Bharat Road Network Limited (BRNL) Profile_Jan_web.pdf · Bharat Road Network Limited (BRNL)...
Transcript of Bharat Road Network Limited (BRNL) Profile_Jan_web.pdf · Bharat Road Network Limited (BRNL)...
Bharat Road Network Limited (BRNL) Prosperity through Partnership
Strictly Private & Confidential
SREI Infrastructure Finance Limited: Group Overview
2
→ Project Advisory, Capital Markets - Banking Advisory
→ One of India’s largest equipment rental company with pan-India presence
→ In-depth knowledge of Equipment segment
→ Largest construction & mining equipment financier in India with over ~30 % market share
→ Loan book of INR 20,216 cr
→ , with a customer base of over 60,000 built and nurtured over last 24 years.
EQUIPMENT FINANCING
<<<< HOLISTIC INFRASTRUCTURE INSTITUTION>>>> INFRASTRUCTURE EQUIPMENT GROUP INFRASTRUCTURE PROJECT GROUP
EQUIPMENT RENTAL & VALUATION
→ Structured Finance, Infra Debt Fund, Venture Fund, Project Equity
→ 25 years of Infrastructure Expertise
→ Exposure to several sectors in Infrastructure with loan book of INR 13,970cr
PROJECT FINANCE ASSET MANAGEMENT ADVISORY
• Well diversified BOT Portfolio of 7 significant assets
• Lane kms of 2450, spread across 6 states
• Experience across 14 road projects worth INR 12,880 cr across 5,400 lane kms
• The largest Rural IT Infrastructure in India
• Largest network of over 52,442 touch points across India covering 44% of India’s rural population
• Provides an integrated water and waste management
• Nangloi PPP, Delhi in partnership with Veolia Water for water treatment and distribution
STRONG EXPERTISE IN INFRASTRUCTURE EQUIPMENT & PROJECT FINANCING WITH LOAN BOOK OF `36,702 cr
STRONG EXPERTISE ACROSS VARIOUS TPOUCHPOINTS OF INFRASTRUCTURE SECTOR Targeted capital raising
• Managing portfolio of 3 SEZ and Industrial Parks out of which 1 operating SEZ
• Over 2,991 acres of Land acquired for the development of SEZ & Industrial Parks.
BRNL Corporate Structure
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Bharat Road Network Limited (BRNL)
Guruvayoor Infrastructure Pvt Ltd (GIPL)
Mahakaleshwar Tollways Pvt Ltd (MTPL)
Kurukshetra Expressway Pvt Ltd (KEPL)
Shree Jagannath Expressways Pvt Ltd (SJEPL)*
Ghaziabad Aligarh Expressways Pvt Ltd (GAEPL)*
Orissa Steel Expressway Pvt Ltd (OSEPL) Solapur Tollways Pvt Ltd (STPL)
Operational Projects
Under Construction Projects
Thrissur-Angamali
Project Cost: 726
Lane kms: 260
Indore-Ujjain
Project Cost: 331
Lane kms: 196
Rohtak-Bawal
Project Cost: 1,043
Lane kms: 332
Chandikhole-Bhubaneshwar
Project Cost: 1,799
Lane kms: 402
Ghaziabad-Aligarh
Project Cost: 2,198
Lane kms: 500
Rimuli-Roxy-Rajamunda
Project Cost: 957
Lane kms: 360
Solapur-Maharashtra/Karnataka border
Project Cost: 883
Lane kms: 400
BRNL: 49% BRNL:48% BRNL: 49% BRNL: 40%
BRNL: 39.0% BRNL: 59.38% BRNL: 99.02%
* Project is partially operational
Project Cost in Rs cr
Operational U.C
GIPL MTPL KEPL SJEPL1 GAEPL1 STPL OSEPL
Pro
ject
Det
ails
State Kerala M.P Haryana Odisha U.P. Maharashtra Odisha
Project Type Toll Toll Toll Toll Toll Toll Toll
NH /SH NH-47 SH-27 NH-71 NH-5 NH-91 NH-9 NH-215
Client NHAI MPRDC NHAI NHAI NHAI NHAI NHAI
Project Cost (INR cr) 726 331 1043 1799 2198 883 957
% holding (BRNL + SREI Group) 49% 48% 49% 40% 39% 100% 69%
Other Shareholders KMC – 51%
Galfar & Varaha– 26%
each
JMC – 51%
Simplex -34%;
Galfar- 26%
PNC– 35%; Galfar–
26% N.A
MBL Infra- 26%; AMR & Ritwik -6%
