R-Infra plans to sell road projects to pare debt

R-Infra joins growing number of firms selling assets in a slowing economy, appoints EY to oversee sale

P.R. Sanjai  |  Malvika Joshi

The R-Infra’s plan comes at a time when nearly 50 roads projects are up for sale in the country. Photo: Priyanka Parashar/Mint

Mumbai: Reliance Infrastructure Ltd (R-Infra), a part of the Anil Ambani-led Reliance Group, plans to sell either all or most of its 11 road projects to pare debt, according to three people familiar with the development, joining companies that are putting assets on sale to reduce their debt burden.

R-Infra has appointed consulting firm EY, formerly known as Ernst and Young, to oversee the sale, said the people, who didn’t want to be identified. The aim is to reduce some of the Rs.21,976.18 crore of debt it had on its books at the end of the last fiscal year.

R-Infra’s spokesperson declined to comment on the matter. An e-mail sent to EY on Friday did not elicit a response.

Two of the three people said EY is taking the projects, with a total length of 968km and on which R-Infra has spent around Rs.11,700 crore, to potential buyers and is yet to finalize their sale.

One of the three people is from R-Infra, another an investment banker and the third is with a private equity fund.

The plan comes at a time when nearly 50 roads projects are up for sale in the country as infrastructure companies building them struggle with problems including delayed government approvals, land acquisition hassles and a funding crunch in the face of high borrowing costs.

Slower economic growth, which slumped to a four-year low of 4.4% in the fiscal first quarter, has caused road traffic to decline, putting the viability of road and highway projects in doubt.

The asset sales are not limited to road projects. Many infrastructure firms are disposing of assets. Since January, at least 10 Indian companies have either sold or announced the sale of assets in a bid to pare Rs.3.58 trillion worth of debt, according to Mint research and an August report by Credit Suisse Securities Research and Analytics.

In an interview with Mint earlier this month, Reserve Bank of India governor Raghuram Rajan welcomed the asset sales.

“We need more of that,” Rajan said. “Because it’s not that the system as a whole doesn’t have liquidity. There are companies sitting on tonnes of cash. Could they buy from these guys? Could foreign investors come in?…”

“If the liquidity-strapped entities get financial space once again, they can then start bidding for projects; they can start fulfilling some of their past commitments,” Rajan said.

Around 40-50 road assets are currently on the block, said Sandeep Upadhyay, senior vice-president (infrastructure solutions group), Centrum Capital Ltd.

Assets that are already operational are commanding a premium, but those still at various stages of development are being valued at a discount, said Upadhyay.

Out of 11 R-Infra road projects, nine are operational.

Operational road projects are cash-generating and have lower risk attached to them. Despite the projects being operational, investors are not rushing to buy these assets as the traffic on the roads is lower than projected before construction.

“Most of the road assets across the country are struggling as the traffic and expected returns were projected aggressively in most cases. This is the reason that while investors have appetite for good assets, there is a wide gap between bid and offer prices,” said Vikas Khemani, head of institutional equities at Edelweiss Securities Ltd.

Mint spoke to executives at least two infrastructure investment companies that had evaluated R-Infra’s road projects. They are yet to take a call on buying them because of a mismatch in valuations.

Investment in the road sector has fallen sharply. According to VCCEdge, which tracks investments, private equity deals (PE) worth $123.5 million have been struck since January in the road sector. In 2012, two deals were struck for $131 million and, in 2011, three big-ticket PE deals worth $556 million were struck.

In May, UK-based PE firm Actis ended its three-year old road joint venture with Tata Realty and Infrastructure Ltd. Actis held a 35% stake in the $2 billion venture.

“In most of the road projects, the internal rate of return is not matching the developer’s expectations,” Khemani of Edelweiss Securities said, adding that while many road assets are up for sale, only a few transactions are materializing.

Upadhyay of Centrum Capital said infrastructure firms’ aggressive bidding for road projects had led to over-leveraged balance sheets, hurting their financial closure prospects.

“The current situation has been primarily self-inflicted due to indulgence in aggressive bidding, based on overestimated traffic growth assumptions and failure to achieve optimistic completion timelines,” he said.

Another investment banker, on condition of anonymity, said several road projects are generating single-digit returns.

For companies primarily focusing on the EPC (engineering, procurement and construction) model and not wanting to wait for 15-20 years to generate returns, strategic sales are an obvious choice, Upadhyay said. This helps them reduce debt and invest the money in other projects.

