AEL Presentation

8/3/2019 AEL Presentation

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.. Emerging Energy & Logistics Conglomerate ..


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3

Notes

1. AEL also has trading activities in power, metals and minerals

2. Reflects economic ownership adjusted for AELs 95% ownership in the real estate subsidiary Adani Infrastructure Developers

Pvt. Ltd.

3. CASF - Controlled Atmospheric Storage Facility

4. MDO - Mine Developer cum Operator

Energy Ports & Logistics Mundra Port & SEZ

(Publicly listed since Nov., 2007)(77.5% holding) (6) (proposed)

Hazira(100% SPV)

Dahej(74% SPV)

Murmugao(74% owned by MPSEZ;

26% owned by AEL)

Logistics(100%holding)

Ship Owning(70.25%holding)(7)

Oil & Gas(65 : 35 JV With Welspun of

Gujarat)

GasDistribution

(100% holding)Real Estate

ShantigramAhmedabad

(71% holding)(2)

BKCMumbai

(95% holding)(2)

KhatauMumbai(5)

(57% holding)(2)

CASF for Fruits &Vegetables (3)

(100% holding)

Grain Silos(100% holding)

Edible Oil & Agri Trading(50:50 JV with WilmarGroup of Singapore)

5. Khatau Makanji Spinning & Weaving Mills property was acquired through BIFR. The property is in Borivali & Byculla - Mumbai

6. The Board of Directors and shareholders of AEL have approved the proposal to merge the promoter entities of Mundra Port and Special

Economic Zone Ltd. with AEL and announced swap ratio on April 24, 2010 ; Application for proposed merger has been filed with HighCourt of Gujarat

7. Reflects AELs ownership through APL which has 70.25% holding in referred ship owning business

Coal Mining(As MDO(4) or Mine owner)

Integrated Coal Management

(AGFZE, Dubai & AGPTE, Singapore)

Power Generation(70.25% holding)

Publicly Listed since Aug 2009

Strong Diversified Portfolio - Way ForwardOne Adani

Bunkering(50:50 JV With Chemoil

Of Singapore)

Ports &Logistics

Energy

Key Strategic

Initiatives

1


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Increasing Focus on Asset-Based Businesses: AELs Strategic Transformation

Building on Trading and DomainExpertise to Develop Portfolio of

Infrastructure Assets

Oil & Gas City gas distribution: 8 Cities Oil & Gas exploration in India and abroad Bunkering

Real Estate Projects under planning in Ahmedabad & Mumbai: c.45 MM sq.

ft.

Agricultural Products 11 fully integrated refineries Controlled Atmospheric Storage Facility (CASF) for fruits and

vegetables Grain silos 550,000 MT capacity in 7 locations

Coal Mining: Coal Mining in Indonesia and India Arrangement to operate and develop coal mines in India

Asset Ownership

Metals & Minerals

Coal

Power

Oil & Petroleum Products

Agro Products

Ports & Logistics Developer and operator of the largest private sector multi-user

port in India Multi-product SEZTrading Business

Power Generation 660 MW operational 9,900 MW under development and implementation 2,640MW under planning Entered into contract for purchase of four newly-built vessels

Coal: Foundation for AELs Strategic Transformation

Creation of integrated player with a diversified portfolio of assets

Significant internal synergies to arise from integration of businesses

Way Forward


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Integrated Presence Across the Value Chain

Coal Mining

Development and operation ofParsa East and Kente Basancoal blocks at Chhattisgarh

Development and operation ofMachhakata coal block at Orissa

LoA for development, miningand transportation of coal fromParsa coal block at Chhattisgarh

Coal mining concessions inBunyu island, Indonesia

Presence across the entireenergy value chain offeringend-to-end solutions inintegrated coal management

Managed c. 28.8 MMT ofthermal coal in FY 2010

Ports andLogistics

Power Generation

and Transmission

Developer and operator of thelargest private sector multi-

user port in India

Developing terminals at Dahejand Hazira, Gujarat and a coalterminal at Mormugao, Goa

Synergy between ports, SEZand logistics, complementing

business

Industrial and growinghinterlands of North, West andCentral India, the key tradingregions

Currently developing powerprojects of 9,900 MW across

India

660 MW already under operation

2,640MW under planning

Operational and planned powertransmission network of 1,619

kms.

