Affordable Hsg Aug2010

8/8/2019 Affordable Hsg Aug2010

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Renewable Energy - Indian Governments Renewed Interest

India Listed Equities Market - Opportunity Beckons

Affordable HousingIndias Newest Investment DestinationA

Broughtto you by

Issue no 2

Your Bi-monthly Emerging Markets Investments Newsletter

August - September 2010

utograph

F i n a n c e & I n v e s t m e n t H o u s e


2/13

Signature meets with leading publications ..

In a step to establish a strong brand image through public

relations Signature Group hosted a press briefing last month

at Dubai Capital Club in DIFC addressing invited editors and

journalists from the regions leading publications about the

Groups future plans in the emerging markets, available

investment opportunities for GCC investors and pipeline

investment projects in Indias infrastructure sector.

Present at the briefing was Mr. Pankaj Agrawal, founder and

Chairman of Signature Group, who opened the panel briefing

media about Signatures assets under management in India,

which includes Indias first integrated Logistics Park and

entertainment-focused city in Mumbai and an integrated

township development project outside Delhi Indias capital.

Mr. Agrawal also provided a detailed overview about

Signatures initiative in budget housing sector in India a topic

that was of great interest to the media for its significant social

impact.

The briefing continued with Mr. Umesh Chandra, Chief

Executive Officer of Signature Group, discussing GCC

investors increased interest in emerging markets investment

opportunities, especially Indias infrastructure sector.

Mr. Chandra announced the Groups initiative in renewable

energy sector which has gathered considerable momentumwith support and promotion from the Indian government.

Across the globe green and clean energy has become a

mantra and this chant will continue at least for the next

decade if not more, he added.

Mr. Suresh Nanda, CEO & Managing Director Signature

Corporate Advisors Limited, spoke next briefing the media

about Signatures initiative in the listed equities market and

instrumental role that the Group is playing in bringing

together companies in GCC, India and Africa for strategic

partnerships.

Autograph August - September 2010


3/13

Affordability as a concept is very generic and may have

different meanings for different people based on different

income levels. After the global financial meltdown

affordability has become need of the hour in the real

estate market. Downturn and liquidity crunch forced

developers to adopt a two pronged strategy smaller

units at lesser prices. This shifted developers focus on

Affordable Housing segment, which has now become

the buzz word in the global real estate market.

India was no exception in the ongoing financial crisis; the

Indian real estate market witnessed a contraction in both

volume and value. Like everywhere else in the world, the

real money in Indias residential property development

over the last two decades has been biased towards the

high end market. However, with the recent changing

market situation the high end segment has lost its shine

for the Affordable Housing segment heralding a new

investment destination.

Today, Indias Affordable Housing progress has captured

the worlds attention and its property market has indeed

emerged as one of the most appealing investment

destinations for both domestic and foreign investors. In a

recent study by PricewaterhouseCoopers (PwC) and

Urban Land Institute, a global non-profit education and

research institute, India has established itself as a leader

of the pack in the real estate investment markets in Asia

for 2010, and affordable housing segment was viewed asthe most promising sector.

The Indian government initiative to create friendly

environment for foreign investors is playing an influencing

role in easing investments in what could be Indias

primary growth sector. The government has introduced

many progressive measures to unlock the sector potential

and meet increasing demand levels.

Affordable HousingIndias Newest Investment Destination


Soaring property prices in Mumbai are believed to be putting the

purchase of a house beyond the reach of many people, especially

middle-class families as all that they can afford are one bedroom flats,

which are not suitable for their needs.

Mr. Jaipal Reddy, Indias Minister of Urban Development


4/13

Government Initiatives

The government has taken the following initiativetowards Affordable Housing:

100% FDI allowed in projects through the automaticroute. In case of integrated townships, the minimumarea to be developed has been brought down to 25acres from 100 acres.

Minimum capital investment for wholly ownedsubsidiaries and joint ventures stands at US$10 millionand US$5 million, respectively.

Public sector banks are now offering home loans up toINR 5 lakh (US$10,750) at a rate of 8.5% and up to INR20 lakh (US$430,000) at 9.25%.

Interest rate subsidy of 1% on loans up to INR 10 lakh

(US$ 21,500) for purchase of houses priced at lessthan INR 2 Core (US$ 430,000).

