GAMMON INDIA LIMITED

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Morocco Project: This project involves the rehabilitation of two coal fired units on Mohammedia plant for One Mohamedia in Morocco. The contract was awarded in June 2006 and the project is scheduled to be completed by March 2011. The contract value of this project is €73.00 million, with the residual value (as at June 30, 2009) being €15.00 million. Europower Europower S.p.A., is a leading Italian player in engineering, supply and construction of turn key plants on an EPC basis and the supply of O&M on global services basis. Under global services contracts, which are usually medium- to long-term contracts, Europower guarantees the availability, output and/or the level of service of a plant. Over the years, Europower has been involved in the construction of power and industrial plants (such as combined-cycle power plants, cogeneration electric power plants and hydroelectric plants), the supply of district heating systems and the development of gasification technology. Europower has been awarded UNI EN ISO 9001:2000, UNI EN ISO 14001:2004 and OHSAS 18001 – Ed. 1999 for its quality management, environmental management and commitment to occupational health and safety by SGS Italia S.p.A. Europower is active in several industrial fields: energy, waste to energy and oil and gas. It has acquired relevant experience in the construction of combined-cycle power plants, co-generation electric power plants and industrial plants and the supply of district heating systems and hydroelectric plants. Some selected ongoing major EPC projects currently undertaken or recently completed by Europower are set forth below: Petkim Petrokimya Holdings A.S. Repowering Project: This project involves the engineering and procurement of a steam generating plant repowering with a 56 MW gas turbine, consisting of one Alstom GT8C2 gas turbine, feedwater heating of existing conventional steam cycle by a gas turbine flue gas heat recovery system, a new high pressure natural gas pipeline inside the petrochemical complex and a reducing and metering station for gas turbine and existing boilers, for Ansaldo on behalf of Petkim Petrokimya Holdings A.S. in Aliaga, Turkey. This project commenced in May 2005 and was completed in November 2007. The contract value of this project is €24.20 million. Linate Co-generation Project: This project involves the engineering and design, on a lump sum turnkey basis, of a 24 MW and an 80 MW co-generation plant, which includes three gas engine driven sets with electric output of eight MW and heat capacity of seven MW each, two auxiliary direct fire boilers with capacity of 30 MW each and a superheated water storage unit with capacity of 20 MW, for Malpensa Energia s.r.l. at the Milan Linate Airport, Italy. This project commenced in June 2005 and was completed in June 2008. The contract value of this project was €24.50 million. Elettra Holdings Co-generation Project: This project involves the EPC, on a lump sum turnkey basis, of a 58 MW co-generation plant, which includes two Nuovo Pignone PGT10 gas turbines with power of 10 MW each, two Macchi HRSGs with post-firing and fresh air, a 40 MW Nuovo Pignone steam turbine, two kilometers of LD converter gas (LDG)/blast furnace gas (BFG) pipeline, four kilometers of natural gas pipeline and four kilometers of 132 KV electrical line, for Elettra Holdings in Piombino, Italy. This project commenced in April 2000 and was completed in January 2003. The contract value of this project was €61.00 million. Some selected ongoing major O&M projects currently undertaken by Europower are set forth below: Combined Cycle Power Plant Maintenance Global Service: Europower is responsible for providing turnkey maintenance service with plant availability guaranteed for Elettra Holdings in Piombino, Italy. The services include full maintenance service, spare parts supply and management, supply of chemicals, supply of consumable materials for maintenance, direction and coordination of the service, keeping the registers, and carrying out the test and inspections required by law. The duration of the contract is from 2003 to 2013. The contract value of this project is €20.00 million. 83
ACCAM S.p.A. Incinerator Plant: Europower is responsible for providing full O&M services of an incinerator plant, which has a total capacity of 500 tons per day and steam production of 60 tons per day and electric power generator of nine MW, for ACCAM S.p.A. in Busto Arsizio, Italy. The services include plant operation, ordinary maintenance, programmed and preventive maintenance, extraordinary maintenance, spare parts supply and management, supply of chemicals, supply of expendable materials for maintenance, handling and disposal of scraps, ashes and dusts, handling and disposal of liquid effluents, management of the flue gas monitoring system, direction and coordination of the service, and assistance to the ACCAM S.p.A. for the registers, and carrying out the test trials and check-ups required by law. The duration of the contract is from 2000 to 2010. The contract value of this project is €95.00 million. ITEA ITEA, of which 77.97% is held by Sofinter and 11.99% is held by Ansaldo, specializes in areas such as boilers, EPC, flameless combustion technology and water treatment systems. In particular, ITEA has developed and patented Isotherm technology, an innovative flameless oxy-fuel pressurized combustion technology using waste and low grade coal. The new technology offers high yield waste-to-power recovery, safe treatment capabilities of highly toxic residues, environmentally friendly process and fully computerized operations control. ITEA, since 2004, has operated a five MW demonstration unit at Ansaldo Caldaie Combustion Research Centre located at Gioia del Colle. In 2008, a 15 MW Isotherm industrial unit at Jurong Island, Singapore, was completed. The plant, which is fed by petrochemical and chemical industrial waste, has also passed the operability and environmental compatibility tests, and is expected to provide steam to customers in early 2010. Some selected ongoing major projects currently undertaken by ITEA are set forth below: Project Enel: This project involves the development of an oxy-coal combustion pilot plant in 2011 for Enel S.p.A. in its Brindisi site. The plant will operate on coal water slurry and have