GUJARAT RAIL INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED Status Update amp Way Forward 1 About GRIDE Implementation Structure Projects Process of identification Identified Projects Future projects identification ID: 805642
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Slide1
GUJARAT RAIL INFRASTRUCTURE DEVELOPMENT CORPORATION LTD.
GUJARAT RAIL INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED
Status Update & Way Forward
1
Slide2About G-RIDE
Implementation StructureProjectsProcess of identification
Identified ProjectsFuture projects’ identification
Projects Status & Way Forward 2
Agenda
Slide3About G-RIDE
3
Announcement in Railway Budget
:
26
th
of February, 2015
Date of Signing of JV Agreement b/t GoG & Ministry of Railways
:
17th of August, 2016
Incorporation of Company
:
6
th
of January, 2017
Key Management:
Chairman:Sh. M. K. Das, IAS , Principle Secretary (Industries & Mines),GOG. Managing Director (MD):Sh. Ashwini Kumar, IAS , Sect. to CM,GOGDirector (BDev. & Finance):Full Time (State Nominee)Director (Project & Planning):Full Time, IRSE (Railway Nominee)Part Time Directors: State Nominee:3 NosRailway Nominee:3 Nos
Slide4Organization Set up
4
Independent
Part Time
Full Time
Full Time
Full Time (IRSE)
Part Time
Independent
Total
One
Three (including Chairman)
One
Managing Director
One
Three
OneEleven
Slide5Organization Set up – Key Management
5
KEY MANAGEMENT:
Chairman
-
Sh. M. K. Das, IAS , Principle Secretary (Industries &
Mines),GOG
Managing Director (MD) -
Sh. Ashwini Kumar, IAS
,
Sect. to CM,GOG
2 (TWO) WHOLE TIME DIRECTORS:
Director (BD & Finance) –
Sh. Z A Khan, IRAS/OSD-GIDB (GOG Nominee)
Director (Project & Planning) –
Sh. Santosh Kumar, IRSE (MOR Nominee)
PART TIME DIRECTORS:State Nominee- 2 Nos. Shri Mukesh Kumar, IAS /VC & MD, Gujarat Maritime Board Shri Hurbert Christian, Deputy Secretory & Financial Advisor (Industries)Railway Nominee- 3 Nos. Shri Sanjay Rastogi, IRSE , PED/SPV/Railway Board Shri S.K.Garg, IRSE, CPM, Ahmedabad/WR Shri Chittranjan Swain, IRTS, CTPM/WR
Slide6Key Objectives of G-RIDE
6
T
o act as a
"
nodal agency for railway infrastructure
”
in the State of Gujarat.
T
o realize the vision for
“
Cooperative Federalism
”
that caters more efficiently to local aspirations
‘
Promote and encourage innovation and best practices in these railways infrastructure development’
including in conceptualization, design, construction and maintenance
‘Generate greater financial resources through greater participation’ of the State, other stakeholders, including the private sector in project specific SPVs
Slide7Key Objectives of G-RIDE
7
‘
To deliver technical expertise for railway infrastructure development’
through the commissioning of DPRs and other studies as also through in-house expertise and external experts.
‘
To identify and connect the identified un-served regions’
in the state offering all citizens equitable access to convenience, facilities and opportunity.
To speed up the Development of Railway Projects on state’s priority and
deliver the top 6 priority railway infrastructure projects of the State by 2025
To deliver railway infrastructure that complements the states objectives
of encouraging trade, tourism, economy and overall growth in the state.
Slide8Project Implementation Structure
8
G-RIDE – 51% Government of Gujarat and 49% Ministry of Railways
Initial equity infusion of INR 100 Cr.
Specific project SPVs to be created with min. 26% equity infusion by G-RIDE
Further debt raising in project SPVs to finance individual projects
Ministry of Railways
49% equity
Government of Gujarat
51% equity
Gujarat Infrastructure Development Corporation Limited (G-RIDE)
Debt raising through Multilateral Agencies, Infra Bonds etc.
Other Equity Participants (Private/ Government)
Min. 26% equity by G-RIDE
Debt raising through banks, Financial Institutions etc.
Project SPVs
Slide9Projects: Process of identification
9
A Task Force Committee comprising 5- GOG Members & 4 MOR
Members was formed in 2016-17 to identify and prioritize the projects in G-RIDE.
Identification of projects was based on the following two principles:
Project should be financially viable;
OR
2.
