Overview Network Size and Growth

• At present, metro systems are operational in seven cities in – Bengaluru, Chennai, Delhi, Gurgaon, Jaipur, Kolkata and Mumbai – with a running network of about xxx km • In addition, about xxx km of monorail network is operational in Mumbai

• During the last decade (2006-16), more than xxx km of network length was added to metro rail systems. The maximum network was added to (xxx km), followed by Metro (xxx km) • Besides, in the last four years (2013-16), new metro rail systems, spanning a total length of over xxx km, were operationalised in Gurgaon, Mumbai, Jaipur and Chennai

Growth in Operational Rail-based Network in India (km) Overall Metro-wise

2016 308.0 250.00

200.00 2014 256.3

150.00 208.24

2011 221.7 km

100.00 64.94

50.00 30.30 25.10

2006 81.4 16.50

11.40

9.63

10.00

8.26 5.10 - 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 2006 2016 Km Delhi Metro Bangalore Metro Gurgaon Metro Source: Global Mass Transit Research

© Global Mass Transit Research, May 2016 1 Overview New Project Uptake has Picked Up

• The urban rail sector has taken big strides in the past two and a half years (2014-2016) – Mumbai, Jaipur and Chennai metro systems have commenced commercial operations. The first monorail system was operationalised in Mumbai. Small stretches on Delhi and Bangalore metro systems were also operationalised • Over xxx km of network length has been added by these projects • The pace of new project uptake has also picked up. Between 2014-16 (till May 2016), a total of xxx projects involving an investment of Rs xxx trillion and network addition of about xxx km have received Centre/state approval. The received cabinet approval, while Metro, and Ranchi Monorail received state cabinet approval • In all, metro lines are under implementation in xxx cities. In addition, xxx new cities plan to implement metro rail systems • New LRT and monorail systems are being constructed in xxx cities

No. of projects: xxx (xxx - No. of projects: xxx (xxx- No. of projects: xxx (xxx No. of projects: xxx (xxx - metro, xxx monorail, xxx metro, xxx monorail and metro and xxx monorail) metro and xxx monorail) LRT) xxx LRT)

No. of cities: xxx No. of cities: xxx No. of cities: xxx No. of cities: xxx

Total operational length: Total network length: ~xxx Total network length: Total network length: ~xxx km km ~ xxx km ~ xxx km

Total investment Total investment Total investment: xxx Total investment: ~ xxx requirement : ~ xxx requirement : ~ xxx

Operational Under construction Centre/state approved In the planning stage

© Global Mass Transit Research, May 2016 2 Overview Investment Needs and Requirements

• As of May 2016, on the basis of projects tracked by Global Mass Transit Research, an investment of more than Rs xxx trillion is expected in xxx under-construction, approved and planned rail-based projects • In the short term (by 2020), investments to the tune of Rs xxx trillion will be required for the development of new rail-based systems and the extension of existing metro and monorail rail systems • Between 2021-23, another Rs xxx trillion will be required for the development of new and the extension of existing metro rail projects • In the long term (post 2023), Rs xxx trillion will be required for the development of new metro, monorail and LRT systems as well as extension of existing metro systems

Short-term and Long-term Investment Projections for Rail-based Systems in India (Rs billion)

xxx % of the total investments will be required for the development of existing as well as new metro systems 3,500 212 3,000 45 xxx% of the total investments will be required for the development of light 2,500 1,678 rail (xxx%) and monorail (xxx%) systems 2,000

1,500 20 Rs billion Rs 1,000 652 452 22 1,318 500 744 720 146 0 By 2020 Between 2021-23 Beyond 2023

Extension of operational metro systems Extension of operational monorail systems New metro systems New monorail systems New LRT systems Note: To avoid duplication of projects, the new phase of an operational/under-implementation project has been considered as a separate project. The short-term investment projections include only those projects that will be completed by 2020. Similarly, medium-term investments include only those projects that will be completed between 2021-23

© Global Mass Transit Research, May 2016 3 Recent Developments List of Projects Approved Urban rail projects approved during October 2014 to May 2016

