GAMMON INDIA LIMITED

development phase. GIPL also offers services in other areas of project development, such as project
advisory services, project funding and operations and maintenance (―O&M‖).
Through our international operations, we focus on power equipment manufacturing and oil and gas
exploration around the world. During the year ended March 31, 2009, we completed a number of
acquisitions in the power equipment manufacturing sector, which has a limited number of players and high
barriers to entry. We acquired substantial stakes in a few European companies: (i) Sofinter S.p.A.
(―Sofinter‖, together with its subsidiaries, the ―Sofinter Group‖), an integrated group of companies that is
engaged in the manufacturing of industrial boilers, power utility steam boilers (including Heat Recovery
Steam Generators (―HRSGs‖)), EPC related to power utilities and research and development of flameless
technology using waste and low grade coal with zero carbon emissions and (ii) Franco Tosi Meccanica
S.p.A. (―FTM‖), a manufacturer of steam and hydro turbines for power utilities. Our erstwhile associate
company, Associated Transrail Structures Limited (―ATSL‖), engaged in the business of design, supply,
erection and commissioning of power transmission lines and rural electrification schemes, amalgamated
with our Company, effective from July 7, 2009, with an appointed date of April 1, 2008. Subsequent to this
amalgamation, S.A.E. Power Lines S.r.L. (―SAE Powerlines‖), a company based in Italy that is engaged in
the design, fabrication and erection of transmission towers and lines has become our subsidiary.
Subsequent to our acquisitions and partnerships, we believe that we are eligible to bid for supplying super
critical boilers and super critical turbines.
With over 87 years of experience, we have strived to achieve our motto of being ‗Builders to the Nation‘
with an array of landmark structures, including bridges, harbors, ports, thermal and nuclear power stations,
dams, high-rise structures, chemical and fertilizer complexes, environmental structures and cross-country
water, oil and gas pipelines. Our landmark structures include the following:
construction of the foundation for Gateway of India, Mumbai in 1922, which was the first
reinforced concrete precast piling job in India;
a river bridge of six kilometers across the Ganges at Patna in 1982, which was the longest river
bridge in India at the time;
the first cable-stayed bridge in India at Akkar, Sikkim in 1988;
a cantilever bridge of 140 meters across the river Jadukatta in Meghalaya in 2001, which was the
longest cantilever bridge in India at the time;
a railway tunnel of 6,500 meters for Konkan Railway at Ratnagiri in 1995, which was the longest
railway tunnel in Asia;
the first 500 MW thermal power station at Trombay in 1983;
a cooling tower of 141 meters at Panipat in 2000, which was the tallest cooling tower in India at
the time;
an urban viaduct of 2,400 meters at J.J. Hospital, Mumbai in 2002, which was the longest urban
viaduct in India at the time; and
a clover leaf flyover of 5,232 meters at Hebbal, Bangalore in 2003, which was the longest clover
leaf flyover in India at the time.
Over the years, our planners, designers and construction specialists have proved their competence and
innovative skills.
Factors Affecting our Results of Operations
As a civil engineering and construction company, our financial condition and results of operations are
affected by numerous factors and the following are of particular importance:
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