BEst Infra Companies - 2018 - SIMRAN-06!03!2021

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India’s
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India’s
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India’s Leading Infrastructure Companies 2018
Published in India by Dun & Bradstreet Information Services India Pvt Ltd.
Registered Office New Delhi Office

ICC Chambers, Saki Vihar Road, 1st Floor, Administrative Building,
Powai, Mumbai - 400072. Block ‘E’, NSIC - Technical Services Center,
CIN: U74140MH1997PTC107813 Okhla Industrial Estate Phase - III,
Tel: +91 22 6676 5555 / 2857 4190 / 92 / 94 New Delhi - 110020.
+91 22 6680 1300 / 2847 6291 / 93 Tel: +91 11 4149 7900 / 01
Email: [email protected] Fax: +91 11 4149 7902
URL: www.dnb.co.in
Kolkata Office Chennai Office Ahmedabad Office
166B, S. P. Mukherjee Road, New No: 28, Old No: 195, 801 - 8th Floor, Shapath V,
Merlin Links, Unit 3E, 3rd Floor, 1st Floor, North Usman Road, Opp. Karnavati Club,
Kolkata - 700026. T. Nagar, Chennai - 600017. S. G. Highway,
Tel: +91 33 2465 0204 Tel: +91 44 4289 7602 / 7619 Ahmedabad - 380054.
Fax: +91 33 2465 0205 Fax: +91 44 2814 2285 Tel: +91 79 4900 4601 / 602
Bengaluru Office Hyderabad Office Haryana Office
No. 7/2 Gajanana Towers, The Executive Centre, Level 1, Unit 2, 706, 7th Floor, Tower B,
1st Floor, Annaswamy Mudaliar Street, Salarpuria Sattva Knowledge City, Global Business Park,
Opp. Ulsoor Lake, Inorbit Mall Road, Mehrauli Gurgaon Road,
Bengaluru - 560042. Raidurg Village, HITEC City, Gurugram,
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Tel: +91 80 4250 3500 Hyderabad - 500081. Haryana - 122002.
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Tel: +91 40 6740 9230 Tel: +91 124 493 4700
Editor Preeta Misra
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Sub-Editor Naina Acharya
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Editorial Team Mihir Shah, Christopher D’Souza, Yogesh Jambhale, Omesh Kandalkar, Rohit Pawar, Nishikant Sharma,
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Swati Rajgarhia
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Sales Team Suhail Aboli, Jaison Swamidas, Rajesh Kandari, Amit Rathi, Prasad Kachraj, Sukhvinder Singh, Romita Dey Talukdar,
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Monark Munshi, Subhonita Gargari, Dharmesh Kapoor, Dhrumil Shah, Apoorwa Tyagi, Sohail Chawla, Amit Kumar,
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Sonal Singh Rana, Siddarth Ravindran, Mithilesh Patodia, Miloni Shah, Apeksha Mutreja, Manjula Dinakaran,
Pranava Rao, Taran Chawla, Pooja Arora, Nalini Kukreti, Rashi Sharan, Vaibhav Kapur, Sagar Kamath
Operations Team Mangesh Shinde, Nehal Khosla, Sumit Sakhrani, Ankur Singh, Rajesh Gupta, Melita Menezes, Smruti Gandhi,
Tia Roy, Nikita Sachdev, Rehan Shah, Ankita Satam, Shanice Pereira, Rithesh Poojary, Anoop Parwani, Nadeem Ansari
Design Team Mohan Chilvery, Tushar Awate, Shilpa Chandolikar, Sunil Burli, Ganesh Singh, Samata Gaikwad
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11th Edition
ISBN 978-93-86214-28-7
Contents
Preface............................................................................................................. I - 1
Foreword......................................................................................................... I - 3
Executive Summary......................................................................................... I - 5
Methodology................................................................................................... I - 7
Definitions & Calculations............................................................................... I - 9
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Overview of the Indian Infrastructure Sector................................................ I - 11
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NextGen Infra: Building India of Tomorrow................................................... I - 43
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Interviews...................................................................................................... I - 57
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Listings........................................................................................................... I - 61
Profiles...........................................................................................................01-55
Index..............................................................................................................56-58
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Preface
Dun & Bradstreet India is pleased to announce
the 2018 edition of its premier publication ‘India’s
Leading Infrastructure Companies’. Currently Further, a large section of this constructive
in its 11th year, the publication has been an expenditure, approximately up to 60%, goes
insightful compendium on India’s infrastructure towards creating and maintaining infrastructure
sector. Over the years, the publication has to be used within city and related ecosystem. In
covered core infrastructure sectors such as this context, it makes imminent sense to move
Construction, Ports, Power, Oil & Gas, Telecom towards constructing smart infrastructure/
and Logistics Infrastructure. cities, which has distinct economic advantages.
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Various research suggests that the smart building
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The 2018 edition of the ‘India’s Leading solutions offer cost saving opportunities of up to
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Infrastructure Companies’ publication continues 40% in water & energy usage and overall building
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with its traditional approach of profiling the maintenance costs. Smart infrastructure also
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leading companies from the Indian infrastructure yields other advantages like saving fuel cost, less
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sector and ranking them on the basis of key traffic etc. Closing this efficiency gap can reap large
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indicators such as total income and net profit. growth dividends. It has been estimated that for
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Besides this, the publication also covers an in- 1% increase in public infrastructure investment,
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depth analysis of the Indian infrastructure sector. efficient countries are able to add 0.6% to their
GDP as against 0.3% by least efficient countries.
In India, infrastructure investment as a percentage Accordingly, the theme of the 2018 edition of
to GDP is placed well when compared to peer the ‘India’s Leading Infrastructure Companies’
countries. However, in terms of availability and publication is ‘NextGen Infra: Building India of
quality of infrastructure, India stands far behind. Tomorrow’, which dwells on approaches to make
In other words, we are spending the ‘right’ Indian infrastructure more effective and efficient.
amount on infrastructure, but we are not getting
an adequate output. This is the result of many I hope you enjoy reading ‘India’s Leading
factors, but two specific ones dominate, i.e. high Infrastructure Companies 2018’ and I look
‘agency’ cost and high corrective maintenance forward to receiving your suggestions.
cost of infrastructure. When we compare
India with the leading five economies (US, UK,
Germany, France and Japan), for every US$100 Manish Sinha
spent on infrastructure, US$70 goes towards Managing Director – India
‘agency’ cost, US$12 is spent on corrective Dun & Bradstreet
maintenance and the remaining US$18 is spent
on creating new infrastructure and preventive
maintenance. For the leading five economies, on
an average US$44 goes towards ‘agency’ cost,
US$6 is spent on corrective maintenance and the
remaining US$50 is spent towards creating new
infrastructure and preventive maintenance.
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Foreword
Dun & Bradstreet India takes pleasure in
announcing the launch of the 11th edition
of its premier publication ‘India’s Leading turn will help build India of Tomorrow.
Infrastructure Companies 2018’. This publication A three-pronged approach in the use of Next
has served as a compendium of information Generation Infra will include 1) NewAge
about leading infrastructure companies of India. Transportation and construction methods. It
In addition to profiling of leading companies of is expected that in the coming years, India will
the infrastructure sector, the publication also adopt various new age construction methods and
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provides information on the trends of the various transportation solutions that includes the use of
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sub-segments of this important sector.
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electric cars, mass transit systems, rapid metro
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rails and use of digital technology to control
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India is one of the fastest growing economies
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of the world and is entering into an era where vehicular movement. 2) An efficient, sustainable
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infrastructure will be at the core of country’s and modern energy program. The government
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economic development. In recent years, the has set a target of adding 175 GW of renewable
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government has embarked on series of measures energy in the country by 2022. The target of
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to accelerate infrastructure development. As a National Solar Mission has also been increased
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result of some of these initiatives, India’s rank in from 20 GW to 100 GW of grid connected
terms of overall infrastructure development as solar power by 2022. This will offer enormous
per the Global Competitive Ranking of the World investment opportunities in the renewable
Economic Forum (WEF), has vastly improved energy sector in the coming years. And, 3) Focus
from 87th position in 2015 to 63rd position in on smart cities. This has the potential to improve
2018. However, on a global-comparison, India still quality of life and increase the standard of living
lags behind considerably in terms of availability for its citizens besides strengthening its economy.
and quality of infrastructure. In fact, the WEF We are confident that ‘India’s Leading
report has identified “inadequate supply of Infrastructure Companies 2018’ will serve as
infrastructure” as one of the most problematic a well-researched compendium on the Indian
factors for doing business in India. infrastructure sector. Dun & Bradstreet’s global
In addition, a known fact is that in view of footprint and market reach will ensure that the
the country’s rising young middle class, mere publication will draw the attention of global
accessibility to basic infrastructure like road, industry leaders and policy makers towards the
railways, housing, electricity, etc. will not be Indian Infrastructure sector. I thank you for your
enough. The focus therefore needs to shift beyond continued support and look forward to receiving
merely upgrading the existing infrastructure to your feedback and suggestions.
building new-age infrastructure. The use of next
generation technologies will help India move
towards environment friendly, future ready and Preeta Misra
cost-effective infrastructure services. With this Director – Learning & Economic Insights Group
context, Dun & Bradstreet is focusing on key Dun & Bradstreet India
elements for the Next Generation Infra that in
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Executive Summary
Dun & Bradstreet has been tracking the Infrastructure
sector for more than a decade. This year, we are
pleased to present the 11th edition of the publication of India’s trade by volume is conducted by the
‘India’s Leading Infrastructure Companies’. The country’s maritime route. In order to augment
publication highlights the role of infrastructure in port infrastructure, the Government has
the Indian economy by featuring and analysing the initiated National Maritime Development Policy
performance of the leading companies in the sector. (NMDP) with a planned outlay of US$ 15 bn. The
The publication covers key infrastructure segments implementation of Sagarmala project alongwith
- construction, oil & gas, ports, power, telecom and other measures initiated are expected to give big
logistics infrastructure. push to the ports infrastructure going forward.
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The publication profiles the leading companies of the
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• India is the 9th largest aviation market in the
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Infrastructure sector that have annual standalone
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world with a size of around US$ 16 bn. India’s
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total income of ` 1,000 mn and above in FY18.
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domestic passenger traffic crossed the 100 mn
The publication profiles 110 companies across key
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mark in 2017. India’s aviation sector has huge
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infrastructure segments, of which 53 companies
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growth potential as the country is projected to
belong to the construction segment (including
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be the third largest aviation market by 2020.
development of airports & seaports, industrial units, This potential growth can be achieved through
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roads, and railways), 19 in the power segment, 16 airport expansion, low cost carriers, increased
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companies in the oil & gas segment, 9 in the ports
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private investment, increased FDI flows in the
segment, 11 in the telecom segment and 2 in the
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sector and improved regional connectivity.
logistics infrastructure segment.
• India is presently the world’s 2nd largest
Following are some of the key highlights in this telecommunications market with a subscriber
publication: base of 1.2 bn as on March 31, 2018. Currently,
• Roadways play a critical role in the growth of the the Indian telecom sector is going through
Indian economy as nearly 65% of goods and 90% a consolidation phase. In this scenario, the
of passenger traffic is by the roads. Development Government is formulating a new National
of roads and highways is of utmost priority Telecom Policy 2018 which would cover regulatory
for the Government. The Government could issues and licensing frameworks, connectivity for
manage to build 22.5 km/day during FY18. It has all, quality of services, ease of doing business
set an ambitious target of 20,000 kms for road and absorption of new technologies including 5G
construction as against 15,000 in the previous and Internet of Things.
year. We are confident that ‘India’s Leading Infrastructure
• Indian Railways is the 3rd largest rail network, Companies 2018’ will provide the right platform for
the 4th largest freight carrier and the largest the profiled companies that are playing a key role
passenger carrier in the world. As of August in transforming the infrastructure sector. Dun &
2018, 180 new line projects costing ` 3,561.2 Bradstreet will continue to track this transformation
bn for 19,644.8 kms are in different stages of and capture the pulse of this critical industry through
planning, approval or execution. While Railway future editions of this publication.
is the backbone of the country’s transport
network, it has been paralysed by the poor
infrastructure over the years. In order to reduce Naina R Acharya
this infrastructure deficit, the Government has Leader
envisaged medium term capital investment plan Learning & Economic Insights Group
of ` 8.6 trillion over the five-year period. Dun & Bradstreet India
• India has a coastline of 7,517 kms. According
to the Ministry of Shipping, approximately 95%
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Methodology
For the purpose of the publication ‘India’s the National Company Law Tribunal (NCLT) or have
Leading Infrastructure Companies 2018’, the term adopted different debt restructuring mechanisms. In
Infrastructure has been defined to include key such cases (where information is public), an additional
segments, viz., construction, oil & gas, ports, power, criteria set has been applied to include and exclude
telecom and logistics infrastructure. Construction companies from the publication.
segment includes construction of facilities such as
roads & highways, railways, power projects, ports and Source of Information
airports, industrial plants, etc. Logistics Infrastructure The information contained in this book is sourced and
includes Multimodal Logistics Parks, Inland Container compiled from company websites and information
Depots (ICD), Cold Chain facilities and Warehousing available in the public domain such as annual reports,
facilities. draft red herring prospectus, industry bodies and
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associations, Government of India websites such
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Adequate measures are undertaken such as an as Reserve Bank of India, Securities and Exchange
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advertisement in the ‘All India’ edition of a prominent Board of India, Economic Survey, Central Statistical
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business daily, to ensure that the publication covers Organisation, National Highways Authority of India,
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leading infrastructure companies from across the Planning Commission, Telecom Regulatory Authority
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country. In order to increase participation for the of India, Department of Telecommunications, etc.
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publication and the awards, additionally emails, The information has been further verified and
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letters and social networking were also entailed for authenticated to ensure its accuracy. To ensure that
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reaching out to Dun & Bradstreet India’s in-house all the information contained in this publication is
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database and companies registered with respective verified and authenticated, companies that have not
regulatory bodies and industry associations. responded with financials statements, and/or their
However, companies that have not responded with information is not available in public domain at the
FY18 standalone financials statements, and/or their time of compiling this publication are excluded. The
information was not available in public domain, have various financial computations are based on Dun &
not been included. Companies that have explicitly Bradstreet’s methodology and have been explicitly
declined to participate have also been left out. explained in the ‘Definitions and Calculations’ section.
Eligibility Criteria A standardised format has been used for reporting the
As a basic selection criterion, companies with a information about the companies. The editorial team
standalone total income of ` 1,000 mn and above in would appreciate feedback from readers in terms of
FY18 are featured in this publication. The publication updates regarding any changes in their companies, as
includes companies with substantial presence in the and when they occur. Each company featured in the
Infrastructure sector as defined for the purpose of publication has been allotted a unique identification
this publication. We have also considered additional number (D-U-N-S® - Data Universal Numbering
exclusion criteria of the corporate governance record System). This will help readers locate and obtain
and financial health (*) to arrive at the final list of full-fledged information reports on these companies
companies to be featured in the publication. from the Dun & Bradstreet database.
* Macroeconomic conditions in India, in the past few We are confident that ‘India’s Leading Infrastructure
years have impacted the financial health of many Companies 2018’ will prove a useful reference tool for
Indian companies. There have been instances wherein information on the Infrastructure sector. We would
companies faced difficulties in servicing their debt be glad to receive valuable feedback and suggestions.
and have been subject to bankruptcy proceedings at
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Definitions & Calculations
This section defines financial terms and ratio for FY18 and FY17, used in this publication.
Ratios
Particulars Definition
Total revenue including other income as reported in the company’s

Total Income
standalone financial statements
Profit after tax as reported in the company’s standalone financial

Net Profit
statements.
Total Assets
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Non-Current Assets + Current Assets (excluding accumulated losses and
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deferred expenses) as reported in the company’s standalone financial
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statements
Net Profit Margin (NPM) (%)
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(Net Profit/Total Income)* 100
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Return on Assets (PAT/Average Total Assets) * 100
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Debt-to-Equity (times)
Shareholder’s Fund
(Total Debts) /Shareholder’s Fund
Equity Share Capital + Preference Share Capital+ Reserves and Surplus –

Accumulated Losses – Deferred expenses
Total Debt Short Term Debt + Long Term Debt
Average Total Assets (Opening Total Assets + Closing Total Assets)/2
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OVERVIEW OF THE
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Overview of
the Indian
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Sector
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A country’s physical infrastructure is an important determinant of its economic growth. It contributes
to enhance productivity, and also improves the quality of life for citizens of the nation. The scope of
physical infrastructure (henceforth infrastructure) comprises of roads & highways, railways, air transport
infrastructure, ports, logistics infrastructure, power (conventional & renewable energy), oil & gas and
telecommunication.
In India, the infrastructure sector has witnessed significant increase in investment in recent years. The
government has laid considerable emphasis on investment in infrastructure in its recent budgets in
order to achieve high growth trajectory for the Indian economy. Yet there is a long way to go. Hence at
this backdrop, the chapter seeks to assess the current status of infrastructure in India. It also discusses
the challenges faced by the sector and some policy measures taken by the government to reduce the
infrastructure deficit.
I - 12 Overview of the Indian Infrastructure Sector

Roads & Highways
Current Status
Roadways play a critical role in the growth of Indian economy as around 64.5% of goods are transported
via road and nearly 90% of passenger traffic is by road. The country has a road network of 5.5 million km,
which comprises national & state highways, expressways, district roads and village roads, etc. Although
the length of India’s national highway network stands at a whopping 120,543 km (as of Dec 2017), this
accounts for merely 2% of the country’s total road network.
During FY18, the government of India had set itself a target of building 41.09 km of roads & highways
per day. However, it could only manage to build 22.55 km/day during the year. Likewise, it had also set
a target of awarding projects at the rate of 68.5 km per day in FY18, of which it could achieve only 43.7
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km/day. Nevertheless, the pace of road construction and awarding of projects is much faster than it
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used to be till about five years ago.
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India’s road network (mn km)
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Source: MoRTH
Road Development
*Upto December 2017

Source: MoRTH
Overview of the Indian Infrastructure Sector I - 13
Major projects under implementation:
Project name Projects details Total investment (` bn)
Bharatmala Pariyojana – Phase I - A length of 24,800 km of national 5,350.0
highways to be constructed over a
period of five years starting from
2017-18 to 2021-22 in a phased
manner
Setu Bharatam The construction of 208 ROBs/ RUBs on 208.0
level crossings
- Out of these 208 ROBs, 78 ROBs with
an estimated investment of ` 64.28
bn have been sanctioned till March
31, 2017; of which 35 works have
been awarded.
Char Dham Mahamarg Vikas Pariyojana - involves developing 900 km of 120.0
national highways in Uttarakhand.
Pradhan Mantri Gram Sadak Yojana - The scheme has been extended 849.34 (central share - ` 549 bn and
beyond 12th Five Year plan. state share – ` 300.34 bn)
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- It will help in connecting 38,412
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habitations
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Special Accelerated Road Development - The scheme aims at connecting 88 217.69 (for phase-I)
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Programme for the North Eastern district headquarters in the North
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Region (SARDP-NE) Eastern states to nearest national
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highways by at least 2 lane road.
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- It envisages 2/4 laning of about 7,429
km of national highways and 2 laning
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/improvement of about 2,712 km
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of state roads in the North Eastern
region.
- The first phase of the projects
consists of improving 4,099 km of
roads consisting of 3,014 km of
national highways and 1,085 km of
state roads.
Road Connectivity Project for Left Wing - The scheme consists a road 66.88 (cumulative expenditure incurred
Extremism (LWE) Affected Areas development plan for LWE affected so far)
34 districts in the states of AP,
Bihar, Chhattisgarh, Jharkhand, MP,
Maharashtra, Odisha and UP.
- As on Dec 31, 2017, 4,464 km length
has been completed (out of total
5,477 km length).
National Highways Interconnectivity - Till December 31, 2017, 761.95 km 64.61
Improvement Projects (NHIIP) of length has been completed out of
1,120 km total length.
North East Road Network Connectivity - The project involves the development 67.21
Project phase I of 403 km of NH in Meghalaya and
Mizoram.
- The project will be executed in EPC
mode with civil works expected to be
completed by 2021.
Source: MoRTH, PIB

Apart from the above mentioned projects, some other important projects that are under implementation
include Western Peripheral Expressways, Vadodara-Mumbai Expressway, Bengaluru-Chennai Expressway
and Byet Dwaraka-Okha bridge.
Status of various road projects under National Highway Development Programme as on December 31, 2017
Length completed in km till
NHDP phases Projects Total length in km
Dec 31, 2017
NHDP-I Golden Quadrilateral (GQ), East-West, North-South 7,522 7,521
(EW-NS) corridors, port connectivity and others
NHDP-II 4/6 laning EW-NS corridor and others 6,647 6,593
NHDP-III Upgradation, 4/6 laning of highways 12,125 7,962
NHDP-IV 2-laning with paved shoulders 20,000 8,285
NHDP-V 6-laning of GQ and high-density corridor 6,500 2,643
NHDP-VI Expressways 1,000 0
NHDP-VII Ring roads, bypasses, flyovers and other structures 700 24
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Source: MoRTH
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While the government has given emphasis on increasing investment in the new projects, it has also
taken various initiatives to reduce the number of stalled projects. As on Dec 31, 2017, the government
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had taken up 73 stalled projects for revival/completion.
The portfolio of stalled projects
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Description of projects No. of projects Length in km
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Projects where issues have been resolved through regular monitoring 15 2,054.94
Projects terminated and re-packaged and re-bid 48 5,090.68
Projects revived after policy intervention 10 1,041.00
Total 73 8,186.62
Source: MoRTH
The key initiatives taken by the government to revive stalled projects include:
- One Time Fund Infusion Scheme whereby financial assistance is provided by NHAI to the contractor/
concessionaire in the form of a working capital loan.
- Rationalised compensation – a one-time compensation, equivalent to annuities that were missed
on account of delay in the completion of project, is provided to the commissionaire in the case of
BOT (annuity) projects.
- Substitution of concessionaire and termination
Policy support
The Union Budget 2018-19 proposed the following:-
Allocation for road transport & highways increased to ` 1.21 trillion in FY19 from ` 1.1 trillion (RE)
in FY18.
The construction of tunnel under Sela Pass is proposed to be taken up.

The raising of equity from the market for mature road assets, NHAI to consider organising its road
assets into Special Purpose Vehicles and use innovative monetising structures like Toll, Operate and
Transfer (TOT) and Infrastructure Investment Funds (InvITs).
Government to come out with a policy to introduce toll system on ‘‘pay as you use’’ basis.
Other policy measures

Introduction of Electronic Toll Collection System, FASTag by MoRTH. Out of 424 toll plazas in the
country, ETC has been implemented in 382 plazas. Project Monitoring Information System has been
developed by NHAI for tracking the status of all projects, preparation of reports and online upload
of important project documents like DPRs and contract documents, etc. More than 2,000 projects
are getting monitored on real time basis.
100% FDI allowed under automatic route.
The Road Ahead
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Development of roads and highways is of utmost priority for the government. It has set an ambitious
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target of increasing the length of national highways to 200,000 km. For 2018-19 the government has
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proposed a target of 20,000 km for road construction as against 15,000 in the previous year. Further,
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NHAI plans to raise US$ 770 mn for construction of highways, tunnels and economic corridors in the
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country. Road safety is another priority area for the government and it has emphasised on reducing the
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number of road accidents and casualties by 50% by 2020. For this purpose, the government has planned
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an investment of US$ 169 mn. The significant investment in road sector is expected to stimulate growth
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in the sector.

Railways
The Indian Railways (IR) is the world’s largest government-owned railway, and the third largest rail
network in the world after the USA and China, with a length of 67,368 km at the end of FY17. It is
the fourth largest freight carrier and the largest passenger carrier in the world. As of August 2018, it
had 12,617 passenger trains carrying 23 million passengers daily. About 180 new railway line projects
entailing an investment of ` 3,561.2 bn for 19,644.8 km are in different stages of planning/approval/
execution.
Current Status
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Indian Railways – Key Statistics
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Parameters 2016-17 2015-16 % change
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Route km 67,368 66,687 1.0
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Broad gauge (km) 61,680 60,510 1.9
Metre gauge (km) 3,479 3,880 -10.3
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Narrow gauge (km) 2,209 2,297 -3.8
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Running track km 93,902 92,084 2.0
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Electrified route km 25,367 23,555 7.7
Rolling stock (units)
Wagons 2,77,987 2,51,295 10.6
Locomotives 11,461 11,122 3.0
Coaches 70,937 70,149 1.1
Passenger traffic (mn) 8,116 8,107 0.1
Freight traffic (MT) 1,106.1 1,101.5 0.4
Total revenue earning (` bn) 1,652.9 1,643.3 0.6
passenger (` bn) 462.8 442.8 4.5
freight (` bn) 1,020.3 1,069.4 -4.6
Source: Ministry of Railways
In FY17, the passenger traffic of the IR stood at 8,116 mn, largely unchanged as compared to the
preceding year. Likewise, the freight traffic stood at 1,106.1 MT, only nominally higher vis-à-vis the
preceding year. The revenue from the freight segment accounted for as much as 63% of the railway’s gross
earnings during the year. Within the passenger segment, almost 82.5% of its revenue was constituted
from express long-distance train service, while suburban services and ordinary short distance traffic
accounted for 5.8% and 11.7% of revenue from passenger segment, respectively.
Moving further, data suggests that the passenger and freight traffic of the Indian Railways has further
increased to 8,287 mn and 1,160 MT, respectively, in FY18.

