84020 PPI data update note 84 September 2012 Private activity in infrastructure in South Asia slides back to 2009 levels Overview In 2011, 104 new infrastructure projects reached financial or contractual closure in four low and middle income countries in South Asia (SA) region: Bangladesh (6), India (92), Pakistan (2), Sri Lanka (4).1 Total investment commitments (hereafter, investment) in all infrastructure projects reached US$41.5 billion, of which US$35.4 billion were investments in new projects and US$6.5 billion were investments in existing projects. As compared to 2010 investment levels, total investments in 2011 decreased by 45%. Particularly additional investments in existing assets decreased, by 76%. Sector focus Infrastructure projects with private Investment commitments in participation in SA, by sector, 1990-2011 infrastructure projects in SA, by sector, 120 90 1990-2011 * Adjusted by Projects 2011 US$ 80 US CPI. 100 billions* 70 80 60 50 60 40 40 30 20 20 10 0 0 1990 1995 2000 2005 2010 2011 2011 1990 1995 2000 2005 Energy Telecom Transport Water and sewerage Energy Telecom Transport Water and sewerage2010 Source: World Bank and PPIAF, PPI Project Database. Source: World Bank and PPIAF, PPI Project Database. In South Asia, 62 energy projects reached financial closure in 2011, a 34.7% increase compared to 2010 activity levels. Investment in energy projects, however, amounted to only US$19.6 billion, a 51.1% percent decrease from 2010 levels. This was mainly influenced by the fact that, in 2011, only six large non renewable energy projects, each involving over 1,000 MW in capacity and over US$1 billion in investments closed, as opposed to 11 in 2010. Finally, in response to the continued power shortages in Bangladesh, five rental power projects closed in 2011, the same number as in 2010. Rental projects involved US$214 million, less investment than other Greenfield power projects, like build-own-operate (BOO) or build-own-transfer (BOT). This note was written by Andreea Militaru, Consultant, Finance Economics and Urban Development Department, Sustainable Development Network, World Bank 1 Data on infrastructure projects with private participation include primarily medium-size and large projects in low and middle income countries as reported by the media and other public sources. Small-scale projects are generally not included because of lack of public information. More information is available at http://ppi.worldbank.org/. 1 In the region, 42 transport projects closed in 2011, 28% fewer than in 2010. Two seaport projects closed in India and Sri Lanka, two rail projects closed in India, and 38 roads projects also closed in India. The Colombo South Container Terminal project located in Sri Lanka was the second transport project with private participation that has closed in the country since 1990. Total investment in transport projects amounted to US$17 billion, a minor 4% decrease from 2010 levels. The fact that there were fewer projects yet investment levels saw only a minor decrease can be explained by a recent trend where private participation in transport projects is concentrated on larger-scale projects. In the telecom sector, 34 providers invested a total of US5.2 billion to expand their existing assets. The largest investment was made by Vodafona Essar in India, US$1,708 million. Bharti Airtel and Idea Cellular also made large investments, of US$816 million and US$944 million, respectively. Providers offering mobile services only were responsible of the majority of the investment in the sector, with US$3.3 billion. No water and sewerage projects closed in SA in 2011; there hasn’t been any investment recorded in this sector since 2009. Infrastructure projects with private Investment commitments in participation in SA, by PPI type, 1990- infrastructure projects in SA, by PPI 120 2011 90 type, 1990-2011 * Adjusted by Projects US CPI. 80 2011 US$ 100 billions* 70 80 60 50 60 40 40 30 20 20 10 0 0 2010 1990 1995 2000 2005 2011 1990 1995 2000 2005 2010 2011 Management and lease contract Management and lease contract Greenfield project Greenfield project Divestiture Divestiture Concession Concession Source: World Bank and PPIAF, PPI Project Database. Source: World Bank and PPIAF, PPI Project Database. Sponsor focus Sponsors in energy: US$19.2 billion were invested in SA in 2011 across 66 energy projects. US$18.3 billion represented investments in new projects, while the