Project should be economically viable provided Viability Gap Funding (VGF)/ Subsidy for such project is available as per the present guidelines.
Task Force Committee identified 12 rail projects in State of Gujarat.
Slide10Projects: Future Projects’ Identification
10
RAILWAY MASTER PLAN FOR THE STATE OF GUJARAT
Review the current railway capacity, and establish the gap between this capacity and the requisite railway infrastructure;
Assess the demand/requirement of Railway Infrastructure (both passenger and freight) in State in totality for next 30 years horizon period;
Propose a railway development strategy and comprehensive integrated Master Plan;
Prepare a suitable organizational, regulatory, legal and financial structure to implement the Master Plan;
Assist State Government in implementation of the Master Plan.
Slide11Projects: Future Projects’ Identification
11
RAILWAY MASTER PLAN FOR THE STATE OF GUJARAT
Under 5 key themes
,
87 different projects and 4800+ kms of route interventions which
needs to be developed across the state identified for 30 years horizon period
Theme (No. of Projects)
2020-30
2030-40
2040-48
2048+
DFC
3
2
Port Connectivity8221Industrial Connectivity651 Mobility and Accessiblity63245Tourism37 Total (No. of projects)264876Total 87 Projects identified across 5 themesTheme (Estimated Investment ‘000 Crores)2020-302030-402040-482048+DFC1.33.2 Port Connectivity3.11.39.21.5
Industrial Connectivity
3.1
1.04
1.4
Mobility & Accessibility
14.7
24.8
16.8
9.9
Tourism
1.5
4.9
Total (Broad estimate of investment ‘000 Crores)
23.7
35.2
27.4
11.4
Total Estimated Investment: ~97.7 Thousand Crores *
*: Based on Industry benchmarks and thumb-rule estimates
Slide12Projects: Future Projects’ Identification
12
RAILWAY MASTER PLAN FOR THE STATE OF GUJARAT
I
nterventions across Rail Network Augmentation, New rail lines, Bypass lines, Multimodal Logistics parks, ICD’s, Private fright terminals have been proposed for improvement on increasing the modal share of railways for freight movement in the state.
Semi High-speed rail corridors projects such as Ahmedabad-Rajkot Semi High Speed Rail System, New line for connecting the unserved tribal areas, Regional Rail System for four major growth centres, Metro systems for 4 major urban centre, Station Redevelopment and Connectivity to tourism destinations have been proposed for improvement of passenger facilities in the state.
Slide13Infrastructure Set-Up
13
G-RIDE has set up its new office (Carpet area measuring 5503 Sq. Ft.) at Block no. 6, 7
th
Floor, Udyog Bhawan, Gandhinagar
New Office started on 23
rd
October 2018.
Slide14Organization Set up – General Consultancy Team
14
GENERAL CONSULTANCY TEAM:
CORE STAFF:
Team Leader – K K Sharma (IRSE Rtd. PCE, With 35 Yrs. experience)
Alignment cum Estimation cum Drawing Expert – Ramakrishna with Total 35 Yrs. Railway experience.
GM Civil – S K Roy (IRSE SG. Dy. CE Rtd. With 25 Yrs. experience)
GM Electrical – H P Sharma (Dy. CEE Railway on Deputation)
SENIOR MEMBERS:
Civil Engineer - 2
CAD & GIS – 1
S&T Engineer– 2
Electrical Engineer - 1
ASSOCIATE MEMBERS:
Information Technology – 1
S&T - 1
Slide15Organization Set up – Other Staff Members
15
Retired Railway Staff – 04
Other Technical Staff – 13
Non technical Staff – 06
Housekeeping Staff – 05
Security Staff – 03
Total Staff
- 31
Slide16Current Equity Structure of G-RIDE
16
S.No.
Particulars
State Govt.
(Rs in Cr.)
Ministry of Railways
(Rs in Cr.)
Total
(Rs in Cr.)
1.
Equity Released
(Upto March 31
st
, 2018)
10.00
9.61
19.612.Equity Released(FY 18-19)8.007.6915.693.Total Equity (Mar-19)18.0017.3035.304.Total Equity after receiving matching application by MOR8.017.6951.07GOG has made a budgetary provision of Rs. 51.0 Cr total equity contribution in G-RIDE for FY 2018-19Additional matching equity contribution will be raised by MOR for Rs.7.69 CR of total Rs.51.0 CR contribution.Additional Share Application Money of Rs. 8.01 Cr. has been received from GOG. The shares will be allotted once the matching contribution is received from MOR.