Investment in Indian railways under plan outlays
Source: Ministry of Railways
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Key developments
e e
Passenger safety
s t r
There has been a decline in train accidents from 104 in FY17 to 73 in FY18. In order to enhance
d
various safety measures in railways, the government has created the Rashtriya Rail Sanraksha Kosh
r a
(RRSK) fund of ` 1 trillion towards safety expenditure over 5 years.
& B
IR has rolled out its insurance scheme for passengers at the premium of ` 0.92 per passenger.
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Passenger Amenities
D u
Mission Retro-Fitment has been launched to revamp almost 45,000 passenger coaches in order
to enhance passenger experience. 14 Rajdhanis and 15 Shatabdi trains have been identified to
significantly improve passengers experience under “Project Swarn”.
In November 2017, IR introduced the facility of informing passengers about status of trains running
late through Short Messaging Service (SMS).
Digital initiatives
A new mobile app IRCTC Rail Connect has been launched. Aadhaar linked user IDs have been
allowed to book 12 e-tickets in one month as against 6 tickets for non-Aadhaar user IDs.
A new Integrated mobile app ‘Rail SAARTHI’ has been launched which provides various services
viz. rail e-ticket booking, unreserved ticketing, complaint management, Clean my Coach, passenger
enquiry, etc.
Payment of ticket using UPI/BHIM App has been implemented at reservation counters as well as on
e-ticketing website.
Railway infrastructure
The government has collaborated with the Government of Japan for the construction of a high
speed passenger train corridor between Ahmedabad and Mumbai. The total project investment is
estimated to be US$ 15 bn, with 81% of project cost funded by loan from Japan for a period of 50
years at 0.1% annual interest with a 15-year moratorium period.
Projects for two routes namely New Delhi- Mumbai Central (including Vadodara- Ahmedabad) and
New Delhi- Howrah (including Kanpur- Lucknow) for raising of speed to 160/200kmph have been

launched at an estimated investment of ` 180 bn. The speed enhancement project includes works
such as through fencing, removal of level crossings, train protection warning system, mobile train
radio communication as well as automated and mechanized diagnostic systems.
Eastern Dedicated Freight Corridor of 1,856 km length and Western Dedicated Freight Corridor of
1,504 km length is under construction.
Rapid Rail Transport System - The government has proposed to develop 180 km Delhi-Gurugram-
Rewari-Alwar rapid rail corridor with an investment of around ` 370 bn. The National Capital Region
Planning Board has identified eight rapid transport corridors in total.
In December 2017, the government approved establishing India’s first National Rail and Transport
University (NRTU) in Vadodara, Gujarat to skill the human resources and build capability.
Policy support
Union Budget FY19
Railways’ capex for FY19 has been pegged at ` 1.5 tn as against ` 1.2 tn for FY18. A large part of the
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capex is devoted to capacity creation.
r e e
A proposal to develop 18,000 km of doubling, third and fourth line works and 5,000 km of gauge
s t
conversion.
a d
To eliminate 4,267 unmanned level crossings in the broad gauge network in the next two years.
B r
All stations with more than 25,000 footfalls to have escalators.
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All railway stations and trains to be progressively provided with Wi-Fi and CCTVs to enhance security
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of passengers.
D u
150 km of additional suburban network in Mumbai is being planned at an investment of over ` 400
bn, including elevated corridors on some sections.
A suburban network of approximately 160 km at an estimated investment of ` 170 bn to be planned
to cater to the growth of the Bengaluru metropolis.
Optimal electrification of 4,000 km of railways targeted for commissioning in FY19.
The government has approved listing of Rail Vikas Nigam Ltd, Indian Railway Finance Corporation
Ltd, Indian Railway Catering and Tourism Corporation Ltd on stock exchanges.
The way ahead

While railway is a backbone of the country’s transport network, it has been paralysed by deficient
infrastructure. The infrastructure is overstretched with more than 60% of routes being more than 100%
utilized. In order to eliminate this infrastructure deficit, the government has come out with medium term
capital investment plan of ` 8.6 trillion over the five-year period. Out of this five-year fund requirement,
30% of the fund requirement is expected to be met through the gross budgetary support, while 28% will
be met through debt and 15% through PPP. Further, the government has proposed to set up a dedicated
US$ 5 bn Rail India Development Fund with World Bank assistance. The fund is expected to serve as
an institutional mechanism for the railways to raise funds from the market for its capital investments.

Ports
India has a coastline of 7,517 km. According to the Ministry of Shipping, approximately 95% of India’s
trade by volume and 68% by value is conducted by the country’s maritime route. As at the end of
2016-17, India had 13 major ports (12 government-controlled and one which is a public company) and
approximately 205 non-major ports.
Current status
Cargo traffic at Indian ports
During FY17, major and non-major ports in India together handled a total cargo throughput of around
t
1,133.7 MT, registering a growth of 5.8% y-o-y. While major ports registered a 7% y-o-y growth in cargo
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handled during the year, non-major ports reported a y-o-y growth of 4.2%. Major ports handled almost
t r e
57% of cargo handled at Indian ports in FY17.
r a d
Cargo handled at Indian ports
s
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Source: Ministry of Shipping
As per the state-wise cargo traffic data, major and non-major ports in Gujarat handled almost 39.8% of
the total cargo at Indian ports. In terms of total port traffic, Gujarat is followed by Maharashtra (14.1%),
Andhra Pradesh (11.5%), Tamil Nadu (10.6%) and Odisha (9.8%).
The commodity composition of the total traffic at Indian ports reveals that crude oil & products continue
to be the single largest commodity handled by the ports accounting for 34.1% of total traffic at ports in
FY17. This is followed by coal and iron ore respectively accounting for 22.9% and 6.7% of total traffic at
ports in FY17.
Going ahead, the cargo traffic at major ports increased by another 4.8% to 679.4 MT in FY18.

Commodity wise traffic handled at Indian ports
t
Performance indicators for major ports
e e
Capacity utilisation
s t r
The cargo handling capacity of major ports has increased from 965.4 MT at the end of FY16 to 1,065.8
d
MT at the end of FY17. However, the average capacity utilisation for all major ports remains low at
r a
60.8% for FY17. While Mumbai port has the highest capacity utilisation at 96.6%, capacity utilisation at
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Cochin port is the lowest at 44.2%.
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Efficiency
&
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The average overall pre berthing detention time (PBDT) for all major ports has shown steady decline
during the five-year period starting from FY13 to FY17, except in FY15 when it increased slightly to 1.6
days from 1.5 days in FY14. However, PBDT declined again in FY16 to 1.3 days.
Average turn-round time (TRT) has witnessed significant improvement since FY91 for all the major ports.
Average TRT for major ports improved from 8.10 days in FY91 to 4.24 days in FY01 and further declined
to 3.48 days in FY17. Amongst the major ports, the average TRT varied from 1.96 days for JNPT to 5.47
days for Haldia port in FY17. The improvement in efficiency can be attributed to initiatives taken by the
government such as improving connectivity and logistics, automating ports and augmenting existing
infrastructure facilities.

Major ports witnessed improvement in key efficiency indicators
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Policy support
e e
Union Budget FY19
s t r
For the transportation sector, including rail, roads, aviation and shipping, allocation of ` 2.76 trillion
has been made.
a d
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&
Sagarmala - More than 577 projects at an estimated investment of ` 8.57 trillion have been
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identified for implementation during 2015-2035, across the areas of port modernization & new port
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development, port connectivity enhancement, port-linked industrialization and coastal community
development. As of March 31, 2018, a total of 492 projects at an investment of around ` 4.3 trillion
were under various stages of implementation, development and completion.
A new berthing policy for dry bulk cargo for all major ports was rolled out in 2016 to drive higher
cargo throughput from major ports.
A new stevedoring and shore handling policy, 2016 was implemented for all major ports with a view
to increase operational efficiency of ports.
In order to increase investments into the port sector, the government has revised Model Concession
Agreement (MCA) for PPP projects in major ports.
The Government has allowed 100% FDI in the shipping sector. 100% FDI is also allowed under the
automatic route for projects related to the construction and maintenance of ports and harbours.
Project UNNATI has been initiated to identify the opportunity areas in each of the major ports as
well as underlying reasons for performance bottlenecks. Under the project, 116 initiatives were
identified out of which 86 initiatives have been implemented as of March 2018.
In January 2018, the government has approved the implementation of Jal Marg Vikas Project (JMVP)
for capacity augmentation of navigation on National Waterway – 1 at an investment of ` 53.7 bn
with the technical assistance and investment support of World Bank. The project is expected to be
completed by 2023.

The government has approved the listing of Garden Reach Shipbuilders & Engineers Ltd and
Mazagaon Dock Shipbuilders Ltd on stock exchanges.
The way ahead

With increasing investment in port infrastructure, the outlook for Indian ports sector looks positive in
the coming years. As per the report of the National Transport Development Policy Committee, projected
cargo traffic to be handled by Indian ports by 2021-22 is expected to be 1,695 MT, an increase of 561
MT from 2016-17. For this, additional cargo handling capacity of 901 mn metric tonnes will required
to be created in Indian ports in the coming years. In order to augment port infrastructure, Ministry of
Shipping has initiated National Maritime Development Policy (NMDP) with a planned outlay of US$ 15
bn. Further, port projects involving investment of over US$ 10 bn have been identified for award for the
coming years. Small port industrial cities and industrial clusters are also proposed to be developed at
select ports. All these measures along with the implementation of Sagarmala project are expected to
give big push to the ports infrastructure going forward.
t r e e t
r a d s
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Aviation
India is the 9th largest aviation market in the world with a size of around US$ 16 bn. Its domestic air
passenger traffic crossed the 100 mn mark in 2017. Although India is currently the fastest growing
aviation market, it is under-penetrated with 0.04 trips per capita per annum as compared to 0.3 in
China and more than 2 in the US (2016). However, the sector has huge growth potential, owing to rapid
economic growth and rising disposable incomes.
Current status
India presently has 464 airports and airstrips, of which 126 are managed by the Airports Authority of
India (AAI).
Air traffic at all Indian airports
t r e e t
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Growth in passenger traffic Growth in freight traffic
& B r a
D u n
Source: Airport Authority of India (AAI)
Indian airports registered a passenger traffic of 308.75 mn in FY18 up by about 16.5% y-o-y. The growth
in passenger traffic was largely driven by a significant increase in domestic traffic which grew by 18.3%
y-o-y to 243.3 mn in FY18. On the other hand, international traffic registered a growth of 10.4% y-o-y
to 65.5 mn in FY18.
The international and domestic freight traffic registered a y-o-y growth of 15.6% and 8% respectively
during FY18. This led total freight traffic to increase by 12.7% to 3.4 mn tonnes in FY18. International
freight traffic as a percentage of total freight traffic has remained in a range of ~60-64% in the last five
years.

The total aircraft movement witnessed an increase of 13.4% y-o-y to 2.3 mn in FY18. The sharp growth
in aircraft movement was primarily led by substantial increase in domestic aircraft movements which
registered a growth of 14.4% y-o-y to 1.9 mn during FY18. International aircraft movements grew by
9.4% y-o-y to 0.4 mn in FY18.
Top 5 airports in India by passenger traffic volume Top 5 airports in India by freight traffic volume
(international + domestic) (in mn) (international + domestic) (in MT)
City FY18 FY17 % growth City FY18 FY17 % growth
Delhi 65.7 57.7 13.8 Delhi 9,63,032 8,57,419 12.3
Mumbai 48.5 45.2 7.4 Mumbai 9,06,321 7,82,289 15.9
Bengaluru 26.9 22.9 17.6 Chennai 4,17,787 3,59,217 16.3
Chennai 20.4 18.4 10.9 Bengaluru 3,48,403 3,19,344 9.1
Kolkata 19.9 15.8 25.7 Kolkata 1,63,323 1,52,415 7.2
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Source: AAI
Recent development
s t r e e
a d
The government has given in-principle approval for the disinvestment of Air India and five of its
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subsidiaries.
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The construction of the Navi Mumbai airport has been initiated for a minimum capacity of 60 mn
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passengers per annum, with the capacity of the first phase pegged at 10 mn passengers per annum.
D u
The government of Andhra Pradesh signed a concession agreement with SCL-Turbo consortium
of Nellore International Airport Pvt Ltd for the development of greenfield airport in Dagadarthi in
Nellore district.
Policy support
Union Budget 2018-19
Outlay of ` 40.9 bn has been proposed in FY19 as against ` 26.9 bn (RE) in FY18.
Proposal to expand airport capacity more than five times to handle a billion trips a year under a
new initiative – NABH Nirman; the balance sheet of Airport Authority of India to be leveraged to
raise more resources for funding this expansion.
Other key measures
In May 2018, the government approved the expansion and upgradation of integrated terminals at
Chennai, Guwahati and Lucknow airports at an investment of ` 24.7 bn, ` 13.8 bn and ` 12.3 bn,
respectively.
In April 2017, the government approved the revival of 50 un-served/under-served airports or
airstrips of state governments, Airports Authority of India and civil enclaves in three financial years,
starting from FY18. The total investment of the project is estimated to be ` 45 bn.
100% FDI is allowed under automatic route for both greenfield as well as brownfield projects.

Regional connectivity scheme of UDAN (Ude Desh ka Aam Nagrik) has been initiated by the
government to connect 56 unserved airports and 31 unserved helipads across the country.
Operations have already started at 16 such airports.
The government has unveiled the National Civil Aviation Policy 2016 to provide safe, secure,
affordable and sustainable air travel for passengers and air transportation of cargo with access to
various parts of India and the world.
MRO, ground handling, cargo and ATF infrastructure facilities co-located at an airport, (including
heliport licensed by DGCA) are covered under the ‘Harmonised List of Infrastructure and will get
the benefit of ‘infrastructure’ sector.
AAI plans to invest ` 150 bn in FY19 for expanding existing terminals and constructing 15 new ones.
The way ahead

India’s aviation sector has huge growth potential. The country is projected to become the third largest
aviation market by 2020, and is expected to cater to 478 mn passengers by 2036. This potential growth
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can be achieved through airport expansion, low cost carriers, increased private investment, increased
r e e
FDI flows in the sector and improved regional connectivity. The Airport Authority of India aims to bring
s t
around 250 airports under operation across the country by 2020. In view of reiterated commitment by
a d
the government towards aviation infrastructure development, the sector is likely to see an investment
B r
totalling US$ 15 bn during 2016-2020.
u n &
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Logistics
Logistics involves the management of flow of goods from their point of origin to the point of consumption.
This includes various activities such as transportation, inventory management, warehousing, material
handling & packaging, etc. As per the Economic Survey of 2017-18, the Indian logistics industry is
worth around US$ 160 bn and has registered a CAGR of 7.8% in the last five years. The sector provides
employment to more than 22 mn people. The government aims to reduce the logistics cost in India from
the present 14% of GDP to less than 10% by the year 2022.
t r e e t
r a d s
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Logistics Performance Index (LPI) – India
The Logistics Performance Index, published by the World Bank Group serves as a global benchmarking
reference for featuring logistic performance across countries. India had jumped almost 19 places to LPI
ranking of 35 in 2016 from LPI ranking of 54 in 2014. However, India’s ranking has deteriorated since
then, with its overall LPI ranking dropping to 44 in 2018. While India’s ranking has deteriorated on all
parameters, its ranking for infrastructure has declined by almost 16 points to 52 in 2018. India’s overall
LPI score has declined to 3.18 in 2018 from 3.42 in 2016.

Logistics Performance Index 2018 - India’s ranking
Source: World Bank Group
t
Logistics Ease Across Different States (LEADS) 2017 - the state logistic performance index
e e
The Ministry of Commerce has released LEADS, which is the first ever state logistics performance
t r
index that seeks to assess the status of logistic efficiency in each state. The data reveals that Gujarat,
d s
with a score of 3.34, has emerged as the best performing state, followed by Punjab (3.22), Andhra
r a
Pradesh (3.21), Karnataka (3.19) and Maharashtra (3.19). The ranking is based on parameters such
B
as infrastructure, timeliness, track & trace, competitiveness of pricing, safety of cargo, operating
&
environment and regulatory process.
D u n Logistics Ease Across Different States Index

Top 5 performing states
Gujarat
Punjab
Index score
3.34
3.22
Bottom 5 states
Jharkhand
West Bengal
Index score
2.82
2.75
Andhra Pradesh 3.21 Assam 2.68
Karnataka 3.19 Bihar 2.52
Maharashtra 3.19 Jammu & Kashmir 2.39
Source: Ministry of Commerce
Policy support
Proposal to promote agri-logistics through ‘Operation Greens’.
National Logistics Portal proposed to be developed as a single window online market place to
link all stake holders. An integrated logistics portal would serve as a transactional e-marketplace
by connecting buyers, logistics service providers and the relevant government agencies such as
customs, port community systems, port terminals, shipping lines, railways, etc.
Other measures
Logistics sector has been given an infrastructure status by including it in the Harmonized Master
List of Infrastructure. This inclusion is expected to help stimulate the growth of the Indian logistics

industry as it will have access to cheaper and long-term credit. This will also lead to the simplification
of the approval process for the construction of multimodal logistic parks. Moreover, it is expected
to attract investments from debt and pension funds into recognised projects.
The implementation of Goods and Services Tax (GST) is expected to convert informal logistics
setups into formal ones. It will also help in accelerating the freight movement at inter-state borders
due to dismantling of check posts.
A new logistics division in the Department of Commerce has been established to undertake
policy changes, improvement in existing procedures, identification of bottlenecks and gaps, and
introduction of technology-based interventions.
In May 2018, the government has approved the development of freight village, an integrated multi
modal logistics hub in Haryana in two phases. The government has allocated ` 10.3 bn for the
development of phase I of the project which will be implemented by FY21.
The way ahead
t
There is tremendous scope for growth of logistics sector in India. As per the Economic Survey 2017-18,
r e e
the Indian logistics market is expected to be worth around US$ 215 bn in next two years. However, in
s t
order to achieve the potential growth rate of the sector, the existing infrastructural and cost inefficiencies
a d
need to be addressed. Currently, the unorganised nature of logistics sector, high cost, underdeveloped
B r
material handing infrastructure, fragmented warehousing, procedural complexities, lack of seamless
&
movement of goods across modes and lower integration of information technology has plagued the
n
growth of logistics sector in India. However, concerted efforts have been taken by the government at
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both central and state level to simplify the regulatory process as well as develop logistics infrastructure.
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This is expected to provide the required stimulus to the sector.

Telecommunication
Telecom infrastructure has evolved as one of the key drivers of socio-economic development of a nation.
In the last few years, India’s telecom sector has grown significantly and has emerged as one of the fastest
growing telecommunication markets in the world. It is the world’s second largest telecommunications
market with a subscriber base of 1.2 bn as on March 31, 2018.
Current status
India’s telecom subscriber base has increased from 0.9 bn as on March 31, 2014 to 1.2 bn as on March,
2018, registering a CAGR of 6.6%. During this period, the wireless subscriber base witnessed a healthy
growth, reflecting a CAGR of 7% to 1.18 bn as on March 31, 2018. Over the same period, however, the
e t
wireline subscriber base witnessed a decline from 28.5 mn as on March 31, 2014 to 22.8 mn as on
t r e
March 31, 2018. The overall tele-density in India has witnessed significant improvement in the last five
s
years with tele-density improving from 75.2 in Mar-14 to 92.8 in Mar-18 on account of improvement in
r a d
the tele-density of wireless subscribers. Tele-density for wireless subscribers increased to 91.1 in FY18
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as against 72.9 in FY14.
u n & Increase in telecom subscribers
Source: TRAI

Trend in teledensity
Source: TRAI
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The total number of internet subscribers has nearly doubled in the last five years from 251.6 mn
e e
as on March 2014 to 494 mn as on March 31, 2018. The internet subscriber base reported a y-o-y
t r
growth of17% in FY18. The growth in total internet subscribers was largely driven by wireless internet
d s
subscribers which witnessed an increase of 18% during FY18. On the other hand, the number of wired
r a
internet subscribers declined by 1.56% during the year.
& B
The monthly Average Revenue per User (ARPU) for GSM service declined by 8% y-o-y to ` 76.04 while
n
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for CDMA service declined by 39.6% y-o-y to ` 79.32 for the quarter ended March 2018.
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The telecom sector has grown significantly in the past few years due to increased investment in the
sector. However, the sector is currently witnessing tremendous disruption following the entry of a new
player. This has triggered intense price war amongst existing players due to stringent competition in the
sector, thereby resulting into growing losses, debt pile and reduced revenue. One clear result of this has
been the sharp drop in ARPU during FY18 due to the decline in data tariffs which is further reflected in
falling profitability. It has led to consolidation within the industry. In order to give some respite to the
stressed telecom sector, the government unveiled a relief package. The government has relaxed the
spectrum holding limits from 25% to 35% of the available spectrum and has also increased the tenor of
spectrum payment from 10 to 16 years. The easing of holding caps will provide boost to mergers and
acquisitions (M&A) activity and spectrum sales as carriers try to dispose of assets to repay debt. On the
other hand, the increase in the payment tenor will help increase cashflow. The new spectrum cap will
also facilitate consolidation in the industry.
Recent developments in the telecom sector

Vodafone Idea Ltd became operational post the completion of merger of Idea Cellular and Vodafone
India Ltd in August 2018.
The Department of Telecom approved the merger of Telenor India with Bharti Airtel Ltd (Airtel) in
May 2018.

Airtel entered into an agreement with Tikona Digital Networks (Tikona) to acquire Tikona’s 4G
business including the broadband wireless access spectrum and 350 sites in five telecom circles in
March 2017.
Airtel and Tata Teleservices Ltd entered into an agreement to merge the consumer mobile businesses
of Tata Teleservices Ltd and Tata Teleservices Maharashtra Ltd into Airtel.
Reliance Communications Ltd signed definitive binding agreements with Reliance Jio Infocomm Ltd
for sale of wireless spectrum, tower, Fiber and Media Convergence Node (MCN) assets in December
2017.
Policy support
Allocation of budgetary resources to the Investment in CPE (Bharat Broadband Network Ltd.)
increased to ` 169.86 bn in FY19 from ` 97.86 bn in FY18.
500,000 additional wi-fi hotspots to be provided with the broadband access benefiting to 50 mn
e t
rural citizens in FY19 under Bharatnet Project. Under the phase I of Bharatnet project in FY18,
t r e
100,000 gram panchayats (GP) have been connected through high speed optical fiber network
d s
which has enabled broadband access to over two bn rural Indians in about 2.5 mn villages.
r a
` 100 bn to be provided for creation and augmentation of telecom infrastructure.
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Other key measures
n &
The government is making major investments in the telecom infrastructure through its flagship
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programme BharatNet. BharatNet projects will be implemented in two phases to link each of
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the 0.25 mn GP of India through optical fibre network. This will facilitate the delivery of various
e-services and applications including e-health, e-education, e-governance and e-commerce in the
future. Work on phase I of the project has been completed. As on December 31, 2017, optical fibre
cable (OFC) has been laid in 0.1 mn GPs by laying 254,895 km of OFC. Phase II of BharatNet has now
been launched with an outlay of ` 309.2 bn. The phase II of the projects aims to connect 0.15 mn
GPs through high speed broadband which is targeted to be completed by March 2019.
The government has relaxed the spectrum holding limits from 25% to 35% of the available spectrum
and has also increased the tenure of spectrum payment from 10 to 16 years.
The Telecom Regulatory Authority of India reduced interconnect usage charges (IUC) to 6 paise
per minute from 14 paise per minute effective October 1, 2017. It also announced its intention to
gradually reduce IUC to zero from January 1, 2020.
The Government of India has liberalised the payment terms for spectrum auctions by allowing two
options of payments to telecom companies for acquiring the right to use spectrum, which include
upfront payment and payment in instalments.
The way ahead

Currently, the Indian telecom sector is going through a stress period, which has led to a wave of telecom
mergers. In this scenario, government action is warranted. The GoI is formulating a new National
Telecom Policy 2018 which would cover regulatory issues and licensing frameworks, connectivity for

all, quality of services, ease of doing business and absorption of new technologies including 5G and
Internet of Things. The policy envisages attracting investments worth US$ 100 bn in the telecom sector
by 2022. With increased investment, the sector is expected to contribute substantially to the GDP and
also generate significant direct and indirect jobs in the coming years. Further, as per the Ministry of
Telecommunication, rise in mobile phone penetration and decline in data costs will add 500 mn new
internet users in India over the next five years.
t r e e t
r a d s
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Power
The power sector in India has witnessed significant addition in capacity in the last few years, making
India the fifth largest in the world in term of installed capacity. India’s power sector is diversified with its
sources ranging from conventional sources like coal, natural gas, oil, hydro, nuclear power to renewable
sources like wind, solar and agricultural & domestic waste.
Current status
Capacity installation and generation performance
As of August 31, 2018, the total installed power capacity in the country stood at 344,689 MW. The share
t
of private sector in total installed capacity has increased from 13% in March 2007 to 44% in March 2017.
t r e e
List of projects commissioned during FY18 (as on December 31, 2017)
s
d
Type Number of projects Capacity (MW)
r a
Thermal 12 4,300
B
Hydro 7 465
&
Source: Ministry of Power
D u n
The electricity generation target through conventional sources has been fixed at 1,265 billion units
(BU) for FY19, which is around 4.9% more than the actual electricity generation of 1,206.3 BU in FY18.
In FY18, the electricity generation through conventional sources increased by 4% as compared to the
previous year.
Category-wise growth in electricity generation during FY18
RES: Renewable Energy Sources


Plant Load Factor
The Plant Load Factor (PLF) is an index of utilisation of the installed capacity. The average PLF of power
utilities (thermal) improved to 60.7% in FY18 from 59.9% in FY17. However, the current levels of PLF
are significantly lower than the 77-78% levels witnessed in 2009-10. The steady decline in PLF can
be attributed to factors including low demand for power, capacity addition despite scarcity of fuel,
especially coal & gas, that led to additional capacity getting stranded and financial problems of state
owned distribution companies (discoms). The stressed financials of discoms has refrained them from
stepping up power purchases.
Deterioration in PLF
t r e e t
r a d s
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u
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Power supply position
The power supply position in the country has witnessed substantial improvement in the last few years
with energy shortage and peak shortage declining to 0.7% and 2%, respectively, in FY18 as against 8.7%
and 9%, respectively, in FY13.
Improvement in the power supply position

Stressed assets in power sector
As per a report named Stressed/ Non-performing Assets in the Energy Sector by the Standing Committee
on Energy, 34 coal based thermal power plants have been categorised as financially stressed. The
key reasons behind the NPAs as cited by the committee are non-availability of regular fuel supply
arrangements, lack of Power Purchase Agreements, inability of the promoter to infuse the equity &
working capital as well as regulatory and contractual issues. Amongst power segments, thermal power
sector has contributed most to the NPAs.
The NPA position of the electricity sector

GNPAs/Gross Loans & Advances at the GNPAs/Gross Loans & Advances at the
end of Mar 2017 (%) end of Jun 2017 (%)
Electricity (generation) 6.6 7.1
Electricity (transmission) 8.3 10.8
Electricity (distribution) 2.0 2.1
Total 6.3 6.8
e t
Source: Stressed/Non-performing Assets in Electricity Sector, Standing Committee on Energy 2017-18
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In view of the debt levels of power distribution companies, Ujwal DISCOM Assurance Yojana (UDAY)
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was launched by the government in November 2015. Upto December 2017, 27 states and four
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union territories have joined this scheme. The participating states in the scheme have achieved an
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improvement of 1% in Aggregate Technical & Commercial (AT&C) losses and ` 0.17/unit in the gap
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between Average Cost of Supply (ACS) and Average Revenue Realised (ARR) in FY17. This has resulted
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in reduction in financial losses of UDAY states from ` 515.9 bn in FY16 to ` 348.3 bn in FY17.
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Renewable Energy
The GoI targets to achieve 40% of cumulative electric power capacity from non-fossil fuel-based energy
resources by 2030. As on November 30, 2017, solar energy projects with an aggregate capacity of over
16,611.7 MW including 863.9 MW from solar roof top projects have been installed in the country.
A total of 11,319.7 MW of grid-connected power generation capacity from renewable energy sources
like solar (5,502.4 MW) and wind (5,586 MW), small hydro power (105.9 MW), bio-power (161.9 MW)
has been added during FY17 in the country against target of 16660 MW. During FY18, a total 4,809.5
MW capacity has been added till November 30, 2017, making cumulative achievement of 62,053.7 MW.
Recent developments
The government has approved the IPO of Indian Renewable Energy Development Agency Ltd.
The government has also approved the listing of North Eastern Electric Power Corporation Ltd on
stock exchanges.
Uttar Pradesh’s biggest solar power plant of 75 MW (101DC) capacity in Mirzapur was inaugurated
in March 2018. The power plant that is built at an investment of around ` 5.3 bn, will generate 130
mn units of electricity per annum.