Length Cost Project Date of approval Approval accorded from (km) (Rs billion) Bhopal lLRT xxx xxx December 2015 State government approved the project Punjab and Haryana governments have Metro xxx xxx January 2016 approved the DPR of the project State government gave in-principle approval Delhi Metro Phase-IV xxx xxx February 2016 for the project Greater Noida-IGI Airport Metro xxx xxx August 2015 In-principle approval received from MoUD Rail Project Gurgaon-Manesar-Bawal Metro State government gave in-principle approval xxx xxx January 2016 Rail Project for the project Guwahati Metro xxx xxx February 2016 DPR approved by state cabinet Metro Phase-I xxx xxx March 2016 DPR approved by state cabinet Revised administrative approval received Phase-I B xxx xxx November 2015 from state cabinet Noida Monorail xxx xxx November 2014 State government approved the project Mumbai Metro Phase I Line 2A xxx xxx October 2015 Union government approved the project xxx xxx February 2016 State government approved the project Ranchi Monorail xxx xxx October 2015 State government approved the project Thiruvananthapuram LRT xxx xxx July 2015 DPR approved by the Union government Metro xxx xxx April 2016 DPR approved by state cabinet Vijayawada (Amaravati) Metro xxx xxx September 2015 Union government approved the project Rail Project-Phase I Rail xxx xxx November 2015 Second DPR approved by state government Project-Phase I Source: Compiled from various sources by Global Mass Transit Research

© Global Mass Transit Research, May 2016 4 Prospects for PPP Prospects for PPP

• Of the xxx projects tracked by Global Mass Transit Based on information available for xxx PPP projects, equity contributions from private players amount to Rs xxx billion and Research, xxx urban rail projects (completed, ongoing the debt stands at Rs xxx billion. The remaining amount of Rs and planned) are being or have been implemented on xxx billion has been extended as VGF by the government PPP mode • These xxx projects entail an investment of Rs xxx billion % share of private and government funding • PPP projects are financed through debt from financial Government institutions and commercial banks, equity contribution funding from private players, and grants from the union and 18% Equity state governments in the form of viability gap funding 18% Debt (VGF) 64% • The private developers so far have faced several issues such as land acquisition, over-estimated ridership, and cost and time overruns while undertaking projects in PPP mode Note: Financial pattern available for five PPP projects (three operational and two ongoing – Mumbai VAG corridor, Delhi Airport Express Line, , and Gurgaon Phase I and II) Cost-wise PPP projects by stage of development

180.0 163.8 169.6 150.0 120.0 108.8 90.0 57.0 65.8 60.0 45.0

Rs billion Rs 32.7 23.6 21.4 30.0 10.9 0.0 Delhi Mumbai Gurgaon Hyderabad Gurgaon Patna Chennai Bengaluru Jaipur Ranchi Airport Metro VAG Phase I Metro Phase II Phase I Monorail LRT Phase II Monorail Express

Operational Ongoing Approved Announced

Source: Global Mass Transit Research

© Global Mass Transit Research, May 2016 5 Rolling Stock Size and Growth – Rolling Stock

As of May 2016, the current market size of rolling stock is xxx coaches. In terms of value, the market is estimated at over Rs xxx billion

• According to Global Mass Transit Research, the current market size of rolling stock is xxx metro coaches, of which xxx% are operational and for the remaining xxx% contracts have been awarded. Of the xxx coaches for which orders have been placed, xxx have been recently awarded • The market size has witnessed a massive jump of about xxx% in the last 20-24 months due to uptake of a number of new projects in the country • In value terms, the market is estimated at over Rs xxx billion • Market size in terms of value has increased from Rs xxx billion in 2006 to Rs xxx billion in 2016. As of May, 2016, xxx of the rolling stock in terms of value is operational and for the remaining xxx% of the orders have been placed, but the coaches are yet to be delivered

Market size in terms of no. Market size in terms of value 300 3,500 3,326 241 3,000 CAGR 250 xxx 2,500 200 CAGR xxx 2,000 1,800

150 Rs billion Rs No. 1,500 CAGR CAGR xxx 100 xxx 72 1,000 50 30 500 260

- 0 2006 2014 2016 2006 2014 2016

Source: Global Mass Transit Research

© Global Mass Transit Research, May 2016 6 Operational and Ongoing Projects Rail Project – Key Details

