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8/6/2019 Infrastructure Post Budget Analysis1
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Infrastructure and RealEstate in India
Post Budget Analysis:Insight at a glance
www.deloitte.com/in
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2
State of the Industry
As per the Economic Survey or 2010-11, while the
overall investment in inrastructure seemed to be on
target, the targets in some sectors were achieved.
During 2007-08 to 2009-10, capacity addition was
lower than the target in power, roads (NHDP), new
railway lines, and doubling o railway lines. The sub-
sectors where achievements have been above or closeto target are telecommunications, villages electried
under the Rajiv Gandhi Grameen Vidyutikaran Yojana,
railway lines electrication, railway gauge conversion,
and new and renewal o roads construction under
the Pradhan Mantri Gram Sadak Yojana. There has
been a steady decline in the time and cost overruns o
Central-sector projects costing which can be attributed
to closer monitoring and system improvements by the
Ministries concerned.
A key initiative taken by the Government o India
during the past year pertained to setting up o the
National Transport Development Policy Committee
in February 2010. The committee has been set up to
assess transport requirements o India or the next
two decades and to recommend a comprehensive
and sustainable policy or meeting the requirements.
It is headed by Dr. Rakesh Mohan, and comprises
21 members, including Secretaries o Ministries like
Urban Development, Road Transport & Highways, Civil
Aviation, Ministry o Shipping, Financial Services, Coal,Power, Petroleum & Natural Gas and the Chairman
o the Railway Board, as well as representatives rom
the private sector. The committee will assess the
transport requirements o the economy or the next
two decades and recommend a comprehensive and
sustainable policy or meeting the transport require-
ments. It will also review the Public-Private-Partnership
approach in operation currently and suggest modica-
tions, i required.
The real estate sector witnessed signicant revival in
the last year. According to the data released by the
DIPP, housing and real estate sector including cineplex,
multiplex, integrated townships and commercial
complexes etc., attracted a cumulative FDI worth
$ 9,072 mn rom April 2000 to October 2010 andapprox. $ 716 mn during April-October 2010.
Key announcements / changes to policy
framework in Infrastructure Sector and impact
analysis
Budget allocations and plan or und mobilizations
or inrastructure sector
For Financial Year 2011-12, an allocation o over
`2,14,000 crore is proposed to be made or inra-
structure sector, which is 23.3 per cent higher than
allocation in FY 2010-11.
To enhance fow o unds to the inrastructure sector,
the FII limit or investment in corporate bonds,
with residual maturity o over ve years issued by
companies in inrastructure sector, is proposed to be
raised by $20 bn, resulting in an aggregate limit o
$40 bn. Since most o the inrastructure companies
are organised in the orm o SPVs (separate SPV or
each concession / license), it also proposed to permit
FIIs to invest in unlisted bonds o such SPVs with aminimum lock-in period o three years. However, FIIs
will be allowed to trade amongst themselves during
the lock-in period.
Budget 2011 proposes to allow tax ree bonds o
`30,000 crore to be issued by various Government
undertakings in the year 2011-12. This includes Indian
Railway Finance Corporation `10,000 crore, NHAI
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Inrastructure and Real Estate in India Post Budget Analysis: Insight at a glance | 3
`10,000 crore, Housing And Urban Development
Corporation Ltd `5,000 crore and Ports `5,000 crore.
Budget 2011 also proposes to create Special Vehicles
in the orm o notied inrastructure debt unds. The
proposed tax mechanisms have been claried in the
Finance Bill. However, appropriate ramework will
need to be introduced to implement the same.
Budget allocations and plan or und mobilizations
or aordable housing sector
To provide housing nance to targeted groups in rural
areas at competitive rates, Budget 2011 proposes to
enhance the provision under Rural Housing Fund to
`3,000 crore rom the existing `2,000 crore.
To stimulate growth in housing sector, it is proposed
to provide interest subvention o 1% on housing loans
up to `15 lakh where the cost o the house does not
exceed `25 lakh, rom the present limit o `10 lakh
and`20 lakh respectively.