Slide17Current Status of the Projects
17
S. No.
Project Name
Project Cost
Status
1.
Katosan- Becharaji- Chanasma- Ranauj (65 Kms)
528 Cr
Project sanctioned by Railway Board in Sept’18. Project SPV namely BRCL incorporated.
EPC Tender at Rs 487 Cr. Invited with Bid due Date 02.05.2019.
PMC tender to be invited.
GRIDE Projects.kmz
2.
Arnej – Tarapur (45.62 kms)
1103 Cr
Feasibility cum Bankability study being done
by Ernest and Young (E&Y).Meeting with prospective Stakeholders undertaken. Revalidation of Traffic estimation data & financial analysis is underway by Ernest and Young (E&Y).3.Surat-Kosad- New Sanjali(DFC Station) -30 kms623 CrFeasibility cum Bankability study being done by Etude Services.Detailed Traffic estimation & financial analysis in next slides
Slide18Current Status of the Projects
18
S. No.
Project Name
Project Cost
Status
4.
Bedi
Port Last Mile Connectivity Project: Windmill Station to old
Bedi
Port (Phase-1: 3.03 Km),
Rail Connectivity to New
Bedi
and
Rozi
Port (Phase-II: 11.32 Km)
Phase-I: 44 Cr.
Phase-II: - 150 CrGujarat Maritime Board (GMB) along with its agency Sagarmala Development Company has expressed its in principle approval as equity partners in project SPV to undertake the proposed project. G-RIDE is in the process of obtaining in-principle approval from Railway Board to allocate the project & form a project SPV jointly with GMB & Sagarmala Development Company.5.Nargol Port Last Mile connectivity (approx. new BG line 23 kms) 181 CrGMB has advised G-RIDE to undertake Financial/ Technical feasibility study for proposed port connectivity project vide letter dated 22.03.2019. The same is being pursued by G-RIDE.6.Vayor to Koteshwar New Rail line (38.76 kms) connectivity290.34 CrFeasibility cum bankability study completed by GIDB in consultation with G-RIDE through M/s. Aarvee Consultants. Details in next slides.
Slide19SPV Status (Bahucharaji Rail Corporation Limited- BRCL)
for KTRD-RUJ Gauge Conversion project
19
SPV (BRCL) was incorporated on 13.12.2018 with a total authorised equity capital of Rs 1 Crore.
Equity Structure:
Description
Share
% Project Cost
Rs (In Cr.)
Equity
GRIDE (Govt. of Gujarat)
20.91
110.45
GRIDE (Ministry of Railways)
20.09
106.12
Maruti Suzuki India Limited
33.00174.31GIDC26.00137.33Total Equity100.00528.22DebtNILNILNILTotal100.00528.22First Board meeting was conducted on 9th January, 2019. Minutes of meeting are approved.Share holder Agreement is under process.Initial Authorized capital has been called from respective stakeholders. G-RIDE and MSIL has contributed their share respectively. Shares will be allotted to stakeholders after GIDC contribution is received.EPC Tender was floated on 28th Feb, 2019. The last date for submission of tender is 02.05.2019.
Slide20New BG line between Surat-
Kosad- New Sanjali
(DFC Station) -30 kms- Project benefits
20
DFC rail connectivity to industry and port in Hazira area,
KRIBHCO
fertiliser
siding,
KRIL PFT, ONGC siding, IOC siding and
proposed Adani Hazira Port
Panoli
(existing station on WR)-New
Sanjali
(proposed station on DFC) already proposed.