Lowering of stamp duty in certain micro markets.

Higher FSI for affordable housing project.

Tax benefit under 80 IB: Housing projects approvedduring FY 2007-08 are eligible for tax free profits ifcompleted by March 31, 2012.

Public Private Partnership (PPP) measures: EWSrental schemes and modification in JNNURM toencourage affordable housing schemes under PPP.

Policies: Launch of Rajiv Awas Yojana for promotingslum free India.

Also, real estate has been given the status ofinfrastructure through the automatic route. Besides theabove, the government is considering a proposal fordoubling the income tax rebate on home loan interest

to INR 3 lakh (US$6,450) from INR 1.5 lakh (US$3,225) and rising of income tax exemption on rentalsfrom 30% to 50%.


Private Sector Projects across India

Mumbai: AmbivilliNeptune Group100 acresPhase 1: 1800 unitsSector 1: 600 flats sold out in 3 day1BHK and 2 BHK INR 4.73 andINR 8.40 lakh(US$ 10,175- US$ 18,000)

Ahmedabad: VatvaTaral BakeriPhase 1: 800 unitsConstruction start June 2009Price: INR 3.3 Lakh-5.6 Lakh(US$ 7100- US$ 12,050)

Ahmedabad: KalolSintex IndustriesPhase 1: 300 unitsPrice: INR 3Lakh-INR 5 lakh(US$ 6450-US$10750)

Maharashtra: KarjatTMC- Matheran Realty15,000 units by June 2011; 3000units in Phase 1- June 2009, 6000flats @ INR 3 lakh (US$ 6450)

BangaloreValue Budget Housing

INR 3 Lakh-9 Lakh (US$ 6450-US$ 19,350) Township onminimum 10 acre plots

Source: Monitor Group research, 2010

Maharashtra: BoisarTata Housing67 acres, Phase 1: 1200 units for LIHSector 1: 600 flats sold out in 3 day1BHK and 2 BHK INR 3.9 Lakh and6.7 lakh (US$ 8,400- US$14,400)

Bangalore- AtibeleJanadhar11 acres: 1500 units

1BHK and 2 BHK; INR 4 lakh and6 lakh (US$ 8600- US$ 12,900)

There has been an emergence of a whole new set ofsmall niche players who have started tapping thedemand for low cost housing and launched projects inthe range of INR 3 lakh 7 lakh (US$ 6452 US$15,054) some of these projects making news are led byTATAs Nano Homes, Unique Builders and ManglamGroup.

Indias housing market has been forecast to grow toUS$ 90 billion by 2015 as compared to US$ 12 billion in2005. Affordable Housing is expected to account for80% of the total housing demand over the next 4-5years estimated at 21 million households, an INR1,300,000 core (US$260 billion). This is indicationenough that residential property segment will primarily

drive the realty sector.


5/13

The Affordable Housing market is expected to remain the primary growth driver for the Indian Residential Sector.With easing liquidity in the secondary market and government initiatives, banks are willing to fund the projectseasily for the low cost housing segment. Also construction finance is being readily made available to the developers

in the affordable housing segment. These conditions present favorable and attractive opportunities for theinvestors.


Road Ahead

Signature Group Available Investment Opportunity

Investment Terms

Offer Size: US$30million

Investment Tenure: 3 years

Target Internal Rate of Return: Estimated 25% overinvestment tenure.

Exit Strategy: Market disposal of development /project components

An opportunity to invest in the Affordable Housing segment in India catering to households with monthly incomesof INR 7,000 to 24,000 (US$ 140 to US$ 480). Signatures strategic partner, Value Budget Housing Development

Corporation (VBHC) plans to build an estimated one million homes in urban India in the price range of INR 5 to 10Lakhs (approximately US$10,000 to US$20,000) in the next 10 years.

For further information about this investment project, please contact Signature Group - Investor RelationsDepartment at [email protected]


6/13


Indias renewable energy generation is considered themost developed in South Asia. It currently ranks 4th

after Germany, China and US in a global all Energy

Renewable Index issued by Ernest & Young.

India has a large potential of energy generation by the

utilization of renewable energy, such as Solar,

Biomass, Wind and Hydro. All these forms of energy

are bound to see substantial growth in the coming

years driven by the Indian government support and

investment of major industry players.

