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Invit Investment Opportunity an Operational Portfolio of 24 Road Assets March 21

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Invit Investment Opportunity an Operational Portfolio of 24 Road Assets March 21 All images and videos are shot at location InvIT Investment Opportunity An Operational Portfolio of 24 Road Assets March 21 Private & Confidential All images and videos are shot at location ABOUT InvIT InvIT Structure Sponsor (Shrem Infra Structure Private Limited) + Other Potential Unit Holders Trust managementservices Trustee (Axis Trustee Services Limited) Investment Manager Investmentmanagement services Trusteefees (Shrem Financial Private Limited) InvIT Loans to InvIT Interest & Princ. Repayment Lenders / NCD Investors Project Manager Investmentmanagement Investment Cash upstream (Shrem Road Projects Private Limited) Fees paid by SPVs Equity in the form of Dilip Buildcon Limited dividend (O&M Contractor) SRPL SIPL STPL 100% Cash up-streaming through Interest Debt Securities PIMA Services PIMA Fees on loan, loan repayment O&M O&M Fees 24 Road Assets Geographical Diversified Road Portfolio Operational Revenue Generating Portfolio of 24 projects entailing an equity Investment of ~₹ 15 Bn along with a Debt of ~₹40 Bn AAA (Stable) Rated Portfolio by ICRA & India Rating (Fitch) Attractive Road Portfolio built over Strong Foundation Operational Robust Risk Strong Technical & Projects Mitigants Management Team • 24 Project Assets spread across 5 states • Fixed-Price O&M Contracts in place with • Pro-active management team with acquired from DBL DBL for the entire life of all the assets extensive and continuous monitoring of the projects • All 24 Project Assets are operational and • 4 Year O&M expense moratorium for HAM revenue generating therefore no- projects securitized with cash collaterals • Periodic early inspection of the road asset quality by the in-house technical team construction related risk • Cross-collateralization for all the 24 before the site inspection by the govt. projects in case of default to perform O&M • Diverse Revenue Mix from HAM, Toll, authorities obligations Annuity, Toll + Annuity Projects • Strong technical team with experience in • Lower risk due to higher visibility and stable structures, project management, • Seamless cash flow throughout the year cash flows transportation engineering, highway with ~44 Annuity payments in a year designing etc. NHAI/MoRTH Road Asset Operational No. of Bid Project Lane (Length Concession Bided O&M Sr No. Name of the Asset State Authority PCOD Annuities Cost in Kms) Period (In Crs) Received (In Crs) (in years) DBL Lucknow Sultanpur Highways 1 UP 4(127.4) NHAI 30-04-2019 15 3 / 30 2,016 5.0 Ltd (DLSHL) DBL Yavatmal Wardha Highways Pvt 2 MH 4(64.9) NHAI 02-08-2019 15 2 / 30 1,043 3.0 Ltd (DYWHPL) DBL Tuljapur Ausa Highways Ltd 3 MH 4(67.4) NHAI 18-11-2019 15 2 / 30 911 3.0 (DTAHL) DBL Wardha Butibori Highways Pvt 4 MH 4(59.2) NHAI 20-11-2019 15 2 / 30 1,066 3.0 Ltd (DWBHPL) DBL Kalmath Zaraph Highways Ltd 5 MH 4(43.9) MoRTH 23-03-2020 15 1 / 30 914 3.0 (DKZHL) DBL Mahagaon Yavatmal Highways 6 MH 4(80.2) NHAI 23-05-2020 15 1/ 30 1,161 3.0 Pvt Ltd (DMYHPL) 7 Jalpa Devi Tollways Limited (JDTL) MP 4(93.5) NHAI 18-06-2018 23.5 NA NA NA HAM projects comprise of ~90% rigid pavement and therefore require minimal O&M. Also, all of the HAM project were completed much ahead of its scheduled