URBAN RAIL IN 2018 Segment Trends, Outlook and Opportunities

India has emerged as one of the world’s biggest markets for the development of urban rail systems (metrorail, and ). Increasing population and rapid urbanisation coupled with problems of traffic congestion and air pollution have been the driving factors for the development of rail systems in Indian cities.

The urban rail network in India has increased significantly in the last decade; up from 90 km in 2006 to about 444 km currently operational in 10 cities. Going forward, over 100 projects that will add nearly 2,000 km of network length are planned at an investment of INR6,400 billion. However, this project pipeline faces risks related to financing, land acquisition, securing of regulatory clearances and geological surprises.

To resolve some of these issues, the approved the new Rail Policy 2017, which aims to facilitate innovative financing, revive private investment by making public-private partnership (PPP) contracts mandatory, promote transit-oriented development (TOD) and last-mile connectivity, and improve project appraisal procedures.

Cities across India are experimenting with advanced technologies to make urban rail systems more efficient, reliable and passenger-friendly. Indian metro systems are steadily moving from semi-automatic to unattended train operations/driverless train operations. Most upcoming systems also have plans to deploy the highest grades of signalling such as communications-based train control (CBTC) systems. Several systems are also exploring deployment of advanced fare payment systems such as open loop ticketing and bank cards.

Global Mass Transit Research has released the Urban Rail in India 2018 report - the most comprehensive and up-to-date study on the Indian urban rail market. It provides a sector overview, an analysis of policies, investment and financing experience for rail projects, recent developments, prospects for PPP, project pipeline, investment outlook, market opportunities and new technologies. It also provides segment-wise analysis and opportunities for rolling stock, signalling, train control, communications, fare collection systems, construction market (elevated structures and ), stations, and traction and E&M.

The report is available in PDF format and MS Excel Database.

For further information, please contact: Global Mass Transit Research Mobile: +1 905 228 6419, Email: [email protected] Website: www.globalmasstransit.net Table of Contents

SECTION I: MARKET TRENDS AND OUTLOOK ™ Projects Completed and Under SECTION II: SEGMENT ANALYSIS, OUTLOOK Implementation AND OPPORTUNITIES 8. Rolling Stock 1. Executive Summary ™ Case Studies of PPP Projects ™ Market Size and Growth ™ Learning Points ™ Nature of Fleet and Specifications 2. Sector Overview ™ Key Success Factors ™ Recent Orders (past 15-18 months) ™ Network Size and Growth ™ Impact of Metro Rail Policy 2017 on PPP ™ Upcoming Bids and Tenders ™ Trends in Ridership ™ Planned Projects and Investments ™ Market Share of Key Players ™ Key Sector Trends ™ Risks and Challenges ™ Focus on Indigenous Production ™ Impact of 'Make in India' and Focus on ™ Outlook and Projections (till 2023-24) Indigenisation

™ Budgetary Outlay for 2018-19 6. Project Pipeline 9. Signalling, Train Control and ™ Recent Developments ™ By Status Telecommunications – Key Government Initiatives – Ongoing ™ Market Size and Growth – Project Completions – Awarded ™ Technologies and Systems in Use – Recent Contract Awards – Under bidding ™ System Upgrades and Innovations – Projects Approved/Launched/Proposed – Planned ™ Market Share of Key Players – New Concepts and Technologies ™ Recent Contracts ™ By Mode of Implementation ™ Investment Requirements ™ Upcoming Bids and Tenders – EPC ™ Issues and Challenges ™ Recent Developments – PPP ™ Future Outlook ™ Outlook and Projections ™ By Type of System

3. Metro Rail Policy 2017 – At grade 10. Fare Collection Systems

™ Salient Features – Elevated ™ Market Size and Growth

™ Potential Benefits – Underground ™ Specifications of Systems in Use ™ Impact on PPPs ™ System Upgrades and Innovations ™ Global Scenario ™ Scope for Private Participation in O&M 7. Investment Outlook and Opportunities ™ Industry Feedback ™ Market Share of Key Players ™ Growth Drivers ™ Recent Contracts ™ Expected Network Expansion by 2020 and ™ Upcoming Bids and Tenders 4. Investment and Financing Experience Beyond 2020 ™ Plans of Key Metro Systems ™ Investment Experience So Far ™ Investment Projections ™ Key Trends ™ Funding Sources and Financing Models ™ Upcoming Opportunities ™ Recent Developments ™ Recent Financing Trends – Contractors/developers ™ Outlook and Projections ™ Project Economics – Construction ™ Cost Components – Traction and E&M 11. Construction: Metro Tunnels ™ Historical and Expected Rates of Returns ™ Size and Growth ™ Key Sources of Revenue – Rolling Stock ™ Analysis of TBM Market ™ New Revenue Streams – Signalling, Train Control and ™ Market Share of Key Players Telecommunication ™ Risks and Challenges ™ Recent Contracts (past 15-18 months) – Fare Collection ™ Upcoming Bids and Tenders 5. Prospects for PPP ™ Market Opportunities ™ Recent Developments ™ PPP Experience So Far – Issues and Challenges ™ Best Practices in Tunnel Design ™ Key Milestones – Sector Outlook ™ Outlook and Opportunities www.globalmasstransit.net Table of Contents