Policy support for the power sector
The capital outlay for the Ministry of New and Renewable Energy is ` 103 bn in FY19 as against
` 95 bn in FY18.
Within core grid interactive power, budgetary allocation towards wind power increased by 87.5% to
pay off past liability of Generation Based Incentive (GBI) which was discontinued from April, 2017.
Budgetary allocation of ` 27 bn towards Pradhan Mantri Sahaj Bijli Har Ghar Yojna (Saubhagya) for
free electricity connections to all remaining un-electrified households in rural areas.
Budgetary allocation of ` 38 bn towards Deen Dayal Upadhyaya Gram Jyoti Yojna and ` 39.85 bn
towards Integrated Power Development Scheme (IPDS).
Customs duty on solar tempered glass (including anti-reflective coated) for manufacture of solar
cells/panels/modules reduced from 5% to Nil.
State Governments encouraged the setting up of a mechanism for distribution companies/
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licensees to facilitate purchase of surplus solar power from irrigation solar pumps at reasonable
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remunerative prices.
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Solar rooftops are proposed to be installed across the selected smart city projects.
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Other key measures
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In June 2018, approval has been given for the implementation of phase III of off-grid and
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decentralised Solar PV Application Programme to achieve additional 118 MWp (MW peak) off-grid
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solar PV capacity by 2020. The programme consists of installation of 300,000 solar street lights
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across the country, promotion of standalone solar power plant upto 25 kWp (kilo Watt peak) and
providing 2.5 mn solar study lamps in North Eastern states and LWE affected districts.
The introduction of SHAKTI (Scheme for Harnessing and Allocating Koyala (Coal) Transparently
in India) scheme for harnessing and allocating coal transparently in India for power sector. The
scheme ensures adequate supply of coal to power plants.
The government has approved enhancement of capacity from 20,000 MW to 40,000 MW of the
scheme for development of solar parks and Ultra Mega Solar Power Projects by 2019-20 with
central government finance assistance of ` 81 bn. The enhanced capacity would ensure setting up
of at least 50 solar parks each with a capacity of 500 MW and above in various parts of the country.
The new wind-solar hybrid policy seeks to promote new hybrid projects as well as hybridisation
of the existing ones. The policy provides a framework to promote large grid-connected wind-solar
photovoltaic hybrid system for efficient utilisation of transmission infrastructure and land. The
hybrid projects would witness relatively higher generation profile and lower variability in generation
profile as compared to standalone wind or solar projects. This in turn would help achieving better
grid stability.
The National Policy on Biofuels – 2018 was approved. The new policy expands the scope of raw
material for ethanol production. The expected benefits of the policy are cleaner environment,
employment generation, reduced import dependency, boost to infrastructural investment in rural
areas and additional income to farmers.

The way ahead
The government has initiated massive investment in the power sector to provide 24*7 power across the
country in 2019. The government is also playing a major role in promoting the adoption of renewable
energy segment by offering various incentives such as generation-based incentives, capital and interest
subsidies, viability gap funding, concessional finance and fiscal incentives. The government has also
initiated various schemes like implementation of solar park, solar roof top scheme, solar defence
scheme, solar scheme for CPUs, solar PV power plants on canal banks and canal tops and solar pumps,
etc. All these measures are expected to enable the government its renewable energy target of 175 GW
by the end of 2022. The target includes 60 GW from wind power, 100 GW from solar power, 10 GW from
biomass power and 5 GW from small hydro power.

Key growth drivers of the Indian Infrastructure sector
Growing demand for infrastructure: Rising income levels, growing urbanisation that requires
improved rural-urban connectivity and growing aspirations of Indian youths which forms a large
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proportion of the country’s total population are some of the key demand drivers for the infrastructure
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sector. As per the Economic Survey report, India will need an infrastructure investment of about
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US$ 4.5 trillion in the next 25 years.
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Increased investment by the government – The recent trend in the infrastructure sector is
characterised by the significant investment push from the government through increased budgetary
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allocations to the sector. In the Union Budget 2018-19, the government has provided a record
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allocation of ` 5.97 trillion for the sector in FY19, an increase of almost a trillion over the previous
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fiscal. An all-time-high allocation has been provided to rail and road sector which is expected to
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help in strengthening the transport infrastructure.
FDI inflows in the Indian infrastructure sector – The government has liberalised FDI in the
infrastructure sector with most of the segments being permitted to receive 100% FDI under automatic
route. This has led to the strong inflow of FDI to infrastructure projects with large proportion of
investment being witnessed in telecommunication, power and infrastructure construction sectors.
The FDI received in infrastructure development projects from April 2000 to June 2018 stood at US$
70 bn, accounting for 18% of the total FDI equity inflows during the period.
Cumulative FDI equity inflows to infrastructure segments - April 2000 to June 2018
Source: DIPP

Rise in private sector participation through Public-Private Partnership (PPP) – As per the Niti Aayog,
during 2007-12, the private sector contributed 36.6% in the overall infrastructure investment.
Substantial private sector participation led infrastructure investment to rise from ~5% of GDP
during 2002-07 to ~7% of GDP during 2007-12. However, this momentum could not be sustained
during 2013-17, leading infrastructure investment moderating to 5.6% of GDP. The slowdown in
infrastructure investment can partially be attributed to the lack of private sector participation in
infrastructure investment. However, in the recent years, the government has been trying to revive
the PPP models. In order to do this, it has taken various initiatives like formulation of guidelines
for new innovative PPP models, monetisation of publicly funded highway projects worth ` 356
bn under Toll-Operate-Transfer (TOT) model and construction of over 60 highway projects worth
over US$ 10 bn under the Hybrid-Annuity-Model (HAM). The government has taken over project
implementation risk under PPP models like HAM & TOT. This has helped to revive the private
sector participation in infrastructure projects, especially in road projects. Almost 742 of 1,531 PPP
projects awarded in the country until March 2018 were related to roads. The government has
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also liberalised the exit policies for concessionaires to free-up equity for re-investment into new
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projects. The amendment in the Arbitration and Conciliation Act, 1996 has made dispute resolution
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more cost effective and time-bound, thereby facilitating private investment in the infrastructure
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sector.
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Development of other avenues of infrastructure financing – In an attempt to raise equity from
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the market, the government has developed innovative monetising structures like Infrastructure
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Investment Trust (InvIT) and Toll Operate and Transfer (TOT). Under the TOT model, stretches of
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national highway already constructed by the NHAI are bid out to the private sector for operations
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and maintenance for a fixed period in lieu of an upfront fee. NHAI has taken up 100 highways for
bidding under TOT and out of these 9 highways with an aggregate length of about 680 km have been
monetised under TOT for US$ 1.45 bn. Besides, the government has set up National Infrastructure
Investment Fund to channelize foreign institutional finance into infrastructure sector.
Key challenges
Land acquisition – Several infrastructure projects have been stalled or delayed due to land
acquisition issues, thus making it the major bottleneck in the infrastructure development. The
main reasons behind difficulties being faced in land acquisition are the resistance from farmers
or local communities and lack of well-planned, efficient and demonstrable rehabilitation packages
which led to major disputes and litigations. In view of disputes related to land acquisition, the
NDA government amended the ‘Right to Fair Compensation and Transparency in Land Acquisition,
Rehabilitation and Resettlement Act 2013’, popularly known as the Land Acquisition Act, 2013.
The amendment provides higher compensation, resettlement and rehabilitation benefits to
landowners. However, this has resulted in steep increase in land acquisition costs for infrastructure
developers. Further the act requires the approval of almost 80% of the land owners in the affected
area, making it difficult for developers to acquire land for infrastructure projects. Further, many
states charge a percentage of the acquisition costs as administrative charges for acquiring the land

which has led to surge in acquisition costs. This could affect the viability of infrastructure projects
which in turn can hamper private investment in the long run.
Regulatory challenges – There are various approvals required across the project cycle ranging
from pre-tendering stage to post-construction stage. Moreover, these approvals are required from
multiple layers of the government at the central, state and local levels where lack of coordination
is seen among different agencies. These issues create a logjam for projects at different stages of
approvals, thereby adversely impacting the execution of projects.
Chronic under-investment in the past - Indian infrastructure sector has witnessed chronic
infrastructure under-investment in the past few years that has widened the infrastructure deficit.
In the recent years, though the government has shown commitments towards reducing this gap by
stepping up investment in infrastructure sector, a lot more needs to be done. As per the Economic
Survey, India will need about US$ 4.5 trillion for infrastructure development in the next 25 years.
However, the current trend reveals that the country can meet around US$ 3.9 trillion out of the
total investment requirement. This infrastructure investment gap needs to be filled by financing
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from private investment as well as other institutional sources dedicated for infrastructure financing.
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Stressed assets in infrastructure sector – A slowdown in domestic economy, lack of long-term
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alternative financing options, regulatory delays in clearances and delays due to environmental
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issues hampered execution of infrastructure projects in the last few years. Stalled projects at
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various stages resulted in overrun of project costs affecting the balance sheet of the infrastructure
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companies. This in turn resulted into stress in servicing of debt particularly in segments like
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transportation, power and telecommunication. With existing loans turning into NPAs, banks have
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become risk-averse and have started showing reluctance in disbursing credit to long-gestation
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infrastructure projects.
Concluding Remarks
It is expected that in order to meet the growing infrastructure demand, an infrastructure investment
to the tune of ` 50 trillion is required till 2022. The government has shown its commitment towards
infrastructure development by providing substantial budgetary allocations in the last two years. It has
also stepped up reform initiatives in the sector. However, to reduce the current infrastructure deficit,
the government is also required to take concerted efforts to engage private sector to build and manage
infrastructure facilities.

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t r e e t
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NEXTGEN INFRA:
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BUILDING INDIA OF
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NextGen Infra:
Building India t r of
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Tomorrow
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Infrastructure is a vital element in the development of any country. It improves the quality of life,
besides generating employment and wealth for a large number of people in the country. In recent years,
the government has taken proactive measures to boost the Indian infrastructure sector. However, as
the expectations of the young and aspiring middle class of India are constantly rising, mere accessibility
to infrastructure like roads & highways, railways, housing, electricity, etc., will not be enough. The
increasing expectations of its citizens is driving India towards new age infrastructure where ‘Next-Gen’
is the buzzword. The next obvious step for the government is to create a comprehensive plan to select,
deploy and support such infrastructure.
Next-gen infrastructure is expected to be affordable, future-ready and environment-friendly. In reality,

next-gen infrastructure is a broad concept with several components. Through this chapter, we seek to
look at three major components and to understand their influence in building the India of tomorrow.
The three components include Next-Gen transport & logistics solutions, smart cities and new-age
energy solutions. This chapter assesses the progress made in the development of these components;
it also provides an overview of some challenges in executing them and offers a brief future scenario.
I - 44 NextGen Infra: Building India of Tomorrow

Key demand drivers for Next-Gen infrastructure
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Progress made in Next-Gen infrastructure solutions
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Next-Gen transport & logistic solutions
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India has the second largest road network, third largest rail network and ninth largest civil aviation
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market in the world. It also has a sea port network of 13 major ports and 205 minor ports. Despite
this, its transportation sector is riddled with various problems like congestion and poor quality of
infrastructure, etc. While the government has reiterated its commitment towards investment in
transport infrastructure segment to keep pace with the growing demand for transport infrastructure,
the use of next-gen technologies will also help in reshaping the sector going forward. The new age
transport technologies can be embedded in traffic lights, car parks, toll-booths, roads, railways and
bridges, to name a few. These collectively will help in easing congestion and reduce logistics costs.
Further, the deployment of next-gen transport infrastructure has some long-term benefits including
improvement in productivity, innovation and creation of job opportunities in directly-related industries.
India is slowly but steadily enforcing next-gen technologies in the transport infrastructure sector. Some
recent new-age transport & logistic infrastructure initiatives are as given below:
Road
Smart Traffic Management System – The NHAI initially launched this surveillance system on 10
national highways. It has a built-in low-latency Internet Protocol (IP) camera, and collates data
on the traffic at toll gates. It gives real-time data on traffic monitoring, traffic signal monitoring
and control, traffic camera monitoring and control, active traffic management and more. Also, the
system works round the clock and is integrated with high-end technologies to function without
NextGen Infra: Building India of Tomorrow I - 45

interruptions. The system is expected to help in reducing traffic congestion, thereby saving on time
and fuel cost.
Eastern Peripheral Expressway (EPE) – The EPE, India’s first next-gen highway is equipped with
Highway Traffic Management System, video incident detection system and closed tolling system, in
which collections will be made based on the distance travelled and not on the entire length, and
would be lit with solar lights. It also includes Variable Message Signs (VMS) CCTV, warning devices,
Over Speed Checking System, Weigh-in-Motion, Pavement Management Systems, and Fiber Optic
Network. This is expected to help in improving traffic management.
Integrated ticketing system – The integrated ticketing system allows citizens to pay for any type
of public transportation through a single smart card, thereby providing seamless multi-modal
transportation experience to citizens . The use of smart cards has already been started within the
Mass Rapid Transport network. The integrated ticketing system is under consideration in Delhi and
Mumbai.
Electronic toll collection – In India, FASTag is an electronic toll collection system operated by the
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NHAI. FASTag is affixed on the windscreen of the vehicle and employs RFID technology for making
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toll payments directly from a prepaid or savings account linked to the tag. Since September 1, 2017,
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the NHAI has operationalised at least one dedicated FASTag lane at all toll plazas. The government
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has also set a mandate that new vehicles being sold w.e.f. October 1, 2017 should be affixed with
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active FASTag. This technology enables vehicles to drive through toll plazas without stopping for
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transactions, thereby saving time and fuel costs. This is also expected to result in better traffic
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management by reducing congestion .
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Railways
Specified Modified Aesthetic Reform Travel coaches – Specified Modified Aesthetic Reform Travel
coaches have been introduced in trains like the Tejas Express. These coaches will have features like
bio-vacuum toilets, modular fittings, sensor-taps, attendant call buttons, reclining seats and can run
at speeds of up to 200 kms per hour. These initiatives have potential to improve passenger comfort.
Passenger information systems – This system provides real time information to passengers through
electronic sign boards at railway platforms and personal mobile devices. This has helped in reducing
the uncertainty about expected time of arrival and has also eased congestion at waiting rooms .
The use of sensor-based On-Board Condition Monitoring System – Indian railways has proposed
to install railway vehicle mounted sensor-based On-Board Condition Monitoring System (OBCMS)
to monitor the health and safety of key components of the coaches, freight cars and locomotives.
The use of OBCMS is expected to result in improved safety & reliability, higher utilisation, increased
up-time and reduced operation costs of the railway assets by enabling predictive maintenance and
reduction in sudden catastrophic failures of these assets . The OBCMS project is still in nascent
stages.

Ports
Sagarmala project - The project involves port modernisation and connectivity initiatives.
Automation of gate systems – Automation of the gate system at Jawaharlal Nehru Port Trust (JNPT),
Mumbai has helped alleviate congestion, and reduced waiting time at the port gateways . There is
a proposal to set up RFID technology for gate operations at other major public ports in the country.
Automation of cargo processes – Major ports have been working towards automation of all cargo
processes as well as installation of more container scanners to speed up cargo flow .
Port Community System (PCS) – The PCS is a centralised, web-based, online, real-time, single-
window platform and message exchange gateway for port community stakeholders to increase the
security and efficiency of port operations. The use of PCS is expected to reduce transaction costs at
Indian ports by bringing in a paperless regime .
Next-Gen port city – India’s first next-gen industrial port city is getting developed at Kandla, Gujarat.
Aviation
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NABH Nirman scheme - NextGen Airports for Bharat (NABH) Nirman scheme constitutes
investments to be made in airport upgrade by both the private sector and Airport Authority of
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India. The scheme entails a proposal to establish around 100 NextGen airports in 15 years at an
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estimated investment of ` 4 trillion.
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DigiYatra initiative – The DigiYatra initiative aims to bring together the entire aviation industry to
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develop a digital ecosystem that will deliver Indian customers a seamless, consistent and paperless
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service experience at every touch point of their journey.
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Aadhaar-enabled entry and biometric e-boarding system – An automated facial recognition system
has been developed at the Lal Bahadur Shastri International Airport, Varanasi, UP. The system
aims to ensure hassle-free movement of travellers from entry to boarding points. Kempegowda
International Airport at Bengaluru has deployed Aadhaar-enabled and biometric e-boarding
systems, which are expected to quicken the process of confirmation and validation of personal
identity for airport passengers.
Automation of airport surveillance and safety – A number of steps have been taken for automation
of airport surveillance and safety, which include CCTV surveillance systems at sensitive airports,
X-ray baggage inspection systems, premier security and surveillance systems and smart cards for
access control to vital installations, etc.
Logistics
Multi-modal logistic parks - The development of multi-modal logistics parks, streamlined economic
corridor routes for efficient freight movement and inter-modal stations to connect various
transportation modes.
Digital technology is also being used to plan optimal utilisation of vehicle fleet. Technologies such as
GPS tracking, real-time surveillance, real-time temperature feed have resulted in better customer
service.

Smart Cities
India has witnessed steady growth in urbanisation with the share of urban population in total population
rising from 27.8% in 2001 to 31.1% in 2011 as per the census data. Urbanisation will continue to grow
in India, with projected urban population rising to almost 40% in 2030 as per the World Urbanisation
Prospects 2018 report released by the United Nations. Further, by 2030, the number of cities with one
million or more population are expected to rise to 71 as compared to 61 in 2018. The expanding cities
will have to augment their infrastructure to accommodate all existing and potential residents with good
quality of life. Hence, the government has stepped up investment in cities through various initiatives.
Smart City is one such initiative that focuses on the use of new age technologies to enhance urban
services like housing, transportation, utilities and energy. Smart City solutions are expected to provide
decent quality of life to its citizens, a clean environment, improved efficiency, reduction in wastage,
thereby leading to sustainable and inclusive development.
- Smart city solutions consist of both brownfield and greenfield projects. It involves redevelopment
projects which include complete transformed redevelopment of old built up areas as well as
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retrofitting projects which involve improvement of infrastructure and services for a delineated
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area. Greenfield smart city projects include area-based new development of built-up areas in the
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city extensions.
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- Under the Smart City initiative, 100 cities across India have been selected in four rounds. The
cities are distributed among the states and UTs on the basis of an equitable criteria. Further, equal
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weightage (50:50) has been given to urban population of the state/UT and the number of statutory
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towns in the states/UTs.
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10
States with more than 5 cities allocated under Smart City Mission
10
12
13
8 7
6 6
6
0
No. of cities
Karnataka Gujarat Madhya Pradesh Maharashtra Tamil Nadu Uttar Pradesh
Source: Smart City Mission, Ministry of Housing and Urban Affairs
- The project is expected to make investment of ` 2.04 trillion out of which 45% will be contributed
by centre and state governments, while 21% of the total investment will come from the PPP route.
- Area-based development will transform existing areas, including slums, into planned ones thereby
improving quality of life of people. On the other hand, greenfield projects will make it possible to
accommodate the expanding population in urban areas. This, coupled with the use of technology

and data will help to improve infrastructure, which in turn will result in improved quality of life, job
creation and overall economic development.
Timeline for Completion (as given in the Smart City Proposal)

Round 1 cities 2019-20 to 2020-21
Round 2 cities 2019-20 to 2021-22
Round 3 cities 2020-21 to 2021-22
Round 4 cities 2020-21 to 2022-23
Smart city – key highlights
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Under this programme, almost 16.6% of total investment is expected to be made in the area of urban
transport, followed by area development (15%).
Sector-wise investment in smart cities
Note: Others include works related to NMT & pedestrian, environment, storm water drainage, social sectors, solid waste management and
safety, etc

Progress of implementation (as of April 2018)
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Source: Ministry of Housing and Urban Affairs
Road projects
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Some key projects implemented under the Smart city programme are as below
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completed in 4 cities worth ` 2.28 bn and are under implementation/tendering stage in 40 cities
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worth ` 51.23 bn.
Solar projects
completed in 6 cities, while projects in 49 cities are under implementation/tendering.
Water projects
completed in 6 cities while projects are under implementation/tendering in 43 cities.
Waste water projects

projects in 46 cities have been completed/under implementation/ tendering
Heritage conservation, water front development and public space development, etc
completed in 13 cities worth ` 1.07 bn and projects worth ` 58.65 bn are under implementation/
tendering
PPP projects
completed in 13 cities worth ` 7.34 bn, while projects worth ` 77.53 bn are under implementation/
tendering in 52 cities.
Source: Ministry of Housing and Urban Affairs, PIB press release

Next-Gen energy solutions
An acceleration in therate of urbanisation and economic development, that led to significant growth
in energy demand in India, has resulted in increased greenhouse gas emissions. This has led the
government to prepare a road map for the development of next-gen energy solutions that are green,
cost-effective and sustainable for its cities.
Next-Gen energy solutions largely consists of various renewable energy segments such as solar, wind,
hydro and bio-waste. India has tremendous renewable energy potential from commercially exploitable
sources.
Next-Gen Energy potential vis-à-vis installed capacity

Cumulative achievements
Source Energy Potential (GW)
(as on July 31, 2018) (GW)
Wind 34.4 302 (at 100-meter mast height)
Solar 23.1 ~750 (assuming 3% wasteland)
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Bio-energy 9.5 ~25
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Small Hydro 4.5 ~21
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Total 71.5 1,098
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Source: Ministry of New and Renewable Energy.
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India – position in terms of Next-Gen energy solutions
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Some recent initiatives in the renewable energy space are as given below:
41 solar parks in 21 states with aggregate capacity of over 26,144 MW have been sanctioned.
As on November 30, 2017 over 4.2 mn solar lighting systems, 0.14 mn solar pumps, and power
packs of 181.52 MWeq have been installed in the country.
Under wind power, first LiDAR has been installed and commissioned off the Gujarat coast for
gathering wind resource data.
132 small hydro projects are under construction
Green energy corridors to augment inter-state transmission system have been implemented with
investment of ` 101.4 bn. The project includes about approximately 9,400 ckm transmission lines
and substations of total capacity of around 19,000 MVA, to be completed by March 2020. As of
December 2017, projects worth ` 67.66 bn have been awarded and approx. ` 14 bn have been
disbursed to the states from the GoI share.
During FY18, against a target of 1,10,000 family size biogas plants, 15,000 biogas plants installations
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have been achieved, taking the cumulative achievement to 4.98 mn biogas plants.
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As per the National Renewable Energy Laboratory (NREL), 175 GW of renewable energy can be
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integrated into India’s electricity grid by 2022, that includes 60 GW of wind and 100 GW of solar.
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The NREL estimates that renewable energy will meet around 50% of electricity demand in three
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states including Rajasthan, Karnataka and Andhra Pradesh.
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Key policy measures that will support Next-Gen infrastructure development
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Investment related measures Physical infrastructure development Digital infrastructure development
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¾¾ A record allocation of ` 5.97 trillion ¾¾ Smart cities and urban ¾¾ ` 1.13 trillion under Digital India to
for infrastructure development in transformation mission provide digital infrastructure
2018-19 Union Budget ¾¾ Launch of major satellites and ¾¾ National Supercomputing Mission
¾¾ Infrastructure fund with a corpus of aviation navigation system (GAGAN) of ` 45 bn has been approved
` 200 bn to be established ¾¾ Amendment in tariff policy to
promote renewable energy
¾¾ Development of solar parks and
ultra mega solar power projects
¾¾ Renewable energy sector has been
reclassified as ‘white category’
sector. This implies the projects
under renewable energy sector
will not require environmental
clearance and consent, which will
ease the project execution process.
Key challenges in the development of next-gen infrastructure solutions

Mobilising investment – Financing is one the key obstacles in the development of Next-Gen infrastructure
solutions. Although the government has increased allocation for various infrastructure initiatives, the
funding gap continue to exist. As per the Economic Survey, India will need about US$ 4.5 trillion for

infrastructure development in the next 25 years. However, the current trend reveals that the country
can meet around US$ 3.9 trillion investment out of the total requirement. This gap needs to be closed
at the earliest, in order to tap the great potential of Next-Gen infrastructure .
Skill development – India, being a country with a young population of an average age of 29 years, has
a large workforce. However, when it comes to skilled manpower, the country has lot to improve. It
is estimated that only 2% of the total workforce in India have undergone skill training. Further, with
rise in automation, even the existing workforce would require reskilling in some sectors. As per the
India Skills Report 2018 of the United Nations Development Programme (UNDP), sectors like IT/BPM,
automotive, textile, BFSI and retail will require reskilling. The new skill sets will be required for roles like
data scientists, 3D printing, digital marketing, cyber security specialist and blockchain architect amongst
many others. These jobs will require skill sets like cognitive abilities such as creativity, logical reasoning
and problem sensitivity, systems skills, complex problem solving, content skills and social skills.
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Against this backdrop, emphasis has been laid on providing vocational education, with a target being
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set to provide skill training to 400 mn people by 2022. Further, there has been substantial increase in
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budgetary allocation towards the education sector. These measures are likely to help in creating skilled
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labour going forward .
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Slow adoption of new technology – Despite the existence of an advanced IT/ICT industry, there has
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been slow adoption of digital technologies in the infrastructure sector. This can be attributed to lack
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of awareness about the economic benefits of employing technology in the infrastructure segment,
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insufficient skilled manpower and inadequate technological infrastructure.
The way ahead

India is entering an era where infrastructure will be at the core of country’s economic development.
At this juncture, the use of next generation technologies will help India move towards environment-
friendly, future-ready and cost-effective infrastructure services.
In the coming years, India is expected to adopt various new age transportation solutions that will
ensure enhanced mobility, comfort and safety for its users. In order to provide further impetus to next-
gen transport infrastructure, the government is working on National Transport Master Plan (NTMP)
which will be jointly developed by the ministries of Road Transport & Highways, Shipping, Civil Aviation
and Railways. NTMP is expected to include construction of multi-modal transport hubs that will have
railway stations, metro railway stations and bus terminals under one roof. In line with this master plan,
the Ministry of Road Transport & Highways has planned the development of ten such hubs across the
country, in partnership with the railways and shipping ministries. Moreover, Green Urban Mobility
Scheme which is expected to be implemented by 2022-23 at an estimated investment of ` 700 bn
comprises initiatives like promotion of alternate fuels, electric mobility and introduction of cashless
payment systems.