As part of the National Action Plan on Climate Change,

the Indian government has set a target of increasing

contribution of renewable energy sources to power

generation to ten percent by 2015. Although the

installed renewable energy capacity is more than the

ten percent - at 16.8 GW - of the total generation

capacity of 161.4 GW, the contribution of renewable

energy to total power generation is only four percent.

The National Action Plan on Climate change also calls

for a target for renewable energy purchase at 5% of

total grid purchase and this target to be increased by

1% each year for the next 10 years.

The Indian government is playing an instrumental role

in ensuring that a conducive policy framework is in

place for all stakeholders concerned in promoting

renewable energy power generation.

Solar Energy is one of the fastest growing sectors of the

renewable energy in India. There are about 300 clear

sunny days in a year in most parts of India

approximately equal to 5,000 trillion kWh/year. This

equates to 4-7 kWh/sq.m/year, which is far more thanIndias total energy consumption of about 848 billion

kWh for FY10, as per the Central Electricity Authority.

The countrys geographical location, large population

and government support are all contributing to India

becoming one of the most rapidly emerging solar

energy markets in the world.

Solar Energy

Overview on Indias Subsectors of Renewable Energy

Renewable EnergyIndian Governments Renewed Interest


7/13


India ranks 7th worldwide in solar photovoltaic (PV)Production.

Indian Government has taken several steps, both onthe supply side and the demand side, to offer keyincentives to aid the development of Solar PV industry.

Recently, the government is close to approving 15 to 20solar energy projects under the Jawaharlal NehruNational Solar Mission (JNNSM) that will entail aninvestment of about US$ 4 billion in India. This is apointer towards the booming solar market in India.

Wind Energy

The government is planning to produce nearly 20 million MW of power from solar energy. The first phase of workwill see projects being completed for producing 100MW of solar power by 2013.

Dr. A.K. Singhal, Director (solar power), Ministry of New and Renewable Energy

The government has monitored around 700 locations for a period of 1-3 years and had identified 233 as windpotentials sites for future projects.

Mr. Farooq Abdullah, Indias Minister of New and Renewable Energy

India has long played an important role in the worldswind energy market. Indias wind energy business was

established in 1990s and is the only sizeable market inAsia.

In 2008, India was the country that brought online thethird largest amount of wind energy, after the US andChina. India now ranks 5th in terms of total wind powerinstalled capacity with 11,807 MW of wind powerinstalled by the end of March 2010 concentrated in ahandful of states like Tamil Nadu, Andra Pradesh,Gujarat, Maharashtra, Karnataka and Rajasthan.During 2009-10, the wind energy capacity grew up 15.3percent with an addition of 1565 MW. This positivedevelopment has mainly been driven by progressivegovernment legislations and large investments beingmade in the country by the government as well asprivate players.


8/13


Biomass Energy

While alternative energy could never fully replace conventional sources like coal, wood and petroleum, thebiomass projects across India shows that clean and reliable energy is possible. And it is the only way ahead.

K. Jairaj,Principal Secretary of Karnataka State Government Energy Department

Globally, India ranks 4th in generating power fromBiomass and is poised to becoming a world leader inBiomass energy.

For India, biomass has always been important energysource. Although the energy scenario in India todayindicates a growing dependence on conventional formsof energy, about 32% of the total primary energy use inthe county is still derived from biomass and more than70% of the countrys population depends upon it fortheir energy needs.

The promotion of biomass based power generation inthe country is being encouraged through favorablepolicies at the Central and the State levels. Incentivesincluding sales tax and excise duty exemption, reduced

customs duty, accelerated depreciation and others.

India has biomass availability of 150MT per annum which translates to a potential of about 16,000MW. Butcurrently, India has about 600MW commissioned and about 600MW under construction. To realize this hugepotential an investment of about US$ 20 billion is required. The facts reinforce the idea of a commitment by theIndian government to develop biomass based power production.

Small Hydro Energy

India is endowed with rich hydropower potential; itranks fifth in the world in terms of usable potential.However, less than 25% has been developed or takenup for development. Thus hydropower is one of thepotential sources for meeting the growing energy needsof the country.

An estimated potential of about 15,000 MW of smallhydropower projects exists in India distributed over4,233 potential sites for pumped storage schemes withan aggregate installed capacity of 94,000MW havebeen identified. However, only 19.9% of the potentialhas been harnessed so far.


