GAMMON INDIA LIMITED

Name of
the
Compan
y
AEL
GICL
KBICL
REL
G&B LLC is being consolidated as a subsidiary under Accounting Standard (AS) - 21 issued by
the Institute of Chartered Accountants of India.
c) During the year 2008-09 the group has acquired 75.1% equity stake in Franco Tosi Mecannica
S.p.A. (FTM), a joint stock company incorporated in Italy through its SPV Gammon
Holdings BV and a 100% stake in SAE Powerlines Srl, (SAE) through its SPV ATSL Holdings
BV. The Consolidated accounts includes the results of operations from the period June 08 in
case of FTM and May 08 in case of SAE , being the date of acquisition of stake in the company
to December 2008 being the date upto which the respective companies have drawn up their
accounts for local requirements. The consolidated accounts do not include the results of
operations for the period January to March 2009 in respect of these companies.
d) The effect of the acquisition of the subsidiaries on the accounts of the company is given
hereunder.
Name of Company Year Effect on Group
Profit/(Loss) after
Minority Interest
(Rs. In Millions)
Net Asset As on Net Asset Value
(Rs. In Millions)
Franco Tosi 2008-09 1.80 31.12.2008 6,048.60
SAE 2008-09 (18.00) 31.12.2008 495.60
Gammon Italy SRL 2008-09 (0.30) 31.12.2008 -
P. Van Beheersmaatschappaji
B.V. Netherlands
2007-08 (9.90) 31.03.2008 (11.00)
No. of
shares
7,467,55
0
9,596,92
3
6,284,14
6
7,467,55
0
e) As part of its overall business plans, Gammon Infrastructure Projects Ltd.(GIPL) has been
acquiring beneficial, controlling interest and voting rights from its holding company in
consideration of payment of deposit which, along with the Company‟s direct shareholdings, has
resulted in the Company having control over 51% in various SPVs. The details of the deposits
outstanding and the resultant beneficial interest and voting rights are tabulated hereunder:-
As at
March 31, 2009
Amount
Paid
84.83
95.97
62.84
84.82
THPL 25,500 0.25
% of
holdin
g
25.75
%
26.01
%
26.01
%
25.75
%
51.00
%
No. of
shares
As at
March 31, 2008
Amou
nt Paid
12,905,000 164.76
95,96,923 95.97
6,284,146 62.84
12,905,000 163.62
% of
holdin
g
44.50
%
26.01
%
26.01
%
44.50
%
No. of
shares
12,905,00
0
12,905,00
0
(Rs. In Millions)
As at
March 31, 2007
Amou
nt Paid
164.76
% of
holdin
g
44.50
%
- - -
- - -
163.62
44.50
%
- - - - - -
i) During the year 2008-09, its subsidiary Company GIPL sold its entire legal stake in THPL to
Torrent Power Limited and to its holding company, GIL. GIPL later acquired beneficial, controlling
F
35