remaining US$900 million represented additional Top 5 sponsor countries by number of Top 5 sponsor countries by investments energy projects, in SA in 2011 in energy projects, in SA in 2011 Malaysia, Turkey United Kingdom Sri Lanka Bangladesh United United States Kingdom Bangladesh Malaysia 2011 US$ billions India Projects India 2 0 20 40 60 0 5 10 15 20 Source: World Bank and PPIAF, PPI Project Database. Source: World Bank and PPIAF, PPI Project Database. investment committed to projects closed prior to 2011. Indian sponsors were dominant with investments over US$17.5 billion across 46 projects. Bangladesh sponsors ranked second with five energy projects followed by U.S. sponsors with four projects. In terms of investment, Malaysian sponsors ranked second with over US$1.2 billion in investments across two projects, followed by UK sponsors with over US$722 million in investments across two projects Sponsors in transport: US$17 billion was invested in transport in SA in 2011 across 42 projects. The entire amount represented investment in new projects. Indian sponsors dominated in terms of number of transport Top 5 sponsor countries by number of Top 5 sponsor countries by investments transport projects, in SA in 2011 in transport projects, in SA in 2011 Sri Lanka Turkey Russian Federation Bangladesh United Spain Kingdom China Malaysia 2011 US$ billions India Projects India 0 20 40 60 0 5 10 15 20 Source: World Bank and PPIAF, PPI Project Database. Source: World Bank and PPIAF, PPI Project Database. projects (41) and in terms of investment amounts in transport projects, US$16.5 billion. They only invested locally. Chinese sponsors ranked second in terms of number of transport projects and third in terms of total investment in transport projects US$1.5 billion. Chinese sponsors generally co-invested in projects with local Indian sponsors. Top 5 sponsor countries by investments in telecom projects, in SA in 2011 Malaysia Sponsors in telecom: US$5.2 billion were invested across 34 existing projects. Indian sponsors (Essar Group, Bharti Airtel and others) ranked first with Norway investments of over US$3.9 billion, followed by U.K. sponsors (Vodafone and Vodafone-related Egypt companies). United Kingdom 2011 US$ billions India 0 2 4 6 Source: World Bank and PPIAF, PPI Project Database. 3 Featured project SEW Bichom HPP (India) | Electricity Generation: Large Hydro | Greenfield BOO | PPP Project Information On 14th September 2007 SEW Infrastructure Limited signed an Implementation Agreement with the Arunachal Pradesh Government for setting up a 2x48 MW run-of the river type hydro power project on Bichom River, a tributary of Kameng River in West Kameng district of Arunachal Pradesh. Post environmental clearance in September 2011, the capacity was revised to 2x60MW. The electricity that is generated shall be exported to the Northern, Eastern, Western, and North Eastern (NEWNE) grid through the North Eastern Regional Load Dispatch Center (NERLDC), where it will provide power to the North-Eastern states of India: Arunachal, Assam, Meghalya, Manipur, Mizoram, Nagaland, Tripura. Government support Arunachal Pradesh State Electricity Board (APSEB) signed a power purchase agreement (PPA) with SEW Nafra Power Corporation Private Limited, the Special Purpose Vehicle (SPV) established to implement the project. Once the state regulator APERC, approved the agreement approved PPA, APSEB would purchase electricity at the leveled rate of US$0.078/Unit from the date of commissioning. Out of the expected net energy generation, 12% of the energy generated was to be provided free of cost to the Arunachal Government. SEW Nafra was also expected to give free power (up to 35 units) at INR 0.01/kWh for local catchment area development. SEW Nafra Power had represented its case for carbon credits for the project, and UNFCC was currently validating the project. The financial benefits of the revenue obtained by selling of the CERs could improve the equity internal rate of return (IRR) of the project. Financial Information Financial closure took place in August 2011 at a debt to equity ratio of 70/30.The estimated cost of the project was US$193.6 million (INR9,100 million). Financing comprised of a 14-year and nine-month term loan of US$ 135.5million (INR6,370 million) and US$58.1million (INR2,730 million) in sponsor equity. The term loan had a grace period of one year and a repayment schedule of 41 quarterly installments. The loan was priced at 375 basis points over the prevailing State Bank of India base rate. The participating banks were State Bank of India (INR2,120 million), L&T Infrastructure Finance (INR1,500 million), Bajaj Finance Ltd (INR1,000 million), State Bank of Bikaner & Jaipur (INR750 million), IIFCL (INR1,000 million). SBI Capital Markets was the lead arranger. Pre-construction activities of the project started in January 2012. The execution of the EPC contract is expected to be completed by January 2015. 