Bharat Road Network Limited (BRNL) Profile_Jan_web.pdf · Bharat Road Network Limited (BRNL) Prosperity through Partnership Strictly Private & Confidential . SREI Infrastructure Finance

Bharat Road Network Limited (BRNL) Prosperity through Partnership

Strictly Private & Confidential

SREI Infrastructure Finance Limited: Group Overview

2

→ Project Advisory, Capital Markets - Banking Advisory

→ One of India’s largest equipment rental company with pan-India presence

→ In-depth knowledge of Equipment segment

→ Largest construction & mining equipment financier in India with over ~30 % market share

→ Loan book of INR 20,216 cr

→ , with a customer base of over 60,000 built and nurtured over last 24 years.

EQUIPMENT FINANCING

<<<< HOLISTIC INFRASTRUCTURE INSTITUTION>>>> INFRASTRUCTURE EQUIPMENT GROUP INFRASTRUCTURE PROJECT GROUP

EQUIPMENT RENTAL & VALUATION

→ Structured Finance, Infra Debt Fund, Venture Fund, Project Equity

→ 25 years of Infrastructure Expertise

→ Exposure to several sectors in Infrastructure with loan book of INR 13,970cr

PROJECT FINANCE ASSET MANAGEMENT ADVISORY

• Well diversified BOT Portfolio of 7 significant assets

• Lane kms of 2450, spread across 6 states

• Experience across 14 road projects worth INR 12,880 cr across 5,400 lane kms

• The largest Rural IT Infrastructure in India

• Largest network of over 52,442 touch points across India covering 44% of India’s rural population

• Provides an integrated water and waste management

• Nangloi PPP, Delhi in partnership with Veolia Water for water treatment and distribution

STRONG EXPERTISE IN INFRASTRUCTURE EQUIPMENT & PROJECT FINANCING WITH LOAN BOOK OF `36,702 cr

STRONG EXPERTISE ACROSS VARIOUS TPOUCHPOINTS OF INFRASTRUCTURE SECTOR Targeted capital raising

• Managing portfolio of 3 SEZ and Industrial Parks out of which 1 operating SEZ

• Over 2,991 acres of Land acquired for the development of SEZ & Industrial Parks.

BRNL Corporate Structure

3

Bharat Road Network Limited (BRNL)

Guruvayoor Infrastructure Pvt Ltd (GIPL)

Mahakaleshwar Tollways Pvt Ltd (MTPL)

Kurukshetra Expressway Pvt Ltd (KEPL)

Shree Jagannath Expressways Pvt Ltd (SJEPL)*

Ghaziabad Aligarh Expressways Pvt Ltd (GAEPL)*

Orissa Steel Expressway Pvt Ltd (OSEPL) Solapur Tollways Pvt Ltd (STPL)

Operational Projects

Under Construction Projects

Thrissur-Angamali

Project Cost: 726

Lane kms: 260

Indore-Ujjain

Project Cost: 331

Lane kms: 196

Rohtak-Bawal

Project Cost: 1,043

Lane kms: 332

Chandikhole-Bhubaneshwar

Project Cost: 1,799

Lane kms: 402

Ghaziabad-Aligarh

Project Cost: 2,198

Lane kms: 500

Rimuli-Roxy-Rajamunda

Project Cost: 957

Lane kms: 360

Solapur-Maharashtra/Karnataka border

Project Cost: 883

Lane kms: 400

BRNL: 49% BRNL:48% BRNL: 49% BRNL: 40%

BRNL: 39.0% BRNL: 59.38% BRNL: 99.02%

* Project is partially operational

Project Cost in Rs cr

Operational U.C

GIPL MTPL KEPL SJEPL1 GAEPL1 STPL OSEPL

Pro

ject

Det

ails

State Kerala M.P Haryana Odisha U.P. Maharashtra Odisha

Project Type Toll Toll Toll Toll Toll Toll Toll

NH /SH NH-47 SH-27 NH-71 NH-5 NH-91 NH-9 NH-215

Client NHAI MPRDC NHAI NHAI NHAI NHAI NHAI

Project Cost (INR cr) 726 331 1043 1799 2198 883 957

% holding (BRNL + SREI Group) 49% 48% 49% 40% 39% 100% 69%

Other Shareholders KMC – 51%

Galfar & Varaha– 26%

each

JMC – 51%

Simplex -34%;