completion date and thus resulted in bonus payments NHAI; National Highways Authority of India, MoRTH: Ministry of Road Transport and Highways State Concession Road Asset Portfolio Sr Lane (Length Concession Period Residual Life Project Cost Name of the Project State Authority Type COD No. in Kms) (in Year) (in Years) (In Crs.) 1 DBL Bankhlafata – Dogawa Tollways Ltd MP 2(65) MPRDC Annuity 31-03-2014 15 8 118 2 DBL Jaora – Sailana Tollways Ltd MP 2(87) MPRDC Annuity 09-05-2014 15 8 136 3 DBL Ashoknagar – Vidisha Tollways Ltd MP 2 (36) MPRDC Toll + Annuity 30-06-2014 15 8 89 4 DBL Silwani – Sultanganj Tollways Ltd MP 2(76) MPRDC Toll + Annuity 25-03-2013 15 7 134 5 DBL Sitamau– Suwasara Tollways Ltd MP 2(35) MPRDC Toll + Annuity 28-03-2013 15 7 65 6 DBL Hata – Dargawon Tollways Ltd MP 2(64) MPRDC Toll + Annuity 06-03-2017 15 11 101 7 DBL Patan Rehli Tollways Ltd MP 2(87) MPRDC Toll + Annuity 31-03-2017 15 11 262 8 DBL Mundi – Sanawad Tollways Ltd MP 2(68) MPRDC Toll + Annuity 15-05-2013 15 7 141 9 DBL Uchera – Nagod Tollways Ltd MP 2(56) MPRDC Toll + Annuity 15-05-2014 15 8 116 10 DBL Betul – Sarni Tollways Ltd MP 2(124) MPRDC Toll + Annuity 12-05-2015 15 9 324 11 DBL Tikamgarh – Nowgaon Tollways Ltd MP 2(76) MPRDC Toll + Annuity 26-05-2015 15 9 130 12 DBL Sardarpur Badnawar Tollways Ltd MP 2(43) MPRDC Toll + Annuity 09-06-2012 15 6 97 13 DBL Nadiad Modasa Tollways Ltd Guj. 2(108) GSRDC Annuity 31-12-2013 13 6 207 DBL Mundargi Harapanahalli Tollways 14 Kar. 2(51) KRDCL Annuity 28-02-2018 10 7 179 Ltd 15 DBL Hassan Periyapatna Tollways Ltd Kar. 2(74) KRDCL Annuity 28-02-2018 10 7 255 16 DBL Hirekerur Ranibennur Tollways Ltd Kar. 2(59) KRDCL Annuity 28-02-2018 10 7 198 17 Suryavanshi Infrastructure Pvt Ltd MP 2(44) MPRDC Toll 04-02-2009 25 13 29 Revenue Composition 100.00% 2.18% 2.01% 0.95% 0.98% 1.01% 0.00% 0.00% 0.00% 3.36% 3.77% 4.03% 4.22% 4.41% 4.45% 3.93% 3.81% 90.00% 11.64% 12.27% 13.67% 14.56% 15.67% 16.95% 20.47% 25.33% 29.28% 32.17% 36.48% 80.00% 38.87% 41.58% 44.21% 53.05% 70.00% 60.00% 92.35% 50.00% 85.00% 83.95% 82.30% 81.22% 40.00% 79.91% 78.60% 75.60% 70.85% 68.54% 65.82% 62.57% 30.00% 60.15% 57.41% 55.79% 46.95% 20.00% 10.00% 7.65% 0.00% 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Annuity Toll (NH) Toll (State) Roads & Highway Project Management & Execution Experience Major Milestones Achieved in last 4 Years since Acquisition Routine Operation & Commendable Major Completed construction of Maintenance of Maintenance of 3,532.50 2,909.85 1,192.11 Lane Kms of 10 Projects Lane Kms of 14 Projects Lane Kms of 6 State Projects Successfully received Saving in excess of Received over 116 annuities of ₹100 Cr. ₹1,784.68 Cr. ₹3,000 Cr. Due to efficient and effective As grant for under management of 10 Under (Total 188 annuities till construction projects construction projects date across 24 assets) Cash flow – Escrow to Escrow Cashflow moves from SPV Escrow to InvIT Escrow with complete control of InvIT Lender and residual Cashflow to be distributed by Axis Trustee 24 Operational Assets Operation & Maintenance Project Management (Dilip Buildcon Limited) (Shrem Road Projects) O&M PM Fee Payment Revenue of Respective SPV Annuity/Toll Income Escrow of InvIT As Interest & repayment of SPV Level Tax InvIT debt, Dividend & Capital Payment Payment IM Fee Investment Manager InvIT Cash flow held in Master Interest & Debt payment of Escrow of InvIT lender InvIT Lender Distribution to Unit Holders