4 Table 1 Projects with private participation reaching financial or contractual closure in SA in 2011 Energy Total Subtype of Investment Country Project Name Type of PPI Segment Sponsors PPI (US$ millions) Siddirganj (Dutch Bangla Greenfield Electricity Bangladesh power) plant project Rental generation 39.4 Others (100% / Bangladesh) Greenfield Electricity Khan Jahan Ali Group (100% / Bangladesh Noapara (Khanjahan Ali) project Rental generation 15.7 Bangladesh) Meghnaghat (IEL) power Greenfield Electricity Bangladesh plant project Rental generation 39.5 Others (100% / Bangladesh) Khulna (KPCL) power Greenfield Electricity Khulna Power Company Limited Bangladesh plants project Rental generation 88.7 (100% / Bangladesh) Ghorasal (Max) power Greenfield Electricity Max Power, Bangladesh (100% / Bangladesh plant project Rental generation 30.9 Bangladesh) Energy Venture Ltd (50% / Comilla Union Consultants Greenfield Build, own, and Electricity Australia), A T Consultant Pvt Ltd Bangladesh power plant project operate generation 55 (50% / India) Videocon Warora Solar Greenfield Build, own, and Electricity India Plant project operate generation 18.9 Videcon Group (100% / India) Videocon Jodhpur Solar Greenfield Build, own, and Electricity India Plant project operate generation 19.1 Videcon Group (100% / India) UNOSUGEN Gas Power Greenfield Build, own, and Electricity India Plant project operate generation 407.3 Torrent Group (100% / India) Torrent Energy Limited Greenfield Build, own, and Electricity India (Dahej) project operate generation 1251.7 Torrent Group (100% / India) Greenfield Build, own, and Electricity India TATA Mithapur Solar Plant project operate generation 77.5 Tata Enterprises (100% / India) SunBorne Karmaria I & II Greenfield Build, own, and Electricity SunBorne Energy Services India India Solar Plant project operate generation 44.5 Private Limited (100% / India) Greenfield Build, own, and Electricity India Sun Charanka Solar Plant project operate generation 19.1 Sun Group (100% / India) Sonthalia Naukh Solar Greenfield Build, own, and Electricity India Plant project operate generation 15.4 Sonthalia Group (100% / India) Simran Amuthapuram Greenfield Build, own, and Electricity Techno Electric And Engineering India Wind Farms project operate generation 133.3 Company Ltd (100% / India) Shree Ganesh Charnaka Greenfield Build, own, and Electricity Shree Ganesh Jewellery House India Solar Plant project operate generation 85.1 Limited (100% / India) India SEW Bichom HPP Greenfield Build, operate, Electricity 193.6 SEW Infrastructure (100% / India) 5 project and transfer generation Greenfield Build, own, and Electricity India RPG Kutch Solar Plant project operate generation 26.7 RPG Enterprises (100% / India) Roha Dyechem Santalpur Greenfield Build, own, and Electricity Roha Dyechem Private Limited India Taluka Solar Plant project operate generation 76 (100% / India) Reliance Jaisalmer Solar Greenfield Build, own, and Electricity India Plant project operate generation 148.9 Reliance ADA Group (100% / India) Greenfield Build, operate, Electricity Om Power Corporation Limited India Om Power Neogal HPP project and transfer generation 9.2 (100% / India) NSL Pabbar & Supin Greenfield Build, operate, Electricity NSL Renewable Power Private India HPPs project and transfer generation 71.1 Limited (100% / India) Moser Baer Solitaire Solar Greenfield Build, own, and Electricity Moser Baer India Limited (100% / India Plant project operate generation 49.5 India) Moser Baer Projects Private Limited (Madhya Greenfield Build, own, and Electricity Moser Baer India Limited (100% / India Pradesh) project operate generation 1386.7 India) Moser Baer Precious Greenfield Build, own, and Electricity Moser Baer India Limited (100% / India Solar Plant project operate generation 49.3 India) MEMC Rawara Solar Greenfield Build, own, and Electricity MEMC Electronic Materials, Inc India Plant project