Laning 4 laning 4 laning 4 laning 6 laning 4 / 6 laning 4 laning 4 laning
Lane kms 260 196 332 402 500 400 360
Term
s
Concession Start Mar-06 Apr-09 May-10 Aug-10 May-10 Feb-12 Jul-10
Revised Concession Period (yrs) 21.8 30.0 33.8 31.2 31.9 24.7 27.7
Full COD / Expected COD* Dec-11 Nov-10 Sep-13 Mar-17 Dec-16 June-17* Dec-17*
Revenue Generation Period(yrs) 4.3 5.1 2.5 4.3 1.0 - -
Residual Life (yrs) 12.3 23.0 28.7 26.8 26.8 19.5 21.0
BRNL Projects Snapshot
4 1 Since the project is 4 laning to 6 laning, it is partially operational from Day 1
<<<< EXISTING PORTFOLIO OF 7 ASSETS OF 2450 LANE KM WITH OVERALL PROJECT COST OF INR 7937 cr>>>>
EXECUTION EXPERIENCE OF 14 ROAD PROJECTS WORTH USD 2 BILLION ACROSS 5,400 LANE KMS
BRNL Value Proposition
BRNL
Operational Excellence
√ Manage complete tolling operation & maintenance of the project
√ Ensure operations are in compliance with concession agreement
√ Strong public relation and local administration liaison capability
Project Advisory
√ Project Management Consultancy (across project conceptualization, construction, commissioning, and commencement)
√ Financial advisory and debt syndication services
Technological Excellence
√ Innovative technology solutions for road sector (first to roll-out pre-classification system)
√ Develop customised solution depending on project requirement
√ In-house state of art technology team who focuses on product enhancement and process optimisation
Asset Ownership
√ Design, Engineering and Optimum Cost Management
√ EPC Management and Quality Control
√ SPV Operation, Management and Legal Compliance
BRNL: Key Investment Highlights
Robust Sector Fundamentals
Growing importance of roads in transportation infrastructure, positive GDP correlation
Strong impetus on sector - $19b investment expected by 2017 (17% CAGR over next five years)
The new Government plans to construct 30-35 kms per day by March 2018
Attractive Asset Mix
7 assets with 2,450 lane km of roads on national and state highways
Young assets with average remaining life of 23+ years
Proven Track Record and
Diverse Portfolio
Diversified presence across high growth industrial states
Experience of 15+ years in road sector
Experience across 14 road assets worth INR 12,880 crs across 5,400 lane kms
Strong Parentage and Management
SREI – Unparalleled Infrastructure Experience of 25+ years
Leading private sector infrastructure financing Co. Promoted by Kanoria Family in 1989
Experienced BOT management team with demonstrated execution and asset management capability
Proven Track Record
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Two lane all weather bridge across the river Wainganga, Maharashtra
Investment of 12% stake in first
BOT road asset (Jas Toll Road
Company Ltd)
Investment of 9% stake as
consortium partner with
Madhucon Projects in first BOT
road project - in the state of
Rajasthan
Awarded 3 BOT road projects in the state of Kerala (1), and Tamil Nadu (2)
Won bid for 5 road projects in the
state of Uttar Pradesh (1), Haryana
(1), Odisha (2), and Maharashtra
(1)
Commercial operation started for
MTPL project, GIPL project and
KEPL project
Ability to bid
individual
project size
worth up to
INR 5000cr
2015-16* refer to 2015-16 onwards
Experience of 15+ years in Road Sector
Financing Investment Break-Through Bid
Capability Next Level of Growth
2000-01 2002-03 to 2004-05 2005-06 2006-07 to 2014-15 2015-16*
Portfolio connects Key National Traffic Corridors
