GUJARAT PIPAVAV PORT Share price

Our Company was incorporated on August 5 1992 as Gujarat Pipavav Port Limited a public limited company under the Companies Act. We received the certificate for commencement of business on August 7 1992. At the time of incorporation our Company was a joint venture between GMB and Seaking Engineers Limited now known as SKIL Infrastructure Limited ("SKIL"). In June 1998 GMB divested its stake in our Company in favour of SKIL. Our Company SKIL APM Terminals Holdings Limited ("APMTHL") a company registered under the laws of Bermuda Maersk India Private Limited ("Maersk India") a company incorporated in India and certain other parties entered into a share subscription agreement dated June 29 2001 and share purchase agreement dated June 29 2001. Pursuant to these agreements APMTHL and Maersk India acquired 13.5% of the then shareholding of our Company. APMTHL transferred its shareholding in our Company to APM Terminals Mauritius Limited one of the Promoters of our Company in October 2005. Further pursuant to the share sale and purchase agreement (the "GPPL SPA") dated March 30 2005 SKIL Infrastructure Limited Nikhil Gandhi Montana Valves and Compressors Limited and Grevek Investment and Finance Private Limited divested their shareholding in our Company in favour of APM Terminals Mauritius Limited the Industrialization Fund for Developing Countries and IDFC Infrastructure Fund. Our Company entered into further subscription agreements between June 2001 and April 2005 with certain private equity investors pursuant to which these private equity investors became shareholders of our Company. For further details see "Capital Structure" on page 59 of this Red Herring Prospectus. Pursuant the GPPL SPA Nikhil Gandhi SKIL Infrastructure Limited Montana Valves and Compressors Limited and Grevek Investment and Finance Private Limite had each provided an undertaking to our Company dated March 30 2005 that they shall not directly or indirectly for a period of five year from March 30 2005 engage in certain activies inter alia including handling of container cargo bulk cargo and liquid cargo. Our Company entered into a concession agreement dated September 30 1998 and a supplementary concession agreement dated June 2 2006 (together the "Concession Agreement') with GMB and GoG to develop finance design construct operate and maintain the port at Pipavav in accordance with the build own operate and transfer policy as laid down by the GoG. Debt Restructuring Our Company had outstanding borrowings of Rs. 2985.30 million as at October 1 2003. We were referred to the Corporate Debt Restructuring ("CDR") Cell for restructuring the debt under the Corporate Debt Restructuring guidelines issued by the RBI. The CDR Empowered Group approved a restructuring proposal at its meeting on October 30 2003 which was communicated to our Company through a letter dated November 29 2003 which was subsequently amended from time to time (the "Restructuring Package"). Under the Restructuring Package our Company entered into Restructuring Agreements and Loan Agreements with the CDR lenders being IDBI Bank Limited Punjab National Bank Export Import Bank of India and Industrial Investment Bank of India Limited. The CDR Empowered Group had in its meeting held on August 22 2008 approved the early repayment of the entire CDR Debt of our Company and our exit from the CDR Scheme. Our Company has repaid the CDR Debt. Our Company has entered into a loan agreement dated May 19 2009 with certain lenders being Infrastructure Development Finance Company Limited IDBI Bank Limited Syndicate Bank Bank of India Punjab National Bank Export-Import Bank of India Housing Development Finance Corporation Limited Union Bank of India Infrastructure Development Finance Company Limited (as lenders agent) and Infrastructure Development Finance Company Limited (as security trustee) to avail of a rupee term loans to the extent of Rs. 12000 million. As at June 30 2010 our Company had outstanding debt of Rs. 10749.53 million.Key Events and Milestones Year Month Key Events/ Milestones 1998 September Concession Agreement entered into with GMB and GoG 2000 May PRCL incorporated as a joint venture company with Indian Railways for gauge conversion of rail line from Surendranagar to Rajula and laying of new line from Rajula to Pipavav 2001 June Concession Agreement entered into between PRCL and the Indian Railways. APMM Group through two of its companies acquires 13.5% of the shareholding of our Company as strategic investment 2002 April Commercial operations commenced 2003 May Broad gauge rail connectivity from Surendranagar to Pipavav commissioned 2004 August Three panamax quay cranes commissioned 2005 April APM Terminals Mauritius Limited alongwith certain financial investors acquire the shareholding of our Company from SKIL 2006 March First Port in India to receive Double Stack Container Train from ICD Kanakpura (Jaipur) to Pipavav 2006 May Phase I capital dredging completed enabling vessel acceptance draft of 12.5 metres 2006 May Mainline container vessel services commence operation 2006 November Eight rubber tyre gantry cranes commissioned 2007 December Environment friendly coal yard commissioned 2008 January Three post panamax quay cranes commissioned 2008 January Ten eco-friendly rubber tyre gantry cranes commissioned 2009 April Two post panamax quay cranes (PPQC) commissioned 2009 May Construction of Jetty No. 4 and modification of Bulk Liquid Jetty completed. Phase II capital dredging completed enabling vessel acceptance draft of 14.0 metres. Dredge material used to reclaim 70.0 Hectare of land 2009 July Development of 2.6 Hectares of paved container yards completed 2009 October Railway siding no. 5 6 and 7 commissioning with the addition of about 2.00 km of internal railway tracks 2010 February Development of 2.4 hectares of paved bulk storage yard completed Awards and Achievements Year Month Award/Achievements2008 September Annual Indian Maritime Gateway Awards 2008 - Achievement in Environmental Protection 2010 March Chemtech Leadership and Excellence Award 2009-2010 - Fastest Growing Port in India