Galfar- 26%

PNC– 35%; Galfar–

26% N.A

MBL Infra- 26%; AMR & Ritwik -6%

Laning 4 laning 4 laning 4 laning 6 laning 4 / 6 laning 4 laning 4 laning

Lane kms 260 196 332 402 500 400 360

Term

s

Concession Start Mar-06 Apr-09 May-10 Aug-10 May-10 Feb-12 Jul-10

Revised Concession Period (yrs) 21.8 30.0 33.8 31.2 31.9 24.7 27.7

Full COD / Expected COD* Dec-11 Nov-10 Sep-13 Mar-17 Dec-16 June-17* Dec-17*

Revenue Generation Period(yrs) 4.3 5.1 2.5 4.3 1.0 - -

Residual Life (yrs) 12.3 23.0 28.7 26.8 26.8 19.5 21.0

BRNL Projects Snapshot

4 1 Since the project is 4 laning to 6 laning, it is partially operational from Day 1

<<<< EXISTING PORTFOLIO OF 7 ASSETS OF 2450 LANE KM WITH OVERALL PROJECT COST OF INR 7937 cr>>>>

EXECUTION EXPERIENCE OF 14 ROAD PROJECTS WORTH USD 2 BILLION ACROSS 5,400 LANE KMS

BRNL Value Proposition

BRNL

Operational Excellence

√ Manage complete tolling operation & maintenance of the project

√ Ensure operations are in compliance with concession agreement

√ Strong public relation and local administration liaison capability

Project Advisory

√ Project Management Consultancy (across project conceptualization, construction, commissioning, and commencement)

√ Financial advisory and debt syndication services

Technological Excellence

√ Innovative technology solutions for road sector (first to roll-out pre-classification system)

√ Develop customised solution depending on project requirement

√ In-house state of art technology team who focuses on product enhancement and process optimisation

Asset Ownership

√ Design, Engineering and Optimum Cost Management

√ EPC Management and Quality Control

√ SPV Operation, Management and Legal Compliance

BRNL: Key Investment Highlights

Robust Sector Fundamentals

Growing importance of roads in transportation infrastructure, positive GDP correlation

Strong impetus on sector - $19b investment expected by 2017 (17% CAGR over next five years)

The new Government plans to construct 30-35 kms per day by March 2018

Attractive Asset Mix

7 assets with 2,450 lane km of roads on national and state highways

Young assets with average remaining life of 23+ years

Proven Track Record and

Diverse Portfolio

Diversified presence across high growth industrial states

Experience of 15+ years in road sector

Experience across 14 road assets worth INR 12,880 crs across 5,400 lane kms

Strong Parentage and Management

SREI – Unparalleled Infrastructure Experience of 25+ years

Leading private sector infrastructure financing Co. Promoted by Kanoria Family in 1989

Experienced BOT management team with demonstrated execution and asset management capability

Proven Track Record

7

Two lane all weather bridge across the river Wainganga, Maharashtra

Investment of 12% stake in first

BOT road asset (Jas Toll Road

Company Ltd)

Investment of 9% stake as

consortium partner with

Madhucon Projects in first BOT

road project - in the state of

Rajasthan

Awarded 3 BOT road projects in the state of Kerala (1), and Tamil Nadu (2)

Won bid for 5 road projects in the

state of Uttar Pradesh (1), Haryana

(1), Odisha (2), and Maharashtra

(1)

Commercial operation started for

MTPL project, GIPL project and

KEPL project

Ability to bid

individual

project size

worth up to

INR 5000cr

2015-16* refer to 2015-16 onwards

Experience of 15+ years in Road Sector

Financing Investment Break-Through Bid

Capability Next Level of Growth

2000-01 2002-03 to 2004-05 2005-06 2006-07 to 2014-15 2015-16*

Portfolio connects Key National Traffic Corridors

Diversified presence across high growth industrial corridors

Sl. No. Project Name/SPV State

Description (Project on NH/SH=A;

Project connecting NH=B)

Indore – Ujjain/MTPL Madhya Pradesh A= SH 27 B= NH 3 & NH59

Thrissur – Angamali/ GIPL

Kerala A= NH 47

Rohtak – Bawal/KEPL Haryana A= NH 71 B= NH 8

Ghaziabad- Aligarh/GAEPL

Uttar Pradesh A= NH 91 B= NH 3

Chandikhol- Bhubaneswar/SJEPL

Odisha A= NH 5

Solapur Karnataka Border/STPL

Maharashtra A= NH 9

Rimuli-Roxy-Rajamunda/ OSEPL

Odisha A= NH 215

N refers to NHAI Project and S refers to State Highway Project; *Figures corresponds for 100% of Project