Diversified presence across high growth industrial corridors
Sl. No. Project Name/SPV State
Description (Project on NH/SH=A;
Project connecting NH=B)
Indore – Ujjain/MTPL Madhya Pradesh A= SH 27 B= NH 3 & NH59
Thrissur – Angamali/ GIPL
Kerala A= NH 47
Rohtak – Bawal/KEPL Haryana A= NH 71 B= NH 8
Ghaziabad- Aligarh/GAEPL
Uttar Pradesh A= NH 91 B= NH 3
Chandikhol- Bhubaneswar/SJEPL
Odisha A= NH 5
Solapur Karnataka Border/STPL
Maharashtra A= NH 9
Rimuli-Roxy-Rajamunda/ OSEPL
Odisha A= NH 215
N refers to NHAI Project and S refers to State Highway Project; *Figures corresponds for 100% of Project
2N
1S
3N
4N
5N
6N
7N
Cochin
Chennai Bengaluru
Pune
Nashik
Indore
Bhopal Ahmedabad
Delhi
Ludhiana
Bawal
Jodhpur
Udaipur
Jaipur Lucknow
Kanpur Varanasi
Agra
Mumbai
Bijapur
Mangaluru
Hospet
Bhubaneswar
Solapur
Ghaziabad Aligarh
Ujjain Dewas
Rohtak
Angamali
Thrissur
Rimuli Rajamunda Balasore
Jalandhar
Kanyakumari
Coimbatore
Thiruvanthapuram
Salem
Chandikhol
Allahabad
Asansol Kolkata Kharagpur
BRNL Road Assets
National Highways
1
2
3
4
5
6
7 Chittagong
Lahore
Hyderabad
Vijayawada Macihlipatnam
MTPL: 4 Laning of Indore–Ujjain section of SH-27, Madhya Pradesh
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Location Overview Rajasthan Border
Maharashtra Border
Connectivity & Industry
Key Growth Factors
Location
• Project road connects Ujjain – Indore section
• Part of SH-27 which connects Rajasthan border in north and
Maharashtra border in south
• Major towns/cities are Ujjain, Indore
SPV Structure
• SPV: Mahakaleshwar Tollways Private Limited (MTPL)
• Shareholding: BRNL-48%, Galfar-26%, & Varaha-26%
State Highlight
• GSDP: $75 bn
• Last 10 years CAGR: 17%
Connectivity
• SH-27 and NH-3 intersect at Indore, thereby providing connectivity
between Agra and Mumbai
• SH-27 and NH-59 intersect at Indore, providing connectivity to
Ahmedabad, rendering project road important for interstate
commercial traffic movement
Major Industries
• Auto and auto components, textiles, cement, agro-based industries,
forest-based industries, pharmaceuticals, manufacturing and tourism
• Indore is the largest city in the state and the hub of business, industry, education & religion
• Ujjain is an ancient city with great historical and religious significance
• Pitampur (near Indore) is the automobile hub and rise in industrial activity will lead to increase in traffic
Project Cost: INR 331 cr
COD: Nov-2010
Residual Life: 23 yrs
Lane Kms: 196
Debt*: INR 165 cr
* As on Sept16
GIPL: 4/6 Laning of Thrissur–Angamali section of NH47, Kerala
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Location Overview
Connectivity & Industry
• Thrissur- a major financial and commercial
hub of South India (known for powerloom, textile, match stick, pharmaceuticals and printing industries
• Angamali is considered the northern gateway to the commercial capital of Kerala
Key Growth Factors
Location
• Project road connects Thrissur – Angamali section
• Part of NH-47 which connects important southern cities across Kerala
and Tamil Nadu
• Major towns/cities are Thrissur, Chalakudi, and Angamali
SPV Structure
• SPV: Guruvayoor Infrastructure Pvt. Limited (GIPL)
• Shareholding: KMC-51%, & BRNL-49%
State Highlight
• GSDP: $64 bn
• Last 10 years CAGR: 14%
Connectivity
• NH-47 connects between Kanyakumari and Salem, and provides
connectivity to Cochin Refinery, Cochin Port, Coimbatore and nearby
industries, thereby rendering project road important for interstate