In accordance with the COP21 Paris accords, the government has set a target of adding 175 GW of
renewable energy in the country by 2022. The target of the National Solar Mission has also been
increased from 20 GW to 100 GW of grid connected solar power by 2022. Besides, the government
initiatives like up-gradation and modernisation of micro hydro projects, set up of US$ 5.8 bn green
energy corridor and sanctioning of 41 solar parks with aggregate capacity of over 26,144 MW are
expected to further boost the green energy segment.
The Smart Cities program offer immense potential to improve the quality of life for around 100 mn people
in the country. The initiative will also generate employment, thereby stimulating economic growth. The
deployment of technology in the development of smart cities will generate many new-age job profiles,
especially in the spheres of Information and Communication Technology, data management & analytics
and e-governance. Further, given that a large pool of data will be used in building and management of
smart cities, employment opportunities related to data monitoring and surveillance will also witness
growth.
e t
There is tremendous potential in India to build Next-Gen infrastructure that will create new-age
t r e
employment opportunities and contribute to economic growth through innovation. While the
d s
government has taken a slew of measures to promote next-gen infrastructure, private sector participation
r a
also needs to be increased to realise the true potential of growth in this segment.
n & B
D u

t r e e t
r a ds
n & B
D u

t r e e t
r a ds
n & B
D u

t r e e t
r a ds
n & B
D u
India’s Leading
Infrastructure Companies 2018
Kirby Building Systems India Private Limited

D Raju
Managing Director
Q. Kindly share with us the company’s journey since continuous knowledge-sharing delivered across
inception in the Indian context. seminars, conferences, industry forums, colleges,
education curriculum, etc. to the target audience,
A. Kirby Building Systems is one of the world’s largest
thereby increasing its popularity. Thus, a huge
producers of quality steel buildings and has been
t
opportunity awaits this industry, especially in segments
e
operational since 1976. The company pioneered the
e
such as high-rises, power & power transmission, steel
r
Pre-Engineered Steel Buildings (PEB) concept in India
s t
& allied metal products, etc., besides regular industrial
in the year 1999 and has been the market leader
d
infrastructure. This growth story is poised to continue
a
in the Indian PEB industry. Kirby India is into design,
r
in the coming years.
B
fabrication, supply and installation of PEB or steel
&
structures and has been evolving over the last 18+
n
years, and continues to do so. The company has also Q. What is your outlook for the next 2-3 years?
u
created many benchmarks for the industry in the earlier
D
A. Kirby India has grown manifold over the last few years
years and has established standard set of practices to
by executing simple box like buildings to very complex
be followed for any type of steel building to be setup
industrial buildings to high rise structures. The company
right from pre-sales, engineering, fabrication, supply,
is now adopting new innovative methods with respect
installation, and after sales service.
to design and fabrication & construction, which has
Kirby India is specialized in completing many projects widened its scope of operations to diversify into newer
across diverse applications such as Factories, growth areas.
Warehouses, Showrooms, Offices, Supermarkets,
Kirby India also provides Industrial Racking Solutions.
Shopping Malls, High Rise Buildings, Shipyards, Metro
It has also diversified into Structural Steel applications
Rails, Aircraft Hangars, Sports Stadiums, Steel Plants,
such as High Rise Structures and developed a new
Heavy Industrial Structures, etc. spread over different
product to cater to this rapidly growing segment
industries.
through composite construction or steel construction.
The company has already executed many high rise
Q. How has the market for the PEB business shaped up in buildings, and is currently executing G+23 & G+17
India? commercial office buildings. This will definitely lead
to an increase in demand for steel structures for high
A. The PEB industry has grown by leaps & bounds over the
rises in the coming years. Being a leader, Kirby India
last two decades, but it is still far from achieving its true
will continue to achieve excellence and create new
potential. However, it is still completely achievable, as
benchmarks for the industry as a whole.
the industry consisting of 4-6 top organized players is
maturing to take it to the next level of growth trajectory.
The industry is overcoming many challenges through
I - 58 Interview
India’s Leading
Megha Engineering &

Infrastructures Limited P V Krishna Reddy
Managing Director
Q. MEIL was initially largely involved in irrigation and Narsapur 400 kV substation project in Telangana, and
water management projects. What other segments Maheswaram 400 kV substation project in Telangana.
has the company ventured into in recent years? In February 2018, MEIL successfully commissioned the
WUPPTCL project, which comprises the biggest 765KV
A. In the second phase of MEIL’s journey, the company
t
AIS Substation constructed & commissioned in India by
e
diversified widely and successfully created a name for
e
a private developer. For the Tanzania drinking water
r
itself in the areas of power generation, distribution
s t
project (DAWASA, Dar-es-Salaam), MEIL completed the
and transmission projects in both, conventional and
d
project on-time by overcoming several logistics issues.
a
renewable energy sectors, oil & gas projects – including
B r
city gas distribution networks and exploration projects,
&
transportation, buildings and industrial infrastructure. Q. What are the major challenges faced by the
n
construction sector in India? What steps will help
u
overcome these challenges?
D
Q. Kindly give a brief description of some of the
prominent projects that your company has completed A. There is a dearth of right mechanisms to resolve land
in recent years. acquisition issues and forest clearance issues, delays
in payments from client agencies and the financial
A. In the last decade, MEIL has completed many major
burdens placed on the contractors. If we start thinking
projects in challenging terrain across Asia and Africa.
of the holistic development of the nation as a single
The Pattisam Project, which was completed by MEIL
project, only then can we develop an approach wherein
in a record time, was entered into the Limca Book of
the government and the contractor are considered
records as the ‘Fastest Executed Lift Irrigation Project in
partners in a larger goal; this could lead to the drafting
India’. This project set another record by diverting 100
of more equitable and fair contract documents, which
TMC of water from the River Godavari to River Krishna
presently are extremely one-sided.
through a lift system. MEIL also has the distinction
of integrating the rivers of the Malwa region for the
Narmada Kshipra Simhastha Link Project. Q. What opportunities do you see for the infrastructure
sector in the next five years? How is your company
Similarly, MEIL has completed the Gajwel segment
planning to tap these opportunities?
of Mission Bhagiratha, Bhakta Ramdas Lift Irrigation
Project in Telangana, Purushottapatnam LIS project A. As compared to developed countries, we in India
and Muchumarri irrigation project in AP, on or before have created only about 20-25% of the infrastructure
the stipulated timelines. required for a great economy. This gap will continue to
provide opportunities in various infra sectors for years
On a similar fast track mode, MEIL completed power
to come. I expect a minimum growth rate of at least 15
projects like NP Kunta 400 kV substation project in AP,
percent in the infra sector for many years.
Interview I - 59
India’s Leading
t r e e t
r a ds
n & B
D u
I - 60 Interview
India’s Leading Alphabetical Listing I - 61
Sr No Company Name Sector
1 Adani Green Energy Limited Construction
2 Adani Hazira Port Private Limited Ports
3 Adani Kandla Bulk Terminal Private Limited Ports
4 Adani Kattupalli Port Private Limited Ports
5 Adani Petronet (Dahej) Port Private Limited Ports
e t
6 Adani Ports and Special Economic Zone Limited Ports
t r e
7 Adani Power Limited Power
8 Afcons Infrastructure Limited
r a d s
Construction
B
9 Ashoka Buildcon Limited Construction
10
n
Atlanta Limited
u & Construction
D
11 B.L. Kashyap and Sons Limited Construction
12 BGR Energy Systems Limited Construction
13 Bharat Petroleum Corporation Limited Oil & Gas
14 Bharti Airtel Limited Telecom
15 Bharti Infratel Limited Telecom
16 C&C Constructions Limited Construction
17 CESC Limited Power
18 Chennai Petroleum Corporation Limited Oil & Gas
19 Deendayal Port Trust Ports
20 The Dhamra Port Company Limited Ports
21 Dilip Buildcon Limited Construction

I - 62 Alphabetical Listing India’s Leading
22 Dredging Corporation of India Limited Construction
23 Engineers India Limited Construction
24 Everest Industries Limited Construction
25 Fourth Partner Energy Private Limited Construction
26 Future Supply Chain Solutions Limited Logistics
27 G R Infraprojects Limited Construction
28 GAIL (India) Limited Oil & Gas
29 Gateway Distriparks Limited Logistics
30 Gayatri Projects Limited Construction
31 GMR Infrastructure Limited Construction
t
32 GPT Infraprojects Limited Construction
33 Gujarat Industries Power Company Limited Power
s t r e e
d
34 Gujarat Pipavav Port Limited Ports
35
36
Gujarat State Petronet Limited
&
H.G. Infra Engineering Limited
B r a Oil & Gas
Construction
37
38
39 D u n
Hathway Cable and Datacom Limited
Himachal Baspa Power Company Limited
Himachal Futuristic Communications Limited

Telecom
Power
Telecom
40 Hindustan Construction Company Limited Construction
41 Hindustan Petroleum Corporation Limited Oil & Gas
42 Idea Cellular Limited Telecom
43 IL&FS Engineering and Construction Company Limited Construction
44 IL&FS Transportation Networks Limited Construction
45 India Power Corporation Limited Power
46 The Indian Hume Pipe Company Limited Construction
47 Indian Oil Corporation Limited Oil & Gas
48 Indraprastha Gas Limited Oil & Gas

49 Indus Towers Limited Telecom
50 IRB Infrastructure Developers Limited Construction
51 Ircon International Limited Construction
52 ITD Cementation India Limited Construction
53 Jindal Drilling & Industries Limited Oil & Gas
54 JMC Projects (India) Limited Construction
55 JSW Energy Limited Power
56 Kalpataru Power Transmission Limited Construction
57 Kamarajar Port Limited Ports
58 KEC International Limited Construction
t
59 Kirby Building Systems India Private Limited Construction
60 KNR Constructions Limited
t
Construction
s r e e
d
61 L&T Hydrocarbon Engineering Limited Oil & Gas
62
63 Larsen & Toubro Limited
& B r a
L&T Infrastructure Development Projects Limited Construction
Construction
64
65
66 D u n
Maithon Power Limited
Man Infraconstruction Limited
Mangalore Refinery and Petrochemicals Limited

Power
Construction
Oil & Gas
67 McNally Bharat Engineering Company Limited Construction
68 Montecarlo Limited Construction
69 Nava Bharat Ventures Limited Power
70 NBCC (India) Limited Construction
71 NCC Limited Construction
72 NHPC Limited Power
73 NLC India Limited Power
74 NTPC Limited Power
75 Numaligarh Refinery Limited Oil & Gas

I - 64 Alphabetical Listing India’s Leading
76 Oil and Natural Gas Corporation Limited Oil & Gas
77 Oil India Limited Oil & Gas
78 ONGC Videsh Limited Oil & Gas
79 Patel Engineering Limited Construction
80 Pennar Engineered Building Systems Limited Construction
81 Petron Engineering Construction Limited Construction
82 Petronet LNG Limited Oil & Gas
83 PNC Infratech Limited Construction
84 Power Grid Corporation of India Limited Power
85 Prakash Constrowell Limited Construction
t
86 Rail Vikas Nigam Limited Construction
87 RailTel Corporation of India Limited Telecom
s t r e e
d
88 Reliance Industries Limited Oil & Gas
89
90
Reliance Infrastructure Limited
Reliance Jio Infocomm Limited
& B r a Power
Telecom
91
92
93 D u n
Reliance Power Limited
ReNew Power Limited
RPP Infra Projects Limited

Power
Power
Construction
94 Sadbhav Engineering Limited Construction
95 Shriram EPC Limited Construction
96 Simplex Infrastructures Limited Construction
97 Sintex Prefab and Infra Limited Construction
98 SJVN Limited Power
99 SPML Infra Limited Construction
100 Tata Communications Limited Telecom
101 The Tata Power Company Limited Power
102 Tata Power Renewable Energy Limited Power

103 Tata Power Solar Systems Limited Construction
104 Tata Projects Limited Construction
105 Techno Electric & Engineering Company Limited Construction
106 Torrent Power Limited Power
107 VA Tech Wabag Limited Construction
108 Vindhya Telelinks Limited Telecom
109 Vodafone India Limited Telecom
110 Welspun Enterprises Limited Construction
t r e e t
r a d s
n & B
D u
t r e e t
r a ds
n & B
D u
India’s Leading Total Income Listing I - 67
Sr No Company Name Total Income (` mn)
1 Indian Oil Corporation Limited 5,098,422.1
2 Reliance Industries Limited 3,135,550.0
3 Bharat Petroleum Corporation Limited 2,801,731.1
4 Hindustan Petroleum Corporation Limited 2,459,345.8
5 Oil and Natural Gas Corporation Limited 928,876.5
6 NTPC Limited
t r e e t
852,079.5
d s
7 Larsen & Toubro Limited 764,964.7
9 GAIL (India) Limited
& B r a
Mangalore Refinery and Petrochemicals Limited 632,882.1
548,124.9
10
11
12
D u n
Bharti Airtel Limited
Chennai Petroleum Corporation Limited
Petronet LNG Limited

538,986.0
442,272.4
309,160.2
13 Power Grid Corporation of India Limited 307,663.2
14 Idea Cellular Limited 281,268.0
15 Reliance Jio Infocomm Limited 201,580.0
16 Indus Towers Limited 191,683.0
17 Numaligarh Refinery Limited 160,527.2
18 Oil India Limited 121,406.4
19 Torrent Power Limited 117,167.8

I - 68 Total Income Listing India’s Leading
20 L&T Hydrocarbon Engineering Limited 111,776.7
21 Reliance Infrastructure Limited 111,408.9
22 Tata Projects Limited 91,025.1
23 KEC International Limited 90,983.4
24 NLC India Limited 90,830.5
25 Adani Power Limited 85,840.5
26 The Tata Power Company Limited 84,659.3
27 NHPC Limited 84,250.3
28 ONGC Videsh Limited 83,285.5
29 Adani Ports and Special Economic Zone Limited
t r e t
81,411.4
e
s
30 CESC Limited 79,390.0
31 Rail Vikas Nigam Limited
B r a d 77,813.6
&
32 Dilip Buildcon Limited 77,614.0
33
34
35 D u n
Bharti Infratel Limited
NCC Limited
NBCC (India) Limited

77,241.0
76,751.6
60,111.4
36 Afcons Infrastructure Limited 59,530.7
37 Simplex Infrastructures Limited 59,025.2
38 Kalpataru Power Transmission Limited 58,265.1
39 Tata Communications Limited 55,755.6
40 Indraprastha Gas Limited 51,737.0
41 Hindustan Construction Company Limited 48,260.8
42 IL&FS Transportation Networks Limited 47,094.8
43 JSW Energy Limited 47,057.6

44 Ircon International Limited 41,230.6
45 Vodafone India Limited 40,475.0
46 Sadbhav Engineering Limited 35,208.1
47 IRB Infrastructure Developers Limited 33,254.2
48 BGR Energy Systems Limited 33,201.6
49 G R Infraprojects Limited 31,599.2
50 Himachal Futuristic Communications Limited 31,036.4
51 Gayatri Projects Limited 29,212.4
52 JMC Projects (India) Limited 27,732.6
53 Tata Power Solar Systems Limited
t r e t
27,516.6
e
s
54 SJVN Limited 25,870.7
55 Ashoka Buildcon Limited
B r a d 25,460.5
&
56 Patel Engineering Limited 24,202.5
57
58
59 D u n
IL&FS Engineering and Construction Company Limited
KNR Constructions Limited

22,891.9
21,516.2
19,709.7
60 Engineers India Limited 19,670.5
61 Montecarlo Limited 19,440.3
62 ITD Cementation India Limited 19,071.6
63 PNC Infratech Limited 18,796.0
64 VA Tech Wabag Limited 18,789.3
65 Sintex Prefab and Infra Limited 17,056.4
66 McNally Bharat Engineering Company Limited 15,921.9
67 The Indian Hume Pipe Company Limited 15,539.8

I - 70 Total Income Listing India’s Leading
68 Deendayal Port Trust 14,753.5
69 Himachal Baspa Power Company Limited 14,737.1
70 Gujarat Industries Power Company Limited 14,151.8
71 SPML Infra Limited 14,117.1
72 Gujarat State Petronet Limited 14,052.1
73 H.G. Infra Engineering Limited 13,973.9
74 Vindhya Telelinks Limited 13,621.2
75 Nava Bharat Ventures Limited 13,551.2
76 Techno Electric & Engineering Company Limited 13,313.3
77 Everest Industries Limited
t r e t
12,786.0
e
s
78 GMR Infrastructure Limited 11,583.6
79 Welspun Enterprises Limited
B r a d 10,927.6
&
80 RailTel Corporation of India Limited 10,246.4
81
82
83 D u n
Adani Hazira Port Private Limited
The Dhamra Port Company Limited
B.L. Kashyap and Sons Limited

10,011.4
9,918.8
9,807.2
84 C&C Constructions Limited 9,502.0
85 Future Supply Chain Solutions Limited 7,844.1
86 Shriram EPC Limited 7,203.7
87 Gujarat Pipavav Port Limited 6,859.5
88 Tata Power Renewable Energy Limited 6,678.1
89 Kamarajar Port Limited 6,382.9
90 Dredging Corporation of India Limited 6,121.2
91 ReNew Power Limited 5,795.1

92 Hathway Cable and Datacom Limited 5,565.1
93 Pennar Engineered Building Systems Limited 5,318.8
94 Kirby Building Systems India Private Limited 5,253.3
95 RPP Infra Projects Limited 5,054.7
96 India Power Corporation Limited 5,047.4
97 Reliance Power Limited 4,943.1
98 L&T Infrastructure Development Projects Limited 4,824.7
99 GPT Infraprojects Limited 4,715.6
100 Gateway Distriparks Limited 3,501.6
101 Adani Petronet (Dahej) Port Private Limited
t r e e t
3,468.8
s
102 Prakash Constrowell Limited 2,863.4
103 Man Infraconstruction Limited
B r a d 2,831.2
&
104 Petron Engineering Construction Limited 2,431.2
105
106
107 D u n
Adani Kattupalli Port Private Limited
Jindal Drilling & Industries Limited
Adani Green Energy Limited

2,286.5
1,937.5
1,559.0
108 Fourth Partner Energy Private Limited 1,547.9
109 Atlanta Limited 1,520.2
110 Adani Kandla Bulk Terminal Private Limited 1,111.1

t r e e t
r a ds
n & B
D u
India’s Leading Net Profit Listing I - 73
Sr No Company Name Net Profit (` mn)
1 Reliance Industries Limited 336,120.0
2 Indian Oil Corporation Limited 213,461.2
3 Oil and Natural Gas Corporation Limited 199,452.6
4 NTPC Limited 103,431.7
5 Power Grid Corporation of India Limited 82,389.6
6 Bharat Petroleum Corporation Limited
t r e e t
79,193.4
d s
7 Hindustan Petroleum Corporation Limited 63,570.7
9
Larsen & Toubro Limited
GAIL (India) Limited
& B r a 53,873.0
46,184.1
10
11
12
D u n
Indus Towers Limited
NHPC Limited
Oil India Limited

31,015.0
27,586.5
26,679.3
13 Bharti Infratel Limited 24,139.0
14 Adani Ports and Special Economic Zone Limited 24,081.0
15 Mangalore Refinery and Petrochemicals Limited 22,241.2
16 Petronet LNG Limited 20,778.5

I - 74 Net Profit Listing India’s Leading
20 SJVN Limited 12,248.8
22 Chennai Petroleum Corporation Limited 9,129.3
24 Reliance Jio Infocomm Limited 7,230.0
28 Rail Vikas Nigam Limited 4,696.6
29 IRB Infrastructure Developers Limited
t r e e t
4,441.0
s
31 Adani Hazira Port Private Limited
B r a d 4,196.9
&
32 ONGC Videsh Limited 4,105.5
33
34
35 D u n
L&T Hydrocarbon Engineering Limited
G R Infraprojects Limited
Kamarajar Port Limited

4,056.2
3,992.1
3,941.8
36 Ircon International Limited 3,908.6
38 NBCC (India) Limited 3,336.1
40 NCC Limited 2,868.0
41 KNR Constructions Limited 2,720.9
42 Tata Communications Limited 2,666.3

47 Ashoka Buildcon Limited 2,370.1
52 Gujarat Pipavav Port Limited 1,984.6
53 Gayatri Projects Limited
t r e e t
1,880.9
s
55 Maithon Power Limited
B r a d 1,816.9
&
57
58
59 D u n
Montecarlo Limited
RailTel Corporation of India Limited

1,590.0
1,561.8
1,550.3
61 VA Tech Wabag Limited 1,171.3
63 Welspun Enterprises Limited 1,097.4
65 Tata Power Solar Systems Limited 1,004.2
66 Adani Kattupalli Port Private Limited 878.1
67 ReNew Power Limited 860.9

68 H.G. Infra Engineering Limited 842.6
69 Vindhya Telelinks Limited 833.3
70 Bharti Airtel Limited 792.0
71 Hathway Cable and Datacom Limited 776.6
72 Hindustan Construction Company Limited 775.3
73 Man Infraconstruction Limited 736.7
74 ITD Cementation India Limited 728.2
75 Adani Petronet (Dahej) Port Private Limited 722.8
76 Future Supply Chain Solutions Limited 673.5
77 The Indian Hume Pipe Company Limited
t r e e t
660.6
s
78 Patel Engineering Limited 590.8
79 Sintex Prefab and Infra Limited
B r a d 522.1
&
80 Everest Industries Limited 506.8
81
82
83 D u n
SPML Infra Limited
C&C Constructions Limited

489.9
431.2
415.0
84 BGR Energy Systems Limited 396.0
85 Gateway Distriparks Limited 380.1
86 India Power Corporation Limited 213.4
87 GPT Infraprojects Limited 173.4
88 Dredging Corporation of India Limited 171.4
89 Atlanta Limited 158.3
90 Pennar Engineered Building Systems Limited 158.0
91 Kirby Building Systems India Private Limited 143.6

92 RPP Infra Projects Limited 134.8
93 Shriram EPC Limited 107.6
94 Prakash Constrowell Limited 70.6
95 IL&FS Engineering and Construction Company Limited 69.2
96 Fourth Partner Energy Private Limited 63.2
97 Reliance Power Limited 22.5
98 Jindal Drilling & Industries Limited (154.8)
99 Adani Power Limited (237.7)
100 Adani Green Energy Limited (286.1)
101 The Dhamra Port Company Limited
t r e e t
(452.4)
s
102 Adani Kandla Bulk Terminal Private Limited (1,139.5)
103
r a d
L&T Infrastructure Development Projects Limited
B
(1,533.8)
&
104 Petron Engineering Construction Limited (1,731.3)
105
106
107 D u n
McNally Bharat Engineering Company Limited
JSW Energy Limited
Vodafone India Limited

(4,254.5)
(4,442.8)
(10,846.0)
108 GMR Infrastructure Limited (19,307.5)
109 The Tata Power Company Limited (31,505.2)
110 Idea Cellular Limited (47,808.0)

t r e e t
r a ds
n & B
D u
India’s Leading Total Assets Listing I - 79
Sr No Company Name Total Assets (` mn)
1 Reliance Industries Limited 6,175,250.0
2 Oil and Natural Gas Corporation Limited 2,912,281.8
3 Indian Oil Corporation Limited 2,807,399.1
4 NTPC Limited 2,601,935.6
5 Reliance Jio Infocomm Limited 2,537,310.0
6 Power Grid Corporation of India Limited
e e t
2,129,057.5
t r
d s
7 Bharti Airtel Limited 2,049,373.0
9
& B r a
Bharat Petroleum Corporation Limited
1,152,220.2
1,002,225.4
10
11
12
D u n
Idea Cellular Limited
Hindustan Petroleum Corporation Limited
ONGC Videsh Limited

967,231.0
868,072.2
796,292.2
13 Vodafone India Limited 746,978.0
14 GAIL (India) Limited 580,821.8
16 NHPC Limited 498,747.2
17 Oil India Limited 440,341.8
18 Adani Ports and Special Economic Zone Limited 408,336.1
19 The Tata Power Company Limited 347,068.8

I - 80 Total Assets Listing India’s Leading
21 Mangalore Refinery and Petrochemicals Limited 262,144.2
22 Reliance Power Limited 260,256.8
24 Indus Towers Limited 236,173.0
26 Bharti Infratel Limited 202,040.0
27 Adani Power Limited 197,022.1
29 JSW Energy Limited
t e t
159,118.8
r e
s
30 Petronet LNG Limited 156,537.1
31 SJVN Limited
B r a d 143,655.9
&
32 Chennai Petroleum Corporation Limited 141,654.9
33
34
35 D u n
Tata Communications Limited
Ircon International Limited
ReNew Power Limited

129,027.5
127,079.4
126,097.0
36 GMR Infrastructure Limited 122,035.7
37 Hindustan Construction Company Limited 112,262.3
38 NCC Limited 108,005.6
40 IRB Infrastructure Developers Limited 103,819.3

45 L&T Hydrocarbon Engineering Limited 88,759.0
48 Rail Vikas Nigam Limited 79,949.5
49 NBCC (India) Limited 76,500.3
53 Patel Engineering Limited
t r e t
67,393.9
e
s
54 BGR Energy Systems Limited 61,222.3
55 The Dhamra Port Company Limited
B r a d 60,539.2
&
56 IL&FS Engineering and Construction Company Limited 53,128.3
57
58
59 D u n
Gayatri Projects Limited

51,825.6
49,861.0
49,361.9
62 Maithon Power Limited 46,874.1
65 Adani Green Energy Limited 42,181.8
66 Ashoka Buildcon Limited 39,268.8
67 Adani Hazira Port Private Limited 37,869.1

I - 82 Total Assets Listing India’s Leading
71 Kamarajar Port Limited 32,308.7
72 G R Infraprojects Limited 29,448.8
74 SPML Infra Limited 26,940.2
75 Shriram EPC Limited 26,617.7
76 Dredging Corporation of India Limited 26,459.0
77 VA Tech Wabag Limited
t r e t
25,679.3
e
s
78 Himachal Futuristic Communications Limited 25,458.2
79 C&C Constructions Limited
B r a d 25,271.6
&
80 Sintex Prefab and Infra Limited 24,631.9
81
82
83 D u n
Gujarat Pipavav Port Limited
ITD Cementation India Limited

23,104.8
22,585.2
22,228.8
84 Hathway Cable and Datacom Limited 21,761.1
85 India Power Corporation Limited 20,585.1
86 KNR Constructions Limited 19,658.4
87 Adani Kattupalli Port Private Limited 19,196.0
88 Welspun Enterprises Limited 19,143.8
90 Montecarlo Limited 16,322.4
91 Vindhya Telelinks Limited 16,249.6

92 Tata Power Solar Systems Limited 16,159.4
93 The Indian Hume Pipe Company Limited 15,407.4
94 B.L. Kashyap and Sons Limited 15,320.6
95 H.G. Infra Engineering Limited 14,844.4
96 Adani Petronet (Dahej) Port Private Limited 14,507.6
97 Adani Kandla Bulk Terminal Private Limited 10,262.4
98 Jindal Drilling & Industries Limited 9,784.2
99 Gateway Distriparks Limited 8,855.1
100 Atlanta Limited 8,422.8
101 Man Infraconstruction Limited
t r e t
7,978.8
e
s
102 Everest Industries Limited 7,906.5
103
r a
Future Supply Chain Solutions Limited
B d 6,797.5
&
104 GPT Infraprojects Limited 6,286.3
105
106
107 D u n
Pennar Engineered Building Systems Limited

