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Infrastructure in India Flanders Investment & Trade Zocht Het Voor U Uit

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Infrastructure in India Flanders Investment & Trade Zocht Het Voor U Uit INFRASTRUCTURE IN INDIA FLANDERS INVESTMENT & TRADE ZOCHT HET VOOR U UIT Infrastructure in India Study made by FIT office in Mumbai Flanders Investment & Trade Consulate General of Belgium TCG Financial Centre, 7th Floor C-53 G-Block, Bandra-Kurla Complex Bandra (E) Mumbai 400.051 India E-mail: [email protected] T.: +91 22 66 71 06 27 Table of Contents EXECUTIVE SUMMARY .................................................................................................................................... 3 SCOPE OF OUR STUDY .................................................................................................................................... 4 METHODOLOGY ................................................................................................................................................ 4 OVERVIEW OF INFRASTRUCTURE IN INDIA ................................................................................................ 5 WHY INVEST IN INDIA ..................................................................................................................................... 6 FOREIGN DIRECT INVESTMENT IN INFRASTRUCTURE ............................................................................. 7 FDI ROUTES ................................................................................................................................................... 8 LOGISTICAL INEFFICIENCIES IN INDIAN INFRASTRUCTURE .................................................................... 9 OPPORTUNITIES IN INDIA ............................................................................................................................ 10 ROADS AND HIGHWAYS ........................................................................................................................... 10 RAILWAYS .................................................................................................................................................... 16 PORTS AND AIRPORTS .............................................................................................................................. 22 POTENTIAL FOR CONSTRUCTION EQUIPMENT IN INDIA ...................................................................... 24 PUBLIC PRIVATE PARTNERSHIPS IN INFRASTRUCTURE ......................................................................... 27 TAX FOR ENGINEERING AND CONSTRUCTION COMPANIES ................................................................. 29 STRUCTURAL CONSIDERATIONS FOR DEVELOPERS............................................................................ 31 INTERNATIONAL TAX CONSIDERATIONS .................................................................................................. 31 ENTRY AND EXIT STRATEGY ..................................................................................................................... 31 HOLDING THE INVESTMENT .................................................................................................................... 32 CASH AND PROFITS REPATRIATION ....................................................................................................... 32 ENGINEERING, PROCUREMENT & CONSTRUCTION (EPC) CONTRACTS:ON-SHORE VS OFF- SHORE........................................................................................................................................................... 32 MARKET CHALLENGES................................................................................................................................... 34 SUCCESS STORIES OF BELGIAN COMPANIES IN INDIAN INFRASTRUCTURE ..................................... 36 TRAFFICON (NOW KNOWN AS FLIR) ...................................................................................................... 36 EURO STATION AND EURO IMMOSTAR ................................................................................................ 36 NEY AND POULISSEN ................................................................................................................................. 37 TPF ................................................................................................................................................................ 38 PORT OF ANTWERP AND ESSAR ............................................................................................................. 39 JOINT INFRASTRCUTURE FUND WITH IL&FS ........................................................................................ 39 MAJOR INDIAN PLAYERS IN INFRASTRUCTURE SECTOR ....................................................................... 41 GMR GROUP ................................................................................................................................................ 41 LANCO INFRATECH LIMITED .................................................................................................................... 41 Infrastructure in India | 2014 _________________________________________________________________________________ 1 MAN INFRACONSTRUCTION LIMITED .................................................................................................... 41 SIMPLEX INFRASTRUCTURES LIMITED .................................................................................................. 41 IVRCL LIMITED ............................................................................................................................................ 42 HINDUSTAN CONSTRUCTION CO. LIMITED .......................................................................................... 42 RAMKY INFRASTRUCTURE LIMITED ....................................................................................................... 42 IL&FS ENGINEERING AND CONSTRUCTION COMPANY LIMITED ..................................................... 42 GAMMON INDIA ......................................................................................................................................... 43 NODAL AGENCIES IN MAHARASHTRA ....................................................................................................... 44 MUMBAI METROPOLITAN REGION DEVELOPMENT AUTHORITY (MMRDA) ................................. 45 CITY AND INDUSTRIAL DEVELOPMENT CORPORATION OF MAHARASHTRA LTD (CIDCO) ......... 46 ROAD AHEAD .................................................................................................................................................. 48 FLANDERS INVESTMENT AND TRADE, MUMBAI AND MMRDA MOU ................................................. 49 INDUSTRY CONTACTS ................................................................................................................................... 51 WEST INDIA CONTACTS ............................................................................................................................ 51 REST OF INDIA CONTACTS ....................................................................................................................... 58 INDUSTRY ASSOCIATIONS AND EXHIBITIONS .......................................................................................... 60 BIBLIOGRAPHY ................................................................................................................................................ 61 Infrastructure in India | 2014 _________________________________________________________________________________ 2 EXECUTIVE SUMMARY Whilst the need for greater infrastructure investment is clear, equally important is the need to sustainably manage such investments. The Indian Government’s success in infrastructure provision will be measured not by the quantum of funds invested, but on how infrastructure contributes to the achievement of India’s economic, social and environmental objectives. Importantly, infrastructure investment should be considered as a means to an end, not an end in itself. Challenges in infrastructure provision are not unique to India. Uncertainty, scarcity of available funds for investment and competing priorities present challenges to all governments in infrastructure planning and delivery. Sustainability requires that future generations are not compromised by the investment decisions of current generations. Sustainably managing infrastructure through appropriate pricing, funding and prioritisation frameworks is important to ensure the benefits that accrue from the significant investment that India is currently making in key social and economic infrastructure are maximized. Global climate change creates further challenges. New infrastructure must not only support social and economic goals, it must also do so within acceptable environmental parameters. Given that India’s growth rate is likely to continue at steady levels, it is important that considerations of issues such as fuel mix, encouraging more fuel efficient modes of transport such as rail, improved technology, come fully into discussion and are implemented whenever possible. In our view, it is imperative that debate on the issue of sustainability in infrastructure provision is heightened and that the challenge that it presents is effectively met. Government and infrastructure agencies will also need to retain sufficient focus on issues of feasibility and prioritisation when the primary focus shifts to delivery. Engineering and construction companies looking to bid on major projects need to ensure that they are taking a holistic approach which incorporates sustainability issues into the design of the project, both in the planning and the delivery stages.
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