The existing housing loan limit or dwelling units under
priority sector lending is proposed to be enhanced
rom `20 lakh to `25 lakh, to actor increase in prices
o residential properties in urban areas.
Inrastructure status to cold storage chains
Recognising the increased momentum in cold storage
sector and to attract investment, it is proposed tomake capital investment in the creation o modern
storage capacity eligible or viability gap unding
scheme o the Finance Ministry. It is also proposed to
recognize cold chains and post-harvest storage as an
inrastructure sub-sector.
Inrastructure Finance Company
In February 2010, RBI introduced a ourth category
o NBFC viz. IFC, predominantly to represent NBFCs
engaged in inrastructure nancing in view o the
critical role played by them in providing credit to the
inrastructure sector.
IFC is dened to mean an NBFC which deploys at least
75% o its total assets in inrastructure loans. An IFC
should have net owned und o `3 bn or more, anda minimum Tier I capital o 10% and capital reserve
adequacy ratio o 15%. Concentration limits or IFC
are relaxed to 10%/15% (o owned und) to any single
borrower/group o borrowers; 5%/10%, o aggregate
o loans and investments, to any single party/ group
o parties.
Amendments to NBFC Directions would enable IFCs
to provide a higher credit acility to borrowers in the
inrastructure sector. The relaxation takes into account
the need to und large capital requirements entailed in
development, operations and maintenance o an inra-
structure project. Above relaxation would encourage
banks to take exposures to IFCs as the banks would
be assured o minimum A grade quality at the time o
disbursal o unds.
Combined eect o above measures would lead to
additional unds being made available to projects in
inrastructure sector through non-banking channels.
Liberalization to avail ECB by IFCs
As per the ECB policy, NBFCs categorized as IFCs by
RBI were permitted to avail o ECB or on-lending to
inrastructure sector under approval route subject to
satisaction o prescribed conditions. In May 2010,
the ECB guidelines were modied to permit IFCs
to avail ECB up to 50% o their owned unds under
automatic route subject to compliance with the
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prudential guidelines; ECBs above 50% o their
owned unds will continue to be considered under
the approval route.
This amendment now enables an IFC to leverage
on interest rate dierentials by borrowing rom the
overseas markets at lower interest rates.
ECB or takeout fnance
In view o the peculiar unding needs o inrastruc-
ture sector, RBI introduced the take-out nancing
arrangement through ECB or renancing o rupee
loans availed rom the domestic banks. This
arrangement is permitted under approval route,
to the eligible borrowers only in the sea port and
airport, roads including bridges and power sectors
or the development o new projects, subject to
certain conditions.
This scheme has provided an option to substitute a
domestic unding with ECB ater commencement o
commercial operations. This would be encouraging
or overseas lenders as they are likely to be more
condent in lending to stabilized projects. This also
enables inrastructure projects to reduce their cost o
operations by renancing at more competitive rates.
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Inrastructure and Real Estate in India Post Budget Analysis: Insight at a glance | 5
Specic policy amendments within key economic and social inrastructure asset classes
Sectors Announcement/ changes in policy framework
Road &
Highways
AmendmentsintheNationalHighwaysFee(DeterminationofRatesandCollection)Rules,2008via
amendments dated December 3, 2010 and January 12, 2011
- 3 axle vehicles separated rom Multi-Axle Vehicle (MAV) category and base toll rate has been reduced
rom `3.45/km to `2.40/km
- Bypasses treated as a separate category and do not orm part o structures (such as bridges andtunnels) in calculation o toll; the toll rate or bypasses is 1.5 times o the standard base toll rate on a
per passenger car unit (pcu)/km basis while it was earlier indexed to the estimated project cost (on Rs/
vehicle/trip basis).
The amendments have reduced the protability o Concessionaires as net revenue has decreased. Moreover,
this may lead to an increase in viability gap unding / grants provided by NHAI as projects will now require
more equity support. However, it needs to be noted that at the macro level, the amendments will benet
the transportation industry as there will be a reduction in operating costs.