9/13


Government InitiativesThe government now offers project developers taxbreaks and option to form power purchase agreementswith power exchanges to provide financial flexibility. Allstate electricity boards will have to get 10 percent oftheir power supply from renewable energy sources bythe end of 2010 and then increase the share of powerproduced by clean energy sources by one percentevery year till 2020. Most of this power is likely to comefrom wind and solar energy plants.

The government has also set an attractive power tariffof Rs. 17.91 per kwh for power generated from solar PVplants. This tariff is about three to five times of the tarifffor power generated from conventional sources likecoal and gas.

To assure returns to investors the government has alsoset up a security fund which would pay the projectdevelopers in case the state utilities default on theirpayments. The government is also looking to launchfeed-in tariff schemes which would allow homeownersto install solar PV systems and sell surplus power to the

utilities at premium.

These incentives in the wind and solar energy sector inaddition to policy push in various other sectors such assmall hydro and biomass will help India reach closer toits target. These policy initiatives will most definitelyattract private as well as international financial fundingtargeted at promoting clean energy. India is taking theright steps to kick start a renewable energy revolutionwhich, if it is able to sustain would bring it successesnot only to environment and energy but also to theeconomy as a whole.

India is yet to tap 80% of its estimated Small Hydropower potential of 15,000 MW, which can be a major sourceof environment-friendly and cost-effective electricity generation. Tapping Small Hydro Power is important now asglobal warming is posing a threat to the environment, throwing up vital issues

Dr. Damodaran, Vice-chairman of Kerala State Energy Management Centre

Small hydropower projects (SHPs) are generallydeveloped in the potential regions by the SEBs/staterenewable energy development agencies. Most ofthese SHP projects are grid-connected. However, thereare some projects that are decentralized and aremanaged by local communities. The Micro and Picohydropower projects come under the social sector

which is set up under rural electrification programs andare mostly stand-alone/min grid systems feeding powerto the under-privileged population living in remoteareas.

The Ministry of Non-conventional Energy Resources(MNES), which is overseeing the development ofsmall hydropower, has set a target of tapping around2,000 MW till 2012. Various physical and financialincentives are being extended to develop this sector.The focus of the SHP program at MNES is nowtoward commercialization through private sector

participation.

An opportunity to invest in the development of 6biomass-based power plants, of 12MW capacity each,totalling 72MW located in states of Punjab and Bihar, India.

Promoted by: Bermaco Energy Systems Limited, one of theleading players in the energy business in India

Development by: Bermaco in joint venture with high profilestrategic partners

Gammon Infrastructure Projects Limited for Punjab Project PTC India Financial Services Limited and BeltronTelecommunication Limited for Bihar projects.

Independent Service Providers on the projects include:

Dalkia India Limited Turnkey Contractor and PlantOperator for all Bihar Projects

Fichtner Consulting Engineers (India) Pvt. Ltd. Technicalvalidation for Punjab Project

Det Norske Veritas (DNV) for CER validations for bothPunjab and Bihar projects

Offer Size: US$ 18,000,000 (US$18M)

Investment Tenure: 3 years

Investment Objective: Acquire significant minority equitystake in Bermaco Energy Limited the project holdingcompany developing the project.

Asset Manager: Signature Asset Management Company Ltd.

For further information about this investment project, pleasecontact Signature Group - Investor Relations Department [email protected]

Signature Group Available Investment Opportunity


10/13


India Listed Equities MarketOpportunity Beckons

Mark Twain once divided the world into two kinds ofpeople - those who have seen the famous Indianmonument the Taj Mahal, and those who haven't. Thesame could be said about investors. There are twokinds of investors - those who know about theinvestment opportunities in India and those who don't.

India may look like a small dot to someone in theMiddle East or Europe, but upon closer inspection, youwill find the same things you would expect from anypromising market. Here we provide an overview of the

Indian stock market and how interested investors cangain exposure.

The Indian Equity Market more popularly known as theIndian Stock Market has become third biggest afterChina and Hong Kong in the Asian region. According tothe latest report by the Asian Development Bank, it hasa market capitalization of nearly $600 billion. As ofMarch 2009, the market capitalization was around$598.3 billion (Rs 30.13 lakh crore) which is one-tenthof the combined valuation of the Asia region.