2N

1S

3N

4N

5N

6N

7N

Cochin

Chennai Bengaluru

Pune

Nashik

Indore

Bhopal Ahmedabad

Delhi

Ludhiana

Bawal

Jodhpur

Udaipur

Jaipur Lucknow

Kanpur Varanasi

Agra

Mumbai

Bijapur

Mangaluru

Hospet

Bhubaneswar

Solapur

Ghaziabad Aligarh

Ujjain Dewas

Rohtak

Angamali

Thrissur

Rimuli Rajamunda Balasore

Jalandhar

Kanyakumari

Coimbatore

Thiruvanthapuram

Salem

Chandikhol

Allahabad

Asansol Kolkata Kharagpur

BRNL Road Assets

National Highways

1

2

3

4

5

6

7 Chittagong

Lahore

Hyderabad

Vijayawada Macihlipatnam

MTPL: 4 Laning of Indore–Ujjain section of SH-27, Madhya Pradesh

9

Location Overview Rajasthan Border

Maharashtra Border

Connectivity & Industry

Key Growth Factors

Location

• Project road connects Ujjain – Indore section

• Part of SH-27 which connects Rajasthan border in north and

Maharashtra border in south

• Major towns/cities are Ujjain, Indore

SPV Structure

• SPV: Mahakaleshwar Tollways Private Limited (MTPL)

• Shareholding: BRNL-48%, Galfar-26%, & Varaha-26%

State Highlight

• GSDP: $75 bn

• Last 10 years CAGR: 17%

Connectivity

• SH-27 and NH-3 intersect at Indore, thereby providing connectivity

between Agra and Mumbai

• SH-27 and NH-59 intersect at Indore, providing connectivity to

Ahmedabad, rendering project road important for interstate

commercial traffic movement

Major Industries

• Auto and auto components, textiles, cement, agro-based industries,

forest-based industries, pharmaceuticals, manufacturing and tourism

• Indore is the largest city in the state and the hub of business, industry, education & religion

• Ujjain is an ancient city with great historical and religious significance

• Pitampur (near Indore) is the automobile hub and rise in industrial activity will lead to increase in traffic

Project Cost: INR 331 cr

COD: Nov-2010

Residual Life: 23 yrs

Lane Kms: 196

Debt*: INR 165 cr

* As on Sept16

GIPL: 4/6 Laning of Thrissur–Angamali section of NH47, Kerala

10

Location Overview


• Thrissur- a major financial and commercial

hub of South India (known for powerloom, textile, match stick, pharmaceuticals and printing industries

• Angamali is considered the northern gateway to the commercial capital of Kerala

Key Growth Factors

Location

• Project road connects Thrissur – Angamali section

• Part of NH-47 which connects important southern cities across Kerala

and Tamil Nadu

• Major towns/cities are Thrissur, Chalakudi, and Angamali

SPV Structure

• SPV: Guruvayoor Infrastructure Pvt. Limited (GIPL)

• Shareholding: KMC-51%, & BRNL-49%

State Highlight

• GSDP: $64 bn


Connectivity

• NH-47 connects between Kanyakumari and Salem, and provides

connectivity to Cochin Refinery, Cochin Port, Coimbatore and nearby

industries, thereby rendering project road important for interstate

commercial traffic movement

Major Industries

• Handlooms & powerlooms, rubber, bamboo, coir, sericulture, cashew,

mining, tourism, spice and spice extracts


COD: Dec-2011


Lane Kms: 260

Debt*: INR 439cr

* As on Sept16

KEPL: 4 Laning of Rohtak-Bawal section of NH-71, Haryana

11

Location Overview


COD: Sep-2013


Lane Kms: 332

Debt*: INR 756 cr

Location

• Project road connects Rohtak – Bawal section

• Part of NH-71 which connects important districts of Haryana, with

close proximity to National Capital Region of India (“NCR”)

• Major towns/cities are Rohtak, Jhajjar, Rewari, & Bawal

SPV Structure

• SPV: Kurukshetra Expressway Private limited (KEPL)