operate generation 14.6 (100% / United States) Azure Power India (India), MEMC Greenfield Build, own, and Electricity Electronic Materials, Inc (United India MEMC Dhama Solar Plant project operate generation 19.6 States) Maharashtra Eastern Grid Power Transmission Greenfield Build, own, and Electricity India Company Limited project operate transmission 138.3 Adani Group (74% / India) LANCO Kondapalli Power Greenfield Build, own, and Electricity India Private Limited (Phase-III) project operate generation 580 Lanco Group (100% / India) Lanco Chandiyana Solar Greenfield Build, own, and Electricity India Plant project operate generation 17 Lanco Group (100% / India) Lalitpur Power Generation Greenfield Build, own, and Electricity India Company Limited project operate generation 2520.8 Bajaj Hindustan (100% / India) Kiran Charanka Solar Greenfield Build, own, and Electricity Kiran Energy Solar Power Private India Plant project operate generation 61.2 Limited (100% / India) Kaizen Power Plant Greenfield Electricity India Limited project Merchant generation 349.8 Abhijeet Group (100% / India) Jain Irrigation Shirsoli Greenfield Build, own, and Electricity Jain Irrigation Systems Limited India Solar Plant project operate generation 28.2 (100% / India) Jaihind Chadiyana Solar Greenfield Build, own, and Electricity India Plant project operate generation 16.6 Jaihind Projects (100% / India) Greenfield Build, own, and Electricity India Inland Power Limited project operate generation 68 Inland Power Limited (100% / India) India Ind Barath Power Greenfield Build, own, and Electricity 798.9 Ind-Barath Power Infra Private Ltd 6 (Madras) Limited project operate generation (100% / India) Hindustan Electricity Generation Company Greenfield Build, own, and Electricity India Private Limited project operate generation 379.8 Hiranandani Group (100% / India) Greenfield Build, own, and Electricity India Haldia Energy Limited project operate generation 725.1 RPG Enterprises (100% / India) Greenko Patan Taluka Greenfield Build, own, and Electricity India Wind Farm project operate generation 91.5 Greenko Group (100% / India) Greenfield Build, operate, Electricity India Greenko Dikchu HPP project and transfer generation 158.5 Greenko Group (100% / India) Greenfield Build, own, and Electricity India Genting Jangi Wind Farm project operate generation 152 Genting Group (100% / Malaysia) Essar Power Jharkand Greenfield Build, own, and Electricity India Limited project operate generation 1212.8 Essar Group (100% / India) Enercon Pithodai Wind Greenfield Build, own, and Electricity India Farm project operate generation 21.9 Enercon India Ltd (100% / India) East North Interconnection Greenfield Build, operate, Electricity Vedanta Resources Plc (100% / India Company Limited project and transfer transmission 222.1 United Kingdom) Infrastructure Development Finance Dheeru Powergen Limited Greenfield Build, own, and Electricity Company Ltd (IDFC) (74% / India), India (Chattisgarh) project operate generation 1283.5 Ranhill Bhd (26% / Malaysia) DB Power Limited Greenfield Build, own, and Electricity Dainik Bhaskar Group (100% / India (Chattisgarh) project operate generation 737.8 India) Greenfield Build, own, and Electricity China Light and Power Ltd. (100% / India CLP Andhra Wind Farm project operate generation 138.2 Hong Kong, China) Beta Infratech Private Greenfield Build, own, and Electricity India Limited project operate generation 189.1 Soma Enterprise Ltd (100% / India) Athena Projects Pvt Ltd (52% / India), SEW Infrastructure (India), Athena Chattisgarh Power Greenfield Build, own, and Electricity Abir Infrastructure Pvt Ltd (AIPL) India Limited project operate generation 1377.8 (India) Ajanta Pharama Greenfield Build, own, and Electricity Ajanta Pharama Company Limited India Surendranagar Solar Plant project operate generation 31.3 (100% / India) AES Solar Patan Solar Greenfield Build, own, and Electricity AES Corporation (100% / United India Plant Phase I & II project operate generation 44.7 States) AES Solar Jodhpur Solar Greenfield Build, own, and Electricity AES Corporation (100% / United India Plant project operate generation 19.4 States) AES Saurashtra Wind Greenfield Build, own, and Electricity AES Corporation (100% / United India Farm project operate generation 54.8 States) Adani Power Rajasthan Greenfield Build, own, and Electricity India Limited project operate generation 1495.7 Adani Group (100% / India) Greenfield