a combustor power of 48 MW. The estimated sales realization of this project is approximately €33.00 million. In addition, Enel S.p.A plans to build a 320 MW coal fired, zero emission plant by 2015, based on ITEA’s Isotherm Pwr® technology, with the main equipment supply by ITEA. Project Arzignano: This project involves the construction of two 15 MW units for the treatment of a tannery sludge for Acque del Chiampo in Italy. This project is scheduled to be completed by 2012. The estimated sales realization of this project is approximately €55.00 to €60.00 million. Franco Tosi Meccanica With a history of more than 125 years, FTM is a permanent Westinghouse licensee for a complete range of steam turbines and has proprietary technology for a range of hydro turbines. FTM designs and manufactures steam turbines on its own and Siemens Westinghouse technology, and has the capability to design and supply electro-mechanical BOP and HP piping systems as well as in growing waste-to-energy and biomass segment. FTM has installed base of over 75,000 MW across 40 countries and over 2,000 units. FTM is headquartered in Legnano, a city near Milan, and its manufacturing facilities are located on over 350,000 sq. m. of land with a covered area of approximately 162,000 sq.m.. We acquired a 75.10% stake in FTM for a consideration of €40.00 million in June 2008 through our subsidiary Gammon Holdings B.V. Netherlands. FTM has an in-house production of 500,000 to 700,000 manhours per year, corresponding to approximately 10 to 12 complete steam turbine sets of 150-160 MW each aggregating to 1100 to 2000 MW per year. Currently, FTM can produce steam turbines with capacity up to 660 MW and hydro turbines with capacity up to 400 MW. For the six months ended June 30, 2009, the turnover, EBITDA and loss of FTM, as certified by its board of directors, was €47.35 million, €2.11 million and €2.79 million, respectively. Some selected ongoing major projects currently undertaken by FTM are set forth below: 84
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GAMMON INDIA LIMITED (Incorporated
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NOTICE TO INVESTORS The Company acc
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usiness strategies and environment
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epresentation, warranty or statemen
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SEBI nor any other regulatory autho
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FORWARD LOOKING STATEMENTS All stat
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Term Description Company in consult
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Term Description NH National Highwa
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Lock-up The Company will not, for a
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ased in Italy that is engaged in th
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for our short-term commercial paper
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Sr. No. SUMMARY FINANCIAL INFORMATI
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REFORMATTED CONSOLIDATED BALANCE SH
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REFORMATTED CONSOLIDATED PROFIT AND
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REFORMATTED CONSOLIDATED CASH FLOW
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RISK FACTORS An investment in equit
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affect on the profit margins that w
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As the revenue structure for the SP
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of actual traffic volume. Adverse d
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esult in decreased sales of our pro
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in two or three years) of interest
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If our subsidiaries or SPVs default
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Our inability to obtain, renew or m
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As of March 31, 2009, our contingen
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on which such additional financing
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The Equity Shares are being offered
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market for our equity shares will n
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(of sale proceeds), a no objection/
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Date National Stock Exchange of Ind
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USE OF PROCEEDS The total proceeds
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Page 63 and 64: EXCHANGE RATE INFORMATION The follo
Page 65 and 66: development phase. GIPL also offers
Page 67 and 68: during summer months and during the
Page 69 and 70: c) Revenues from providing services
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Page 83 and 84: Development Authorities, Metro Rail
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Page 87 and 88: plan will soon be presented to the
Page 89 and 90: The Airports Sector in India Indian
Page 91 and 92: An investment of about Rs.720,600.0
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Page 95 and 96: Source Central State Private Total
Page 97 and 98: Overview BUSINESS We are the flagsh
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Page 101 and 102: flue chimneys, nuclear containment
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Page 105 and 106: oriented services. In addition, we
Page 107 and 108: Kalwakruthy Stage-3-Lift Irrigation
Page 109 and 110: Name of SPV Revenue Model MNEL KBIC
Page 111: Ansaldo Oseberg D Offshore Platfor
Page 115 and 116: Our Company, with its joint venture
Page 117 and 118: Board of Directors BOARD OF DIRECTO
Page 119 and 120: Name, Designation, DIN and Address
Page 121 and 122: Name, Designation, DIN and Address
Page 123 and 124: Mr. Parvez Umrigar, is a B. Com., A
Page 125 and 126: Mr. Himanshu Parikh Pursuant to a s
Page 127 and 128: Organisation Chart 98
Page 129 and 130: Name Number of Equity Shareholding
Page 131 and 132: Shareholding Pattern PRINCIPAL SHAR
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Page 135 and 136: Equity Shares allotted to a QIB pur
Page 137 and 138: FIIs are permitted to participate t