• Shareholding: JMC-51%, & BRNL-49%

State Highlight

• GSDP: $65 bn


Connectivity

• NH-71 and Golden Quadrilateral (GQ) at NH-8 intersect at Bawal,

thereby providing connectivity to North-South corridor of India and

rendering project road important for interstate commercial traffic

movement

Major Industries

• Automotive, agro-based industries, IT & ITES, textiles, Oil refining,

bio-technology, and petrochemicals

• Part of high industrial corridor of NCR and Haryana Region

• Heavy traffic originating from Panipat industrial area to Bawal industrial area passes through this route

• An industrial centre spread over 1200 acres is being developed at Bawal

Key Growth Factors

* As on Sept16

GAEPL: 4/6 Laning of Ghaziabad-Aligarh section of NH91, Uttar Pradesh

12

Location Overview


• Connects major industrial hubs such as Ghaziabad, Goutambuddh Nagar, Bulandsahar and Aligarh

• Proximity to industries and connectivity with major national highways, the project road is of interstate importance for commercial traffic movement

Key Growth Factors

Location

• Project road connects Ghaziabad – Aligarh section

• Part of NH-91 which connects Delhi in North and Kanpur in South

• Major towns/cities are Ghaziabad, Bulundsahar and Aligarh

SPV Structure

• SPV: Ghaziabad Aligarh Expressways Pvt. Limited (GAEPL)

• Shareholding: BRNL-39%, PNC & Subhash Projects- 35%, & Galfar-

26%

State Highlight

• GSDP: $147 bn


Connectivity

• NH-91 is part of old Grand Trunk Road and provides connectivity

from Chittagong, Bangladesh in East to Lahore, Pakistan in West,

thereby rendering project road important for commercial traffic

movement

Major Industries

• Information technology, agro processing, tourism, mineral-based

industries, textiles, handloom & handicrafts, food processing, and

sports goods

Project Cost: INR 2,198cr

PCOD: June-2015


Lane Kms: 500

Debt*: INR 1,365 cr

* As on Sept16

SJEPL: 6 Laning of Chandikhol-Bhubaneswar section of NH5, Odisha

13

Location Overview


• Paradip port is just 85 kms from the project stretch

• The area is a pilgrimage destination and several iron ore mines & steel plants are located near Chandikhol, Jajpur

• Bhubaneswar is the capital city of Odisha and a big commercial hub

Key Growth Factors

Location

• Project road connects Chandikhol-Bhubaneswar section

• Part of NH-5 which connects from Jharpokharia to Chennai in South

• Major towns/cities are Bhubaneswar, Cuttack, Chandikhol

SPV Structure

• SPV: Shree Jagannath Expressways Pvt. Limited (SJEPL)

• Shareholding: BRNL-40%, Simplex- 34%, & Galfar- 26%

State Highlight

• GSDP: $48 bn


Connectivity

• NH-5 is part of Golden Quadrilateral in the state of Odisha

• NH-5 and NH-60 intersect at Balasore, thereby providing connectivity

from Asansol via Kharagpur (near Kolkata) to Chennai and rendering

project road important for interstate commercial traffic movement

Major Industries

• Iron, steel, ferro alloys, aluminum, IT & ITES, handloom, electronics

and tourism

Project Cost: INR 1,799 cr

COD: Mar-2017


Lane Kms: 402

Debt*: INR 965 cr

* As on Sept16

STPL: 4 Laning of Solapur Maharashtra/Karnataka border section of NH9, Maharashtra

Location Overview


• Solapur is house to World’s second largest and Asia’s largest spinning mill, and a major commercial center

• The project is part of NH 9 which connects west and east passing through major cities such as Vijayawada, Hyderabad, Pune and provides onward connectivity to Mumbai

Key Growth Factors

Location

• Project road connects Solapur Maharashtra-Karnataka border section

• Part of NH-9 which connects from Pune in West to Macihlipatnam in

South

• Major town/city is Solapur

SPV Structure

• SPV: Solapur Tollways Private Limited (STPL)

• Shareholding: BRNL-100%

State Highlight

• GSDP: $253 bn


Connectivity

• NH-9 connects Pune to upcoming port at Machilipatnam

• NH-9 and Mumbai-Pune Express Highway intersect at Pune, thereby

providing connectivity to Mumbai and nearby ports and rendering


Major Industries

• Pharmaceuticals, biotechnology, IT & ITES, electronics, engineering,

auto & auto components, petrochemicals, oil & gas, and textiles


COD: June-2017


Lane Kms: 400

Debt*: INR 172 cr

* As on Sept16

OSEPL: 2/4 Laning of Rimuli-Roxy-Rajamunda section of NH215, Odisha

15

Location Overview


COD: Jun-2018

Residual Life: 20 yrs Lane Kms: 360

Debt*: Nil


• Stretch is part of mining belt wherein traffic is expected to grow substantially once mining ban is lifted