Build, own, and Electricity India Adani Abdasa Solar Plant project operate generation 150.2 Adani Group (100% / India) 7 Abhijeet Naukh CSP Solar Greenfield Build, own, and Electricity India Plant Phase I project operate generation 185.5 Abhijeet Group (100% / India) Greenfield Build, own, and Electricity Pakistan Zorlu Sindh Wind Farm project operate generation 158.7 Zorlu Holding AS (100% / Turkey) UCH-II Power (Private) Greenfield Build, own, and Electricity International Power (100% / United Pakistan Limited project operate generation 500 Kingdom) Vallibel Denawaka Ganga Greenfield Build, own, and Electricity Sri Lanka SHPP project operate generation 8.6 Vallibel Holdings (100% / Sri Lanka) Hemas Magal Ganga Greenfield Build, own, and Electricity Hemas Holdings Limited (100% / Sri Sri Lanka SHPP project operate generation 3.4 Lanka) Hayleys Group (30% / Sri Lanka), Akbar Brothers (Sri Lanka), Hayleys Nimalapura Wind Greenfield Build, own, and Electricity Hirdaramani Group ( Sri Lanka), Sri Lanka Farm project operate generation 17.4 Debug Group (Sri Lanka) Transport Total Country Project Name Type of PPI Subtype of PPI Segment Investment Sponsors (US$ millions) Transstroy Trichy Karaikudi Transstroy India Limited (74% / India), Tollways Private Build, rehabilitate, OJSC Corporation Transstroy, (26% / India Limited Concession operate, and transfer Highway 68.7 Russian Federation) Transstroy Dindigul Theni OJSC Corporation Transstroy, (26% / Kumli Tollways Build, rehabilitate, Russian Federation), Transstroy India India Private Limited Concession operate, and transfer Highway 73.6 Limited (74% / India) Transstroy Bhopal Bypass Tollway Private Build, rehabilitate, Transstroy India Limited (100% / India Limited Concession operate, and transfer Highway 106.7 India) Topworth Tollways (Ujjain) Build, rehabilitate, Topworth Group ( India), Metallurgical India Private Limited Concession operate, and transfer Highway 49.3 Corporation of China ( China) Tantia Raxaul Jiangsu Provincial Transportation Tollway Private Build, rehabilitate, Engineering Group Company (JTEG) India Limited Concession operate, and transfer Highway 123.2 (26% / China), Tantia Construction 8 Limited (74% / India) Supreme Infrastructure India Ltd (64% Supreme Panvel / India), China State Construction Indapur Engineering Corporation (China), Tollways Private Build, rehabilitate, Mahavir Road & Infrastructure Private India Limited Concession operate, and transfer Highway 263.8 Limited ( India) Ramky Group (74% / India), Jiangsu Srinagar Banihal Provincial Transportation Engineering Expressway Build, rehabilitate, Group Company (JTEG) (26% / India Limited Concession operate, and transfer Highway 340.4 China) SP Jammu Udhampur Highway Private Build, rehabilitate, Shapoorji Pallonji Group (100% / India Limited Concession operate, and transfer Highway 533.3 India) Soubhagya Hata Darguwan Projects Private Build, rehabilitate, Soubhagya Infrastructure Private India Limited Concession operate, and transfer Highway 23.8 Limited (100% / India) Soma Isolux Varanasi Aurangabad Tollway Private Build, rehabilitate, Isolux Corsan (50% / Spain), Soma India Limited Concession operate, and transfer Highway 876.5 Enterprise Ltd (50% / India) Sion Panvel Tollways Private Build, rehabilitate, IVRCL Infrastructures & Projects Ltd. India Limited Concession operate, and transfer Highway 379 (51% / India) SEW Krishnagar Baharampore Highways Build, rehabilitate, India Limited Concession operate, and transfer Highway 172.7 SEW Infrastructure (100% / India) Sanjose Supreme Tollways Supreme Infrastructure India Ltd (40% Development Build, rehabilitate, / India), Sanjose Constructora Spain India Private Limited Concession operate, and transfer Highway 273.7 S.A. (60% / Spain) Reengus Sikar Expressway Build, rehabilitate, G R Infraprojects Limited (100% / India Limited Concession operate, and transfer Highway 48.5 India) Ranchi Expressway Build, rehabilitate, India Limited Concession operate, and transfer Highway 352.1 Madhucon Projects Ltd (100% / India) Raebareilly Allahabad Build, rehabilitate, Vijai Infrastructure Limited (100% / India Highway Private Concession operate, and transfer Highway 75.8 India) 9 Limited Patna BSCPL Infrastructure Ltd (50% / Bakhtiarpur Build, rehabilitate, India), C&C Constructions Ltd (50% / India Tollway Limited Concession operate, and transfer Highway 217.3 India) Orissa Steel SREI Infrastructure Finance