5,823.5
5,151.3
5,055.7
108 Petron Engineering Construction Limited 3,710.1
109 Prakash Constrowell Limited 2,438.5
110 Fourth Partner Energy Private Limited 1,159.4

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India’s Leading
Adani Green Energy Limited

Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad - 380009, Gujarat
Website: www.adanigreenenergy.com
About the company Dun & Bradstreet D-U-N-S® No 65-098-6164

Financial Snapshot (` Mn)
Adani Green Energy Ltd (AGEL), incorporated in 2015 as a subsidiary of Adani
Total Income 1,559.0
Enterprises Ltd, is part of the Adani Group. AGEL develops, builds, owns,
Net Profit (286.1)
operates and maintains utility scale grid connected solar and wind projects.
Total Assets 42,181.8
AGEL has a portfolio of 36 operational and 3 under-construction projects with
pan-India presence across 11 states as of March 2018. AGEL has an operational Ratios (%)
capacity of 1,898 MW of solar energy and 60 MW of wind energy with 1,187 NPM (18.4)
MW of green energy under development. ROA (1.0)
Current Ratio 4.2
(As on March 31, 2018)
Afcons Infrastructure Limited

“Afcons House” 16, Shah Industrial Estate, Andheri (W), Mumbai - 400053, Maharashtra
Website: www.afcons.com
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Afcons Infrastructure Ltd (Afcons), a Shapoorji Pallonji group company,
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was established in 1959 as a partnership firm. Afcons primarily undertakes
Net Profit 1,288.5
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construction of marine works like jetties, wet basins, dry docks, slipways,
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industrial structures, onshore and offshore oil and gas projects, surface transport
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projects such as highways, bridges, flyovers, tunnels and hydroworks and other Ratios (%)
civil engineering projects. On the global front, it has executed projects in Abu NPM 2.2
Dhabi, Dubai, Qatar, Oman, Yemen, Algeria, Jordan, Kuwait, Bahrain, Gabon, ROA 1.8
Guinea, Mauritius, Madagascar, Liberia, Bangladesh, Sri Lanka and Kazakhstan. Current Ratio 1.3
The company’s order book stood at ` 229.92 bn as on March 2018. (As on March 31, 2018)
Ashoka Buildcon Limited

S. No. 861, Ashoka House, Ashoka Marg, Nashik - 422011, Maharashtra
Website: www.ashokabuildcon.com

Ashoka Buildcon Ltd (ABL) was established in 1976. ABL is engaged in two
key segments namely; EPC business and power distribution projects; and
Net Profit 2,370.1
development of roads & highways on BOT basis. It has presence in 11 states
including; TN, Karnataka, Odisha and WB. As of Sep 2017, the company had
BOT portfolio of 23 projects (operational and under-construction) and executed Ratios (%)
around 6000 kms of lane. Projects completed by the company in FY18 includes NPM 9.3
Chennai Outer Ring Road (244 kms), Mudhol-Nipani Road (232.87 kms), ROA 6.4
Hulhumale (Phase-2) Republic of Maldives city road network and Tamil Nadu & Current Ratio 1.1
Bihar Power T&D projects. (As on March 31, 2018)
2
India’s Leading
Atlanta Limited
101, Shree Amba Shanti Chambers, Andheri (E), Mumbai - 400059, Maharashtra
Website: www.atlantalimited.in

Atlanta Ltd (ATL), incorporated in 1977 as a partnership, became a public
limited company in 2006. It is engaged in the business of construction of roads,
Net Profit 158.3
highways, bridges, runways and undertakes other infrastructure development
projects on EPC basis and PPP model on BOT and DBFOT basis. It is also engaged
in real estate development, tourism, infrastructure business segment and Ratios (%)
mining of coal, and limestone. The company has built over 2,500 lane kms of NPM 10.4
projects across India. The company has executed more than 11mn sq. ft. of ROA 1.8
commercial and residential projects in various parts of the country since its Current Ratio 1.1
inception. (As on March 31, 2018)

409, 4th Floor, DLF Tower - A, Jasola, New Delhi - 110025, Delhi
Website: www.blkashyap.com
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B.L. Kashyap and Sons Ltd (BLK), established in 1978, is engaged in construction
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and infrastructure development. BLK undertakes construction of factories and
Net Profit 489.9
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manufacturing facilities; commercial and residential complexes; IT campuses;
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malls and hotels. The company also undertakes turnkey projects to set up power
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generation plants, power transmission and distribution systems, integrated rail Ratios (%)
and metro systems, airports, industrial units, chemical process plants, water NPM 5.0
and waste water management solutions. BLK’s clientele includes Birla Group, ROA 3.2
Oberoi Hotels, Jaypee Group, Bharti Realty, among others. Current Ratio 1.1
BGR Energy Systems Limited

A-5, Pannamgadu Industrial Estate, Ramapuram Post, District Nellore - 524401, AP
Website: www.bgrcorp.com

BGR Energy Systems Ltd (BGR), formerly known as GEA Energy System
(India) Ltd was formed as a joint venture between GEA Energietechnik GmbH
Net Profit 396.0
(Germany). BGR acquired the present name in 2007 and got listed on the BSE
and NSE in 2008. BGR conducts business in two segments – supply of systems
and equipment; and turnkey EPC. It has five business divisions - power projects, Ratios (%)
oil and gas equipment, air fin coolers, environmental engineering and electrical NPM 1.2
projects. During FY18, the company successfully completed COD of Unit II of ROA 0.6
Nawapara TRN Energy, 2 X 300 MW Thermal Power Project. Current Ratio 1.1
3
India’s Leading
C&C Constructions Limited

74, Hemkunt Colony, New Delhi - 110048, Delhi
Website: www.candcinfrastructure.com

C&C Constructions Ltd (C&C Constructions) was incorporated in 1996. It
undertakes infrastructure construction projects for roads, highways and urban
Net Profit 415.0
infrastructure including; water, sanitation and sewerage, power/telecom
transmission, towers and commercial buildings. As of March 2018, it had 7
subsidiaries and 2 associate companies. Some of the company’s key ongoing Ratios (%)
projects include construction and maintenance of Zirakpur – Parwanoo NPM 4.4
Section of NH 22 including construction of Pinjore – Kalka – Parwanoo Bypass; ROA 1.7
construction of package C-1 and C-2 for Yamuna Expressway; and widening of Current Ratio 0.7
Una – Barsar – Bhota – Bhamla –Kalkhar – Ner Chowk Road project in HP. (As on March 31, 2018)
Dilip Buildcon Limited

Plot No. 5, Inside Govind Narayan Singh Gate, Chuna Bhatti, Bhopal - 462016, MP
Website: www.dilipbuildcon.com
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Dilip Buildcon Ltd (DBL) was incorporated in Jun 2006 as a private sector road-
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focused EPC company. Initially the company focused on the construction of
Net Profit 6,203.0
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commercial and residential buildings in MP. With the growth in the business,
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DBL entered into other types of construction including water sanitation &
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sewage, structural designing, construction for clients in the oil & gas industry, Ratios (%)
road construction and mining. As of March 2018, the company’s order book NPM 8.0
stood at ` 2.39 tn (excluding GST), with roads, highways and bridges comprising ROA 7.8
92% of the orders mostly from the central government. Current Ratio 1.4
Dredging Corporation of India Limited

Core 2, Scope Minar, Plot No 2A/2B, Laxminagar District Centre, Delhi - 110092, Delhi
Website: www.dredge-india.nic.in

Dredging Corporation of India Ltd (DCI) was established in 1976 and was
conferred with the status of Mini-Ratna by GOI. DCI is engaged in providing
Net Profit 171.4
dredging and allied marine services to major ports in India and abroad. It
also provides services like capital dredging, maintenance dredging, beach
nourishment, land reclamation, shallow water dredging, project consultancy Ratios (%)
and marine construction. As of March 2017, DCI’s fleet consisted of 11 trailer NPM 2.8
suction hopper dredgers (TSHDs), 2 cutter suction dredgers (CSDs), one back ROA 0.6
hoe dredger and one inland cutter suction dredger apart from other ancillary Current Ratio 1.9
crafts. (As on March 31, 2018)
4
India’s Leading
Engineers India Limited

Engineers India Bhawan, 1, Bhikaji Cama Place, New Delhi - 110066, Delhi
Website: www.engineersindia.com

Engineers India Ltd (EIL) was established in 1965 as Engineers India Pvt Ltd. The
company became a wholly-owned government company in 1967. EIL acquired
Net Profit 3,778.7
the coveted Navratna status in 2014. It provides engineering consultancy and
EPC services, primarily in the oil & gas, petrochemical, infrastructure, water
& waste management, solar & nuclear power and fertiliser industries. During Ratios (%)
FY18, the company secured new business worth ` 21.41 bn, including business NPM 19.2
worth ` 13.57 bn from domestic consultancy, ` 4.80 bn from domestic turnkey ROA 8.6
and overseas business worth ` 3.04 bn. Current Ratio 1.7
Everest Industries Limited

Gate No 152, Lakhmpur, Taluka Dindori, Nashik - 422202, Maharashtra
Website: www.everestind.com
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Everest Industries Ltd (Everest Industries) was incorporated in 1934. The
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company is mainly engaged in the manufacturing and trading of building
Net Profit 506.8
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products which includes roofing products, boards, panels, other building
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products and accessories. It is also involved manufacture and erection of pre–
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engineered and smart steel buildings and its accessories. It has six production Ratios (%)
facilities for building products with a cumulative installed capacity of 880,000 NPM 4.0
MTPA and 3 steel building manufacturing facilities located at Bhagwanpur, ROA 6.2
Dahej and Ranchi with a cumulative installed capacity of 72,000 MTPA. The Current Ratio 1.2
company’s order book as on 31st March, 2018 stands at 25,000 MT. (As on March 31, 2018)
Fourth Partner Energy Private Limited

Fourth Partner House, Plot No: N46, HMT Nagar, Hyderabad – 500076, Telangana
Website: www.fourthpartner.co

Fourth Partner Energy Ltd (FPEL), founded in 2010, is a renewable energy service
company with an aim to build, develop and manage large operating portfolio
Net Profit 63.2
of de-centralized solar power assets in India. The company is empanelled as
a channel partner with the Ministry of New and Renewable Energy and is in
association with state bodies like RREC (Rajasthan), TNREC (Telengana) and Ratios (%)
NREDCAP (AP). FPEL provides support in every part of solar project including NPM 4.1
finance, engineering expertise, project installation, post-installation support ROA 6.6
and turnkey EPC services for grid-connected and off-grid rooftop solar power Current Ratio 1.8
installations. It has installed solar projects across various states in the country. (As on March 31, 2018)
5
India’s Leading
G R Infraprojects Limited
G R House, Hiran Magari, Sector No. 11, Udaipur - 313002, Rajasthan
Website: www.grinfra.com

G R Infraprojects Ltd (GRIL), incorporated in 1995, is an integrated road EPC
company with experience in design and construction of various road/highway
Net Profit 3,992.1
projects across 14 states in India. GRIL operates in three segments - civil
construction activities, providing EPC services; development of roads and
highways on a BOT basis; and manufacturing activities, it processes bitumen, Ratios (%)
manufactures thermoplastic road-marking paint and road signage, and NPM 12.6
fabricates and galvanizes metal crash barriers. As of March 2018, GRIL’s order ROA 15.1
book stood at ` 79,820.91 mn of which ` 77852 mn comprises projects in the Current Ratio 1.5
road sector and the balance in other infrastructure projects. (As on March 31, 2018)
Gayatri Projects Limited

B-1, TSR Towers, 6-3-1090, Raj Bhavan Road, Somajiguda, Hyderabad - 500082, Telangana
Website: www.gayatri.co.in
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Gayatri Projects Ltd (GPL) was incorporated in 1989 as Andhra Coastal
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Construction Private Limited for undertaking construction activities. GPL is
Net Profit 1,880.9
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engaged in the execution of major civil works which includes concrete and
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masonry dams, earth filling dams, national highways, bridges, canals, aqueducts
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and ports. GPL has also executed infrastructure development projects like Ratios (%)
irrigation projects, mass excavation, ports, airports and industrial civil works. NPM 6.4
The company’s order book stood at ` 131 bn as of March 2018 with roads and ROA 4.0
highways contributing around 60% of its orders followed by irrigation (25%) and Current Ratio 1.6
others including mining, power and land development projects (15%). (As on March 31, 2018)
GMR Infrastructure Limited

Naman Centre, 7th Floor, G Block, BKC, Bandra (E), Mumbai - 400051, Maharashtra
Website: www.gmrgroup.in

GMR Infrastructure Ltd (GMR Infra), incorporated in 1996, operates as a holding
company in three different segments – airports, energy, transportation and
Net Profit (19,307.5)
urban infrastructure. Its airport business comprises of three operating airports.
In the energy segment, GMR Infra operates 4,600 MWs of coal, gas, liquid fuel
and renewable power plants while nearly 2,200 MWs of power projects are Ratios (%)
under various stages of development. GMR Infra operates nine highways assets, NPM (166.7)
and engages in the development of Krishnagiri Special Investment Regions in ROA (15.1)
TN. Current Ratio 0.5
6
India’s Leading
GPT Infraprojects Limited

GPT Center, JC-25, Sector-III, Salt Lake, Kolkata - 700098, WB
Website: www.gptinfra.in

GPT Infraprojects Ltd (GPT Infra), established in 1980, acquired its present name
in 2007, following TCPL’s merger with GPT Infrastructures Pvt Ltd and GPT Agro
Net Profit 173.4
Tech Ltd. GPT Infra engages in the execution of civil and infrastructure projects
under two segments - infrastructure and concrete sleepers. The infrastructure
segment undertakes EPC contracts in roads, railways, power and industrial Ratios (%)
sectors. The sleeper division manufactures pre-stressed concrete sleepers. GPT NPM 3.7
Infra’s order book stood at ` 20.73 bn as of March 2018 with EPC accounting ROA 2.9
for around 80%. Current Ratio 0.9
H.G. Infra Engineering Limited

14, Panchwati Colony, Ratanada, Jodhpur - 342001, Rajasthan
Website: www.hginfra.com
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H.G. Infra Engineering Ltd (HGIEL), incorporated in 2003, engages in the
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construction of infrastructure projects like highways, roads and bridges. HGIEL
Net Profit 842.6
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also executes civil construction projects like extension and grading of runways,
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railways and land development, and has also diversified into water pipeline
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projects. As of March 2018, HGIEL had an order book of ` 46.07 bn comprising Ratios (%)
29 projects (22 in the roads and highways sector). Nearly 75% of the order book NPM 6.0
comprised government companies with most of the projects in Maharashtra ROA 8.2
and Rajasthan. Current Ratio 1.3
Hindustan Construction Company Limited

Hincon House, LBS Marg, Vikhroli (West), Mumbai - 400083, Maharashtra
Website: www.hccindia.com

Hindustan Construction Company Ltd (HCC) was founded in 1926. The company
provides engineering and construction (E&C) services for large projects across
Net Profit 775.3
sectors like power, transportation, water and industrial projects. Some of the
HCC’s major projects include Cavern for Crude Oil Storage at Vishakhapatnam,
Goa Barge Berth at Marmugoa, Reliance J3 Refinery at Jamnagar, Mumbai- Ratios (%)
Pune Expressway and Bandra-Worli Sea Link, to name a few. As of March 2018, NPM 1.6
the company’s order book in construction business stood at ` 191.88 bn. The ROA 0.7
transportation sector accounted for 48% of the order book, followed by hydro Current Ratio 1.0
(22%), nuclear and buildings (12%), PMC (10% ) and water (8%). (As on March 31, 2018)
7
India’s Leading
IL&FS Engineering and Construction Company Limited

Door No.8-2-120/113/3/4F, Sanali Info Park, Banjara Hills, Hyderabad - 500033, Telangana
Website: www.ilfsengg.com

IL&FS Engineering and Construction Company Ltd (IL&FS Engineering),
incorporated in 1988, is an infrastructure development, construction and
Net Profit 69.2
project management company. The company executes projects under various
segments including Buildings & Structures, Roads, Railways, Irrigation, Power,
Ports, Oil & Gas and other industrial construction projects. As of March 2018, Ratios (%)
the company’s order book stood at ` 101.4 bn. The company has also extended NPM 0.3
its footprint overseas to Saudi Arabia and UAE. ROA 0.1
Current Ratio 0.6
IL&FS Transportation Networks Limited

The IL&FS Financial Centre, G-Block, BKC, Bandra (E), Mumbai - 400051, Maharashtra
Website: www.itnlindia.com
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IL&FS Transportation Networks Ltd (ITNL), incorporated in 2000, as a wholly-
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owned subsidiary of Infrastructure Leasing and Financial Services Ltd (IL&FS),
Net Profit 2,517.6
n
engages in development, operations and facilitation of surface transportation
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infrastructure projects such as national and state highways, roads, tunnels,
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flyovers and bridges. ITNL provides end-to-end solutions for BOT road projects, Ratios (%)
and also undertakes non-road sector projects including metro rail, city bus NPM 5.3
services and border check posts. The company operates across 20 Indian states ROA 1.4
and few international markets. Current Ratio 1.2
The Indian Hume Pipe Company Limited

Construction House, Ballard Estate, Mumbai - 400001, Maharashtra
Website: www.indianhumepipe.com

The Indian Hume Pipe Company Ltd (IHPCL) was established in the year 1926. It
is engaged in manufacturing pre-stressed concrete pipes, pre-stressed concrete
Net Profit 660.6
cylinder pipes, bar wrapped steel cylinder pipes, hume steel pipes, welded steel
penstocks and pre-stressed concrete railway sleepers. It has also undertaken
projects in countries like Nepal, Sri Lanka, Myanmar, Malaysia and Iraq. Its major Ratios (%)
customers include Indian Railways, NTPC, BHEL, NCC, Tata Power, IFFCO, HCC, NPM 4.3
IVRCL, IRCON, NHPC and L&T. Some of the new orders secured by the company ROA 4.7
during FY18 includes Jahazpur Water Supply Scheme, Behdaghat Water Supply Current Ratio 1.3
Scheme, Bilaspur Water Supply Scheme etc. (As on March 31, 2018)
8
India’s Leading
IRB Infrastructure Developers Limited

Hiranandani Knowledge Park, Hill Side Avenue, Powai, Mumbai - 400076, Maharashtra
Website: www.irb.co.in

IRB Infrastructure Developers Ltd (IRB Infra) was incorporated in 1998. It is
engaged in the construction; and operation & maintenance of highways. As
Net Profit 4,441.0
of March 2018, the company’s tolled road assets consisted of 13,400 lane km
of projects completed or under operations or development. During FY18, the
company forayed into the hybrid annuity model (HAM) space after it bagged Ratios (%)
two projects with a total value of ` 34.92 bn from the NHAI. As of March 2018, NPM 13.4
the company has a portfolio of 17 projects including 3 HAM across 8 states and ROA 4.8
at varying stages of operation. Current Ratio 0.7
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Total Income
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9
India’s Leading
Ircon International Limited
About the Company

Ircon International Limited (IRCON) was incorporated by the Ministry of Railways,
GoI as Indian Railway Construction Co Ltd in 1976. IRCON is a turnkey construction
company and is engaged in a wide range of construction activities such as
construction of railways, highways, bridges/flyovers, buildings, multi-functional
complexes (MFCs), runways, airport terminal buildings and maintenance of
SK Chaudhary hangars, etc. Besides, the company is also involved in the electrification of
Chairman & Managing Director railways & mega industrial plants, signalling & telecommunications, supply of
diesel electric locomotives and supply of plant & machinery for workshops,
Dun & Bradstreet D-U-N-S® No 65-017-7595
among others. The company’s operations are spread not only across India
Financial Snapshot (` Mn) but also in overseas markets like Malaysia, Nepal, Bangladesh, Mozambique,
Total Income 41,230.6 Ethiopia, Afghanistan, UK, Algeria and Sri Lanka.
t
Net Profit 3,908.6
e
Business Profile
e
t r
IRCON operates through seven JV companies and four wholly-owned
s
Ratios (%)
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subsidiaries. It has completed around 380 infrastructure projects in India and
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NPM 9.5
127 projects across the globe in more than 24 countries. The company provides
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ROA 3.6 the following services:
&
Current Ratio 1.7
Project Management Consultancy (PMC) – The company provides PMC services
n
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from planning to commissioning for construction of railway sidings, highways,
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Management Details railway & road over bridges and buildings, etc.
Chairman & Managing Director Engineering, Procurement & Construction (EPC) – Under EPC, the company
SK Chaudhary
provides services such as preliminary design, detailed engineering studies,
Directors
detailed project report, detailed design including construction drawings & proof
Deepak Sabhlok
MK Singh checking and commissioning, etc.
Avineesh Matta Public Private Partnership (PPP) – The company undertakes PPP projects
Prof. Vasudha V Kamat
largely in the railway sector, on the basis of the JV model along with the state
Dr. CB Venkataramana
Dr. NS Raina government and other stakeholders.
Ashok Kumar Ganju Real Estate (RE) – IRCON undertakes development construction and leasing of
office realty spaces and development of commercial real estate. The company
has completed construction and leasing out of 23 MFCs at various locations in
the country.
Address
C-4,
Performance Highlights
District Centre,
Saket, • The company reported an increase in total income to ` 41.23 bn in FY18
New Delhi – 110017,
from ` 32.54 bn in FY17.
Delhi
• The revenue from its top 5 projects collectively stood at ` 19.1 bn for the
Website
www.ircon.org year ended Mar 31, 2018 as against ` 15 bn for the year ended Mar 31,
2017.
• Its revenue from exports increased to ` 5.8 bn in FY18 from ` 2.4 bn in
FY17.
10 Advertorial
India’s Leading
ITD Cementation India Limited

National Plastic Building, A-Subhash Road, Vile Parle (E), Mumbai - 400057, Maharashtra
Website: www.itdcem.co.in

ITD Cementation India Ltd (ITD Cem) was incorporated in 1978. It operates as a
diversified construction and infrastructure company engaged in a wide variety
Net Profit 728.2
of structures like maritime structures, mass rapid transport systems (MRTS),
dams & tunnels, airports, highways, bridges & flyovers, buildings and other
foundations and specialist engineering work. In addition to India, ITD Cem has Ratios (%)
presence in Bangladesh, Cambodia, Laos, Indonesia, Myanmar, Philippines, NPM 3.8
Madagascar and Taiwan. As of June 2018, the company’s order book stood at ROA 3.6
` 90,555 mn, comprising 50% of urban infrastructure/MRTS projects, 31% of Current Ratio 1.0
marine projects and 15% of irrigation related projects. (As on Dec 31, 2017)
JMC Projects (India) Limited

A-104, Shapath-4, Opp. Karnavati Club, S. G. Road, Ahmedabad - 380015, Gujarat
Website: www.jmcprojects.com
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JMC Projects (India) Ltd (JMC), incorporated in 1986, is part of Kalpataru
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Group. It is engaged in civil & structural, mechanical, electrical and fire-fighting
Net Profit 1,061.3
n
engineering for all major industries and project types. It undertakes civil and
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structural construction and operates in the building & housing, infrastructure,
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industrial & power, and some special projects such as sports complexes & Ratios (%)
facilities and tourism projects. JMC undertakes projects in four formats - EPC, NPM 3.8
general contracting, conventional contracting and BOOT/PPP concessions. The ROA 3.4
company bagged new orders worth ` 33.39bn in FY18 and the order book stood Current Ratio 1.4
at ` 76.16 bn as of March 2018. (As on March 31, 2018)
Kalpataru Power Transmission Limited

Plot No. 101, Part III, GIDC Estate, Sector 28, Gandhinagar - 382028, Gujarat
Website: www.kalpatarupower.com

Kalpataru Power Transmission Ltd (KPTL) was incorporated in 1981 and
commissioned its first tower manufacturing plant in 1983. KPTL is an EPC
Net Profit 3,220.0
contracting company with a diversified portfolio having presence in over 40
countries across Asia, Middle East, Africa, Americas, Australia and Europe. KPTL
operates under two business segments viz. transmission & distribution (T&D) Ratios (%)
and infrastructure EPC. As on Mar 31, 2018 the order book of KPTL stood at NPM 5.5
` 124.04 bn with T&D comprising 68% of the total orders and infrastructure ROA 4.8
(pipeline & railways comprising 32%). In FY18, the company expanded into new Current Ratio 1.3
overseas territories of Columbia, Mauritania and Ivory Coast. (As on March 31, 2018)
11
India’s Leading
KEC International Limited

RPG House, 463, Dr. Annie Besant Road, Worli, Mumbai - 400030, Maharashtra
Website: www.kecrpg.com

KEC International Ltd (KEC) was incorporated in 1945. KEC operates in five
key verticals – power T&D, cables, railways, renewables and water. In power
Net Profit 4,300.5
T&D segment, KEC undertakes design, manufacture, test, supply & erection
of transmission lines upto 1,200 KV, installation of substations, distribution
network, and HV/EHV cabling projects. The cable segment manufactures wide Ratios (%)
range of power and telecom cables; while in the railway vertical, it undertakes NPM 4.7
civil infrastructure, railway electrification and power systems among others. As ROA 4.9
of March 2018, KEC had a manufacturing capacity of 312,200 MTPA of towers, Current Ratio 1.2
30,000 MTPA of railway structures and 12,000 MTPA of solar structures. (As on March 31, 2018)

Plot Nos 8 to 15, IDA, Phase III, Pashamylaram, Sangareddy Dist. - 502307, Telangana
Website: www.kirbyinternational.com
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Kirby Building Systems India Pvt Ltd (Kirby) commenced its operations in
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1999. The company’s product portfolio includes pre-engineered steel building,
Net Profit 143.6
n
structural steel, sandwich panels and storage solutions. Kirby’s steel building
u
products cater to heavy & medium industries, retail, logistics, automobile, general
D
engineering, infrastructure, commercial/ high-rise buildings, warehouses, oil & Ratios (%)
gas and leisure structures, etc. Kirby’s manufacturing facilities are located in NPM 2.7
Hyderabad and Haridwar with an annual capacity of 100,000 MT and overseas ROA 2.7
in Kuwait, UAE and Vietnam. Current Ratio 1.6
(As on Dec 31, 2017)
KNR Constructions Limited

C-125, Anand Niketan, New Delhi – 110021, Delhi
Website: www.knrcl.com

KNR Constructions Ltd (KNRCL), incorporated in 1995, is an infrastructure
development company offering EPC services primarily across road transportation
Net Profit 2,720.9
projects. The company undertakes construction and maintenance of roads
& highways, flyovers with further diversification into related sectors such as
irrigation and urban water infrastructure management. As of March 2018, the Ratios (%)
company’s order book stood at ` 23,266 mn and the total EPC value on hand NPM 13.8
amounted to ` 63,016 mn during the year. KNRCL bagged five HAM projects in ROA 15.2
FY18, of which four projects were awarded by NHAI. Current Ratio 1.5
12
India’s Leading

TCTC Building, Mount Poonamallee Road, Manapakkam, Chennai - 600089, TN
Website: www.lntidpl.com