commercial traffic movement
Major Industries
• Handlooms & powerlooms, rubber, bamboo, coir, sericulture, cashew,
mining, tourism, spice and spice extracts
Project Cost: INR 726 cr
COD: Dec-2011
Residual Life: 13 yrs
Lane Kms: 260
Debt*: INR 439cr
* As on Sept16
KEPL: 4 Laning of Rohtak-Bawal section of NH-71, Haryana
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Location Overview
Project Cost: INR 1043 cr
COD: Sep-2013
Residual Life: 29 yrs
Lane Kms: 332
Debt*: INR 756 cr
Location
• Project road connects Rohtak – Bawal section
• Part of NH-71 which connects important districts of Haryana, with
close proximity to National Capital Region of India (“NCR”)
• Major towns/cities are Rohtak, Jhajjar, Rewari, & Bawal
SPV Structure
• SPV: Kurukshetra Expressway Private limited (KEPL)
• Shareholding: JMC-51%, & BRNL-49%
State Highlight
• GSDP: $65 bn
• Last 10 years CAGR: 17%
Connectivity
• NH-71 and Golden Quadrilateral (GQ) at NH-8 intersect at Bawal,
thereby providing connectivity to North-South corridor of India and
rendering project road important for interstate commercial traffic
movement
Major Industries
• Automotive, agro-based industries, IT & ITES, textiles, Oil refining,
bio-technology, and petrochemicals
• Part of high industrial corridor of NCR and Haryana Region
• Heavy traffic originating from Panipat industrial area to Bawal industrial area passes through this route
• An industrial centre spread over 1200 acres is being developed at Bawal
Key Growth Factors
* As on Sept16
GAEPL: 4/6 Laning of Ghaziabad-Aligarh section of NH91, Uttar Pradesh
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Location Overview
Connectivity & Industry
• Connects major industrial hubs such as Ghaziabad, Goutambuddh Nagar, Bulandsahar and Aligarh
• Proximity to industries and connectivity with major national highways, the project road is of interstate importance for commercial traffic movement
Key Growth Factors
Location
• Project road connects Ghaziabad – Aligarh section
• Part of NH-91 which connects Delhi in North and Kanpur in South
• Major towns/cities are Ghaziabad, Bulundsahar and Aligarh
SPV Structure
• SPV: Ghaziabad Aligarh Expressways Pvt. Limited (GAEPL)
• Shareholding: BRNL-39%, PNC & Subhash Projects- 35%, & Galfar-
26%
State Highlight
• GSDP: $147 bn
• Last 10 years CAGR: 15%
Connectivity
• NH-91 is part of old Grand Trunk Road and provides connectivity
from Chittagong, Bangladesh in East to Lahore, Pakistan in West,
thereby rendering project road important for commercial traffic
movement
Major Industries
• Information technology, agro processing, tourism, mineral-based
industries, textiles, handloom & handicrafts, food processing, and
sports goods
Project Cost: INR 2,198cr
PCOD: June-2015
Residual Life: 27 yrs
Lane Kms: 500
Debt*: INR 1,365 cr
* As on Sept16
SJEPL: 6 Laning of Chandikhol-Bhubaneswar section of NH5, Odisha
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Location Overview
Connectivity & Industry
• Paradip port is just 85 kms from the project stretch
• The area is a pilgrimage destination and several iron ore mines & steel plants are located near Chandikhol, Jajpur
• Bhubaneswar is the capital city of Odisha and a big commercial hub
Key Growth Factors
Location
• Project road connects Chandikhol-Bhubaneswar section
• Part of NH-5 which connects from Jharpokharia to Chennai in South
• Major towns/cities are Bhubaneswar, Cuttack, Chandikhol
SPV Structure
