Invited under CSRSP in 2015 Stretches under the Chhattisgarh Accelerated Road Development Programme Gujarat List of Government-funded Completed in Gujarat List of Under-Implementation in Gujarat Works under CRF in Gujarat (Rs billion) Upcoming in Gujarat Component-wise details of GSHDP-II Details of Project Stretches under GSHDP- II (as of January 2016) Key PPP-related Policies in Gujarat List of Completed PPP in Gujarat List of Under-Implementation PPP in Gujarat List of Upcoming PPP in Gujarat Physical Progress of Programmes for Improvement of Roads in during 2014-15 (km) Financial Progress of Programmes Entailing Improvement of Roads in during 2014-15 (km) RoBs Identified in Master Plan in Details of Ongoing Works of Bridges and RoBs in Key Upcoming Government-Funded in Key Completed/Ongoing PPP projects in Key Upcoming PPP in Year-wise Status of Road Network in Himachal (km) Himachal Road Works Undertaken in 2014-15 through Budgetary Resources in Himachal Number of Bridges Constructed in Himachal during 2001-15 Implementation Status of the Himachal State Road project Upcoming PPP in Himachal Jammu and Kashmir Province-wise Road Length in Jammu and Kashmir (km) Status-wise Details of Government Funded in Jammu and Kashmir Details of Ongoing Works under the JKUS- DIP - Tranche 2 Jharkhand Year-wise details of Budgetary Allocations to the Road Sector in Jharkhand Status-wise list of Government-Funded in Jharkhand Details of Road Works under the Jharkhand State Road project Details of Road Works to be Undertaken under the SJSRP Component-wise Cost Details of SJRSP Status-wise List of PPP in Jharkhand Sector in Status-wise Details of PPP in Status of Key Ongoing Contracts under KSHIP II List of Completed in List of Ongoing in Works under CRF in (Rs billion) Details of Ongoing works Under SHDP and Progress in as of February 3, 2016 Details of Ongoing EPC in Upcoming Government-funded in List of Upcoming PPP in Sector in Kerala World Bank-Funded in Kerala Progress under KSTP II Contracts under KSTP II Works under CRF in Kerala (Rs billion) Key Completed in Kerala Key EPC-based Ongoing in Kerala Details of Kerala State Road Improvement Project Cost Components of Cochin City Road Improvement Project List of Upcoming Government-funded in Kerala List of Upcoming PPP in Kerala (as on January 2016) Sector in Madhya Summary of Externally-aided in Madhya under Madhya State Roads Project III (as of March 2014) List of Completed in Madhya (as of November 2015) List of Ongoing PPP in Madhya (as of November 2015) Works under the CRF in Madhya (Rs billion) Key Completed on an EPC basis in Madhya Key Completed on an EPC basis in Madhya Key Ongoing on an EPC basis in Madhya List of Upcoming Government- /Multilateral-funded in Madhya Key Upcoming EPC in Madhya List of Upcoming PPP in Madhya Sector in List of Completed in List of Ongoing PPP in Works under CRF in (Rs billion) Key Completed by MSRDC and MMRDA Key EPC-based Completed in Key EPC-based Ongoing in List of Upcoming Government-funded in Key Upcoming EPC in List of Upcoming PPP in Sector in Odisha Ongoing PPP Project in Odisha Works under CRF in Odisha (Rs billion) Key EPC Completed in Odisha Key EPC-based Ongoing in Odisha List of upcoming PPP in Odisha Sector in Punjab Works under CRF in Punjab (Rs billion) Key Stretches Awarded under Phase II of PSRSP Key Stretches Completed under Phase II of PSRSP List of Key Completed in Punjab List of Key Ongoing PPP in Punjab Details of Key Ongoing on an EPC basis in Punjab Key Upcoming Government-funded in Punjab Details of PPP on Various Formats by Road Agencies in Rajasthan (October 2015) Progress under Rajasthan Mega Highway - II and III Key Upcoming PPP in Rajasthan for which RfQ has been Invited and Received in Rajasthan Financial and Physical Performance of Tamil Nadu Highways Department under Plan Works during 2014-15 Performance under Other Works in Tamil Nadu Details of Completed and Ongoing PPP in Tamil Nadu Details of Upcoming PPP in Tamil Nadu Details of Upcoming EPC in Tamil Nadu Details of State Road Envisaged under Vision 2023 in Tamil Nadu (Phase II) Other Key Upcoming in Telangana Completed and Ongoing Key State Highway in Uttar Key Planned and Actual Outcomes under the Uttar State Roads Project Other Key Upcoming in Uttar on EPC and PPP Basis Year-wise details of CRF funding in Uttarakhand Key Road Restoration Works in Various Districts of Uttarakhand under UEAP Details of Work under the World Bankfunded Uttarakhand Disaster Recovery Project List of Planned PPP in Uttarakhand Key Ongoing in West Bengal Being Implemented by WBHDCL (as of January 2016) Key Upcoming in West Bengal PPP under Study for Financial Modeling in West Bengal Snapshot of Completed by Ashoka Buildcon Snapshot of Ongoing by Ashoka Buildcon Details of Completed PPP by Ashoka Buildcon Details of Ongoing PPP by Ashoka Buildcon Details of Completed EPC by Ashoka Buildcon Details of Ongoing EPC by Ashoka Buildcon Key Financials of Ashoka Buildcon (Rs billion) Snapshot of Completed by Gayatri Snapshot of Ongoing by Gayatri