L&T Infrastructure Development Projects Ltd (L&T IDPL) is a subsidiary
of Larsen & Toubro and was incorporated in 1995. L&T IDPL has acquired
concessions through a competitive bidding process, for the development of
roads, bridges, Hyderabad Metro Rail and the Kudgi Power Transmission Line
project in Karnataka. Since its inception, the company has completed landmark Ratios (%)
infrastructure projects across key sectors like roads, bridges, ports, airports, NPM (31.8)
water supply, hydel energy and urban infrastructure. In addition to its project ROA (2.8)
portfolio, L&T IDPL has installed Wind Energy Generators (WEGs) with a capacity Current Ratio 13.4
of 8.7 MW in Udumalpet and Tirunelveli districts of Tamil Nadu. (As on March 31, 2018)

L&T House, Ballard Estate, Mumbai - 400001, Maharashtra
Website: www.larsentoubro.com
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Larsen & Toubro Ltd (L&T), incorporated in 1946, is a diversified company with
&
business interests in technology, engineering, manufacturing, construction
Net Profit 53,873.0
n
and financial services. Under infrastructure business, it is involved in; buildings
u
Total Assets 1,152,220.2
& factories, transportation infrastructure, heavy civil infrastructure, power
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transmission & distribution, renewable energy, water & effluent treatment Ratios (%)
and smart world & communication. It has presence in more than 35 locations NPM 7.0
internationally and about 100 locations in India. As of March 2018, the company ROA 5.0
had an order book of ` 263.107 bn, of which infrastructure accounted for 74%. Current Ratio 1.3
International market accounted for 24% of the total order book during FY18. (As on March 31, 2018)
Man Infraconstruction Limited

Krushal Commercial Complex, G. M. Road, Chembur (W), Mumbai - 400089, Maharashtra
Website: www.maninfra.com

Man Infraconstruction Ltd (MIL), incorporated in 2002, is an integrated EPC
company that undertakes construction projects in port, residential, commercial
Net Profit 736.7
and industrial and road infrastructure segments. It has successfully worked on
five ports namely; Jawaharlal Nehru Port Trust, Mundra Port, Chennai Port,
Vallarpadam Port and the Pipavav Port. It has also completed construction of Ratios (%)
high rise building with three residential towers of 55 storey in Mumbai. In FY18, NPM 26.0
MIL received order under the Pradhan Mantri Awas Yojna (PMAY) scheme from ROA 9.3
Pimpri Chinchwad Municipal Corporation (PCMC) for constructing residential Current Ratio 8.5
units at Pune, Maharshtra; worth approximately ` 2.21 bn. (As on March 31, 2018)
13
India’s Leading

4 Mangoe Lane, Kolkata - 700001, WB
Website: www.mcnallybharat.com

McNally Bharat Engineering Co Ltd (MBE), incorporated in 1961 as a JV between
McNally Pittsburgh, US and Bird & Co, UK. MBE provides turnkey solutions in
areas of power, steel, aluminum, material handling, and mineral beneficiation,
etc. MBE’s fresh order inflow in FY18 stood at ` 10.94 bn, bagging major orders
from Delhi Metro Rail Corporation, Odisha Coal & Power Ltd and Hindustan Zinc Ratios (%)
Ltd for various projects. MBE made strategic alliance with a Chinese company NPM (26.7)
for NHAI project of over ` 10 bn during FY18. ROA (8.5)
Current Ratio 0.8
Montecarlo Limited
706, 7th Floor, Shilp Building, C.G.Road, Navrangpura, Ahmedabad - 380009, Gujarat
Website: www.mclindia.com
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Montecarlo Ltd (Montecarlo) was incorporated in 1995 as Montecarlo
&
Construction Pvt Ltd. Montecarlo is an infrastructure construction and
Net Profit 1,590.0
n
development company, with operations across various sectors including
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highways, railways, buildings and factories, mining, energy infrastructure and
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water and irrigation. The company, through its subsidiaries, has undertaken two Ratios (%)
highways projects on HAM basis and one mining project on MDO basis. As of NPM 8.2
December 2017, Montecarlo had completed 17 road projects, covering nearly ROA 10.2
2,600 lane km of highways and roads. Current Ratio 1.4
NBCC (India) Limited

NBCC Bhawan, Lodhi Road, New Delhi - 110003, Delhi
Website: www.nbccindia.com

NBCC (India) Ltd (NBCC), established in 1960, provides civil engineering
construction services in India and overseas, operating under three segments –
Net Profit 3,336.1
project management consultancy, real estate development and EPC Contracting.
As of March 2018, NBCC’s order book stood at around ` 700 bn. In FY18, NBCC
received large orders from Maldives, Mauritius, Turkey and African countries Ratios (%)
and expanded footprint to 15 countries. In Aug 2018, NBCC received an order NPM 5.5
from Central Board of Secondary Education for construction of office complex ROA 4.7
in New Delhi for ` 1.5 bn. Current Ratio 1.3
14
India’s Leading
NCC Limited
NCC House, Madhapur, Hyderabad - 500081, Telangana
Website: www.ncclimited.com

NCC Ltd (NCC), formerly known as Nagarjuna Construction Company Ltd, was
incorporated as a partnership firm in 1978. It went on public limited company in
Net Profit 2,868.0
1990 and acquired its present name in 2011. NCC operates in the infrastructure
sector and is engaged in civil construction across ten business verticals namely;
buildings & housing, roads, water & environment, electrical, irrigation, metals, Ratios (%)
power, international, mining and railways. It also has presence in the Middle NPM 3.7
East where it undertakes works in roads, buildings, and water segments. As on ROA 2.9
Mar 31 2018, the company’s order book stood at ` 325.32 bn. Current Ratio 1.3
Patel Engineering Limited

Patel Estate, Jogeshwari (W), Mumbai - 400102, Maharashtra
Website: www.pateleng.com
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Patel Engineering Ltd (PEL), established in 1949, is an infrastructure and
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construction services company with experience across all sectors of the
Net Profit 590.8
n
infrastructure industry including dams, tunnels, micro-runnels, hydroelectric
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projects, irrigation projects, highways, roads, bridges, railways, refineries to real
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estates and townships. The company’s order book as of March 2018 stood at Ratios (%)
` 82,400 mn, of which hydro projects comprised 42%, tunnels accounted for NPM 2.4
26% while irrigation, urban infra & roads and others contributed 13%, 12% and ROA 0.8
6%, respectively. Current Ratio 1.3
Pennar Engineered Building Systems Limited

9th Floor, DHFLVC Silicon Towers, Kondapur, Hyderabad - 500084, Telangana
Website: www.pebspennar.in

Pennar Engineered Building Systems Ltd (PEBS) was incorporated in 2008. The
company is engaged in designing, fabricating and installing pre-engineered
Net Profit 158.0
steel buildings, supplying structural steel and components for manufacturing
industries, warehouses, aircraft hangars, commercial buildings, high-rises,
metro stations, stadiums and power plants, among others. PEBS is also engaged Ratios (%)
in designing, fabricating and installing solar module mounting structures, NPM 3.0
telecom transmission towers and cold-form buildings for low-cost housing ROA 3.0
projects, among others. PEBS has seven manufacturing units across India with Current Ratio 1.3
annual capacity of over 350,000 MTPA. (As on March 31, 2018)
15
India’s Leading
Petron Engineering Construction Limited

Swastik Chambers, Sion-Trombay Road, Chembur, Mumbai - 400071, Maharashtra
Website: www.petronengineering.com

Petron Engineering Construction Ltd (PECL), incorporated in July 1976, provides
specialized turnkey/composite construction solutions for power, cement,
refinery, fertilizer, steel plants and other process plants. PECL also provides
support for commissioning services for industrial and infrastructure projects.
It has executed around EPC/construction works for over 120 fired heaters, Ratios (%)
45 power plants and 40 cement plants. In Sep 2017, the company received NPM (71.2)
purchase order from JSW Steel Ltd for supply, fabrication, erection & alignment ROA (35.8)
of prefabricated steel structure for around ` 2.8 bn. Current Ratio 0.4
PNC Infratech Limited

NBCC Plaza, Tower-II, 4th Floor, Pushp Vihar, Sector-V, Saket, New Delhi - 110017, Delhi
Website: www.pncinfratech.com
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PNC Infratech Ltd (PNC Infratech) is an infrastructure construction and
&
development company with expertise in segments such as highways,
Net Profit 2,510.4
n
bridges, flyovers, power transmission lines, airport runways and industrial
u
area development. The company also executes and implements projects on
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DBFOT, Operate-Maintain-Transfer (OMT) and PPP basis. It has executed 59 Ratios (%)
infrastructure projects spread across 13 states and is currently executing 17 EPC NPM 13.4
projects, operating six BOT projects, 4 HAM projects and one OMT project. The ROA 9.7
company’s order book stood at more than ` 53bn as on 31st March, 2017. Current Ratio 2.1
Prakash Constrowell Limited

The Exchange, Tidke Colony, Trimbak Road, Nashik - 422002, Maharashtra
Website: www.prakashconstro.com

Prakash Constrowell Ltd (PCL) was incorporated in 1996. PCL operates in three
business segments, namely civil construction, industrial and infrastructure
Net Profit 70.6
work and real estate. Civil construction segment undertakes various projects
such as government staff quarters, hostel buildings and auditoriums. Industrial
and infrastructure works segment includes construction and maintenance of Ratios (%)
roads/ highways, bridges, including projects on PPP model, industrial parks, NPM 2.5
workshops, hospitals and educational institutions. Major projects completed by ROA 2.9
the company during FY18 include Parksyde Homes, Nashik; Navi Mumbai Metro Current Ratio 2.0
and the North Infra, Moshi (Pimpri Chinchwad). (As on March 31, 2018)
16
India’s Leading
Rail Vikas Nigam Limited

August Kranti Bhawan, Bhikaji Cama Place, R. K. Puram, New Delhi - 110066, Delhi
Website: www.rvnl.org

Rail Vikas Nigam Ltd (RVNL), a public sector undertaking of Ministry of Railways
(MoR) was established in Jan 2003. RVNL was incorporated as a SPV to undertake
Net Profit 4,696.6
project development, mobilize financial resources and implement projects
pertaining to strengthening of Golden Quadrilateral and port connectivity. As of
February 28, 2018, the company’s order book consisted of ` 686,836.20 mn, of Ratios (%)
which 95.9%, was from Ministry of Railways. Of the total 106 ongoing projects, NPM 6.0
two projects viz. Rishikesh Karnprayag new line project and Bhanupalli- Bilaspur ROA 5.7
Beri new line project constitute ` 162,160 mn and ` 45,000 mn, respectively. Current Ratio 2.5

SF No. 454, Raghupathynaiken Palayam, Poondurai Main Road, Erode - 638002, TN
Website: www.rppipl.com
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RPP Infra Projects Ltd (RPP Infra), incorporated in the year 1988, undertakes
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projects for construction and infrastructure development. RPP Infra’s
Net Profit 134.8
n
infrastructure development projects include highways, roads, bridges, civil
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construction work for irrigation & water supply projects and power plants. The
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company’s order inflow during FY18 was around ` 9 bn; and the order book size Ratios (%)
as of March 2018 stood at ` 11.75 bn, with infrastructure projects accounting NPM 2.7
for 49% of the orders while buildings and water management comprised 28% ROA 2.8
and 23% respectively. The company has presence across seven states in India Current Ratio 1.5
and has also extended its overseas footprint to Sri Lanka. (As on March 31, 2018)
Sadbhav Engineering Limited

Sadbhav House, Ellisbridge, Ahmedabad - 380006, Gujarat
Website: www.sadbhaveng.com

Sadbhav Engineering Ltd (SEL) was incorporated in 1988 and undertakes
engineering, construction and infrastructure development activities across
Net Profit 2,206.6
transport, mining and irrigation sectors. Under transport sector, SEL undertakes
upgrading, widening, strengthening and maintenance of roads and highways.
Under mining, the company undertakes excavation of overburden, rock, Ratios (%)
coal, lignite and uranium ore and under irrigation, SEL executes projects like NPM 6.3
construction of dams, canal siphons. As on September 30, 2017, the company’s ROA 5.3
order book stood at ` 77,151 mn with presence in 14 different states, comprising Current Ratio 1.4
68% of transport, 20% of mining and 12% of irrigation projects. (As on March 31, 2018)
17
India’s Leading
Shriram EPC Limited

18/3, Sigappi Achi Building, Rukmani Lakshmipathi Salai, Egmore, Chennai – 600008, TN
Website: www.shriramepc.com

Shriram EPC Ltd (SEPC), incorporated in 2000, provides high-end engineering
services providing EPC and turnkey solutions under business segments
Net Profit 107.6
namely; process & metallurgy, power, water infrastructure and mining &
mineral processing. The power segment undertakes turnkey contracting for
biomass, thermal, solar thermal power plants and wind farms and under water Ratios (%)
infrastructure, design & implementation of environmental projects namely; NPM 1.5
water & sewage treatment plants, intake wells & pump-houses, underground ROA 0.4
drainage system, water distribution and pipe rehabilitation. As on Mar 2018, Current Ratio 1.4
the consolidated order book position of the company stood at ` 26.88 bn. (As on March 31, 2018)
Simplex Infrastructures Limited

Simplex House, 27, Shakespeare Sarani, Kolkata - 700017, WB
Website: www.simplexinfra.com
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Simplex Infrastructures Ltd (Simplex Infrastructures), established in 1924, is
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mainly engaged in construction business across several verticals including
Net Profit 1,169.5
n
ground engineering, industrial, building & housing, power, marine ports, roads,
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railways & bridges and urban infrastructure including; airports, metro rails,
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sewerage and utilities. The company has executed more than 2,900 projects Ratios (%)
till date; and presently has a diversified order book across 250 contracts, nine NPM 2.0
verticals and nine countries. During FY18, the company had cumulative order ROA 1.3
inflows of ` 76.66 bn, with order book backlog of ` 186.23 bn. Current Ratio 1.2
Sintex Prefab and Infra Limited

Abhijit Building - I Mithakhali Six Road, Ellisbridge Ahmedabad - 380006, Gujarat
Website: www.sintexinfraprojects.com

Sintex Prefab and Infra Ltd (SPIL), formerly known as Sintex Infra Projects Ltd,
is part of the Sintex Group and was incorporated in Sep 2009. The company
Net Profit 522.1
provides versatile and economical solutions in prefabricated housing units,
smart sanitations solutions, localized sewage systems & unique monolithic
concrete construction (MCC) for rapid housing projects. During FY17, the Ratios (%)
holding company, Sintex Industries Ltd, separated its custom moulding business NPM 3.1
and prefab business into Sintex-BAPL Ltd and Sintex Prefab and Infra Ltd, ROA 1.9
respectively. The company has accomplished over 1 mn installations across the Current Ratio 1.0
country to date. (As on March 31, 2018)
18
India’s Leading
SPML Infra Limited

F-27/2, Okhla Industrial Area, Phase - II, New Delhi - 110020, Delhi
Website: www.spml.co.in

SPML Infra Ltd (SPML), established in 1981, is an infrastructure development
company and has executed & managed over 600 projects for water supply and
Net Profit 431.2
distribution management, wastewater treatment and reuse, power generation,
transmission & distribution, municipal solid waste management, smart city
development, IT solutions for utilities and other civil infrastructure across India. Ratios (%)
As of March 2018, the company’s order book stood at ` 69.35 bn, with 60% NPM 3.1
accounting for water and environment projects, 34% of power projects while ROA 1.7
6% comprised of civil infrastructure and other projects. Current Ratio 1.1
Tata Power Solar Systems Limited

78, Electronics City, Phase I, Hosur Road, Bengaluru - 560100, Karnataka
Website: www.tatapowersolar.com
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Tata Power Solar Systems Ltd (Tata Power Solar) works in three distinct portions
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– assembling of solar oriented modules, EPC services for solar based projects,
Net Profit 1,004.2
n
making innovative solar based items. Tata Power Solar has commissioned more
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than 1.45 GW of ground-mount utility scale and over 200 MW of rooftop and
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distributed generation projects across the country. The total installed capacity Ratios (%)
in the rooftop segment is over 200 MW as of 31st March 2018 including NPM 3.6
commercial, residential & industrial sector. In June 2018, the company entered ROA 6.0
into a Power Purchase Agreement (PPA) with GE to provide solar rooftop Current Ratio 1.2
solutions for six manufacturing and services sites. (As on March 31, 2018)
Tata Projects Limited

Mithona Tower-I, 1-7-80 to 87, Prenderghast Road, Secunderabad - 500003, Telangana
Website: www.tataprojects.com

Tata Projects Ltd (TPL), part of Tata Group, was established in 1979. The company
undertakes EPC contracts in various infrastructure fields. TPL operates under
Net Profit 1,837.4
4 strategic business units viz. industrial infrastructure, urban infrastructure,
quality services and utility services. The company’s order book position stood at
` 115.70 bn at the end of FY18, resulting in the total order backlog of ` 340.25 Ratios (%)
bn. The company’s operations for EPC Projects segment are largely in India, NPM 2.0
with selective presence in Middle East, South East and parts of Africa, while ROA 2.1
operations for services are spread across 40 countries including China, Middle Current Ratio 1.0
East, Europe. (As on March 31, 2018)
19
India’s Leading
Techno Electric & Engineering Company Limited

C-218, Ground Floor (GR-1), Sector-63, Gautam Buddha Nagar, Noida - 201307, UP
Website: www.techno.co.in

Techno Electric & Engineering Company Ltd (TEECL), established in 1963,
provides engineering, procurement and construction services across power
Net Profit 2,003.0
generation, transmission and distribution segments. It operates in three
business segments namely EPC, generation and transmission linkages. As of
March 2018, TEECL had an order book stood of ` 20.25 bn with generation, Ratios (%)
transmission and distribution segments accounting for ` 550 mn, ` 15.75 bn NPM 15.0
and ` 3.95 bn, respectively. During FY18, the company sold 247.95 MUs of ROA 13.9
energy (power). Current Ratio 2.4
VA Tech Wabag Limited

WABAG House, No.17, 200 Feet, Sunnambu Kolathur, Chennai - 600117, TN
Website: www.wabag.com
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VA Tech Wabag Ltd (WABAG), a part of The WABAG Group, was incorporated in
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1996. The company offers end-to-end water solutions in the areas of municipal
Net Profit 1,171.3
n
and industrial water segment. Its product portfolio comprises of drinking water
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and industrial water treatment, desalination, water reclamation, municipal
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used-water treatment, industrial water recycling, etc. Wabag has presence in Ratios (%)
20 countries with over 100 patented technologies and three R&D centres. As NPM 6.2
of March 2018, the company’s order book including framework contracts stood ROA 4.8
at ` 77.43 bn. Current Ratio 1.4
Welspun Enterprises Limited

Welspun City, Village Versamedi, Taluka Anjar, Dist Kutch - 370110, Gujarat
Website: www.welspunenterprises.com

Welspun Enterprises Ltd (WEL), formerly known as Welspun Projects Ltd, is a part
of Welspun group. WPL is an infrastructure development company, engaged in
Net Profit 1,097.4
the business of EPC projects across roads, water, industrial structures and other
PPP projects. It operates in the renewable energy and oil & gas exploration
space through Welspun Energy Pvt Ltd and Welspun Natural Resources Pvt Ltd Ratios (%)
respectively. It has completed six BOT (Toll) road projects with a total length of NPM 10.0
over 500 km. As of March 2018, the company had a portfolio six HAM projects ROA 6.1
worth over ` 70 bn with EPC order book of ` 60 bn. Current Ratio 3.2
20
India’s Leading
Buildings Par Excellence

Total Income
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Total Assets
Ratios (%)
Tyre Manufacturing Facility Metro Station
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G+9 Commercial Building Racking Solutions
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Process Building Pharmaceutical FacilityNPM
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21
India’s Leading

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22
India’s Leading

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23
India’s Leading
Future Supply Chain Solutions Limited

Knowledge House, Shyam Nagar, JVLR, Jogeshwari (East), Mumbai - 400060, Maharashtra
Website: www.futuresupplychains.com

Future Supply Chain Solutions Ltd (FSC), incorporated in March 2006, is promoted
by Future Group and Fung Capital. The company is a fully-integrated end-to-end
Net Profit 673.5
supply chain and logistics company catering to industries like food & beverages,
lifestyle, consumer electronics & high tech, automotive & engineering, home &
furniture, healthcare, general merchandise and e-commerce. As of March 2018, Ratios (%)
the company has 55 distribution centres with an aggregate warehouse space of NPM 8.6
4.58 mn sq ft and a throughput of over 900 mn pieces. ROA 11.3
Current Ratio 1.5
Gateway Distriparks Limited

Sector-6, Dronagiri, Taluka-Uran, Raigad- District, Navi Mumbai - 400707, Maharashtra
Website: www.gateway-distriparks.com
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Gateway Distriparks Ltd (GDL), incorporated in 1994, is an integrated logistics
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facilitator in India with three synergetic verticals – Container Freight Stations
Net Profit 380.1
n
(CFS), Inland Container Depots (ICD) with rail transportation, and Cold Chain
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Logistics. GDL’s primary business is to operate CFS, which are facilities set up for
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the purpose of in-transit container handling, examination, assessment of cargo Ratios (%)
with respect to regulatory clearances. GDL operates two CFS at Navi Mumbai, NPM 10.9
two at Chennai, one at Visakhapatanam, one at Kochi and one at Krishapatnam ROA 4.3
with a total capacity of 720,000 TEUs. GDL’s rail vertical, Gateway Rail Freight Current Ratio 2.9
Ltd (GRFL) added the Viramgam terminal in Gujarat to its network during FY18. (As on March 31, 2018)

Total Income
Net Profit
Total Assets
Ratios (%)
NPM
ROA
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24
India’s Leading

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25
India’s Leading

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26
India’s Leading

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27
India’s Leading
Bharat Petroleum Corporation Limited

Bharat Bhavan, 4 & 6 Currimbhoy Road, Ballard Estate, Mumbai - 400001, Maharashtra
Website: www.bharatpetroleum.com

Bharat Petroleum Corporation Ltd (BPCL) was formed in 1928 as an alliance
Total Income 2,801,731.1
between Asiatic Petroleum (India) and Burmah Oil Company. In 1952, the
Net Profit 79,193.4
company was incorporated as Burmah Shell Refineries Ltd. In 1976, GoI took
over the company and was subsequently renamed as BPCL. BPCL operates
in two segments – downstream petroleum business and production (E&P) of Ratios (%)
hydrocarbons. BPCL operates two refineries at Mumbai and Kochi along with NPM 2.8
75 retail (installations/depots/TOPs) 51 LPG bottling plants, 4 lube blending ROA 8.2
plants and 52 aviation/fuelling stations/on-wheels. During FY18, BPCL’s crude Current Ratio 0.8
throughput stood at 28.54 MMT, while market sales amounted to 43.30 MMT. (As on March 31, 2018)
Chennai Petroleum Corporation Limited

No. 536, Anna Salai, Teynampet, Chennai - 600018, TN
Website: www.cpcl.co.in
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Chennai Petroleum Corporation Ltd (CPCL), formerly known as Madras
&
Refineries Ltd was formed as a JV between the GoI, AMOCO and National Iranian
Net Profit 9,129.3
n
Oil Company in 1965. CPCL has two refineries located at Chennai and Panangudi
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with a combined refining capacity of 11.5 MMTPA. The Manali Refinery, which
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has a capacity of 10.5 MMTPA, with Fuel, Lube, Wax and Petrochemical Ratios (%)
feedstocks production facilities. CPCL’s second refinery at Nagapattinam has NPM 2.1
a capacity of 1.0 MMTPA. Its main products are LPG, Motor Spirit, Superior ROA 7.1
Kerosene, Aviation Turbine Fuel, High Speed Diesel, Naphtha, Bitumen, Lube Current Ratio 0.7
Base Stocks, Paraffin Wax, Fuel Oil, Hexane and Petrochemical feed stocks. (As on March 31, 2018)
GAIL (India) Limited

GAIL Bhawan, 16 Bhikaji Cama Place, R K Puram, New Delhi - 110066, Delhi
Website: www.gailonline.com

GAIL (India) Ltd (GAIL), incorporated in 1984, is primarily engaged in the
marketing and transmission of natural gas, LPG, petrochemicals, production of
Net Profit 46,184.1
LPG and other liquid hydrocarbons. It is also engaged in city gas distribution,
E&P, telecom & telemetry services through GAILTEL and gas-based power
generation. GAIL has created a wide network of natural gas pipelines with Ratios (%)
a capacity of around 206 MMSCMD, LPG pipelines with a capacity of 3.8 NPM 8.4
MMTPA, six gas processing plants for LPG and other liquid hydrocarbons with ROA 8.1
a production capacity of 1.5 MMT and a gas based integrated petrochemical Current Ratio 1.0
plant of 0.81 MMTPA and 0.28 MMTPA. (As on March 31, 2018)
28
India’s Leading
Gujarat State Petronet Limited

GSPC Bhavan, Behind Udyog Bhavan, Sector - 11, Gandhinagar - 382010, Gujarat
Website: www.gspcgroup.com

Gujarat State Petronet Ltd (GSPL), incorporated in 1998, is a GSPL Group
company engaged in transmission of natural gas through pipeline on an open
Net Profit 6,684.3
access basis from supply points to demand centers. It has also ventured in
selling electricity generated through windmills. GSPL manages and operates the
largest gas transmission network in Gujarat (covering 25 districts) totaling to Ratios (%)
around 2518 km as of March 2018. GSPL transported 11511 MMSCM of gas and NPM 47.6
sold 10,59,85,160 KWH of electricity generated through windmill during FY18. ROA 9.0
Current Ratio 0.4
Hindustan Petroleum Corporation Limited

Petroleum House, 17, Jamshedji Tata Road, Churchgate, Mumbai - 400020, Maharashtra
Website: www.hindustanpetroleum.com
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Hindustan Petroleum Corporation Ltd (HPCL), a GoI enterprise, was incorporated
&
in 1952 as Standard Vacuum Refining Company Ltd. In 1974, HPCL acquired
Net Profit 63,570.7
n
its present name after the takeover & merger of erstwhile Esso Standard
u
Refining Co. of India Ltd & Lube India Ltd. The company major activities include
D
downstream petroleum business and E&P of hydrocarbons. It is mainly engaged Ratios (%)
in the refining and marketing of petroleum products. The company network NPM 2.6
encompasses 128 regional offices, 41 terminals/tap off points, 68 depots, 48 ROA 7.7
LPG bottling plants, 15,062 retail outlets, 41 ASFs, 1,638 SKO/LDO dealers and Current Ratio 0.8
4,849 LPG distributors as on Mar 31, 2018. (As on March 31, 2018)
Indian Oil Corporation Limited

Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (E), Mumbai - 400051, Maharashtra
Website: www.iocl.com