“For those relying on BOT (build, operate and transfer) model, the picture may not be as gloomy as is currently perceived,” he said. “This is a buyer’s market and there is ample opportunity to cherry-pick quality assets, ensuring decent—16-17%—returns,” Upadhyay said.

Lack of clearances delays infrastructure projects

Pavan MV,  TNN |

Bailout package should not be like flawed exit policy: National Highway Builders’ Federation

YASHODHARA DASGUPTA, ET Bureau

Chinese incursions: Bhutan suffers alongside India

By Claude Arpi  

The Indian press recently reported that China was building ‘a massive infrastructure in Bhutan’. A report of Research and Analysis Wing (RAW), intelligence agency, apparently warned that the People’s Liberation Army (PLA) had constructed a new road from Gotsa to Lepola via Pamlung.

While it is difficult to ascertain the details of the RAW report, it is an open secret that China has been very active on Bhutan borders. On August 9, Kuensel, a Bhutanese publication, reported that the National Security Advisor (NSA) Shivshankar Menon arrived in Thimbu to ‘congratulate’ the new Prime Minister Tshering Tobgay after the latter assumed office. Tobgay was indeed happy to host Menon in Bhutan; Delhi had just promised some 5,000 crore Rupees to assist the implementation of Bhutan’s 11th Plan and its Economic Stimulus Plan. However, oh surprise, Shivshankar Menon was accompanied by the new Indian Foreign Secretary, Sujatha Singh. Why this ‘double’ visit? The NSA does not usually travel with the Foreign Secretary. Indeed, there was more than the usual patting. It soon became clear that the NSA’s main purpose was to advise the Bhutanese Government on how to handle border talks with China.

The 21st round of boundary talks between Bhutan’s Foreign Minister, Rinzim Dorje and the Chinese vice minister in the Ministry of Foreign Affairs was to be held a couple of weeks later. This made Delhi nervous. These border talks indeed have serious strategic implications for India’s security and Delhi’s own negotiations with China probably needed to be ‘synchronised’ with Thimpu. The New Indian Express asserted: “NSA spoke to his interlocutors about the current status of the India-China border talks. But, with the political leadership in Bhutan being brand-new, Menon took the opportunity of the Foreign Secretary’s visit to share Indian ‘experience’ and knowledge of Chinese negotiation tactics to advice Thimpu on the way forward.”

Delhi was particularly anxious after Thimbu had decided, during a previous round of talks with China, to have a joint technical field survey in one of the disputed areas in the central sector (eventually, the 21st China-Bhutan border talks held in Thimphu on August 22 agreed to conduct the joint survey of the 495 sqkm in the Pasamlung area, north of Bumthang). Another claim by China, the Doklam Plateau is adjacent to the hyper-strategic Chumbi Valley. That is the real nightmare for India.

It is a fact that China never liked India’s monopoly over Bhutan’s foreign affairs. Liu Zengyi, a research fellow at Shanghai Institute for International Studies wrote in The Global Times, “New Delhi sees Bhutan as little more than potential protectorate”. Referring to China’s attempts to establish diplomatic relations with Bhutan, the Chinese scholar admitted: “India won’t allow Bhutan to freely engage in diplomacy with China and solve the border issue.”

The Global Times’ article alleged that Indian ambassador to Bhutan VP Haran followed a ‘carrot-and-stick’ policy and ‘played a big role’ in the victory of the Opposition Peace and Democratic Party (PDP) over the Druk Phuensum Tshogpa (DPT). Beijing acknowledges that for India, China’s advances in the Doklam area is a strategic threat to the Siliguri corridor: “As a country located between China and India, Bhutan serves as a buffer and is of critical strategic importance to the Siliguri corridor, a narrow stretch of land (known as ‘chicken’s neck’) that connects India’s northeastern States to the rest of India. …Delhi worries that China will send troops to the corridor if a Indian-China military clash breaks out.”

It is indeed a serious issue for India. Even if India’s special influence over Bhutan is acknowledged by China, New Delhi needs to keep a tab on the China-Bhutanese negotiations, which could definitively impact the India-China talks. Though China and Bhutan do not have direct diplomatic relations, last year, Jigme Thinley, the then Bhutanese Prime Minister met Chinese Premier Wen Jiabao on the sidelines of a United Nations summit in Rio, establishing a first formal contact. Historically, during the 1962 India-China border war, Beijing was not too happy when the Bhutanese authorities permitted some Indian troops to retreat through southeastern Bhutan.

