GAMMON INDIA LIMITED

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Iride Energia-Torino: This project involves the supply of a 150 MW steam turbo-generator for Iride Energia S.p.A. in Torino, Italy. This project commenced in June 2009 and is scheduled to be completed in May 2011. The contract value of the project is €26.00 million. Sener-Argentina: This project involves the supply of a 170 MW steam turbo-generator for Sener in Argentina. This project commenced in April 2008 and is scheduled to be completed in May 2010. The contract value of the project is €23.00 million. SAE Powerlines SAE Powerlines have been engaged for several decades in the design, fabrication and erection of transmission towers and lines worldwide. It is currently a global manufacturer of switching AC/DC and DC/DC power supplies in the power ranges from 100 to 2,200 Watts, full range of magnetic components, EMI/RFI power line filters and a providers of electronic sub-assemblies. With operations in Africa, South East Europe, Middle East, Southeast Asia and Latin America, its customers can be split into two segments: (a) utilities companies, mainly consisting of state owned companies, organized by subsystem departments with their own standard technical and commercial specifications; and (b) independent power producers and developers, mainly consisting of private companies, generally set up as special purpose companies for the project working in transnational markets. In 2008, ATSL acquired a 100.00% stake for €1.38 million in SAE Powerlines. We currently hold SAE Powerlines through our subsidiary ATSL Holdings B.V., Netherlands. For the six months ended June 30, 2009, the turnover, EBITDA and profit after tax of SAE Powerlines, as certified by its board of directors, was €33.87 million, €1.33 million and €0.08 million, respectively. Some selected ongoing major projects currently undertaken by SAE Powerlines are set forth below: Commission Federal de Electricidad in Mexico: This project involved the design, fabrication and erection of a 140 kilometer transmission line on a turnkey basis for Commission Federal de Electricidad in Mexico. The contract value of the project was €55.00 million. This project was completed in 2004. Nigerian Agipoil Company in Nigeria: This project involved the design, fabrication and erection of a 55 kilometer transmission line on a turnkey basis including Niger River crossing for Nigerian Agipoil Company in Nigeria. The contract value of the project was €29.00 million. This project was completed in 2005. Sonelgaz in Algeria: This project involved the design, fabrication and erection of a 52 kilometer transmission line on a turnkey basis in desert area for Sonelgaz in Algeria. The contract value of the project was €10.00 million. This project was completed in 2007. In addition, SAE also entered into a contract for design, fabrication and erection of a 400/220/60kV transmission line for Sonelgaz in Algeria. The contract value of this project is €22.90 million. This project commenced in July 2008 and is scheduled to be completed in April 2010. Volta River Authority in Ghana: This project involved the design, fabrication and erection of a 140 kilometer transmission line and substation on a turnkey basis for Volta River Authority in Ghana. The contract value of the project was €10.00 million. This project was completed in 2007. Operatori Sistemi e Transmetimi in Albania: This project involved the design, fabrication and erection of a 400 kV transmission line between Tirana and Elbasan for Operatori Sistemi e Transmetimi in Albania. The contract value of the project is €10.50 million. This project was commenced in April 2008 and is scheduled to be completed in March 2010. Oil and Gas 85
Our Company, with its joint venture partner, Joshi Technologies International Inc., has a participating interest of 61.00% in Puma, a marginal oil field of Petroecuador (“Puma Marginal Field”) in Ecuador. Our participating interest is held through Campo Puma Oriente S.A., a company based in Panama, of which we hold 66.40% and Joshi Technologies International Inc. holds the remaining 33.60%. Currently, all environmental licenses in relation to Puma Marginal Field have been obtained. Facilities have been created or upgraded to meet the project requirements. Two of the four workover wells have been made operational and one development well of the three development wells proposed is being drilled. All three development wells are expected to be completed by February 2010. We have also embarked on an exploration program in Nebraska USA on a 50-50 basis with Joshi Technologies Inc.. The program envisages exploration on approximately 60,000 acres of land leased in the state of Nebraska for a period of four years. The 2D and 3D seismic studies have been completed and analysis is underway to establish the results. Specialized Construction Services Finest S.p.A. Finest S.p.A, our associate company of which we hold 50.00%, has a 82.74% stake in Tensacciai S.p.A. (Tensacciai”) which specializes in undertaking post tensioning works, manufacturing and erection of stay cables and ground anchorages. Tensacciai operates in Italy and other parts of Europe as well as in Brazil, North Africa and Middle East. The consolidated turnover and net profit of Tensacciai for the calendar year 2008 was approximately €24.00 million and €1.50 million, respectively. As on September 30, 2009, the order book of Tennsacciai was approximately €35.00 million. Gammon & Billimoria LLC Gammon & Billimoria LLC, Dubai (“GBLLC”), of which our subsidiary, Gammon & Billimoria Limited, holds 49.00%, specializes in the construction of residential and commercial complexes, villas and multi-storey structures, including mechanical, engineering and plumbing and heating, ventilating and air conditioning. Dubai Authorities have granted GBLLC the license to undertake unlimited works in the above segment. The order book of GBLLC as an September 30, 2009 was approximately AED 350.00 million. Currently, GBLLC is looking at opportunities in Abu Dhabi, Sharjah and Ras Al Khaimah. Competition The engineering, construction and infrastructure industry in India is highly fragmented and very competitive. In particular, substantial domestic competition exists in the small projects segment. However, the size, scheduling and complexity of large-scale construction projects, on which our Company focuses, create high-entry barrier for the smaller and less sophisticated engineering and construction companies. Due to ongoing liberalization, rising infrastructure spending by the Government on construction and infrastructure and various related policy initiatives, we expect the Indian construction sector to be increasingly attractive and the existing players are expected to face competition from large domestic as well as international construction and property development companies. We believe that we are one of the most diversified construction companies in India, however we face competition from other Indian and foreign construction companies in each of our areas of activity. See “Industry.” Most of the construction contracts are awarded through competitive bidding processes and satisfaction of other prescribed pre-qualification criteria. Once the prospective bidders clear the technical requirements of the tender, the contract is usually awarded to the most financially competitive bidder. While service quality, technological capacity and performance, health and safety records and personnel, as well as reputation and experience, are important considerations in client decisions, price is a major factor in most tender awards. We face competition from domestic and international companies, some of whom may operate on a larger scale than us and thus may be able to achieve better economies of scale than us. 86
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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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Vesting Date No. Of Options Exercis
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
Page 71 and 72: Intangible assets are amortized ove
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Page 77 and 78: Profit After Tax. Our profit after
Page 79 and 80: primarily by trade payables and wor
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Page 83 and 84: Development Authorities, Metro Rail
Page 85 and 86: Indian Road Network Kilometers (app
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
Page 93 and 94: China’s electricity consumption h
Page 95 and 96: Source Central State Private Total
Page 97 and 98: Overview BUSINESS We are the flagsh
Page 99 and 100: ** formerly Bedi Seaport Limited GA
Page 101 and 102: flue chimneys, nuclear containment
Page 103 and 104: For certain large construction or i
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 and 112: Ansaldo Oseberg D Offshore Platfor
Page 113: ACCAM S.p.A. Incinerator Plant: Eur
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
Page 133 and 134: Sl. No. Name of the Shareholder Lim
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
Page 155 and 156: shares are listed). Further, any pe
Page 157 and 158: agreement, within the time period m
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Page 161 and 162: . by crediting shares of the Compan
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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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