• Project stretch passes through Kendujhar and Sundargarh district which are affluent in mineral deposits such as iron, chromite, manganese, and coal which all are exported

• No alternative routes available

Key Growth Factors

Location

• Project road connects Rimuli-Roxy-Rajamunda section

• Part of NH-215 which connects from east to west in northern part of

Odisha

• Major towns/cities are Rimuli, Roxy, & Rajamunda

SPV Structure

• SPV: Orissa Steel Expressway Private Limited (OSEPL)

• Shareholding: BRNL-69%, MBL- 26%, AMR-3%, & Ritwik Projects- 2%

State Highlight

• GSDP: $48 bn


Connectivity

• NH-215 is one of the most important prime arterials of Odisha

• NH-215 and NH-5 intersect at Panikoili, thereby providing

connectivity to Southern part of India till Chennai and rendering


Major Industries

• Iron, steel, ferro alloys, aluminum, IT & ITES, handloom, electronics

and tourism

* As on Sept16

Attractive Asset Mix

% State Wise BOT Portfolio (Lane Km)

8%

11%

14%

20%

31%

16% Madhya Pradesh

Kerala

Haryana

Uttar Pradesh

Odisha

Maharashtra

Note: Includes both Operational and Under Construction Assets

16

92% 74% 81%

39% 60%

8% 26% 19%

61% 40%

BRNL SIPL IRB ITNL ASBL

Lane Km by Clients

NHAI States

196 196 196 196 196 196 196 196

260 260 260 260 260

332 332 332 332

500 500 500

402 402

400

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

Operating Portfolio Growth (Lane Km)

260

332

788

2450

260 GIPL

KEPL

GAEPL

SJEPL

STPL

Note: Includes both Operational and Under Construction Assets Note: The above years correspond to respective financial years

Note: The above years correspond to respective financial years

1288

456

788

196

456

MTPL

1690

FY11

MTPL

FY12

GIPL

MTPL

FY14

KEPL

GIPL

MTPL

FY16

KEPL

GIPL

MTPL

FY17 E

GAEPL

SJEPL

KEPL

GIPL

MTPL

Expected to be operational in that year

Operational Projects

GAEPL

SJEPL

KEPL

GIPL

MTPL

FY18 E

STPL

OSEPL

OSEPL

• In-house dedicated technology team for developing cutting edge TMS/HTMS technology

• Highest Accuracy in pre-classification of Vehicles leading to reduction of revenue leakage

• Manage complete tolling operation and maintenance

Strong Platform for Value Creation

• Portfolio to benefit from traffic growth due to increase in GDP

• Well positioned to capture upcoming projects: NHAI is expected to award over 11,200 kms of projects for bidding via BOT route over FY16-19E

• Ability to bid individual project size worth up to INR 5000 cr

• Consolidate ownership / control in existing assets • Leverage SREI’s deep relationships in the infrastructure sector to

acquire new assets at attractive valuation

• Maximize return through

• Re-pricing due to positive interest outlook

• Refinancing of loans*

Growth Drivers

Stable Cash Generating Assets with

Growth Potential

Agile Technology & Operation

Enhance Stake in

Assets and Inorganic Growth

Optimize Capital

Structure

17 *Extending debt tenure through refinancing to align with the balance concession period (currently portfolio average concession period is 20 years vis-à-vis average debt life of 12 years, leading to optimizing of Equity IRR

Maximise Returns to Shareholders

Strong Parentage – SREI Advantage

18

VAST INFRASTRUCTURE EXPERIENCE OUR SKILL SETS

Infrastructure loan book of INR 35,339 cr (equipment and project finance)

Relationship with all BOT sponsors

Expertise in understanding and managing construction and project risk over last 25 years

Ability to identify attractive opportunities by leveraging BOT sponsor relationship

Significant financier of BOT Sponsors In-house financing support capabilities. Strong relationships with lenders

Local intelligence and expertise

Deep relationships across infrastructure value chain

Highly reputable International Developmental Institutions have been financial partners with SREI

Managing Risks

Access

Marquee Investors

THE SREI ADVANTAGE

Board of Directors

NAME EXPERIENCE

Bajrang Kumar Choudhary Managing Director

► More than 2 decades of experience in infrastructure asset management, project development, project implementation, private equity and M&A

► Managing portfolio investment of US$ 3bn across roads, ports, airports, water and economic zones

Experienced Board play a key role in providing strategic oversight and guidance

Brahma Dutt Chairman

► M.Sc (Physics), MA (Economics) and L.L.B. Also a member of Indian Council of Arbitration and Delhi Bar Council

► Retired I.A.S. officer having 37 years of experience. Former Secretary- MoRTH, Government of India

Pradeep Singh Independent Director

► CEO of the Mohali Campus and Deputy Dean of the Indian School of Business.