Though Bhutan formally has maintained a policy of neutrality, during the following years, Thimphu quietly expanded its economic ties with India. In the 1970s, several incidents of cross-border intrusions by Chinese soldiers as well as Tibetan herders were reported and when Thimphu and New Delhi protested against the incursions into Bhutan, Beijing ignored the Indian protest, responding to the Bhutanese complain only.

In 1996, China offered a package deal to Bhutan: Beijing was ready to renounce its claim over the 495 sq kms of disputed land in the Pasamlung and Jakarlung valleys in exchange for the Doklam Plateau, a smaller track of disputed land measuring a total of 269 sq. kms located in the Northwestern part of Haa District. The Doklam Plateau is extremely close to India’s ‘chicken neck’ area (The Chumbi Valley) and the Siliguri corridor connecting the Northeast to the rest of the country.

Since then, talks are going on.

In 1998, China signed a peace agreement with Bhutan to ‘maintain peace and tranquility’ on the Bhutan-China border. For the Bhutanese, it was a de facto recognition of their territorial integrity and independence. A Bhutanese blogger believes that for Bhutan, “This is clearly a case of being caught between a rock and a hard place.” It is clear that the claim on the Doklam Plateau is a second thought for China. In 1959, there was no discrepancy between the Chinese and Bhutanese maps (except for eastern Bhutan where Beijing did not recognise the McMahon Line). At that time, Beijing commented: “The strength of a horse is known by the distance travelled, and the heart of a man is seen with the passage of time, …China’s peaceful and friendly attitude toward India will stand the test of time.”

The ‘passage of time’ has shown that China was an unreliable horse, not only the PLA has intruded in several areas of India and Bhutan, but it has also built important infrastructure, such as the road from Yatung to Phari in the Chumbi Valley cutting across the Doklam Plateau. The Chinese engineers have also built traversal roads and set up a communication network within the disputed area. How to dislodge the Chinese is not an easy proposition.

By grabbing the Doklam Plateau, Beijing considerably enlarged the Chumbi Valley and its access to Sikkim and Siliguri; let us not forget that the Siliguri corridor is one of India’s most critical areas along the India-China border. Let us hope that Delhi will keep watching and preserve its vital interests.

Source-http://www.niticentral.com

Roads: clearing obstacles will take time

Vatsala Kamat

(The government’s desire to give a push to infrastructure projects may result in some relief from the problems of poor order inflows and low financial viability of existing projects. Photo: Ramesh Pathania/Mint)

ADB clears $700 mn loan for infrastructure development

Mumbai lags behind other Indian cities in infrastructure

By Rachita Prasad, ET Bureau |

MUMBAI: Vinayak Thakur, a foreign exchange dealer with a UK-based investment bank, has lived in Delhi, Hyderabad, and Mumbai and currently resides in Bangalore. Looking back, he thinks the city of dreams, with its creaky infrastructure, is a nightmare.

With many cities such as Delhi, Hyderabad, Bangalore and even relatively sleepy Jaipur rapidly modernising and developing swanky metro lines to ferry people, Mumbaikars, barring the privileged few who live and work in South Mumbai or posh pockets of some suburbs, are beginning to feel left behind. “Mumbai was the city where careers were made earlier, so people were ready to struggle everyday in the trains or fight the traffic on roads. Now other cities offer growth opportunity and have better infrastructure, so why would I want to live in Mumbai,” Thakur says.

The metropolis that once dreamed of becoming a global financial hub and outshining Shanghai offers choked roads, multitudes living in slums, and people taking jam-packed trains to their office that may be in a shiny tower in the middle of a dirty, low-lying locality.

Civic authorities admit there is chaos on the roads. “City suffers from serious traffic congestion with the average speed on major city roads being less than 15 km per hour. Due to lack of availability of land it is difficult to expand the road network and local trains are already overloaded, so building of a mass rapid transit system is the need of the hour,” Mumbai Metropolitan Region Development Authority said after tying up funding for metro line III.

The city has built flyovers, a sea link that bypasses jammed roads on way from the airport to south Mumbai, and recently commissioned 16.8 km Eastern Freeway. But it hasn’t kept pace with demand and the congested city where land is scarce, has lagged behind other Indian cities in developing mass rapid transport despite grand plans. “The strategic planning done for Mumbai has been technically very impressive.