Status-wise Snapshot of by Gayatri List of Completed on BOT basis by Gayatri List of Key Completed on EPC basis by Gayatri List of Ongoing on BOT basis by Gayatri List of Ongoing on EPC basis by Gayatri Key Financials of Gayatri List of Awarded to Gayatri (August 2015) Status-wise Details of GMR List of Key Operational of GMR Upcoming of GMR Key Financials of GMR Status-wise Snapshot of of HCC List of Key Completed of HCC List of Ongoing of HCC Key Financials of HCC Order Backlog of HCC (As of December 2015) Status-wise Snapshot of of ITNL List of Operational of ITNL Toll Revenue from Operational BOT of ITNL List of Under Construction of ITNL Key Financials of ITNL Status-wise Snapshot of of IRB List of Key Operational BOT of IRB List of Completed BOT of IRB (Concession Period Completed) List of Under Implementation BOT Key Financials of IRB Snapshot of Completed of KMC Snapshot of Ongoing of KMC List of Completed EPC of KMC List of Key Completed BOT of KMC List of Ongoing of KMC Snapshot of Completed of L&T IDPL Snapshot of Ongoing of L&T IDPL L&T IDPL's List of Key Completed BOT List of Key Completed EPC L&T IDPL's List of Under Implementation BOT List of Under Implementation EPC Key Financials of L&T List of Key Completed of NCC Key Financials of NCC List of Completed PPP of OSE List of Completed EPC of OSE List of Under Implementation of OSE Key Financials of Reliance Infrastructure List of Revenue Operational BOT of Reliance Infrastructure Snapshot of Completed of Sadbhav Engineering Snapshot of Ongoing of Sadbhav Engineering List of Key Completed PPP of Sadbhav Engineering List of Key Completed EPC of Sadbhav Engineering List of Ongoing PPP of Sadbhav Engineering List of Tables and Figures List of Key Ongoing EPC of Sadbhav Engineering Key Financials of Sadbhav Engineering Consolidated Financials of Sadbhav Engineering (Rs million) Project Details of Sadbhav Infrastructure Portfolio of of Dilip Buildcon Status-wise Portfolio of PPP of Essel Infraprojects List of Key Completed of GR Infraprojects List of Key Ongoing of GR Infraprojects Portfolio of DBFOT of GVR Private List of Revenue Operational BOOT of JMC List of Completed EPC of JMC Key Financials of JMC Portfolio of BOT of Welspun Enterprises List of figures Break-up of India's Road Network (%) Road Densities of Key Developed and Developing Countries Road Passenger Traffic Estimates Road Freight Traffic Estimates Mode-wise Split in Terms of Length Awarded under NHDP (%) for the year 2005-06 and 2014-15 Balance Length for Award under NHDP as of November 2015 Expected Investment under the Upcoming in Key States Expected Share of EPC and PPP under NHAI's Work Plan for 2016-17 (in terms of length) State-Level PPP and EPC in the Pipeline (as of January 2016) Overall Share of EPC and PPP length under NHDP (as of November 2015) Share of EPC in Overall Project Awards (2012-13 to 2015-16) EPC Targets and Awards (2012-13 to 2015-16) National Highways EPC Project Pipeline (as of December 31, 2015) Expected Growth in the EPC Market Size Length Awarded under NHDP on PPP and EPC Modes in the last 10 Years Details of Under-Construction PPP Risk Profile of a Road Project Cost Break-up of a PPP Road Project Cost Composition of a Road Project Cost Break-up of Road (Road Widening Project and Expressway Project) Toll Revenues of Key Companies in the Road Sector ICR of Key Companies in the Road Sector Tax-free Bond Issuances by NHAI (Rs billion) Toll Collection by NHAI and MoRTH (Rs billion) Summary of Multilateral at the State-level Gross Bank Deployment to the Road Sector Growth in External Commercial Borrowings IIFCL's Cumulative Disbursements to the Roads Sector (Rs billion) Evolving Debt and Equity Mix Phase-wise Investment Required under NHDP (as on November 30, 2015) Details of Year?wise Completed Road Details of Ownership?wise Completed Road Details of Format?wise Completed Road Details of Completed Road with regard to Type No. of Completed Road with regard to Scope Details of Completed Road with regard to Scope Current Portfolio of Key Players in the Road Sector Indicative Summary of Secured and Completed in the Last 12-18 months Growth in BOT Toll Revenue of Key Companies Growth Revenue of 14 Listed Road Sector Companies (Rs billion) Growth in Total Expenditure of Key Companies between 2010-11 and 2014-15 Change in Debt-Equity Ratio in 2014-15 over 2013-14 Interest Coverage Ratio of Key Players Growth in Net Profit of Key Companies between 2010-11 and 2014-15 (Rs billion) Evolution of the OMT Concept