Indian Oil Corporation Ltd (IOCL), a Maharatna company, was established in 1959
as the Indian Oil Company. IOCL’s business operations encompass the entire
Net Profit 213,461.2
hydrocarbon value chain - from refining, pipeline transportation and marketing
of petroleum products to exploration and production of crude oil and gas as
well as marketing of natural gas and petrochemicals. IOCL operates 11 domestic Ratios (%)
refineries blocks and has over 600 active patents. During FY18, IOCL’s refineries NPM 4.2
achieved a record throughput of 69.00 MMTPA as against 65.19 MMTPA in FY17 ROA 7.9
while the pipelines throughput increased to 85.68 MMTPA in FY18 from 82.49 Current Ratio 0.8
MMTPA a year ago. (As on March 31, 2018)
29
India’s Leading
Indraprastha Gas Limited

IGL Bhawan, Community Centre, R.K. Puram, New Delhi - 110022, Delhi
Website: www.iglonline.net

Indraprastha Gas Ltd (IGL) was incorporated in 1998. It is involved in the business
of distributing CNG to automotive sector and PNG to domestic and commercial
Net Profit 6,707.7
sectors in Delhi and NCR regions. During FY17, IGL expanded its steel pipeline
network to 778 kms and MDPE network to 9940 kms. The company provided
1,05,888 domestic PNG connections during FY17. In FY17, IGL augmented its Ratios (%)
CNG infrastructure with commissioning of 81 new CNG stations (including the NPM 13.0
78 stations at retail outlets of oil marketing companies). With this, IGL’s total ROA 14.9
installed compression capacity stands at 71 lakh kg/day as of March 31, 2017. Current Ratio 1.5
Jindal Drilling & Industries Limited

Pipe Nagar, Village Sukeli, BKG Road, Taluka-Roha, Dist. Raigad - 402126, Maharashtra
Website: www.jindal.com/jdil
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Jindal Drilling & Industries Ltd (JDIL), incorporated in 1983. JDIL’s business
&
is divided into three operating segments via offshore drilling for oil & gas,
Net Profit (154.8)
n
horizontal and directional drilling; and mud logging services. Under offshore
u
drilling, JDIL deals with various types of rigs including; drilling barges, jackup
D
rigs, submersible rigs, semisubmersible rigs and drill ships. In FY18, JDIL Ratios (%)
operated one jack up rig, eight directional drilling units (on average basis) NPM (8.0)
and 11 mud logging units. Its rigs & directional drilling equipment operate at ROA (1.6)
Mumbai offshore. In May 2018, JDIL commenced a three year contract with Current Ratio 2.3
ONGC for another rig at a low day rate. (As on March 31, 2018)
L&T Hydrocarbon Engineering Limited

L&T House, Ballard Estate, Mumbai - 400001, Maharashtra
Website: www.lnthydrocarbon.com

L&T Hydrocarbon Engineering Ltd (L&T Hydrocarbon), formed in 2009, engages
in engineering, procurement, fabrication, construction and project management
Net Profit 4,056.2
activity. It also provides ‘design-to-build’ solutions to large and complex offshore
and onshore hydrocarbon projects across the world. The company operates
under five verticals - Onshore, Offshore, Construction Services, Modular Ratios (%)
Fabrication and Engineering Services. Under the construction segment, it offers NPM 3.6
turnkey construction of refinery, petrochemical, chemical and fertiliser projects, ROA 5.3
gas gathering stations, crude oil & gas terminals, underground cavern storage Current Ratio 1.1
systems for LPG covering, etc. (As on March 31, 2018)
30
India’s Leading
Mangalore Refinery and Petrochemicals Limited

Mudapadav, Kuthethoor, P.O. Via Katipalla, Mangaluru - 575030, Karnataka
Website: www.mrpl.co.in

Mangalore Refinery and Petrochemicals Ltd (MRPL) was established in 1988 as
a JV between HPCL and IRIL & Associates. In 2003, ONGC acquired the total
Net Profit 22,241.2
shareholding of IRIL & Associates thus making MRPL a majority held subsidiary
of ONGC. MRPL is a Schedule ‘A’ CPSEs. It is engaged in the business of refining
crude-oil. MRPL has a design capacity to process 15 MMTPA and has two Ratios (%)
hydrocrackers producing premium diesel. MRPL also has two CCRs producing NPM 3.5
unleaded petrol of high octane. During FY18, it achieved its highest-ever crude ROA 8.5
throughput of 16.31 MMT, against the previous highest of 16.27 MMT in FY17. Current Ratio 0.7
Numaligarh Refinery Limited

22A, G. S. Road, Christianbasti, Guwahati - 781005, Assam
Website: www.nrl.co.in
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Numaligarh Refinery Ltd (NRL) was incorporated in Apr 1993 NRL has been
&
accorded with the Miniratna Category – I CPSE by GoI. The company is primarily
Net Profit 20,446.5
n
engaged in refining of crude oil. NRL produces LPG, Naphtha, MS, ATF, SKO, HSD,
u
RPC, CPC and sulphur as its major products. In FY18, NRL processed 2.81 MMT
D
of crude oil achieving a capacity utilization of 93.65%. NRL achieved distillate Ratios (%)
yield of 86.7% in FY18. During the same period, the company achieved highest NPM 12.7
ever production of Motor Spirit (615 TMT), High Speed Diesel (1867 TMT), ROA 28.0
Paraffin Wax (46 TMT) and LPG bottling (39 TMT). Current Ratio 2.5
Oil and Natural Gas Corporation Limited

Deendayal Urja Bhawan, 5, Nelson Mandela Marg, Vasant Kunj, New Delhi - 110070, Delhi
Website: www.ongcindia.com

Oil and Natural Gas Corporation Ltd (ONGC) was set up as Oil and Natural
Gas Directorate in 1955 which subsequently became Oil and Natural Gas
Commission in the year 1956. ONGC is involved in the E&P business of crude-
oil and natural gas. ONGC manages 250 onshore production installations, 254
offshore installations, 70 drilling (plus 36 hired) and 54 work-over rigs (plus 22 Ratios (%)
hired), owns and operates more than 23,100 kms of pipeline in India, including NPM 21.5
4,500 kms of sub-sea pipelines. The domestic production of crude-oil increased ROA 7.4
to 22.25 MMT in FY17. Domestic gas production increased to 22.09 BCM in Current Ratio 0.4
FY17. (As on March 31, 2018)
31
India’s Leading
Oil India Limited

P. O. Duliajan, Dibrugarh - 786602, Assam
Website: www.oil-india.com

Oil India Ltd (OIL), a Navratna company was incorporated 1959 and is engaged in
the business of exploration and production of crude oil, natural gas and LPG. OIL
Net Profit 26,679.3
also operates a network of 1,220 kms of crude-oil pipelines, which can transport
over 5.38 MTPA of crude oil. In FY18, OIL produced 3.394 MMT of crude oil,
2,905 MMSCM of natural gas and 34,110 MT of LPG. In FY18, the company’s Ratios (%)
crude-oil pipeline transported 6.64 MMT of crude oil. OIL also commissioned NPM 22.0
the remaining 37.8 MW of its fourth wind energy power project during FY18. ROA 6.0
Current Ratio 1.9
ONGC Videsh Limited

Deendayal Urja Bhavan, Nelson Mandela Marg, Vasant Kunj, New Delhi - 110070, Delhi
Website: www.ongcvidesh.com
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ONGC Videsh Ltd (OVL), incorporated in 1965 as Hydrocarbons India Pvt Lt,
&
is a wholly-owned subsidiary and overseas arm of the Oil and Natural Gas
Net Profit 4,105.5
n
Corporation Ltd. OVL’s primary business is to prospect for oil and gas acreages
u
outside India, including exploration, development and production of oil and gas.
D
The company owns stake in 41 oil and gas assets in 20 countries and produced Ratios (%)
around 26.2% of oil and 20.7% of oil and natural gas of India’s domestic NPM 4.9
production in FY18. ROA 0.5
Current Ratio 0.8
Petronet LNG Limited

1st Floor, World Trade Center, Babar Road, Barakhamba Lane, New Delhi - 110001, Delhi
Website: www.petronetlng.com

Petronet LNG Ltd (PLL) was incorporated in 1998, and is jointly promoted by
GAIL, ONGC, IOCL and BPCL. PLL is primarily engaged in the import and re-
Net Profit 20,778.5
gasification of Liquefied Natural Gas (LNG) and in the setting up of LNG terminals
in India. PLL also provides re-gasification services to companies who import LNG
directly. PLL set up the country’s first LNG receiving and re-gasification terminal Ratios (%)
at Dahej, Gujarat, and another terminal at Kochi, Kerala. During FY18, PLL NPM 6.7
operated its Dahej Terminal at 16.03 MT throughput as compared to 13.13 MT ROA 14.1
in the previous year. Current Ratio 2.5
32
India’s Leading
Reliance Industries Limited

3rd floor, Maker Chambers - IV, 222, Nariman Point, Mumbai - 400021, Maharashtra
Website: www.ril.com

Reliance Industries Ltd (RIL), incorporated in 1973, is mainly engaged in
hydrocarbon exploration and production, petroleum refining and marketing,
petrochemicals, retail and telecommunications. The company owns and operates
through two refineries with crude processing capacity of 1.24 MMBPD. During
FY18, RIL’s refineries processed 65 different grades of crude including eight new Ratios (%)
grades. RIL had a domestic retail network of 1,313 fuel outlets operational as on NPM 10.7
Mar 31, 2018. The company’s overall petrochemicals production was 30.8 MMT ROA 5.8
in FY18. In Jan 18, RIL successfully commissioned the world’s largest refinery Current Ratio 0.6
off-gas cracker (ROGC) complex of 1.5 MMTPA ethylene capacity at Jamnagar. (As on March 31, 2018)
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Net Profit
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Total Assets
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Ratios (%)
NPM
ROA
Current Ratio

Total Income
Net Profit
Total Assets
Ratios (%)
NPM
ROA
Current Ratio
33
India’s Leading

Total Income
Net Profit
Total Assets
Ratios (%)
NPM
ROA
Current Ratio
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Total Income
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Net Profit
u n
Total Assets
D
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NPM
ROA
Current Ratio

Total Income
Net Profit
Total Assets
Ratios (%)
NPM
ROA
Current Ratio
34
India’s Leading

Total Income
Net Profit
Total Assets
Ratios (%)
NPM
ROA
Current Ratio
t r e e t
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Total Income
&
Net Profit
u n
Total Assets
D
Ratios (%)
NPM
ROA
Current Ratio

Total Income
Net Profit
Total Assets
Ratios (%)
NPM
ROA
Current Ratio
35
India’s Leading
Adani Hazira Port Private Limited

Adani House, Mithakhali Six Roads, Navarangpura, Ahmedabad - 380009, Gujarat
Website: www.adaniports.com/hazira-port

Adani Hazira Port Pvt Ltd (AHPPL), incorporated in 2009 as a wholly-owned
subsidiary of Adani Ports & Special Economic Zone Ltd, develops and manages
Net Profit 4,196.9
bulk and general cargo terminals and associated infrastructure facilities at Hazira,
Gujarat. AHPPL has developed multi–cargo terminal and related infrastructure
at the port. Commercial operations of port facilities commenced from Feb 2013 Ratios (%)
and further expansion is underway. Adani Hazira Port handles all types of cargo NPM 41.9
including bulk, break-bulk, bulk liquid chemicals, petroleum products & edible ROA 10.8
oil, containers, automotive and crude. Current Ratio 3.2
Adani Kandla Bulk Terminal Private Limited

Website: www.adaniports.com
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Adani Kandla Bulk Terminal Pvt Ltd (AKBTPL), incorporated in 2012 as a special
&
purpose company promoted by Adani Ports & Special Economic Zone Ltd
n
(APSEL), commenced commercial operations in 2015. The company is a wholly-
u
owned subsidiary of APSEL and was formed for developing a dry bulk terminal
D
off Tekra near Tuna outside Kandla Creek at Kandla port on Build, Operate and Ratios (%)
Transfer (BOT) basis for a period of 30 years. The terminal handles cargo like NPM (102.6)
coal, fertilizer, salt, minerals and other agri-products. During FY18, Kandla Port ROA (10.8)
handled traffic of 110 MMT of cargo. Current Ratio 0.6
Adani Kattupalli Port Private Limited

Website: www.adaniports.com/kattupalli-port

Adani Kattupalli Port Pvt Ltd (AKPPL), incorporated in 2015, is a wholly-owned
subsidiary of Adani Ports & Special Economic Zone Ltd. The company was
Net Profit 878.1
established with an objective of development and operation of container
terminal at Kattupalli, Tamil Nadu. AKPPL is operating and maintaining the
Kattupalli port as ‘port operator’ since Nov 2015 through an implementation Ratios (%)
agreement entered between the company, L&T Shipbuilding Ltd and Larsen & NPM 38.4
Tourbo Ltd. Currently, AKPPL is operating the terminal facilities at Kattupalli. ROA 5.1
During FY18, the company increased its direct port delivery (DPD) from 31.38% Current Ratio 4.1
to 45.53%. (As on March 31, 2018)
36
India’s Leading
Adani Petronet (Dahej) Port Private Limited

Website: www.adaniports.com/dahej-port

Adani Petronet (Dahej) Port Pvt Ltd (APDPPL) is a (74%) subsidiary of Adani Ports
& Special Economic Zone Ltd. The company has developed a Solid Cargo Port
Net Profit 722.8
Terminal and related port infrastructure facilities of bulk cargo at Dahej, Gujarat
for commercial use on a 30 year concession under the built-own-operate-
transfer (BOOT) basis. The company commenced commercial operations at the Ratios (%)
port from Sep 2010 even as it continues to expand the infrastructure facilities to NPM 20.8
handle more cargo. APDPPL is a multi-commodity port capable of handling dry ROA 4.9
bulk and break bulk commodities. Current Ratio 1.6
Adani Ports and Special Economic Zone Limited

Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad - 380009, Gujarat
Website: www.adaniports.com
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Adani Ports and Special Economic Zone Ltd (APSEZL) was incorporated in 1998
&
and is primarily engaged in developing, operating & maintaining the port and
Net Profit 24,081.0
n
related infrastructure and also provides port services including marine, handing
u
intra-port transport, storage, other value-added and evacuation services for
D
terminal operators, shipping lines & agents, exporters, importers and other port Ratios (%)
users. The company owns and operates 9 ports and terminals, having 48 berths NPM 29.6
to handle dry, liquid and container cargo and two single point mooring facilities ROA 6.0
to handle crude cargo. APSEZL handled 180 MMT of cargo and 5 mn TEUs of Current Ratio 3.6
containers in FY18. (As on March 31, 2018)
Deendayal Port Trust

Business Development Cell, Gandhidham, Kutch - 370201, Gujarat
Website: www.deendayalport.gov.in

Deendayal Port Trust, (Deendayal Port) erstwhile Kandla Port Trust, has 12 cargo
berths with Quay length of 2,532 meters, six oil jetties, one deep draft mooring
Net Profit 2,644.4
and four cargo moorings in inner harbour area for stream handling. The port has
a capacity of 267.22 mn tonnes and is ISPS (International Ship and Port Facility
Security) compliant. During FY18, the port registered 4.42% growth in traffic Ratios (%)
and handled 110.099 mn tonnes of cargo (compared to 105.44 mn tonnes in NPM 17.9
FY17) and 2,747 vessels (compared to 2,568 in FY17). ROA 5.5
Current Ratio 0.9
37
India’s Leading
The Dhamra Port Company Limited

HIG-20, BDA Colony, Jayadev Vihar, Bhubaneswar - 751013, Odisha
Website: www.adaniports.com/dhamra-port

The Dhamra Port Co Ltd (DPCL), incorporated in Sep 2008, operates a deep sea
port in Dhamra, Odisha under a concession awarded by the Govt of Odisha.
Net Profit (452.4)
Dhamra port is an all-weather, multi-user, multi-cargo port with a potential to
handle more than 100 MMTPA of dry bulk, liquid bulk, break bulk, containerized
and general cargo. In FY18, DPCL inaugurated Phase II expansion of the Dhamra Ratios (%)
port, which is expected to increase the cargo handling capacity of the port to NPM (4.6)
over 100 MT per annum. ROA (0.8)
Current Ratio 0.8
Gujarat Pipavav Port Limited

Pipavav Port at Post, Rampara No. 2, Via Rajula Dist, Amreli - 365560, Gujarat
Website: www.pipavav.com; www.apmterminals.com
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Gujarat Pipavav Port Ltd (GPPL), incorporated in Aug 1992, is involved in the
&
business of port development and operations at Pipavav Port in Gujarat. The
Net Profit 1,984.6
n
company provides cargo handling facilities for container, bulk, break bulk and
u
liquid cargo. GPPL handles a variety of bulk and break bulk cargo such as cotton,
D
wood pulp, sesame seeds, cattle feeds, agricultural products, ceramic tiles and Ratios (%)
soda ash among others. The port also provides custom bonded warehouse NPM 28.9
space. In FY18, the port handled bulk cargo volumes of 1.82 MMT and liquid ROA 8.5
cargo of around 1.02 MMT. In the RORO segment, the port handled 98,384 cars Current Ratio 2.2
during FY18. (As on March 31, 2018)
Kamarajar Port Limited

No 17, Jawahar Building, Rajaji Salai, Chennai - 600001, TN
Website: www.ennoreport.gov.in

Kamarajar Port Ltd, (Kamarajar Port) the 12th major port of India is located on
the Coromandel Coast and is the first Indian port public company. It is the Asia’s
Net Profit 3,941.8
energy port and envisioned as a satellite port to ease the traffic and reduce the
environmental impact at the busy Chennai Port. It was incorporated primarily to
handle thermal coal so as to support the requirements of Tamil Nadu Electricity Ratios (%)
Board (TNEB). The port has two breakwaters – one in the north and the other in NPM 61.8
the south measuring 3080 and 1070 meters respectively. During FY18, the port ROA 13.0
handled 794 vessels and 30.45 MMT of cargo. Current Ratio 0.3
38
India’s Leading

Total Income
Net Profit
Total Assets
Ratios (%)
NPM
ROA
Current Ratio
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Total Income
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NPM
ROA
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Total Income
Net Profit
Total Assets
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NPM
ROA
Current Ratio
39
India’s Leading
comprehensive capabilities that deliver

presence in Africa, Middle-East, South-
Kalpataru Power Transmission Limited
Transmission/Substation/ Railway/ Oil

& Gas Pipeline projects having strong
footprints in more than 50 countries,

(KPTL) is amongst the top global EPC
complerre solution covering Design,
Construction of Transmisison line.

executing marquee Projects with
Testing , Fabrication , Erection &

East Asia, and CIS countries with
players in Power
Total Income
Net Profit
Total Assets
Ratios (%)
NPM
ROA
Current Ratio
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Total Income
&
Net Profit
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Total Assets
D
Ratios (%)
NPM
ROA
Current Ratio
With Best Compliments

Total Income
Net Profit
Total Assets
Ratios (%)
NPM
ROA
Current Ratio
40
India’s Leading

Total Income
Net Profit
Total Assets
Ratios (%)
NPM
ROA
Current Ratio
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Total Income
&
Net Profit
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Total Assets
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Ratios (%)
NPM
ROA
Current Ratio

Total Income
Net Profit
Total Assets
Ratios (%)
NPM
ROA
Current Ratio
41
India’s Leading
Adani Power Limited

Shikhar, Mithakhali Six Roads, Navrangpura, Ahmedabad - 380009, Gujarat
Website: www.adanipower.com

Adani Power Ltd (Adani Power), a subsidiary of Adani Enterprises Ltd. is
primarily engaged in power generation through thermal and solar energy. Adani
Net Profit (237.7)
Power is operating an aggregate 10,480 MW generation capacity comprising of
4,620 MW at Mundra (Gujarat), 3,300 MW at Tiroda (Maharashtra), 1,320 MW
at Kawai (Rajasthan), 1,200 MW at Udupi (Karnataka), 40 MW (solar) at Kutch Ratios (%)
(Gujarat). It sells power generated under a combination of long term power NPM (0.3)
purchase agreement and on merchant basis. In FY18, the company was also ROA (0.1)
able to secure long-term fuel supply agreements for assured domestic coal Current Ratio 0.4
supply its power plants in Maharashtra and Rajasthan. (As on March 31, 2018)
CESC Limited
CESC House, Chowringhee Square, Kolkata - 700001, WB
Website: www.cesc.co.in
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CESC Ltd (CESC) was incorporated in 1978. It is a flagship company of the RP-
&
Sanjiv Goenka Group. The company is a fully integrated power utility engaged
Net Profit 8,710.0
n
in the generation and distribution of electricity across 567 sq kms in Kolkata
u
and Howrah, WB. CESC operates with three generation stations: Budge Budge,
D
Southern and Titagarh, which cumulatively produce 1,125 MW of electricity. Ratios (%)
In FY18, the combined generation capacity for the three stations was 6,337 NPM 11.0
mn units while the plant load factor stood at 64.3%. CESC owns and operates ROA 3.4
transmission & distribution system through which it supplies electricity to its Current Ratio 0.8
consumers. (As on March 31, 2018)
Gujarat Industries Power Company Limited

P.O. Petrochemicals, Vadodara - 391346, Gujarat
Website: www.gipcl.com

Gujarat Industries Power Company Ltd (GIPCL) was incorporated in 1985. GIPCL
operates five power plants with a combined capacity of 815 MW comprising
Net Profit 2,445.0
145 MW Vadodara Station-I; 165 MW Vadodara Station-II; Surat Lignite Power
Plant (SLPP) Station Phase-I and Phase-II with 250 MW capacity each and a
five MW photovoltaic solar power station at Surat. In FY18, GIPCL’s Vadodara Ratios (%)
station-I and station-II generated 676.210 MU and 35.62 MU of power at a PLF NPM 17.3
of 53.24% and 5.12% respectively. During the same year, SLPP station phase-I ROA 6.8
& phase-II generated 1,589.341 MU and 1,682.374 MU of power at a PLF of Current Ratio 1.0
72.57% and 76.82% respectively. (As on March 31, 2018)
42
India’s Leading
Himachal Baspa Power Company Limited

Sholtu Colony, P.O. Tapri, Dist. Kinnaur - 172104, HP
Website: www.jsw.in

Himachal Baspa Power Company Ltd (HBPCL) is a wholly-owned subsidiary
of JSW Energy Ltd effective from Sep 8, 2015. HBPCL is primarily engaged in
Net Profit 2,201.2
the business of generation and transmission of power and operates hydro-
electric power plants at Karcham Wangtoo with power generation capacity of
1,091 MW and Baspa-II with power generation capacity of 300 MW. Karcham Ratios (%)
Wangtoo power plant that was commissioned in Sep 2011, is estimated to NPM 14.9
generate 4,130.98 GWh of energy in a 90% dependable year. Baspa (stage-II) ROA 2.4
hydro-electric power plant was commissioned in Jun 2003 and is estimated to Current Ratio 1.1
generate 1213 GWh in 90% dependable year. (As on March 31, 2018)
India Power Corporation Limited

Plot No. X1, 2&3, Block-EP, Sector-V, Salt Lake City, Kolkata - 700091, WB
Website: www.indiapower.com
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India Power Corporation Ltd (India Power), formerly known as DPSC Ltd,
&
was incorporated in 1919 and engages in power generation, transmission,
Net Profit 213.4
n
distribution and trading. In Jan 2018, India Power commissioned 300 MW
u
thermal power plant in Haldia, West Bengal. The company operates 1,312 MW
D
of thermal power, 105 MW of wind power and 36 MW of power generation Ratios (%)
plants. India Power, together with Uniper, provides range of services to power NPM 4.2
plants in plant O&M, asset monitoring and value-added services. ROA 1.1
Current Ratio 1.6
JSW Energy Limited

JSW Centre, Bandra Kurla Complex, Bandra (E), Mumbai - 400051, Maharashtra
Website: www.jsw.in/energy

JSW Energy Ltd (JSW Energy), a JSW Group company, incorporated in 1994,
is an integrated power company with presence across power generation,
transmission and trading. JSW Energy has power generation capacity of 4,531
MW. The company also has presence in mining and equipment manufacturing
segments. It has alliances with Rajasthan State Mines and Minerals Ltd (RSMML) Ratios (%)
for lignite mines in Barmer, Rajasthan and also owns coal mines in South Africa. NPM (9.4)
JSW operates a JV with Toshiba Corp Ltd, which is engaged in the design, ROA (2.9)
manufacture, marketing and maintenance of mid to large size supercritical Current Ratio 0.5
steam turbines and generators. (As on March 31, 2018)
43
India’s Leading

Corporate Centre, 34 Sant Tukaram Road, Carnac Bunder, Mumbai - 400009, Maharashtra
Website: www.tatapower.com/businesses/maithon/overview.aspx

Maithon Power Ltd (MPL) was incorporated as a JV between The Tata Power
Company Ltd and Damodar Valley Corporation with 74% and 26% shareholding
Net Profit 1,816.9
respectively. MPL operates and maintains electric power generating stations
based on conventional/non-conventional resources, tie-lines, sub-stations and
transmission lines. The company has set up thermal power generation plant at Ratios (%)
Maithon, Jharkhand with a total capacity of 1,050 MW. Maithon power plant NPM 7.9
comprises of two units namely unit I and unit II with power generation capacity ROA 3.8
of 525 MW each. It supplies power to four states namely New Delhi, Jharkhand, Current Ratio 1.1
WB and Kerala as per long term PPA. (As on March 31, 2018)
Nava Bharat Ventures Limited

6-3-1109/1, Nava Bharat Chambers, Rajbhavan Road, Hyderabad - 500082, Telangana
Website: www.nbventures.com
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Nava Bharat Ventures Ltd (NBVL), incorporated in 1972, has diversified business
&
interests, which can be classified under four segments: ferro alloys, power
Net Profit 1,615.6
n
generation, mining and agri-business. The company diversified into agri-
u
business with sugarcane development and production of sugar and downstream
D
products. It operates an integrated sugar facility at Samalkot, AP with crushing Ratios (%)
capability of 4,000 TCD of sugarcane, and a 20 KLPD distillery for rectified spirit NPM 11.9
utilized to produce ethanol. In FY18, the company produced 95,301 MT and ROA 5.1
sold 97,028.750 MT of ferro-alloys. Current Ratio 2.1
NHPC Limited
NHPC Office Complex, Sector - 33, Faridabad - 121003, Haryana
Website: www.nhpcindia.com

NHPC Ltd (NHPC), a Miniratna Category - I CPSE, was incorporated in 1975
to plan, promote and organise an efficient and integrated development of
Net Profit 27,586.5
hydroelectric power in India. NHPC undertakes power generation along with
project management and consultancy services. NHPC is primarily engaged in
power generation and also provides contracts services, project management Ratios (%)
and consultancy services to Central and State Govt agencies in India and abroad. NPM 32.7
In FY18, NHPC generated 22,975 MU of power with 85.32% plant availability ROA 5.6
factor. The company also commissioned its first 50 MW Solar PV Project in Current Ratio 0.9
Theni/ Dindigul District of Tamil Nadu during FY18. (As on March 31, 2018)
44
India’s Leading
NLC India Limited

First Floor, No.8, Mayor Sathyamurthy Road, Chetpet, Chennai - 600031, TN
Website: www.nlcindia.com