► Over 35 years of work experience in government, non-government and private sector organizations, and in academia spanning across the areas such as Infrastructure Project Development, Investments, Financing, and Advisory, Public Private Partnerships, Governance

Atanu Sen Independent Director

► He holds a master’s degree in economics from Calcutta University and CAIIB.

► He served as an advisor to State Bank of India and was also Managing Director and CEO of BCI Life Insurance Company.

Dr Tuktuk Ghosh Kumar Independent Director

► Doctorate in History from the University of Delhi & Bachelor of Academic Law from Annamalai University.

► Retired I.A.S Officer with over 34 years of experience. Served in senior positions of State Government and Government of India, including a stint at UNIFEM (United Nations Fund for Women’s Development).

Experienced Management Team

NAME EXPERIENCE

Sanjay Banka Chief Financial Officer

► Has over 2 decades of multicultural and MNC experience in Business and Finance Management, Strategic and Operational Planning, Accounting & Taxation, M&A, Legal, Corporate Governance & Compliance

► Has worked with Landmark Group, Viom Networks Limited, MTS India ( Sistema Shyam Teleservice Limited), Bharti Airtel Ltd among others

Partha Pratim Chaudhury Head - Technical

► Civil Engineering Graduate with Post Graduate Diploma in Business Management from IMT, Gaziabad with more than two decades of experience in in the field of Infrastructure Developmental Projects

► Expertise in Project Management and Construction, Contract Administration & Management, Site & Construction Management/Resource Planning

► Has worked at McNally Bharat Engg Co Ltd and Larsen & Toubro Ltd in various capacities

Experienced Management Team; well positioned to navigate BRNL into the next stage of growth

Bajrang Choudhary Managing Director

► More than 2 decades of experience in infrastructure asset management, project development, project implementation, private equity and M&A

► Managing portfolio investment of US$ 3bn across roads, ports, airports, water and economic zones

Asim Tiwari Chief Operating Officer

► Civil Engineering Graduate with Post Graduation in Project Management with more than two decades of experience in managing road concessions

► Has worked at IL&FS, Isolux Corsan, etc. in various capacities

Rajesh Sirohia Head – Corp Strategy & Investment

► More than 15 years of experience in infrastructure domain

► Senior Member of the Srei Group with significant experience in infrastructure projects, debt syndication, raising of equity at project level

THANK YOU!

Disclaimer In this communication we have disclosed certain forward-looking information to enable investors to comprehend our future prospects and take informed investment decisions. This report and other statements – written and/or verbal - that we periodically make/publish contain forward-looking statements that set out anticipated results based on the management's plans and assumptions for future growth and development of the organizations. We have tried wherever possible to identify such statements by using words such as anticipate, estimate, expects, projects, intends, plans, believes, and words of similar substance in connection with any discussion of future performance. We do not guarantee, warrant and/or recommend, express or implied, as to the accuracy or completeness of such assumptions and that these forward-looking statements will be realized, although we believe we have been prudent in assumptions which are subject to dynamic changes. The achievement of results is subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Prospective investors are recommended to take there decisions based on interpretations and assumption of such published forward looking statements. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Moreover, neither we or any other company or subsidiary of the BRNL, nor any of its officers, directors or employees accept any liability or responsibility in respect to the information or any assumptions expressed herein The information contained herein has been prepared exclusively for informational purposes and is not an offer or solicitation of an offer to buy/sell the securities/instruments mentioned or to participate in any trading strategy or an official confirmation. This is not a research but it may refer to a research analyst/research report.. Information is subject to change without notice and we may not update this. Past performance is not indicative of future returns. This price information (if any) is provided solely for informational purposes and may differ substantially from price information available from other sources or an actionable price.

Documents

Bharat Road Network Limited (BRNL) Profile_Jan_web.pdf · Bharat Road Network Limited (BRNL) Prosperity through Partnership Strictly Private & Confidential . SREI Infrastructure Finance