Ltd Expressways Build, rehabilitate, (India), MBL Infrastructures Limited India Private Limited Concession operate, and transfer Highway 164.4 (India) Oriental Nagpur Betul Highway Build, rehabilitate, Oriental Structural Engineers Private India Private Limited Concession operate, and transfer Highway 747.9 Ltd. (100% / India) BSCPL Infrastructure Ltd (50% / North Bihar Build, rehabilitate, India), C&C Constructions Ltd (50% / India Highway Limited Concession operate, and transfer Highway 145.8 India) Navayuga Quazigund Expressway Build, rehabilitate, Highway India Private Limited Concession operate, and transfer and tunnel 558.6 Navayuga Group (100% / India) Navayuga Jahnavi Toll Bridge Private Greenfield Build, operate, and Bridge and India Limited project transfer highway 355.5 Navayuga Group (100% / India) Mumbai Metro - Greenfield Build, operate, and Freight and Reliance ADA Group (74% / India), India Phase II project transfer passenger 2514.8 SNC Lavalin (26% / Canada) L&T Hyderabad Metro Rail Greenfield Build, operate, and Larsen & Toubro Limited (100% / India Private Limited project transfer Passenger 3639.5 India) Khagaria Purnea Highway Project Build, rehabilitate, India Limited Concession operate, and transfer Highway 158.7 Punj Lloyd Limited (100% / India) K M Toll Road Build, rehabilitate, India Private Limited Concession operate, and transfer Highway 260 Reliance ADA Group (100% / India) IRB Tumkur Chitradurga Tollway Private Build, rehabilitate, IRB Infrastructure Developers Ltd India Limited Concession operate, and transfer Highway 728.5 (100% / India) GVRMP Whagdhari Ribbanpally GVR Group (India), RMN Tollway Private Build, rehabilitate, Infrastructure Limited (India), India Limited Concession operate, and transfer Highway 90 Prathyusha Group (India) GVRMP Belgaum GVR Group ( India), RMN Khanapur Build, rehabilitate, Infrastructure Limited (26% / India), India Tollway Private Concession operate, and transfer Highway 84 Prathyusha Group (India) 10 Limited GVK Deoli Kota Expressway Build, rehabilitate, India Private Limited Concession operate, and transfer Highway 342.8 GVK Group (100% / India) GVK Bagodara Vasad Expressway Build, rehabilitate, India Private Limited Concession operate, and transfer Highway 253 GVK Group (100% / India) Ghaziabad SREI Infrastructure Finance Ltd Aligarh (India), PNC Infratech Ltd (India), Expressway Build, rehabilitate, Galfar Engineering & Contracting India Private Limited Concession operate, and transfer Highway 516.7 SAOG (Galfar) (25% / Oman) Essel Ludhiana Talwandi Toll Roads Private Build, rehabilitate, India Limited Concession operate, and transfer Highway 156.5 Essel Group (100% / India) Essel Ahmedabad Essel Group (74% / India), China Godhra Toll Build, rehabilitate, Railway Construction 18th Bureau India Roads Limited Concession operate, and transfer Highway 280.7 (Group) Co., Ltd (26% / China) Delhi Agra Toll Build, rehabilitate, India Roads Limited Concession operate, and transfer Highway 671.4 Reliance ADA Group (100% / India) Blue Water Iron Noble Group Ltd (51% / Hong Kong, Ore Terminal Greenfield Build, operate, and China), Gammon India Ltd (31% / India Private Limited project transfer Terminal 119.2 India), MMTC Limited (18% / India) Bhubaneswar Valecha Engineering Limited (40% / Expressways Greenfield Build, operate, and India), KazStroyService Group (60% / India Private Limited project transfer Highway 120.2 Kazakhstan) Barasat Krishnagar Expressways Build, rehabilitate, India Limited Concession operate, and transfer Highway 208.5 Madhucon Projects Ltd (100% / India) Ashoka Sambalpur Baragarh Tollways Private Build, rehabilitate, India Limited Concession operate, and transfer Highway 258.5 Ashoka Buildcon Ltd (100% / India) Abhijeet Hazaribagh Toll Build, rehabilitate, India Road Limited Concession operate, and transfer Highway 139.3 Abhijeet Group (100% / India) Abhijeet Bihar Roadways Build, rehabilitate, India Limited Concession operate, and transfer Highway 77.2 Abhijeet Group (100% / India) 11 Colombo South China Harbour Enginnering Company Container Greenfield Build, operate, and Ltd (55% / China), Aitken Spence & Sri Lanka Terminal project transfer Terminal 500 Company Ltd. (30% / Sri Lanka) Note: .. denotes missing data; N/A means not applicable. Investment commitments include payments to the government and investment in physical assets. *in current US$ millions Source: World Bank and PPIAF, PPI Database. 12