NLC India Ltd (NLC) was incorporated in 1956 by GoI. NLC has been conferred
with the status of Navratna by GoI. It is engaged in the mining and production
Net Profit 18,487.8
of lignite and thermal power generation. NLC operates four lignite mines; three
at Neyveli, TN and one at Barsingsar, Rajasthan. In FY18, it achieved lignite
production of 251.53 LT. The total Overburden removal for lignite during FY16 Ratios (%)
was 1,851.35 LM. In the power segment, it operates five pithead thermal power NPM 20.4
stations with an aggregate capacity of 3731 MW. In FY18, power generation ROA 6.3
stood at 20740.84 MU with average PLF at 72.37%. Current Ratio 1.8
NTPC Limited
NTPC Bhawan, SCOPE Complex, 7 Institutional Area, Lodi Road, New Delhi - 110003, Delhi
Website: www.ntpc.co.in
t r e e t
d s
r a
B
NTPC Ltd (NTPC), a Maharatna enterprise, was incorporated in 1975, as National
&
Thermal Power Corporation Ltd. NTPC primarily engaged in generation and sale
n
of bulk power. NTPC also undertakes consultancy services, project management
u
and supervision, oil & gas exploration and coal mining. NTPC operates 20
D
coal-based, 7 gas-based stations, 1 hydro-based station and 12 renewable Ratios (%)
energy projects. During FY18, the company added 4,423 MW capacity, taking NPM 12.1
the total installed capacity to 5,394 MW. In FY18, NTPC entered MoU with ROA 4.2
the Government of Bihar and Bihar power utilities for acquisition of Barauni Current Ratio 0.9
Thermal Power Station and Nabinagar Super Thermal Power Project. (As on March 31, 2018)
Power Grid Corporation of India Limited

B-9, Qutab Institutional Area, Katwaria Sarai, New Delhi - 110016, Delhi
Website: www.powergridindia.com

Power Grid Corporation of India Ltd (POWERGRID) was incorporated in 1989
in the name of National Power Transmission Corporation Ltd and acquired its
Net Profit 82,389.6
present name in Oct 1992. POWERGRID has been conferred the status of central
transmission utility in 1998 and Navratna status in 2008. The company primarily
engages in power transmission business along with planning, implementation, Ratios (%)
O&M of inter-state transmission system and operation of national & regional NPM 26.8
load dispatch centers. It has also diversified into telecom business under the ROA 4.0
brand name POWERTEL and also provides transmission related consultancy Current Ratio 0.5
services and has presence in the area of Smart Grid and Renewable Integration. (As on March 31, 2018)
45
India’s Leading
Reliance Infrastructure Limited

H Block, Dhirubhai Ambani Knowledge City, Navi Mumbai - 400710, Maharashtra
Website: www.rinfra.com

Reliance Infrastructure Ltd (RInfra), incorporated in 1929, has presence across
the value chain of power business i.e. generation, transmission, distribution,
Net Profit 16,643.7
and trading. RInfra also provides EPC services for developing power and road
projects. It is also engaged in implementation, operation and maintenance of
several projects through SPVs in various infrastructural areas. The company Ratios (%)
along with its subsidiary operates five power stations with aggregate generating NPM 14.9
capacity of 941 MW of power located across Maharashtra, AP, Kerala, Karnataka ROA 3.0
and Goa. Current Ratio 1.0
Reliance Power Limited

H Block, 1 Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai - 400710, Maharashtra
Website: www.reliancepower.co.in
t r e e t
d s
r a
B
Reliance Power Ltd (RPL), part of Reliance Group, develops, constructs and
&
operates power projects in India and abroad. RPL has developed and constructed
Net Profit 22.5
n
a large portfolio of power generation projects based on coal, gas, hydro and
u
renewable energy presently operating with an installed capacity of 5,945 MW.
D
The company has four coal based project aggregating to 7,800 MW; one gas- Ratios (%)
based project of 2,400 MW and three hydro-based projects aggregating to NPM 0.5
2,860 MW under various stages of development and implementation. ROA 0.01
Current Ratio 0.7
ReNew Power Limited

138, Ansal Chamber-II, Bikaji Cama Place, New Delhi - 110066, Delhi
Website: www.renewpower.in

ReNew Power Ltd (ReNew Power), founded in 2011, is a renewable energy
IPP (independent power producer ) with a capacity of more than 5,800 MW
Net Profit 860.9
of wind and solar power assets across the country. Of this, more than 3,900
MW of assets are already operational. The company commenced operations in
2012 with its first project, which had a capacity of 25.20 MW, located in Jasdan, Ratios (%)
Gujarat. The company’s wind power project, Jath, is located in Maharashtra, NPM 14.9
having total capacity of 84.65 MW. ROA 0.8
Current Ratio 5.7
46
India’s Leading
SJVN Limited
SJVN, Corporate Office Complex, Shanan, Shimla - 171006, HP
Website: www.sjvn.nic.in

SJVN Ltd (SJVN), a Miniratna company, was incorporated in 1988 as a JV
between GoI and the Govt of HP. SJVN is primarily engaged in generation and
Net Profit 12,248.8
sale of power. The company has projects in HP, Uttarakhand, AP, Nepal and
Bhutan under execution. The company also operates 412 MW Rampur hydro
electric project (RHPS) which distributes power to the states of HP, Haryana, Ratios (%)
J&K, Punjab, Rajasthan, UP and Uttarakhand. In FY18, the company’s projects NPM 47.3
under operation - the Nathpa Jhakri HPS, Rampur HPS, Khirvire Wind Power ROA 8.2
Project and Charanka Solar Power Project cumulatively generated 9280 MUs Current Ratio 5.8
of power. (As on March 31, 2018)
The Tata Power Company Limited

Bombay House, 24, Homi Mody Street, Mumbai - 400001, Maharashtra
Website: www.tatapower.com
t r e e t
d s
r a
B
The Tata Power Company Ltd (Tata Power), primarily engaged in generation,
&
transmission, distribution-cum-retail, power trading, power services, coal mines
n
and logistics, strategic engineering for defence applications, solar photovoltaic
u
manufacturing and associated project management services. Tata Power
D
is engaged in electricity generation through various fuel sources including Ratios (%)
thermal, hydroelectric renewable energy and waste heat recovery. During FY18, NPM (37.2)
Tata Power’s generation crossed 53,000 MUs for the first time. The company’s ROA (8.6)
consumer base crossed 2.6mn users in India. In FY18, the company with its Current Ratio 0.2
subsidiaries added 294MW of generation capacity to its portfolio. (As on March 31, 2018)
Tata Power Renewable Energy Limited

Corporate Centre, 34 Sant Tukaram Road, Carnac Bunder, Mumbai - 400009, Maharashtra
Website: www.tatapowerrenewables.com

Tata Power Renewable Energy Ltd (TPREL), a wholly-owned subsidiary of The
Tata Power Company Ltd, develops, constructs and operates wind and solar
Net Profit 2,013.9
power assets. TPREL has total operating capacity of 1,839 MW comprising of
907 MW wind power and 932 MW solar power, with another 373 MW of wind
and solar capacity under development. TPREL has power generation plants at Ratios (%)
Maharashtra, Gujarat, Rajasthan, MP, Karnataka, TN, WB, Bihar, AP and Punjab. NPM 30.2
TPREL’s overall commissioned capacity as of March 2018 is 675 MW. ROA 2.4
Current Ratio 0.3
47
India’s Leading
Torrent Power Limited

600, Samanvay, Tapovan, Ambawadi, Ahmedabad - 380015, Gujarat
Website: www.torrentpower.com

Torrent Power Ltd (Torrent), part of Torrent Group, forayed into power sector
in the year 1990. Torrent is engaged in the business of power generation,
Net Profit 9,217.4
transmission and distribution with operations in the states of Gujarat,
Maharashtra and UP. It also operates a wind power plant at Jamnagar, Gujarat.
In FY18, Torrent continued to substantially improve the network and reduce Ratios (%)
Aggregate Technical & Commercial (AT&C) Losses in Bhiwandi and Agra. The NPM 7.9
AT&C losses reduced from 22.22% in FY17 to 17.28% in FY18 in Bhiwandi and ROA 4.3
from 26.78% in FY17 to 20.89% in FY18 in Agra. Current Ratio 1.6
t r e e t
d s
r a
B
Total Income
&
Net Profit
u n
Total Assets
D
Ratios (%)
NPM
ROA
Current Ratio

Total Income
Net Profit
Total Assets
Ratios (%)
NPM
ROA
Current Ratio
48
India’s Leading

Total Income
Net Profit
Total Assets
Ratios (%)
NPM
ROA
Current Ratio
t r e e t
ds
r a
B
Total Income
&
Net Profit
u n
Total Assets
D
Ratios (%)
NPM
ROA
Current Ratio

Total Income
Net Profit
Total Assets
Ratios (%)
NPM
ROA
Current Ratio
49
India’s Leading

Total Income
Net Profit
Total Assets
Ratios (%)
NPM
ROA
Current Ratio
t r e e t
ds
r a
B
Total Income
&
Net Profit
u n
Total Assets
D
Ratios (%)
NPM
ROA
Current Ratio

Total Income
Net Profit
Total Assets
Ratios (%)
NPM
ROA
Current Ratio
50
India’s Leading

Total Income
Net Profit
Total Assets
Ratios (%)
NPM
ROA
Current Ratio
t r e e t
ds
r a
B
Total Income
&
Net Profit
u n
Total Assets
D
Ratios (%)
NPM
ROA
Current Ratio

Total Income
Net Profit
Total Assets
Ratios (%)
NPM
ROA
Current Ratio
51
India’s Leading
Bharti Airtel Limited

Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, New Delhi - 110070, Delhi
Website: www.airtel.in

Bharti Airtel Ltd (Airtel), incorporated in 1995, is a telecommunications services
provider with operations in 16 countries across Asia and Africa. In India, Airtel
Net Profit 792.0
provides 2G, 3G and 4G wireless services, mobile commerce, fixed-line services,
high-speed DSL broadband, IPTV, DTH, enterprise services including national
& international long-distance services. During FY18, Airtel completed the Ratios (%)
acquisition of Telenor India and Tikona Digital Networks. Airtel also entered into NPM 0.1
agreements with Tata Teleservices Ltd. and Tata Teleservices (Maharashtra) Ltd ROA 0.04
to merge their consumer mobile business. Current Ratio 0.5
Bharti Infratel Limited

901, Park Centra, Sector 30, NH-8, Gurugram - 122001, Haryana
Website: www.bharti-infratel.com
t r e e t
d s
r a
B
Bharti Infratel Ltd (Bharti Infratel) was established in 2006 & commenced its
&
business in 2007. In 2007, the company entered into JV with Vodafone India and
Net Profit 24,139.0
n
Aditya Birla Telecom to form a JV named Indus Towers Ltd. It is involved in the
u
business of providing telecom tower infrastructure. They acquire, build, own
D
and operate towers and related infrastructure. It has a nationwide presence Ratios (%)
with operations in all 22 telecommunication circles in India with both the NPM 31.3
company and Indus Towers having operations in four overlapping circles. In ROA 11.6
FY18, They owned & operated over 91,000 towers with 205,596 co-locations in Current Ratio 4.2
22 telecommunication circles. (As on March 31, 2018)
Hathway Cable and Datacom Limited

Rahejas, Corner of Main Avenue, Santacruz (W), Mumbai - 400054, Maharashtra
Website: www.hathway.com

Hathway Cable & Datacom Ltd (Hathway), incorporated in 1959 as Chics Display
Services Pvt Ltd, adopted its present name in 1999. It is engaged in distribution
Net Profit 776.6
of internet services through cable and has strategic stake in entities engaged
in cable television business. In the broadband segment, Hathway has a pan-
India presence across 16 cities with over 5.5 mn broadband homes passed and Ratios (%)
0.77 mn subscribers. The company has a cable television network of 7.2 mn NPM 14.0
digital cable subscribers/households offering cable television services across ROA 3.6
350 cities. During FY18, Hathway spun off of its cable television business into a Current Ratio 0.2
wholly-owned subsidiary – Hathway Digital Pvt Ltd. (As on March 31, 2018)
52
India’s Leading

8, Electronics Complex, Chambaghat, Solan - 173213, HP
Website: www.hfcl.com

Himachal Futuristic Communications Ltd (HFCL) was established in the year
1987. HFCL’s operations include telecom equipment and solutions, turnkey
Net Profit 1,550.3
services and power management solutions. HFCL’s telecom solutions include
telecom equipment and solutions, turnkey services, power management
solutions and integrated security and surveillance solutions. During FY18, the Ratios (%)
company bagged orders from Bharat Sanchar Nigam Ltd (BSNL) for pan-India NPM 5.0
packet microwave network and also for defence communication network. In ROA 6.5
July 2018, HFCL received another order from BSNL for creating GIS based optical Current Ratio 1.8
fibre cable network management systems for defence forces. (As on March 31, 2018)
Idea Cellular Limited

Suman Tower, Plot No. 18, Sector – 11, Gandhinagar - 382011, Gujarat
Website: www.ideacellular.com
t r e e t
d s
r a
B
Idea Cellular Ltd (IDEA), incorporated in 1995, is a mobile telecommunications
&
services provider, offering integrated wireless broadband services of 2G, 3G
n
and 4G and has its own NLD & ILD operations, and ISP license. IDEA’s business
u
mainly comprises of voice based, connectivity based & location based services
D
and fixed-line data. As of Dec 2017, IDEA had a subscriber base of 203 mn (on Ratios (%)
VLR). In Aug 2018, the company completed its merger with Vodafone India and NPM (17.0)
is being renamed as Vodafone Idea Ltd. ROA (5.0)
Current Ratio 0.8
Indus Towers Limited

Building No. 10, Tower-A, 4th Floor, DLF Cyber City, Gurugram - 122002, Haryana
Website: www.industowers.com

Indus Towers Ltd (ITL), incorporated in 2007, has been promoted as a joint
venture between Bharti Infratel Ltd (42%), Vodafone India (42%) and Aditya
Net Profit 31,015.0
Birla Telecom(16%) to provide passive infrastructure services to telecom service
providers. The company’s clientele include all telecom operators and other
wireless service providers such as broadband service providers. ITL has over Ratios (%)
125,000 towers in 15 circles across the country and 300,000 tenancies. In July NPM 16.2
2018, the company received regulatory approval from SEBI for its merger with ROA 13.4
Bharti Infratel, to create one of the world’s largest mobile tower operators with Current Ratio 0.5
over 163,000 towers across 22 circles in India. (As on March 31, 2018)
53
India’s Leading

6th Floor, 3rd Block, Delhi Technology Park, Shastri Park, New Delhi - 110053, Delhi
Website: www.railtelindia.com

RailTel Corporation of India Ltd (RailTel), established in 2000, is a neutral
telecom infrastructure provider, owning a pan-India optic fibre network (OFC)
Net Profit 1,561.8
on exclusive Right of Way (ROW) along railway track. It offers managed telecom
services including telepresence services, data centre services, RailWire, leased
line, VPN, internet leased line, managed data services and consultancy services. Ratios (%)
As of March 2018, RailTel had laid 48,956 RKMs of OFC connecting over 4,500 NPM 15.2
cities/towns on the network. ROA 6.8
Current Ratio 1.7
Reliance Jio Infocomm Limited

9th Floor, Maker Chambers IV, 222, Nariman Point, Mumbai - 400021, Maharashtra
Website: www.jio.com
t r e e t
d s
r a
B
Reliance Jio Infocomm Ltd (RJIL), incorporated in 2007, is a subsidiary of Reliance
&
Industries Ltd, providing digital services. RJIL, which has been developed as a
Net Profit 7,230.0
n
mobile video network and providing voice-over LTE technology, has built a next-
u
generation all-IP data network with latest 4G LTE technology. RJIL offers wireless
D
and wireline services, FTTH, enterprise offering, IOT services and other services. Ratios (%)
As of Jul 2018, RJIL had a wireless subscriber base of 227.05 mn. Net subscriber NPM 3.6
addition for the company during FY18 was 83 mn. ROA 0.3
Current Ratio 0.2
Tata Communications Limited

VSB, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra
Website: www.tatacommunications.com

Tata Communications Ltd (TCL), incorporated in 1986, provides international
telecommunications services. Its operating segments include voice solutions,
Net Profit 2,666.3
data and managed services (DMS), payments solutions (PS), and South Africa
operations (SAO). TCL offers high-speed connections and global MPLS virtual
private networks, telepresence services, DDoS mitigation and detection services, Ratios (%)
content delivery networks and cloud offerings. It also owns a submarine fibre NPM 4.8
network of over 500,000 km of subsea fibre and over 210,000 km of terrestrial ROA 2.0
fibre. Current Ratio 0.7
54
India’s Leading
Vindhya Telelinks Limited

Udyog Vihar, P.O. Chorhata, Rewa - 486006, MP
Website: www.vtlrewa.com

Vindhya Telelinks Ltd (Vindhya Telelinks), incorporated in 1983 as a public-
private JV between Universal Cables Ltd and Madhya Pradesh State Industrial
Net Profit 833.3
Development Corporation Ltd., manufactures fibre optic cables, copper cables,
power cables and telecom fibre accessories. The company is also engaged
in the business of manufacturing of FRP rods/glass rovings, connectorized Ratios (%)
cables products and EPC business. The company’s cables and EPC businesses NPM 6.1
respectively account for around 25% and 75% of the total turnover. It supplies ROA 6.0
its products to various sectors including railways, defence, coalfileds, and Current Ratio 1.4
atomic energy among others. (As on March 31, 2018)
Vodafone India Limited

Peninsula Corporate Park, GK Marg, Lower Parel, Mumbai - 400013, Maharashtra
Website: www.vodafone.in
t r e e t
d s
r a
B
Vodafone India Ltd (Vodafone) , incorporated in 1992, is a subsidiary of UK-based
&
Vodafone Group Plc. Vodafone provides cellular telecommunication services in
n
India, including prepaid and postpaid services, number portability, roaming and
u
calling cards, 4G and mobile internet, and home broadband services. As per
D
TRAI, Vodafone had 222.92 mn rural subscribers (access segment), 222.70 mn Ratios (%)
wireless subscribers and 59.77 mn broadband subscribers as of March 2018. In NPM (26.8)
Aug 2018, Vodafone successfully merged with Idea Cellular Ltd, forming a new ROA (1.5)
entity, Vodafone Idea Ltd. Current Ratio 1.4

Total Income
Net Profit
Total Assets
Ratios (%)
NPM
ROA
Current Ratio
55
India’s Leading
INDEX
Index
A The Dhamra Port Company Limited................................. 38
Adani Green Energy Limited............................................... 2 Dilip Buildcon Limited......................................................... 4
Adani Hazira Port Private Limited..................................... 36 Dredging Corporation of India Limited............................... 4
Adani Kandla Bulk Terminal Private Limited..................... 36 E

Adani Kattupalli Port Private Limited................................ 36 Engineers India Limited...................................................... 5
t
Adani Petronet (Dahej) Port Private Limited.................... 37 Everest Industries Limited.................................................. 5
e e
Adani Ports and Special Economic Zone Limited.............. 37
r
F
s t
Adani Power Limited........................................................ 42
d
Fourth Partner Energy Private Limited............................... 5
r a
Afcons Infrastructure Limited............................................. 2
B
Future Supply Chain Solutions Limited............................. 24
&
Ashoka Buildcon Limited.................................................... 2
G
u n
Atlanta Limited................................................................... 3
D
G R Infraprojects Limited.................................................... 6
B GAIL (India) Limited.......................................................... 28
B.L. Kashyap and Sons Limited........................................... 3
Gateway Distriparks Limited............................................. 24
BGR Energy Systems Limited.............................................. 3
Gayatri Projects Limited..................................................... 6
Bharat Petroleum Corporation Limited............................ 28
GMR Infrastructure Limited................................................ 6
Bharti Airtel Limited......................................................... 52
GPT Infraprojects Limited................................................... 7
Bharti Infratel Limited...................................................... 52
Gujarat Industries Power Company Limited..................... 42
C Gujarat Pipavav Port Limited............................................ 38
C&C Constructions Limited................................................. 4 Gujarat State Petronet Limited......................................... 29
CESC Limited..................................................................... 42
H
Chennai Petroleum Corporation Limited.......................... 28
H.G. Infra Engineering Limited........................................... 7
D Hathway Cable and Datacom Limited.............................. 52
Deendayal Port Trust........................................................ 37 Himachal Baspa Power Company Limited........................ 43
56
India’s Leading
INDEX
Himachal Futuristic Communications Limited.................. 53 L

Hindustan Construction Company Limited......................... 7 L&T Hydrocarbon Engineering Limited............................. 30
Hindustan Petroleum Corporation Limited...................... 29 L&T Infrastructure Development Projects Limited........... 13
I Larsen & Toubro Limited.................................................. 13
Idea Cellular Limited......................................................... 53 M

IL&FS Engineering and Construction Maithon Power Limited.................................................... 44
Company Limited............................................................... 8
Man Infraconstruction Limited......................................... 13
IL&FS Transportation Networks Limited............................. 8
Mangalore Refinery and Petrochemicals Limited............. 31
India Power Corporation Limited..................................... 43
t
McNally Bharat Engineering Company Limited................ 14
e
The Indian Hume Pipe Company Limited........................... 8
r e
Montecarlo Limited.......................................................... 14
s t
Indian Oil Corporation Limited......................................... 29
d
N
r a
Indraprastha Gas Limited................................................. 30
B
Nava Bharat Ventures Limited.......................................... 44
&
Indus Towers Limited........................................................ 53
NBCC (India) Limited........................................................ 14
u n
IRB Infrastructure Developers Limited............................... 9
NCC Limited...................................................................... 15
D
Ircon International Limited........................................... 10
NHPC Limited................................................................... 44
ITD Cementation India Limited......................................... 11
NLC India Limited............................................................. 45
J NTPC Limited.................................................................... 45
Jindal Drilling & Industries Limited................................... 30 Numaligarh Refinery Limited............................................ 31
JMC Projects (India) Limited............................................. 11

O
JSW Energy Limited.......................................................... 43 Oil and Natural Gas Corporation Limited......................... 31
K Oil India Limited............................................................... 32
Kalpataru Power Transmission Limited............................ 11 ONGC Videsh Limited....................................................... 32
Kamarajar Port Limited..................................................... 38 P

KEC International Limited................................................. 12 Patel Engineering Limited................................................. 15
Kirby Building Systems India Private Limited.................... 12 Pennar Engineered Building Systems Limited.................. 15
KNR Constructions Limited............................................... 12 Petron Engineering Construction Limited........................ 16
57
India’s Leading
INDEX
Petronet LNG Limited....................................................... 32 Techno Electric & Engineering Company Limited............. 20
PNC Infratech Limited....................................................... 16 Torrent Power Limited...................................................... 48
Power Grid Corporation of India Limited......................... 45 V

Prakash Constrowell Limited............................................ 16 VA Tech Wabag Limited.................................................... 20
R Vindhya Telelinks Limited................................................. 55
Rail Vikas Nigam Limited.................................................. 17 Vodafone India Limited.................................................... 55
RailTel Corporation of India Limited................................. 54 W

Reliance Industries Limited.............................................. 33 Welspun Enterprises Limited............................................ 20
t
Reliance Infrastructure Limited........................................ 46
e e
Reliance Jio Infocomm Limited......................................... 54 Note: Companies marked in bold are Advertorials
d
Reliance Power Limited.................................................... 46
a s t r
r
ReNew Power Limited...................................................... 46
& B
RPP Infra Projects Limited................................................ 17
n
u
S
D
Sadbhav Engineering Limited........................................... 17
Shriram EPC Limited......................................................... 18
Simplex Infrastructures Limited........................................ 18
Sintex Prefab and Infra Limited........................................ 18
SJVN Limited..................................................................... 47
SPML Infra Limited........................................................... 19
T
Tata Communications Limited.......................................... 54
The Tata Power Company Limited.................................... 47
Tata Power Renewable Energy Limited............................ 47
Tata Power Solar Systems Limited.................................... 19
Tata Projects Limited........................................................ 19
58
Notes
t r e e t
r a ds
n & B
D u
Notes
t r e e t
r a ds
n & B
D u
t r e e t
r a ds
n & B
D u
t r e e t
r a ds
n & B
D u

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NaxtGan Infra: Building

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Editor Preeta Misra

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India’s Leading Infrastructure Companies 2018

Definitions & Calculations............................................................................... I - 9

Total revenue including other income as reported in the company’s

Profit after tax as reported in the company’s standalone financial

Net Profit Margin (NPM) (%)

Equity Share Capital + Preference Share Capital+ Reserves and Surplus –

Total Debt Short Term Debt + Long Term Debt

Average Total Assets (Opening Total Assets + Closing Total Assets)/2

I - 12 Overview of the Indian Infrastructure Sector

*Upto December 2017

I - 14 Overview of the Indian Infrastructure Sector

The portfolio of stalled projects

Overview of the Indian Infrastructure Sector I - 15

Other policy measures

The Road Ahead

I - 16 Overview of the Indian Infrastructure Sector

Overview of the Indian Infrastructure Sector I - 17

Source: Ministry of Railways

I - 18 Overview of the Indian Infrastructure Sector

The way ahead

Overview of the Indian Infrastructure Sector I - 19

I - 20 Overview of the Indian Infrastructure Sector

Source: Ministry of Shipping

Overview of the Indian Infrastructure Sector I - 21

Source: Ministry of Shipping

I - 22 Overview of the Indian Infrastructure Sector

The way ahead

Overview of the Indian Infrastructure Sector I - 23

Air traffic at all Indian airports

I - 24 Overview of the Indian Infrastructure Sector

City FY18 FY17 % growth City FY18 FY17 % growth

Delhi 65.7 57.7 13.8 Delhi 9,63,032 8,57,419 12.3

Mumbai 48.5 45.2 7.4 Mumbai 9,06,321 7,82,289 15.9

Bengaluru 26.9 22.9 17.6 Chennai 4,17,787 3,59,217 16.3

Chennai 20.4 18.4 10.9 Bengaluru 3,48,403 3,19,344 9.1

Kolkata 19.9 15.8 25.7 Kolkata 1,63,323 1,52,415 7.2

Overview of the Indian Infrastructure Sector I - 25

The way ahead

I - 26 Overview of the Indian Infrastructure Sector

Overview of the Indian Infrastructure Sector I - 27

Source: World Bank Group

D u n Logistics Ease Across Different States Index

I - 28 Overview of the Indian Infrastructure Sector

The way ahead

Overview of the Indian Infrastructure Sector I - 29

u n & Increase in telecom subscribers

I - 30 Overview of the Indian Infrastructure Sector

Recent developments in the telecom sector

Overview of the Indian Infrastructure Sector I - 31

The way ahead

I - 32 Overview of the Indian Infrastructure Sector

Overview of the Indian Infrastructure Sector I - 33

Category-wise growth in electricity generation during FY18

RES: Renewable Energy Sources

I - 34 Overview of the Indian Infrastructure Sector