Investment Philosophy – Going Forward All related Investment New party will be only in acquisitions Valuation transactions Operational are approved and Technical are approved HAM/Annuity by Investment due diligence by majority of assets which Committee by minority unit is value consisting of Independent holders accretive to solely third parties. excluding existing unit Independent Sponsor and Holders. Directors. its Associates. All images and videos are shot at location ABOUT SPONSOR Shrem Group : Diversified Asset investment Family office Description About the Promoter • Established in 2011, Shrem Group is a Mumbai based Family Office Mr. Nitan Chhatwal • 30+ years of experience in managing businesses and Executive Chairman managed by Mr. Nitan Chhatwal Investments • As co-promoter, he was pivotal in transforming a small- • The Group invests across the Infrastructure, Real Estate, Telecom, sized stainless-steel company, Viraj Profiles Ltd, into a Healthcare and Hospitality sectors billion-dollar company • Diversified real estate investment holdings across Mumbai, Pune, Goa, • Since 2017, successfully created an operational portfolio Bangalore and the National Capital Region of 24 road assets • The Group is currently constructing a Fairmont Brand Hotel, the largest hotel in Mumbai in partnership with Accor Hotels, a France based leading hospitality company • Pan India presence with ~ 160 employee base • Established Shrem Group • Sold stake in Nanavati to KKR • Established NBFC focused • Started construction of Grand • Invested in • Entered into Definitive agreement with on Real Estate Mercure Resort in Goa Nanavati Hospital DBL1 for acquisition of 24 projects 2011 2012 2013 2014 2015 2016 2017 2018 • Started construction of • Purchased parcels of land for • Exited in Novotel and Grand • Started Development of Novotel Resort in Goa real estate development Mercure largest hotel in Mumbai (1) Dilip Buildcon Limited • Bought minority stake in route mobile and exited in Oct 2020 Investment Journey of Promoters/Sponsors Since 1992 Promoters of Shrem Group have set up world class manufacturing unit and have made varied investments in different sectors via its family investment office investment companies. Detailed experience of the Promoters is as below: Sector Projects and Investments Years 14 Operational project SPV’s and 10 under construction projects started in 2017 and Roads and Bridges 2017- ongoing completed in last 4 years. Telecom Infrastructure Route Mobile 2017-2020 Healthcare Infrastructure Nanavati Hospital 2015-2017 Hospital Hospitality Infrastructure Hotel Novotel Goa Shrem and Grand Mercure Goa (Hotels) 2011-2017 Financing Lending through Shrem NBFC to corporates 2011-2016 Viraj Profiles - Set up the plant in 1992 with initial capacity of 7,500 MTPA which was Steel Sector augmented to 300,000 MTPA, which became the largest manufacturer of Stainless 1992-2010 Steel long products in India and the fourth largest in the world All images and videos are shot at location ABOUT INVESTMENT MANAGER Board of Directors - Independent Governance Structure of Investment Manager Investment manager has 6 board of director The Board of Directors consists of 3 eminent infrastructure industry veterans as independent Directors, 1 professional executive director and 2 directors representing the sponsor family with one being the woman non-executive director.
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