• SPV: Shree Jagannath Expressways Pvt. Limited (SJEPL)
• Shareholding: BRNL-40%, Simplex- 34%, & Galfar- 26%
State Highlight
• GSDP: $48 bn
• Last 10 years CAGR: 16%
Connectivity
• NH-5 is part of Golden Quadrilateral in the state of Odisha
• NH-5 and NH-60 intersect at Balasore, thereby providing connectivity
from Asansol via Kharagpur (near Kolkata) to Chennai and rendering
project road important for interstate commercial traffic movement
Major Industries
• Iron, steel, ferro alloys, aluminum, IT & ITES, handloom, electronics
and tourism
Project Cost: INR 1,799 cr
COD: Mar-2017
Residual Life: 27 yrs
Lane Kms: 402
Debt*: INR 965 cr
* As on Sept16
STPL: 4 Laning of Solapur Maharashtra/Karnataka border section of NH9, Maharashtra
Location Overview
Connectivity & Industry
• Solapur is house to World’s second largest and Asia’s largest spinning mill, and a major commercial center
• The project is part of NH 9 which connects west and east passing through major cities such as Vijayawada, Hyderabad, Pune and provides onward connectivity to Mumbai
Key Growth Factors
Location
• Project road connects Solapur Maharashtra-Karnataka border section
• Part of NH-9 which connects from Pune in West to Macihlipatnam in
South
• Major town/city is Solapur
SPV Structure
• SPV: Solapur Tollways Private Limited (STPL)
• Shareholding: BRNL-100%
State Highlight
• GSDP: $253 bn
• Last 10 years CAGR: 16%
Connectivity
• NH-9 connects Pune to upcoming port at Machilipatnam
• NH-9 and Mumbai-Pune Express Highway intersect at Pune, thereby
providing connectivity to Mumbai and nearby ports and rendering
project road important for interstate commercial traffic movement
Major Industries
• Pharmaceuticals, biotechnology, IT & ITES, electronics, engineering,
auto & auto components, petrochemicals, oil & gas, and textiles
Project Cost: INR 883 cr
COD: June-2017
Residual Life: 21 yrs
Lane Kms: 400
Debt*: INR 172 cr
* As on Sept16
OSEPL: 2/4 Laning of Rimuli-Roxy-Rajamunda section of NH215, Odisha
15
Location Overview
Project Cost: INR 957 cr
COD: Jun-2018
Residual Life: 20 yrs Lane Kms: 360
Debt*: Nil
Connectivity & Industry
• Stretch is part of mining belt wherein traffic is expected to grow substantially once mining ban is lifted
• Project stretch passes through Kendujhar and Sundargarh district which are affluent in mineral deposits such as iron, chromite, manganese, and coal which all are exported
• No alternative routes available
Key Growth Factors
Location
• Project road connects Rimuli-Roxy-Rajamunda section
• Part of NH-215 which connects from east to west in northern part of
Odisha
• Major towns/cities are Rimuli, Roxy, & Rajamunda
SPV Structure
• SPV: Orissa Steel Expressway Private Limited (OSEPL)
• Shareholding: BRNL-69%, MBL- 26%, AMR-3%, & Ritwik Projects- 2%
State Highlight
• GSDP: $48 bn
• Last 10 years CAGR: 16%
Connectivity
• NH-215 is one of the most important prime arterials of Odisha
• NH-215 and NH-5 intersect at Panikoili, thereby providing
connectivity to Southern part of India till Chennai and rendering
project road important for interstate commercial traffic movement
Major Industries
• Iron, steel, ferro alloys, aluminum, IT & ITES, handloom, electronics
and tourism
* As on Sept16
Attractive Asset Mix
% State Wise BOT Portfolio (Lane Km)
8%
11%
14%
20%
31%
16% Madhya Pradesh
Kerala
Haryana
Uttar Pradesh
Odisha
Maharashtra
Note: Includes both Operational and Under Construction Assets
16