RBIAnnualPolicyFY2010-11
- Classiy investments in non-SLR bonds issued by companies engaged in inrastructure activities and
having a minimum residual maturity o seven years under the held to maturity category- Treat annuities under build-operate-transer model in respect o road/highway projects and toll collec-
tion rights, where there are provisions to compensate the project sponsor i a certain level o trac is
not achieved, as tangible securities subject to the condition that banks right to receive annuities and
toll collection rights is legally enorceable and irrevocable.
- Inrastructure loan accounts classied as sub-standard will attract a provisioning o 15% instead o the
current prescription o 20%. To avail o this benet o lower provisioning, banks should have in place
an appropriate mechanism to escrow the cash fows and also have a clear and legal rst claim on such
cash fows.
It is expected that these proposals will reduce the overall cost o unding and create additional liquidity in
the market. There would be a reduction in interest rates, improvement in credit rating, leverage and loan
tenureCircularNo.4/2010dated18thMay2010oftheMinistryofFinanceThisCircularclariesthatwidening
o existing road by constructing additional lanes as a part o a highway project by an undertaking would
be regarded as a new inrastructure acility or the purpose o Section 80IA(4)(i) o the Income Tax Act.
However, simply relaying o an existing road would not be classiable as a new inrastructure acility or
this purpose. The circular has a positive impact on the Roads & Highways sector as it provides clarity on
the applicability o tax benets or road projects involving the addition o new lanes.
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Sectors Announcement/ changes in policy framework
Airport EstablishmentofCivilAviationEconomicAdvisoryCouncil-TheCouncilwassetupfollowingasurgein
airares o domestic airlines and aims to promote policies to enhance the sustainability o the aviation
industry in India in consultation with stakeholders. It has representatives rom scheduled airlines, airport
operators, and representatives o International Air Transport Association and industry associations.
CivilAviationRequirementsissuedbyDGCAforpassengerfacilitation-CARshavebeenissuedrelating
to compensation and acilities to the passengers in case o denied boarding, cancellations and delays,
strengthening computer reservation system/global distribution systems and use o cellular/mobile phones
ater the aircrat has landed and cleared active runway. The new Civil Aviation Authority is proposed to
have greater powers than DGCA. However, its ormation is still under discussion.
PlantosetupIndependentCivilAviationAuthorityannouncedtoreplacetheDGCA
Port LandPolicyforMajorPorts2010-NewLandPolicywasannouncedin2010whichallowsthemajorports
to leverage on the surplus land available. This policy opens up new opportunities or logistics players
wishing to setup logistics acilities in the vicinity o the port.
PolicyforpreventingmonopolyintheMajorPortsSector-Thepolicyforpreventingmonopolyhasadded
a little uncertainty in the bidding process which prevents a private terminal/berth operator in a port or a
specic cargo or his associates rom bidding or the next terminal/berth or handling the same cargo in
the same port. Projects in JNPT (like 4th Container terminal and the 330 m berth extension or containers)have not been awarded as the existing container terminal operators, who were among the prospective
bidders and were later not allowed to bid because o this new policy, have approached court on the issue.
DraftMajorPortsRegulatoryAuthorityAct-ThedraftMPRAActproposestoreplaceTariffAuthorityfor
major ports by MPRA thereby providing more reedom to Major ports in setting taris. This is seen as the
rst step in ensuring level playing eld or all ports, major & non-major
DraftIndianPorts(Consolidated)Bill2010-Further,theIndianPorts(Consolidated)Bill2010seeksto
replace and merge the Indian Ports Act 1908 and Major Port Trust Act 1963. The new bill proposes a
single regulatory authority to be setup or all ports in India (major & non-major).
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Sectors Announcement/ changes in policy framework
Railway RailwaysInfrastructureforIndustryInitiative(R3i)-TheR3ipolicyistargetedtoattractprivatesector
participation in rail connectivity projects through laying o new lines. Four dierent models are allowed in
this policy all o which essentially provide incentives to the private sector or laying down new lines.
RailConnectivitytoCoalandIronOreminesPolicy(R2ci)-R2cipolicyisintendedtofacilitateandprovide
incentives to customers to invest in rail connectivity or coal and iron ore blocks. This policy complements
the R3i policy, which excludes coal blocks and iron ore mines.