Agencies like MMRDA have explored all options, taken all factors into consideration and planned ambitious projects, whether it is a sea link or metro rail. The problem is that the pace of development is slow that it is leading to despair,” said Vinayak Chatterjee, chairman and co-founder of infrastructure consultancy firm Feedback Infrastructure.

Shobhaa De, author, columnist and a Mumbai resident, says, “We can’t speak of Mumbai in the same breath as London, Singapore or Dubai! We are resolutely in the Third World. Fifty years behind the others. Even Colombo has better expressways!”

A 2012 study conducted by global consultant Mercer on quality of living in Asia-Pacific ranked Mumbai 134 among 221 cities, Mumbai, however, was ahead of other Indian cities surveyed. But many experts believe other cities are beginning to race ahead.

While Delhi, Chennai, Bangalore, and even cities like Ahmedabad and Jaipur are adding new transport infrastructure, several mega projects in Mumbai haven’t moved beyond the blueprints. Some projects like the Rs 2,500-crore Mumbai Metro Line 1, and the Rs 2,500-crore Monorail projects faced hiccups due to delay in environment clearances, relocation of religious structures and issues relating to right of way, are nearing completion now. But the second phase of metro rail, extension of Bandra-Worli Sealink, new routes of monorail, Navi Mumbai international airport and the ambitious Mumbai trans-harbour link project which are critical to reduce the pressure on the city’s existing infrastructure have not taken off.

“Mumbai lacks the political push that’s needed for these projects, while the government and state agencies in other cities are collectively working on clearing logjam on the ground so that they can expedite infrastructure projects,” Chatterjee said.

Metro Line 1 took seven years before trial runs began in May this year. In contrast, Jaipur’s metro project, helped by the Delhi Metro, took only three years.

“It is not easy to build infra projects in Mumbai. The city is very dense. There are issues like litigation that causes delays. These delays have resulted in huge cost escalation and now many problems have been created because of this,” Maharashtra Chief Minister Prithviraj Chavan said last month. Indeed, Mumbai has its own problems.

The trans-harbour link project didn’t get any bids as developers had concerns over the financial viability of the project. The second phase of metro faces termination due to disputes between the state and Reliance Infrastructure. “The developer in Metro I project is asking for a major hike in tariff and advertising rights. We are not sure how this will work out. One option is to go into arbitration and the other is to negotiate. If it gets worse, we may think of even taking over the metro project. It is now clear that Mumbai’s Metro II project will not happen now,” Chavan said.

Experts say Mumbai faces a bigger challenge of bureaucracy, land acquisition and approvals than other cities because often there are conflicting views from within the government. A senior executive from an infrastructure conglomerate says, “For the ruling political parties, Mumbai is very strategic and important and often the two parties have different views on infrastructure projects. As a result the project suffers”. Another infrastructure executive says, “Sometimes we wonder if MMRDA and BMC work for the same city!”

The Congress-NCP government, which has ruled Maharashtra for three terms now, have often been at loggerheads over several projects in the past, some of which have eventually been scrapped. For instance, a feud between the NCP-led Public Works Department and the MMRDA and Urban Development department, both of which are led by Congress, has derailed several projects, including the Mumbai Trans Harbour Link, industry executives say.

“Executing a project in a congested city like Mumbai is not easy as we don’t even get the land needed to set up site office and store our construction material. Also, it is very difficult to set up labour camps near the site,” said a senior executive heading a big infrastructure project. “We have even faced problems relating to migrant labours who are now choosing to work in other cities, which are affordable and where they don’t face discrimination.”

But Chavan believes that private players are shying away from projects in Mumbai, primarily because of the “economic slowdown and the lack of confidence among private players…We may be facing a difficult situation for some time to come but it is our attempt to instil a sense of confidence among the private players,” he said. Chatterjee of Feedback Ventures suggests that Mumbai needs to be developed on similar lines as Manhattan, the island city where the business hub is connected to the satellite cities through bridges, rail and road. “Mumbai needs a network of metro, elevated rail and bridges connecting the hinterland to the city so that the population spreads out evenly and eases the pressure on the city’s infrastructure.”

Manhattan or Shanghai may be a distant dream. Given how Mumbai is losing time, it may be left behind other Indian cities if new infrastructure projects don’t move on from blueprints to reality.

Source-http://economictimes.indiatimes.com

 

Poor infrastructure will affect tourism industry in Jharkhand: CII

TNN  |

Government revisiting policy that allows infrastructure developers to exit highway projects

By ET Bureau |

No relief from bad roads till Dec-Jan

Anjaya Anparthi, TNN |

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