92% 74% 81%
39% 60%
8% 26% 19%
61% 40%
BRNL SIPL IRB ITNL ASBL
Lane Km by Clients
NHAI States
196 196 196 196 196 196 196 196
260 260 260 260 260
332 332 332 332
500 500 500
402 402
400
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
Operating Portfolio Growth (Lane Km)
260
332
788
2450
260 GIPL
KEPL
GAEPL
SJEPL
STPL
Note: Includes both Operational and Under Construction Assets Note: The above years correspond to respective financial years
Note: The above years correspond to respective financial years
1288
456
788
196
456
MTPL
1690
FY11
MTPL
FY12
GIPL
MTPL
FY14
KEPL
GIPL
MTPL
FY16
KEPL
GIPL
MTPL
FY17 E
GAEPL
SJEPL
KEPL
GIPL
MTPL
Expected to be operational in that year
Operational Projects
GAEPL
SJEPL
KEPL
GIPL
MTPL
FY18 E
STPL
OSEPL
OSEPL
• In-house dedicated technology team for developing cutting edge TMS/HTMS technology
• Highest Accuracy in pre-classification of Vehicles leading to reduction of revenue leakage
• Manage complete tolling operation and maintenance
Strong Platform for Value Creation
• Portfolio to benefit from traffic growth due to increase in GDP
• Well positioned to capture upcoming projects: NHAI is expected to award over 11,200 kms of projects for bidding via BOT route over FY16-19E
• Ability to bid individual project size worth up to INR 5000 cr
• Consolidate ownership / control in existing assets • Leverage SREI’s deep relationships in the infrastructure sector to
acquire new assets at attractive valuation
• Maximize return through
• Re-pricing due to positive interest outlook
• Refinancing of loans*
Growth Drivers
Stable Cash Generating Assets with
Growth Potential
Agile Technology & Operation
Enhance Stake in
Assets and Inorganic Growth
Optimize Capital
Structure
17 *Extending debt tenure through refinancing to align with the balance concession period (currently portfolio average concession period is 20 years vis-à-vis average debt life of 12 years, leading to optimizing of Equity IRR
Maximise Returns to Shareholders
Strong Parentage – SREI Advantage
18
VAST INFRASTRUCTURE EXPERIENCE OUR SKILL SETS
Infrastructure loan book of INR 35,339 cr (equipment and project finance)
Relationship with all BOT sponsors
Expertise in understanding and managing construction and project risk over last 25 years
Ability to identify attractive opportunities by leveraging BOT sponsor relationship
Significant financier of BOT Sponsors In-house financing support capabilities. Strong relationships with lenders
Local intelligence and expertise
Deep relationships across infrastructure value chain
Highly reputable International Developmental Institutions have been financial partners with SREI
Managing Risks
Access
Marquee Investors
THE SREI ADVANTAGE
Board of Directors
NAME EXPERIENCE
Bajrang Kumar Choudhary Managing Director
► More than 2 decades of experience in infrastructure asset management, project development, project implementation, private equity and M&A
► Managing portfolio investment of US$ 3bn across roads, ports, airports, water and economic zones
Experienced Board play a key role in providing strategic oversight and guidance
Brahma Dutt Chairman
► M.Sc (Physics), MA (Economics) and L.L.B. Also a member of Indian Council of Arbitration and Delhi Bar Council
► Retired I.A.S. officer having 37 years of experience. Former Secretary- MoRTH, Government of India
Pradeep Singh Independent Director
► CEO of the Mohali Campus and Deputy Dean of the Indian School of Business.
