GAMMON INDIA LIMITED

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expected to be enhanced to approximately 37,000 MW by the year ended March 31, 2012 through the creation of ―Transmission Super Highways‖. Based on expected generation capacity addition in the 11 th Five-Year Plan, an investment of approximately Rs.750.00 billion is in the central sector and approximately Rs.650.00 billion is in the state sector. (Source: http://powermin.nic.in) 67
Overview BUSINESS We are the flagship company of the Gammon group and are one of the oldest civil engineering and construction companies in India. We believe that we are one of the largest contractor and developer of infrastructure projects in India. Our operations are divided into our engineering, procurement and construction (―EPC‖) and construction business, infrastructure development business and international business. We provide construction services in areas such as transport engineering, power transmission and distribution, energy, environment and pipelines, hydroelectric power structures, hydraulic and irrigation, and industrial structures and buildings. Our Company was incorporated in 1922 by John C. Gammon and was listed on the BSE in 1962 and the NSE in 1996. We undertake the development of projects as a developer in addition to providing services as a contractor. For the year ended March 31, 2009, we had total consolidated revenues and profit after tax of Rs.52,121.81 million and Rs.648.42 million, respectively. Our EPC and construction business comprises the following areas: transport engineering, where we undertake the design and construction of roads, bridges, metros, flyovers, ports and airports; power transmission and distribution, where we undertake the design, engineering, erection, testing and commissioning of transmission and distribution lines, substation and overhead lines, project electrification, rural electrification and system improvement projects; energy, where we undertake the engineering and construction of nuclear power, thermal power, hydro electric power and non-conventional power plants; environment and pipelines, where we undertake the construction and design of water treatment plants, cross-country oil and gas pipelines and water supply projects; hydroelectric power structures, where we undertake the construction of structures for hydroelectric power plants, such as dams, powerhouses, surge chambers, intake structures, and head race tunnels; hydraulic and irrigation, where we undertake the engineering, design and construction works for dams, tunnels, irrigation pipes and hydraulic structures; and our industrial structures and buildings, where we undertake the construction of multi-storey buildings, residential, commercial and hospitality and other industrial structures. We are also involved in the development of Build-Operate-Transfer (―BOT‖) projects in infrastructure and other infrastructure development projects through our subsidiary Gammon Infrastructure Projects Limited (―GIPL‖), of which we currently, directly and indirectly, hold 76.23%. GIPL, listed on the BSE and the NSE, undertakes projects on a public private partnership (―PPP‖) basis and its current portfolio of projects consists of 19 projects in the roads, bridges, ports, hydroelectric power and biomass power sectors, of which, four are in the operations phase, 10 are in the development phase and five are in the predevelopment 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 68
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The information in this Preliminary
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NOTICE TO INVESTORS The Company acc
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different from future results, perf
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your decision to accept an invitati
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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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Our Strategy for our short-term com
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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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the tender, the contract is usually
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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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Page 47 and 48: As of March 31, 2009, our contingen
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Page 53 and 54: market for our equity shares will n
Page 55 and 56: (of sale proceeds), a no objection/
Page 57 and 58: Date National Stock Exchange of Ind
Page 59 and 60: USE OF PROCEEDS The total proceeds
Page 61 and 62: 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
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Page 87 and 88: plan will soon be presented to the
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Page 91 and 92: An investment of about Rs.720,600.0
Page 93 and 94: China‘s electricity consumption h
Page 95: Source Central State Private Total
Page 99 and 100: ** formerly Bedi Seaport Limited GA
Page 101 and 102: Our Strategy flue chimneys, nuclear
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 Platform
Page 113 and 114: ITEA ACCAM S.p.A. Incinerator Plant
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: A B Desai C Bhattacharjee K Jayacha
Page 131 and 132: Shareholding Pattern PRINCIPAL SHAR
Page 133 and 134: Sl. No. Name of the Shareholder Tot
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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the shares, debentures and units of
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TRANSFER RESTRICTIONS Purchasers of
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The exceptions to this rule are for
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equirement to publish un-audited fi
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shares are listed). Further, any pe
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agreement, within the time period m
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for compulsory dematerialised tradi
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. by crediting shares of the Compan
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proportion as the capital paid on t
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The information provided below sets
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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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