12. Construction: Elevated MRTS ™ Metro Rail Project Phase III – Rapid Metro Rail Project Gurgaon Phase III

™ Size and Growth ™ Rapid Metro Rail Project Gurgaon Phase I – Rail Project Phase II and II ™ Per-km Construction Cost – Metro Rail Project Phase I ™ Metro Rail Project Phase I ™ Prevalent Methods and Techniques – Metro Rail Project Phase IB ™ Jaipur Metro Rail Project Phase I ™ Market Share of Key Contractors – Metro Rail Project Phase I ™ Rail Project Phase I ™ Recent Contracts – Metro Phase II ™ North-South Metro Rail Project ™ Upcoming Tenders – Rail Project ™ Rail Project (East-West and ™ Key Trends – Mumbai Metro Phase III Expansion projects) ™ Outlook and Projections – Noida Sector 142 - Kalindi Kunj Metro ™ Rail Project Rail Project ™ Mumbai Metro Rail Project Phase I - – Noida Sector 71-Knowledge Park V 13. Stations ™ Mumbai Metro Rail Project Phase I - Line 2A Metro Rail Project ™ Size and Growth ™ Mumbai Metro Rail Project Line 2B – Metro Rail Project Phase I ™ Innovations in Material and Design ™ Mumbai Metro Rail Project Phase I - Rail Project Phase I ™ Key Components of Station Design ™ Mumbai Metro Rail Project Phase II - – Srinagar Metro Rail Project ™ Key Players ™ Mumbai Metro Rail Project Phase III - Rail Project ™ Recent Contracts ™ Project Line 1 – Metro Rail Project ™ Global Best Practices ™ Rail Project – Metro Rail Project Phase I ™ Upcoming Tenders ™ Metro Rail Project Phase 1 – Metro Rail Project Phase I ™ Outlook and Projections ™ Noida-Greater Rail Project ™ Light Rail Transit Projects

™ Rail Project Phase I – LRT Project 14. Traction and E&M – Bhopal LRT Project ™ Traction Systems 16. Announced, Approved and Under – Indore LRT Project ™ Market Size Bidding Projects – Kozhikode LRT Project ™ Specifications of Traction and E&M ™ Metro Rail Projects – Ranchi LRT Project Systems – Metro Rail Project – Thiruvananthapuram LRT Project ™ Energy Consumption and Expenditure – Bengaluru Metro Rail Project Phase 2A – Vijayawada LRT project ™ Energy Conservation Initiatives (KR Puram-Silk Board corridor) ™ Monorail Projects ™ Key Players – Bengaluru Airport Metro Line Phase 2B – Monorail Project (First Corridor) ™ Recent Contracts – Bengaluru Metro Rail Project Phase III – Delhi Monorail Project ™ Upcoming Tenders – Bhubaneswar-Cuttack Metro Rail Project – Kolkata Monorail Project ™ Outlook and Projections – Rail Project Phase II – Monorail Project – Dehradun-Haridwar-Rishikesh Metro Rail [Each profile covers the project scope (network length, SECTION III: PROJECT PROFILES Project number of stations, rolling stock, fare system, signalling – Rail Project Phase IV 15. Operational/Under Construction Projects and telecommunication, traction, etc.), implementing ™ -Gandhinagar Metro Rail Project – Greater Noida - Jewar Metro Rail Project agency, project cost, key consultants, key contractors, key milestones, sources of funding, recent contracts, Phase I – Greater Noida-IGI Airport Metro Rail upcoming tenders, current status, etc.] ™ Bengaluru Metro Rail Project Phase I and Project Phase II – Gurgaon-Manesar-Bawal Metro Rail ™ Chennai Metro Rail Project Phase I Project

™ Chennai Metro Rail Project Phase I – Rail Project Phase I Extension – Hinjewadi-Shivajinagar Metro Rail ™ Delhi Metro Rail Project Phase I and II Project Sources and Methodology Global Mass Transit Research’s industry analysts have utilised primary and secondary research sources in preparing this report. Primary sources include information obtained through telephone interviews and emails from public authorities, operators and regulators. Secondary sources include, but are not limited to, project websites and status reports; websites, annual reports, capital programmes and financial reports of transport authorities and operators; documentation provided by relevant financing institutions; investor presentations; analyst reports; government plans and documents; websites of ministries and regulators; websites of industry associations; internal and external proprietory databases; news articles; and press release reports. Wherever applicable, research sources are cited within the report. . Our analysts and researchers have combined the information from these primary and secondary sources with their industry expertise to synthesise the qualititative and quantitative analysis presented in this report. In cases where data was not available, we have used the estimates from authentic published reports or press releases.

Great care has been taken to ensure that all analysis is supported by facts. In situations where facts were not available and assumptions were made to conduct analysis, we have explained our assumptions and our methods of estimation.

Global Mass Transit Research takes every possible care to provide information using resources it believes are most accurate and reliable. It, however, shall not be liable for losses or consequences, if any, arising from the use of the information contained in the document.

About the Publishers Global Mass Transit Research is a leading provider of information and analysis on the global mass transit industry. It publishes the Global Mass Transit Report (a monthly newsletter) and Global Mass Transit Weekly (a weekly update). It also operates the www.globalmasstransit.net website.

Through these products, it provides information on all key developments, trends and issues in the sector; tracks major projects, contracts and investments; profiles leading mass transit authorities/operators and discusses their strategies; reports on regulatory initiatives and examines their implementation; provides the latest available data and statistics; and features views and perspectives of experts and top industry players.

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