Most of the trading in the Indian stock market takesplace on its two stock exchanges - the Bombay StockExchange (BSE) and the National Stock Exchange(NSE). The BSE has been in existence since 1875.The NSE, on the other hand, was founded in 1992 andstarted trading in 1994. However, both exchangesfollow the same trading mechanism, trading hours,settlement process etc. At the last count, BSE hadabout 4,700 listed firms, whereas rival NSE had about1,200.

Trading at both the exchanges takes place through an

open electronic limit order book in which order

matching is done by the trading computer. There areno market makers or specialists and the entireprocess is order-driven, which means that marketorders placed by investors are automatically matchedwith the best limit orders. As a result, buyers andsellers remain anonymous. The advantage of an orderdriven market is that it brings more transparency bydisplaying all buy and sell orders in the tradingsystem.

India started permitting outside investments only in

the 1990s. Foreign investments are classified into twocategories: foreign direct investment (FDI) and foreignportfolio investment (FPI). Both registrations aregranted by the market regulator Securities andExchange Board of India (SEBI). Foreign institutionalinvestors mainly consist of mutual funds, pensionfunds, endowments, sovereign wealth funds,insurance companies, banks, asset managementcompanies etc. At present, India does not allowforeign individuals to invest directly into its stockmarket. However, high-net-worth individuals (thosewith a net worth of at least $US50 million) can be

registered as sub-accounts of an FII.

Emerging markets like India are fast becomingengines for future growth. Currently, only a very lowpercentage of the household savings of Indians areinvested in the domestic stock market, but with GDPgrowing at 7-8% annually and a stable financialmarket, we might see more money joining the race.May be now is the right time for outside investors alsoto seriously think about joining the India successbandwagon.


11/13


Alchemy - Signature Opportunity

in India Listed Equities and FCCB

Alchemy Capital Management founded byLashit Sanghvi, Ashwin Kedia, Rakesh Jhunjhunwalaand Hiren Ved. Alchemys Management Team hasover 100 years of Indian equity market experience.Alchemy places a strong emphasis on complianceand risk management and has a disciplinedinvestment process. The firm manages US$300million and has a track record of 8 years. Alchemyadvises high and ultra high net worth families andinstitutions including Sovereign Wealth Funds.

Co-founder, Hiren Ved, as Chief InvestmentOfficer, brings investment philosophy consistency.{See independent coverage on his take on IndianListed Equities}.

One, Alchemy Signature India ConvertibleBonds Fund seeking to generate absolute long

term appreciation with low volatility and relativedownside protection. The fund seeks to maximisereturns by capturing a combination of yield and equityupside embedded in the convertible bond. The fundwill also try to capture any mis-pricings in the market.Key features include:

Subscription : Monthly Subscription charge: Upto 2 % Minimum investment: US $ 1 million; additional

US $ 0.25 million Management fee: 2 %; Performance fee: 20 %

Redemption: 1st year hard lock; quarterlywithdrawal of 25 % with notice period of 45 days

Two, Alchemy India Long Term Fund seekingto generate long term capital appreciation byinvesting in listed Indian equities, PIPES on listedIndian equities, Pre-IPO and IPO opportunities. TheFund will be market cap agnostic. The portfolio willconsist of approx. 25-30 stocks with unlisted/pre-IPOinvestments not exceeding 10% of portfolio. Keyfeatures include:

Subscription: Monthly Subscription charge: up to 1% Minimum Investment: US$ 1 million; additional US$

1 million (discretionary) Management fee: 1.5 %; Performance fee: 15 % Redemption: 1st year hard lock; exit fee thereafter.

Notice period of 45 days.

Three, Alchemy India Fund seeking long term

appreciation on investors capital with lower volatilitycompared to BSE 200 Index. The Fund will be marketcap agnostic but restricted to 190 stocks with singlestock futures for better liquidity. Derivatives exposuremay include futures and options based on index. Keyfeatures include:

Subscription: Monthly Minimum Investment: US$ 1 million; additional

US$0.25 million (discretionary) Management fee: 2%; Performance fee: 20% Redemption: end of every calendar month;

Investors to provide one months notice.