► Over 35 years of work experience in government, non-government and private sector organizations, and in academia spanning across the areas such as Infrastructure Project Development, Investments, Financing, and Advisory, Public Private Partnerships, Governance
Atanu Sen Independent Director
► He holds a master’s degree in economics from Calcutta University and CAIIB.
► He served as an advisor to State Bank of India and was also Managing Director and CEO of BCI Life Insurance Company.
Dr Tuktuk Ghosh Kumar Independent Director
► Doctorate in History from the University of Delhi & Bachelor of Academic Law from Annamalai University.
► Retired I.A.S Officer with over 34 years of experience. Served in senior positions of State Government and Government of India, including a stint at UNIFEM (United Nations Fund for Women’s Development).
Experienced Management Team
NAME EXPERIENCE
Sanjay Banka Chief Financial Officer
► Has over 2 decades of multicultural and MNC experience in Business and Finance Management, Strategic and Operational Planning, Accounting & Taxation, M&A, Legal, Corporate Governance & Compliance
► Has worked with Landmark Group, Viom Networks Limited, MTS India ( Sistema Shyam Teleservice Limited), Bharti Airtel Ltd among others
Partha Pratim Chaudhury Head - Technical
► Civil Engineering Graduate with Post Graduate Diploma in Business Management from IMT, Gaziabad with more than two decades of experience in in the field of Infrastructure Developmental Projects
► Expertise in Project Management and Construction, Contract Administration & Management, Site & Construction Management/Resource Planning
► Has worked at McNally Bharat Engg Co Ltd and Larsen & Toubro Ltd in various capacities
Experienced Management Team; well positioned to navigate BRNL into the next stage of growth
Bajrang Choudhary Managing Director
► More than 2 decades of experience in infrastructure asset management, project development, project implementation, private equity and M&A
► Managing portfolio investment of US$ 3bn across roads, ports, airports, water and economic zones
Asim Tiwari Chief Operating Officer
► Civil Engineering Graduate with Post Graduation in Project Management with more than two decades of experience in managing road concessions
► Has worked at IL&FS, Isolux Corsan, etc. in various capacities
Rajesh Sirohia Head – Corp Strategy & Investment
► More than 15 years of experience in infrastructure domain
► Senior Member of the Srei Group with significant experience in infrastructure projects, debt syndication, raising of equity at project level
THANK YOU!
Disclaimer In this communication we have disclosed certain forward-looking information to enable investors to comprehend our future prospects and take informed investment decisions. This report and other statements – written and/or verbal - that we periodically make/publish contain forward-looking statements that set out anticipated results based on the management's plans and assumptions for future growth and development of the organizations. We have tried wherever possible to identify such statements by using words such as anticipate, estimate, expects, projects, intends, plans, believes, and words of similar substance in connection with any discussion of future performance. We do not guarantee, warrant and/or recommend, express or implied, as to the accuracy or completeness of such assumptions and that these forward-looking statements will be realized, although we believe we have been prudent in assumptions which are subject to dynamic changes. The achievement of results is subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Prospective investors are recommended to take there decisions based on interpretations and assumption of such published forward looking statements. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Moreover, neither we or any other company or subsidiary of the BRNL, nor any of its officers, directors or employees accept any liability or responsibility in respect to the information or any assumptions expressed herein The information contained herein has been prepared exclusively for informational purposes and is not an offer or solicitation of an offer to buy/sell the securities/instruments mentioned or to participate in any trading strategy or an official confirmation. This is not a research but it may refer to a research analyst/research report.. Information is subject to change without notice and we may not update this. Past performance is not indicative of future returns. This price information (if any) is provided solely for informational purposes and may differ substantially from price information available from other sources or an actionable price.