in India State-wise Number of Toll Collection Centres under OMT Contracts of NHAI (July 2015) OMT Opportunity in the NH Segment Market Size and Growth of Indian Construction Equipment Industry (Rs billion) FDI in Earthmoving Equipment Segment Movement in Wholesale Price Index of Steel and Aluminium (2004-05=100) Share of Construction Equipment Sales in India by 2018 (%) Projected Value of Production of Earthmoving and Mining Equipment Capacity Utilisation of Indian Cement Industry Trends in Cement Production Export and Import of Cement Over the Past Six Years Wholesale Price Index for Gypsum and Limestone Estimated Cement Demand till 2019-20 Trend in Steel Consumption Trend in Steel Production Growth in Steel Production Capacity Capacity Utilisation of Steel Industry (%) Export and Import of Steel Over the Past Six Years Movement in Wholesale Price Index of Steel Indicative Average Market Prices of Leading Items of Finished Steel Public and Private Sector Share in Steel Production (%) Projected Demand for Steel (mt) Trend in Bitumen Production Trend in Bitumen Consumption Trend in Import and Export of Bitumen YoY Growth of Import and Export of Bitumen Movement in Wholesale Price Index of Bitumen and Crude Oil (2004-05=Base Year) Share of Key Players in Production (%) Key Bitumen Manufacturing Companies in India Demand Projections for Bitumen till 2019-20 Projected Growth in Geosynthetics Demand for Aggregates by Type (mt) Award and Completion Progress during 2015-16* (April-September 2015) Mode-wise Split in Terms of Length (%) under NHDP Year-wise Length Awarded under NHDP during FY2006-15 (km) Length Completed under NHDP during FY2006-15 (km) Construction Rate under NHDP during FY2006-15 (km/day) Summary of Externally Aided National Highway State-wise NHIDCL's Mandate in developing Roads in North-east Awarded during 2014-15 by NHIDCL in North-east to be Awarded during 2015-16 by NHIDCL in North-east NHIDCL's Award Target for 2016-17 (Number, Length and Cost of ) Details of Sanctioned and Completed under SARDP-NE and AP Package Details of Funds Allocated under SARDP- NE and AP Package Break-up of World Bank and ADB Funding Across States Snapshot of Project Portfolio of 20 States Investment Requirement at the State-level Andhra Lane-wise Length of Road Network In Andhra Status-wise Details of PPP in Andhra Status-wise Segregation of Private Sector Investment Cost-wise Details of Ongoing Works of Key Government Schemes Category-wise Length of Road Network in Lane-wise Length of Road Network in Details of Road Requirement Plan I in Year-wise Details of Bridges Constructed in Chhattisgarh Gujarat Status-wise Snapshot of PPP projects in Status-wise Length Addition being made by State Road and Bridges Development Corporation Status-wise Details of being undertaken by State Road and Bridges Development Corporation District-wise Road Length in Jammu and Kashmir Jharkhand Status-wise Details of PPP in Kerala Break-up of PPP in Kerala Status-wise Share in Terms of Value Category-wise Length of Road Network in Madhya Agency-wise Distribution of Road Network in Madhya Summary of PPP in Madhya Break-up of PPP by Value in Madhya Break-up of PPP in Odisha Break-up of PPP in Odisha Punjab Material-wise Length of Road Network In Rajasthan Lane-wise Details of State Roads (March 2015) in Tamil Nadu Material-wise Length of Road Network In Telangana Budgetary Allocations to R&B Department, Telangana Uttar Uttarakhand Details of Financing Pattern of the Under the Uttarakhand State Road Investment Program Share of Roads Maintained by State PWD in West Bengal Order Backlog as of Ashoka Buildcon as of November 2015 Toll Revenue from Operating BOT Assets of Ashoka Buildcon (as of September 2015) Net Worth of Ashoka Buildcon Consolidated Gross Debt of Ashoka Buildcon Status-wise Number of of Gayatri Net Worth of Gayatri Turnover of Gayatri Category-wise Net Revenue (Q3 FY-16) of GMR Infrastructure Category-wise Order Backlog (As of December 2015) of Hindustan Construction Company Net Worth of IL&FS Transportation Networks Net Debt of IL&FS Transportation Networks Net Fixed Assets of IL&FS Transportation Networks Value of BOT Assets of IRB Infrastructure Developers Net Worth of IRB Infrastructure Developers Average Gross Daily Toll Collection of IRB Infrastructure Developers Net Worth of Larsen & Toubro Net Profit Margin of Larsen & Toubro Segment-wise Segregation of Order Book (%) of NCC Segment-wise Segregation of Total Turnover (%) of NCC Format-wise details of of Oriental Structural Engineers Format-wise Cost Segregation of Oriental Structural Engineers Status-wise Details of of GR Infraprojects Status-wise Cost Breakup of of GR Infraprojects Segment-wise breakup of Order book of JMC
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