For further information about this investment project, please contact Signature Group - Investor RelationsDepartment at [email protected]

Signature is partnering with Alchemy in having a FCCB fund and is also assisting in promoting two of Alchemystop notch investment offerings:


12/13


Director and Chief Investment Officer of Alchemy Capital Management,

talking about Indias Equity Market

Overview

The Indian Equity markets have shown great resilience oflate, despite the turmoil that we have witnessed in globalmarkets with fear of European Sovereign crisis as well asgrowth fears emanating out of US and China. Though weare at a new high for the year, seen from a slightly longertime frame we are just up 3% YTD in US$ terms and stilldown 14% from the peak levels that we witnessed in Jan2008.

Macro positives (reforms)

As we continue to consolidate in the current year there havebeen a number of macro positives (reforms) in offing whichwe view as big positives for Indias long term growthpotential.

The first: was the conclusion of the 3G and Broadbandspectrum auction that commenced in April. Against abudgeted US$8bn, the government will now garnerUS$24bn, 3x the original estimate. Indias estimated fiscaldeficit for current FY2011 of -5.5% of GDP (or -US$80bn)now has a DOWNSIDE risk for the first time since 2007,unlike most Western countries which are seeing risingdeficits. This is indeed a positive and welcome trend.

The second: was on fuel subsidy reforms. The governmentsurprised the markets with a bold move to deregulatepetrol/gasoline. At the same time they increased: Prices ofpetrol was increased by Rs.3.5 per litre or i.e. by ~7%.Diesel by Rs.2 per litre i.e. by ~5%, LPG by Rs.35 percylinder or by ~11% and Kerosene by Rs.3 per litre or ~35%These price hikes have saved the government an annualRs.240bn ($5bn).

Major Initiatives

On the anvil is simplification of Direct Tax Code,harmonisation of indirect taxes at a federal level through aGoods & Service Tax regime and FDI in multi-brand retailand cash & carry (wholesale) which could potentially bring

global best practices, scale, capabilities and capital whichshould drive productivity and growth in retail trade in India.

On Growth

Indias GDP is expected to grow at 8%+ over next twoyears. Historically Indias GDP growth has been quitebalanced and not boom-bust oriented. Indian economy ismore consumption oriented not export-driven as most of itsAsian counterparts are nor is it driven by excessive credit(Credit/GDP is around 65%).

On Earnings & Valuation

Despite the financial crisis in CY09, earnings for Sensexcompanies were largely unchanged from Rs820/share inY/E Mar-09 to Rs825/share in Y/E Mar-10. Thus large partof the fall was P/E compression rather than earningsde-growth led. Sensex Earnings are expected to grow by24% to Rs1024/share in Y/E Mar-11 and 20% toRs1234/share in Y/E Mar-12.

Thus Indias markets are trading at 18X Mar-11 and 15XMar-12 earnings. These valuation measure maybe relativelyhigher to their peers in Asia and other Emerging markets but

given Indias growth potential, lower cyclicality of earningsand superior corporate performance measured on Returnon Equity, these higher multiples are sustainable in ourview.

Concerns

Given the capital scarce nature of Indian economy, Indiadoes remain vulnerable to bouts of global risk aversion. Onthe domestic side, Inflation at 10% is the biggest worry,however likely easing of food prices post good monsoons,high base effect and tightening bias of Reserve Bank ofIndia should help ease overall inflation by Y/E Mar-11 to

around 5-6%.

Conclusion

We think that Indian markets in a consolidation phase butwith a clear upward bias. This consolidation phase will formthe base for an eventual new high by end of CY2010 or early2011. So while the broad markets have the potential todeliver 15% returns, stock selection has the potential todeliver higher returns for a long term investor and India

Mr. Hiren VedDirector and Chief Investment Officer

Alchemy Capital Management Pvt. Ltd


13/13

Dubai Head Office

Villa No. 261

Jumeirah Beach Road,

PO Box 123557

Dubai, UAE

Tel: +971 4 349 1391/ 1392

Fax: +971 4 349 1395

Delhi Office

B 14/A, Qutab Institutional Area,

Katwaria Sarai,

New Delhi 110 016 ,India

Tel: +91 11 4686 3100

Fax: +91 11 4603 9332

Mumbai Office

Level 2, Kalpataru Synergy

Opposite Grand Hyatt

Santacruz East,

Mumbai 40005, INDIA

Tel: +91 22 3953 7354 / 3953 7355

Fax: +91 22 3953 7200

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