Traffic to/ from DFC without surface crossing,
avoiding loss of sectional capacity and
congestion.high rise OHE - double stack container movement
Slide21Surat-
Kosad- New Sanjali (DFC Station) 30 kms New BG Line –
OD Traffic Projections
21
Commodity/ class
From
To
2019
2025
2030
2035
Remarks
POL
ONGC Kosad
Panki
0.19
0.19
0.190.19No growth Fertiliser KRIBHCO HaziraBijnor1.731.731.731.73No growthImport FertliserPortUP0.10.20.20.2Port Projection Finished Steel KRIBHCO PFTGhaziabad0.660.991.321.658% simple growthImport SteelPortGhaziabad0.10.140.180.228% simple growth Container /steel
KRIBHCO PFT
Pali KRIL siding
0.26
0.39
0.52
0.65
8% growth till 2025
Imported Coal
KRIBHCO PFT
GNVF, BH
0.25
0
0
0
Imp coal loaded from port
Slide22Surat-
Kosad- New Sanjali (DFC Station) 30 kms New BG Line –
OD Traffic Projections
22
Commodity/ class
From
To
2019
2025
2030
2035
Remarks
Imported Gypsum
KRIBHCO PFT
Sardarnagar
0.02
0.02
0.020.02No growthImported mineralsPortNE Rly1.131.81.81.8Port ProjectionContainerPali PFTKRIL PFT0.110.110.110.11No growthPOL KanalusIOC Kosad0.480.480.48
0.48
No growth
Container Import
Port
Dadri
0
260000
390000
390000
10% growth in rail traffic
Container Export
Dadri
Port
0
260000
390000
390000
10% growth in rail traffic
Agri Product
MP
Port
0.4
0.52
0.52
0.52
Port projection
Slide23New BG line between Surat-
Kosad- New Sanjali (DFC Station) -30 kms Estimated Traffic Commodity wise
23
Traffic estimated
Sr. No
Category
Traffic Estimated 2025
(In MMT)
Traffic Estimated
2055
(In MMT)
1.1
Containers
0.39
0.76
1.2
Fertilizers
1.751.751.3Gypsum/Minerals1.821.821.4POL0.190.191.5Steel1.131.871.6Coal1.61.61.7Total (MMT)6.887.991.8EXIM Container Cargo (TEUs)260,000390,000The project line is scheduled to commence commercial operations in FY-2025
Slide24Vayor
to Koteshwar New Rail line (38.76 kms) Connectivity- An extension of Bhuj-
Naliya- Vayor
(125.4 kms) line
Existing SPV for gauge conversion of Bhuj-
Naliya
(101.4km) with extension to
Vayor
as BG line (24km) consisting of 3 stake holders namely RITES, Shapoorji-Pallonji and PCM Cements conducted financial feasibility study of above line. Findings detailed below:
24
Bhuj-
Naliya
-
Vayor
section to be executed on SPV model (70:30 D/E Model)
(Base Case)
Length
126.0 KmCost of the project (including Land and soft cost)827 CrProject IRR3.83%Average DSCR0.19Expected Return of Equity14%Weighted Average Cost of Capital11.9Bhuj-Naliya-Vayor section to be executed on SPV model (70:30 D/E Model)(considering Inflated mileage of 40%)Cost of the project (including Land and soft cost)827 CrProject IRR14.71%EIRR17.12%Average DSCR1.39Expected Return of Equity14%Weighted Average Cost of Capital11.55%
Slide25Vayor
to Koteshwar New Rail line (38.76 kms) Connectivity- An extension of Bhuj-
Naliya- Vayor
(125.4 kms) line
Considering the
demands of Federation of Kutch Industries Association,
GIDB in consultation with G-RIDE conducted Feasibility cum bankability study for
Vayor
to
Koteshwar
(38.76 kms) new line project. Findings detailed below:
25
Vayor-Koteshwar
Stand Alone Project executed on SPV model (100% Equity Model)
(Base Case)
Length
38.76 KmCost of the project (including soft cost)290.34 CrProject IRR-3.39%Project NPV-21023.30 LakhVayor-Koteshwar Stand Alone Project executed on SPV model (100% Equity Model) (considering Inflated mileage of 40%)Length38.76 KmCost of the project (including soft cost)290.34 CrProject IRR4.35%Project NPV-12410.49 LakhIRR is less than 14%
Slide26Vayor
to Koteshwar New Rail line (38.76 kms) Connectivity- An extension of Bhuj-
Naliya- Vayor
(125.4 kms) line
26
Bhuj-
Naliya
-
Vayor-Koteshwar
(164.76 Kms) line as a Single Project executed on SPV model (48:52 D/E Model)
Cost of the project (including soft cost)
1117 Cr
(827.1 Cr for Bhuj-
Naliya
-
Vayor
+290.34 Cr for
Vayor-Koteshwar including land)IRR15.80%NPV @10% discounting rate412 CrEIRR20.21%In light of the poor financial viability of the 38.76 kms line from Vayor to Koteshwar, possibility of taking up the entire line from Bhuj-Naliya-Vayor to extension upto Koteshwar (164.16 kms) as a single project may be explored.
Slide27Issues for discussion
Approval of Plan, Design & Drawings (Civil, S&T and Electrical)
Standardization of Cost Estimation (Soft Costs) for the project on EPC
Approval for siding connectivity from Project area
Model Concession Agreement
27
Slide28Thank You
28