PrivateFreightTerminalpolicy-Thispolicyallowstheprivatesectortosetupterminalsforhandlingbothcontainer and goods on a revenue sharing basis with the railways.
SpecialFreightTrainOperatorpolicy-Thispolicywillallowprivatesectortomovetheirownrakesfor
trac other than containers. A complementary policy on development o automobile and ancillary hubs
has also been announced.
There is still a lot o skepticism amongst the private sector players about how these new policies will be
implemented. Thereore the uptake o projects under these policy initiatives has been slow. However, these
policies do show an increasing desire in the railway sector to engage with the private sector in a bigger way
or generating more investments.
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Sectors Announcement/ changes in policy framework
Healthcare
& Education
Privatermsallowedtosetupmedicalcolleges-InMarch2010,Governmentenabledprivate-sector
healthcare companies to start medical colleges to ease the shortage o medical seats. Currently there are
only 30,000 graduate medical seats and 13,500 post graduate seats resulting in brain drain to oreign
countries or higher education. India needs about 800,000 doctors in the next ten years. The Medical
Council o India has also relaxed the land requirement norms or companies planning to set up medical
colleges in large cities. Large private players such as Fortis, Max and Apollo Hospitals have announced
likely investments over the next ew years to set up medical colleges across India. This would include seats
or nursing and allied health courses as well.
Regulationofmedicaleducation-Withanobjectiveofjointplanninginhighereducation,thegovern-
ment is reviewing the possibility o regulating medical education under the National Commission or
Higher Education and Research with support rom an advisory council set up within the Commission,
to set the academic norms or medical education. Medical Council o India would probably continue to
issueprofessionallicensesandaccreditinstitutions.Whilethenaldecisionisawaited,aregulatorybody
or medical education will help streamline and monitor medical education which is now open to private
sector players as well.
ForeignEducationBillInMarch2010,thecentralgovernmenthasgivenitsnodtoForeign
Educational Institutions Regulation o Entry and Operations, (Maintenance o Quality and Preventiono Commercialization) Bill 2010. It would require passage by both houses o Parliament prior to being
instituted as law. The Bill seeks to regulate entry, operation and restriction o oreign universities in India.
I implemented, one can expect higher education o international standards being imparted onshore at
more eective costs.
Re-promulgationoftheForeignContribution(Regulation)Bill,2010toreplacetheexistingAct-TheBill
was passed by both the Houses o Parliament and has to receive the consent o the President o India. As
per the amendments proposed persons accepting oreign contributions would be subject to a higher level
o scrutiny and compliance in terms o seeking prior approval, registration, renewal o the registration,
utilisation o the unds only or the specied purposes, restriction on administrative expenses and transer
o the oreign contribution to other persons with an stated o objective o monitoring and utilisation o
such contributions received by specied persons. Education institutions, generally set up as a trust in
India, would need to comply with the aoresaid regulations, i it proposes to receive oreign contributions
under the new regime.
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rom 1 June 2011.
In order or this initiative to be made eective,
the Government should now complement the
above with appropriate amendments in the regu-
latory ramework o SEBI, RBI and FDI guidelines.
Extension o sunset or power sectorDeduction under section 80IA or undertakings
operating in the power sector has been extended
by one year to 1 April 2012. Power has seen
heightened investment activity in the recent
past and this proposal is in line with the industry
expectation or the sector.
Tax deduction to power undertakings
commencing operations in Financial Year 2011-12
would now be grandathered under the DTC.
Investment linked deduction in respect o
capital expenditure on housing projects
The Finance Bill, 2011 proposes to introduce
investment linked deduction or capital expendi-
ture incurred or developing an aordable
housing project under a scheme ramed by the
Central/State Government and notied by CBDT.
This provision is proposed to be eective rom
Financial Year 2011-12.
The above proposal may not have signicant
impact on developers o housing projects as the
residential units are normally treated as stock-in-
trade and thereore, the construction expenditure
is normally treated as revenue expenditure.
Applicability o DDT and MAT provisions or
SEZ developers
The Finance Bill, 2011 proposes to subject SEZ
developers to MAT and DDT provisions.
