GAMMON INDIA LIMITED
GAMMON INDIA LIMITED
GAMMON INDIA LIMITED
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Overview<br />
BUSINESS<br />
We are the flagship company of the Gammon group and are one of the oldest civil engineering and<br />
construction companies in India. We believe that we are one of the largest contractor and developer of<br />
infrastructure projects in India. Our operations are divided into our engineering, procurement and<br />
construction (“EPC”) and construction business, infrastructure development business and international<br />
business. We provide construction services in areas such as transport engineering, power transmission and<br />
distribution, energy, environment and pipelines, hydroelectric power structures, hydraulic and irrigation,<br />
and industrial structures and buildings. Our Company was incorporated in 1922 by John C. Gammon and<br />
was listed on the BSE in 1962 and the NSE in 1996. We undertake the development of projects as a<br />
developer in addition to providing services as a contractor. For the year ended March 31, 2009, we had total<br />
consolidated revenues and profit after tax of Rs.52,121.81 million and Rs.648.42 million, respectively.<br />
Our EPC and construction business comprises the following areas:<br />
transport engineering, where we undertake the design and construction of roads, bridges, metros,<br />
flyovers, ports and airports;<br />
power transmission and distribution, where we undertake the design, engineering, erection, testing<br />
and commissioning of transmission and distribution lines, substation and overhead lines, project<br />
electrification, rural electrification and system improvement projects;<br />
energy, where we undertake the engineering and construction of nuclear power, thermal power,<br />
hydro electric power and non-conventional power plants;<br />
environment and pipelines, where we undertake the construction and design of water treatment<br />
plants, cross-country oil and gas pipelines and water supply projects;<br />
hydroelectric power structures, where we undertake the construction of structures for hydroelectric<br />
power plants, such as dams, powerhouses, surge chambers, intake structures, and head race<br />
tunnels;<br />
hydraulic and irrigation, where we undertake the engineering, design and construction works for<br />
dams, tunnels, irrigation pipes and hydraulic structures; and<br />
our industrial structures and buildings, where we undertake the construction of multi-storey<br />
buildings, residential, commercial and hospitality and other industrial structures.<br />
We are also involved in the development of Build-Operate-Transfer (“BOT”) projects in infrastructure and<br />
other infrastructure development projects through our subsidiary Gammon Infrastructure Projects Limited<br />
(“GIPL”), of which we currently, directly and indirectly, hold 76.23%. GIPL, listed on the BSE and the<br />
NSE, undertakes projects on a public private partnership (“PPP”) basis and its current portfolio of projects<br />
consists of 19 projects in the roads, bridges, ports, hydroelectric power and biomass power sectors, of<br />
which, four are in the operations phase, 10 are in the development phase and five are in the predevelopment<br />
phase. GIPL also offers services in other areas of project development, such as project<br />
advisory services, project funding and operations and maintenance (“O&M”).<br />
Through our international operations, we focus on power equipment manufacturing and oil and gas<br />
exploration around the world. During the year ended March 31, 2009, we completed a number of<br />
acquisitions in the power equipment manufacturing sector, which has a limited number of players and high<br />
barriers to entry. We acquired substantial stakes in a few European companies: (i) Sofinter S.p.A.<br />
(“Sofinter”, together with its subsidiaries, the “Sofinter Group”), an integrated group of companies that is<br />
engaged in the manufacturing of industrial boilers, power utility steam boilers (including Heat Recovery<br />
Steam Generators (“HRSGs”)), EPC related to power utilities and research and development of flameless<br />
technology using waste and low grade coal with zero carbon emissions and (ii) Franco Tosi Meccanica<br />
S.p.A. (“FTM”), a manufacturer of steam and hydro turbines for power utilities. Our erstwhile associate<br />
company, Associated Transrail Structures Limited (“ATSL”), engaged in the business of design, supply,<br />
erection and commissioning of power transmission lines and rural electrification schemes, amalgamated<br />
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