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Page 141 and 142: ank). The QIB will be required to d
Page 143 and 144: Placement Agreement PLACEMENT The J
Page 145 and 146: SELLING RESTRICTIONS The distributi
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Page 149 and 150: TRANSFER RESTRICTIONS Purchasers of
Page 151 and 152: The exceptions to this rule are for
Page 153 and 154: equirement to publish un-audited fi
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(including a corporation or company
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TAXATION The information provided b
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to be income chargeable under the h
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8. As per Section 74 Short-term cap
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long-term capital gains. Balance lo
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LEGAL PROCEEDINGS Save as described
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lack list GIL and also its allied/s
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Index to financial statements: FINA
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Sr. No. UNAUDITED FINANCIAL RESULTS
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from the foreign currency receivabl
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5. The financial statements of cert
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REFORMATTED CONSOLIDATED BALANCE SH
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GAMMON INDIA LIMITED REFORMATTED CO
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GAMMON INDIA LIMITED REFORMATTED CO
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GAMMON INDIA LIMITED SCHEDULES FORM
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31.03.09 31.03.08 31.03.07 Rs.inMil
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SCHEDULE 15A SUNDRY EXPENSES INCLUD
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SCHEDULE 18 SIGNIFICANT ACCOUNTING
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5. Research and Development Expense
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(c) Work in progress from manufactu
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Basic Earning Per Share is calculat
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For the Year 2008- 09 For the Year
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interest and voting rights in respe
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y Busi Group. By an Agreement dated
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Maritime Services Pvt. Ltd* Modern
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the difference between outstanding
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PVAN: Term Loans from ICICI Bank ar
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foreign exchange loss of Rs. 11.20
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In respect of some road projects co
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Net Actuarial (gain)/loss To Be Rec
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Further, during the year 2008-09, t
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30 Gammon Sadelmi (Power Plant in S
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(c) Transactions of Oman Branch and
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11 Gammon Rizzani Gammon Rizzani Ga
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Nature of Transactions / relationsh
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Current liabilities Bank overdrafts
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Statement of recognised income and
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5. We have estimated and checked th
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4. As fully described by directors
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Franco Tosi Meccanica S.p.A. INTROD
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Franco Tosi Meccanica S.p.A. 2. INC
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Franco Tosi Meccanica S.p.A. 4. FOR
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Franco Tosi Meccanica S.p.A. The bo
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Franco Tosi Meccanica S.p.A. Revenu
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Franco Tosi Meccanica S.p.A. Servic
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Franco Tosi Meccanica S.p.A. 31.12.
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Franco Tosi Meccanica S.p.A. Note 5
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Franco Tosi Meccanica S.p.A. Nota 1
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Franco Tosi Meccanica S.p.A. As pre
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Franco Tosi Meccanica S.p.A. Deprec
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To the Shareholders of Sae Power Li
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SAE POWER LINES S.R.L. Società uni
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SAE POWER LINES S.R.L. IV. Liquid a
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SAE POWER LINES S.R.L. Profit and l
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SAE POWER LINES S.R.L. Company with
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underlying formal aspects. Fixed as
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Italian Exchange Rates Office (U.I.
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Description Value Monetary revaluat
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Accounts receivable by geographical
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This item can be broken down as fol
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Description 31/12/2007 Additions De
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Accounts payable by geographical ar
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Description 31/12/2008 31/12/2007 C
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Taxes Value at 31/12/2008 Value at
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the reasonable certainty that in fu
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ISSUER Gammon India Limited REGISTE
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GAMMON INDIA LIMITED

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