Parameters Details State Gujarat Implementing agency/SPV xxx Elevated : xxx Total length (km) Underground: xxx Project cost (Rs billion) xxx Cost overrun (Rs million) xxx Elevated: xxx No. of stations Underground: xxx Mode of implementation xxx

Key consultants DPR: xxx; Bid Process Coordinator and Corporate Advisor: xxx; General consultant: xxx

Rolling stock xxx Signalling and communication xxx system to be deployed Fare collection system xxx Power demand (2018) xxx

Expected daily ridership (2018) xxx

Land requirement and acquisition xxx

Project status xxx

Expected completion xxx

© Global Mass Transit Research, May 2016 7 Operational and Ongoing Projects Ahmedabad Metro – Funding Structure

• According to the price levels of March 2014, the cost for the Funding pattern completion of the project was estimated to be Rs xxx billion Total project cost: Rs xxx billion • In November 2015, the Department of Economic Affairs signed the loan agreement with Government of Japan for funds amounting to Rs xxx billion (JPY xxx billion) at an interest rate Market borrowings Centre 17% of xxx per cent and repayment period of xxx years, including 20% xxx years of grace period. This amount was to be provided by JICA on behalf of the Japanese government in the form of an State ODA loan Multilateral funding 43% 20% • In February 2016, the state government allocated Rs xxx billion for the project under the state budget • In March 2016, the Centre allocated Rs xxx billion for the project under Union Budget 2016-17. Also, JICA released the entire amount of ODA loan for the project

Central government funding State government funding Multilateral agencies and other sources

Rs xxx billion Rs xxx billion Rs xxx billion

Subordinate debt Subordina Market towards land te debt for borrowings 29% taxes 23% 29% Equity Subordinate debt 50% Equity for taxes JICA 71% 21% 77%

© Global Mass Transit Research, May 2016 8 Operational and Ongoing Projects Ahmedabad Metro – Key Players

Contract value Company Scope (Rs million)

Design and construction of elevated viaduct from Vastral Gam to xxx Apparel Park including construction of viaduct for portion leading upto xxx interface location of metro depot (East-West Corridor) in Khokhra

Construction of elevated viaduct for APMC-Shreyas stretch and 4 xxx xxx stations viz. APMC, Jivraj, Rajivnagar and Shreyas

xxx Construction of 4.85-km viaduct corridor from Ranip to Motera xxx

Construction of six stations on Vastral Gam-Apparel Park stretch viz. xxx Vastral Gam, Nirant Cross road, Vastral, Rabari Colony, Amraiwadi xxx and Apparel Park

Only civil contracts have been awarded so far for Ahmedabad Metro

Note: For detailed information, refer data-set Source: Complied by Global Mass Transit Research

© Global Mass Transit Research, May 2016 9 Operational and Ongoing Projects Ahmedabad Metro – Tenders under Bidding

Date of invitation of Contract value Last date for bid Scope of work tender (Rs million) submission

Construction of metro train depot-cum-workshop at Apparel xxx xxx xxx Park on East-West corridor

Design, manufacture, supply, installation, testing and commissioning of 96 standard gauge cars and training of xxx xxx xxx personnel

Construction of five elevated stations (Motera, Sabarmati, AEC, Sabarmati railway station and Ranip) including viaduct portion xxx xxx xxx within the stations and transition spans on either side of the stations in North-South corridor

Construction of 8.94-km viaduct from Shreyas to Ranip and six elevated stations (Paldi, Gandhigram, Old High Court, xxx xxx xxx Usmanpura, Vijaynagar and Vadaj) including an underpass at Paldi

Design, manufacture, supply, installation, testing and xxx xxx xxx commissioning of signalling and train control systems

Design and construction of underground stations and tunnel in east Ramp-Kalupur-west Ramp section including 4 xxx xxx xxx underground stations viz. Kankaria, Kalupur, Shahpur and Ghee Kanta

Source: Complied by Global Mass Transit Research

© Global Mass Transit Research, May 2016 10