The provisions in relation to DDT are proposed
to take eect rom 1 June 2011 while the MAT
provisions would take eect rom 1 April 2012.
The above proposal refects the Governmentsintent to rationalize tax benets to SEZ developers
by bringing the current Income Tax Act in sync
with the proposals in Direct Taxes Code. The
proposal will have the eect o increasing the tax
base or the Government. However it will reduce
the overall project returns or SEZ developers.
Removal o anomaly in set o losses o hotels
and hospitals
Currently, new hotels (2 star and above) and new
hospitals (with minimum 100 beds) (Specied
Business) are eligible or investment linked
deduction or capital expenditure incurred.
Further, set o o losses o the Specied
Business is permitted only against prots o
another Specied Business. Owing to the deni-
tion o Specied Business, which states that the
business should be new, there were ambiguities
on set o o losses o such businesses.
To clariy the ambiguities, the denition oSpecied Business is positively amended by
removing the condition requiring such hotels and
hospitals to be new. This amendment will apply
retrospectively rom Financial Year 2010-11.
Extension o time limits or Inrastructure Bonds
The Finance Bill, 2011 proposes to extend the
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Inrastructure and Real Estate in India Post Budget Analysis: Insight at a glance | 11
time limit or deduction in respect o long term
inrastructure bonds by one year to 31 March
2012.
This will provide additional time to the
Government to mobilize retail unds or inra-
structure projects.
MAT rate
The Finance Bill, 2011 proposes to increase
the MAT rate rom existing 18% to 18.5%.
However, ater considering the proposed
reduction in surcharge rom 7.5% to 5%, there
is no substantial change in the eective MAT
rate.
Submission o statement by Liaison Ofces
The Finance Bill, 2011 proposes to introduce
a requirement or Liaison Oces set up in
India whereby every non-resident having a
Liaison Oce in India and set up in accordance
with RBI guidelines, shall prepare and submit
a statement o its activities in such orm as
may be prescribed, every nancial year to the
Assessing Ocer.
This would be an additional compliance orliaison oce set up by overseas inrastructure
companies / contractors or suppliers in inra-
structure sector to carry out project manage-
ment activities.
The time limit or submitting such statement
would be within sixty days o end o the
nancial year
The above provisions are proposed to take
eect rom 1 June 2011.
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Indirect Tax Proposals
Customs duty
It is proposed to provide ull exemption rom basic customs duty (subject to conditions) to bio-asphalt
and specied machinery or use in the construction o roads under contract rom specied authorities.
This will have a positive impact on roads sector by helping in cost reduction.
Excise duty
Cementisproposedtobesubjecttomixedratesofexcisedutyi.e.advaloremaswellasspecicrates with some reduction which is likely to result in lower prices. For the purpose o the ad valorem
component, the value will be the transaction value and not retail sale price. The details o the
changes are as under:
S.No. Description of Goods Earlier Rate Revised Rate
1. Packagedcementmanufacturedinamini-cementplant
(i) O retail sale price not exceeding `190 per 50
kg bag or o per tonne RSP not exceeding `3800
`185 PMT 10% ad
valorem
(ii) O retail sale price exceeding `190 per 50 kg
bag or o per tonne RSP not exceeding `3800
`315 PMT 10% ad
valorem +`30PMT
2. Packagedcementmanufacturedinaplantotherthanamini-cementplant
(i) O retail sale price not exceeding `190 per 50
kg bag or o per tonne RSP not exceeding `3800
`290 PMT 10% ad
valorem +`80
PMT
(ii) O retail sale price exceeding `190 per 50 kg
bag or o per tonne RSP not exceeding `3800
price
10% o retail sale 10% ad
valorem +`160
PMT
3. Cement Clinker `375 per metric
tonne
10%+`200
per metric
tonne
The above proposals and revised rates are likely to reduce cement prices and boost construction
industry.
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Excisedutyexemptionforgoodssuppliedto
mega / ultra-mega power projects have been
aligned with project imports with description
o goods as appearing under Project Imports.
Prior to this budget, such goods were exempt
rom excise duty only i these were exempt
rom customs duty at the time o their
import. Exemption has also been extendedto power cables, ash disposal systems and
coal transportation systems. Full exemption
rom excise duty has also been extended to
specic goods supplied to expansion projects
o existing mega power projects subject to
certain conditions. This will reduce the input
costs o such projects.
Fullexemptionfromexcisedutyhasbeen
extended to air-conditioning equipment,
panels and rerigeration panels or installation
o a cold storage, cold room or rerigerated
vehicle or preservation, storage or transport
o agricultural produce and apiary, horticul-
tural, dairy, poultry, aquatic & marine produce
and meat as well as processing thereo. This
measure will lead to urther reduction o tax
cost o installing cold-chain inrastructure or
preservation o perishable commodities.
Service tax
Workscontractcompositionschemeisproposed to be amended to restrict CENVAT
credit to 40% o the tax paid on input
services relating to erection, commissioning &
installation, commercial or industrial construc-
tion and construction o residential complex,
i tax has been paid on ull value o the
service ater availing CENVAT credit on inputs.
This would invariably result in higher cost o
construction as a result o lower availment o
credit.
Fullexemptionfromservicetaxisproposed
to works contract services when provided or
the purpose o carrying out (a) construction
o new residential complex or part thereo; or(b) completion and nishing services o new
residential complex or part thereo, under
Jawaharlal Nehru National Urban Renewal
Mission and Rajiv Awaas Yojana.
Workscontractservicerenderedwholly
within a port or airport has also been ully
exempted rom service tax. This measure is
indicative o the intention o the Government
to reduce the indirect tax cost o setting up
and maintaining inrastructure projects.
Theservicetaxnethasbeenexpandedto
cover -
- all unrecognised courses under the
Taxable Service o Commercial training or
coaching centre; and
- Diagnostic services provided by (a) a
centrally air-conditioned clinic with more
than 25 beds (b) services provided with the
aid o a laboratory or medical equipment
and (c) services o a doctor (not an
employee) rom the premises o a clinicalestablishment.
The above proposals will increase the cost o
socially critical inrastructure o education and
healthcare services.
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Way forward
As expected, there havent been any signicant
amendments or the real estate sector, except on
the aordable housing ront, which have been
provided with some incentives. However, there
is no clarity rom the Government on the levy
o value added tax / service tax on purchase o
property.
Budget 2011 has continued to place importance
on the criticality o inrastructure or Indias
development. The tax and other plan proposals
usher in with variety o measures like enhancing
fow o unds to the sector by introduction o
inrastructure debt und coupled with a tax
riendly treatment, increase in FII limit o invest-
ment in inrastructure sector, increasing time limit
or investment in inrastructure bond, noteworthy
budget allocations, etc. These refect the thrust
placed by the Government on the inrastructure
sector. It is evident that government is looking at
private investments to boost the sector as well as
public-private partnership or quality and timely
completion o projects. Overall, the tax and policy
landscape or inrastructure sector in India or the
coming year 2011-2012 is expressly optimistic.
Glossary
Abbreviation Long Form
$ United States Dollar
AAI Airport Authority o India
Bn Billion
CARs Civil Aviation Rules
CENVAT Central Value Added TaxCBDT Central Board o Direct Taxes
DDT Dividend Distribution Tax
DGCA Directorate General o Civil Aviation
DIPP Department o Industrial Policy and
Promotion
DTC Direct Taxes Code, 2010
ECB External Commercial Borrowing
FDI Foreign Direct Investment
FII Foreign Institutional InvestorsIFC Inrastructure Finance Company
Income Tax Act Indian Income-tax Act, 1961
km Kilometers
MAT Minimum Alternate Tax
mn Million
MPRA Major Ports Regulatory Authorities
NBFC Non Banking Financial Company
NHAI National Highway Authority o India
NHDP National Highway Development ProgramRBI Reserve Bank o India
RVNL Rail Vikas Nigam Limited
SEZ Special Economic Zone
SPV Special Purpose Vehile
PMT Per Metric Ton
RSP Retail Sale Price
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