Integrated CoalManagement


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Coal Mining & Integrated Coal Management

Ports & Logistics

Power Generation

Key Strategic Initiatives

6

Strong Business Fundamentals


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Highest Demand for Coal Comes from the Power Sector

Well-Positioned to Leverage India Growth Story: Demand for Coal Expected to Increase

Historical Demand-Supply of Coal in IndiaImports Expected to Increase to Bridge

Demand-Supply Gap

549

604

50 5970

507 534

489454

0

150

300

450

600

FY 2008 FY 2009 FY 2010BE

Demand Production Import

521

664

15

15

364

18

104

331

38

41

45

14

51

28

70

0

400

800

1,200

X Plan (FY 2007) XI Plan (FY 2012)E XII Plan (FY 2017)E

CIL Captive Mining SCCL Others Import/Def icit

Source Ministry of Coal Source Ministry of Coal

Coal Demand in FY2017 forecasted at 1,125MMT: Driven by 835MMT from Power, 105MMT from Steel, 50MMT fromCement, 135MMT from other sectors

MMT MMT


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8

Coal: Integrated Business Model Key Growth Driver; AEL Managed c. 28.8 MMT of Thermal Coal in FY 2010

Integrated Coal Management (ICM) End-to-End Solutions

Australia

South Africa

Map not to scale

Multi-CountryProcurement

Arrangement to secure guaranteesand Letter of Commitments to

support trading business

Multi modallogistics

Indonesia

Coal Supplied

Coal Imported

Financing

Coal imported and suppliedin the same States

Coal Supplied

Coal Imported

Coal Supplied

Coal Imported

Focus on Pricing

Reimbursable charges

FOB (index)

Freight (index)

Mark-up

Handling charges

AELs Growing Coal Imports (1)

18.7

10.28.17.7

0

5

10

15

20

FY 2006 FY 2007 FY 2008 FY 2009

Total Non Coking

Coal Imports inIndia (MMT)

MMT

21.7 25.2 27.8 35.0

(1) Source: Based on total imports data as per Ministry of Coal and FY09 from Infraline


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9

Mine Developer Cum Operator: A Utility Business with Stable Cash Flows

Coal mine ownedby the State

Electricity Board(SEB)

MDO

Awards mining contracts based oncompetitive bidding

Agrees to supply coal at SEB power plants at minimum ofbid price or discount to Coal India Ltd. (CIL) price.

Provide end-to-end solutions like coal washing, betterlogistics, land acquisition etc.

Typical MDO Agreement MDO Process Stages

Develop,Plan, Operate

& ManageMining

Operation

Establishmentof Washery

LogisticSolution

EnvironmentClearance

R&R

LandAcquisition

Mining PlanApproval

Investment inMachineries

Mining activitythroughdeployinglatesttechnology

Ensuring thegrade andspecs of coal

to be delivered

Laying railwaysiding from pithead to nearby

connectingcentrepoint

Delivery atthermal powerstation

LandAcquisition

Approvalsand LandAcquisition

MiningOperation

Washery RailwaySiding

AEL has been awarded three MDOs in India namely, Parsa Kente, Machhakata, and Parsa blocks

These pictures are for illustrative purpose only


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Notes:

1 Adani Mining Private Ltd. which is a wholly owned subsidiary of AEL has executed Coal Mining Services Agreement (CMSA) with Para Kente Collieries Ltd.,which is a 74:26 JV between AEL and RRVUNL

2 Executed CMSA for Machhakatta Mine Block with Mahaguj Collieries Ltd. (MGCL)3 Letter of Award (LoA) for Parsa coal block from Chhatisgarh State Power Generation Co. Ltd. (CSPGCL)

4 MGCL Mahaguj Collieries Ltd..

5 RRVUNL Rajasthan Rajya Vidyut Utpadan Nigam Limited

6 CSPGCL Chhattisgarh State Power Generation Company Limited

Parsa - Kente1 Machhakata2 Parsa3

LocationChhattisgarh,

India

Orissa,

India

Chhattisgarh,

India

Beneficiary RRVUNL(5) MGCL(4) CSPGCL(6)

Block Area

(Sq Km)27.67 20.43 12.52

Mineable Reserve

(MM MT)452 1,244 150

Average Grade F Grade F Grade F Grade

Capacity p.a. at peaklevel (MM MT) 15 50 5

Overall Stripping Ratio 5.16 2.44 NA

Expected Commencementof Production June 2011 FY 2013 FY 2013

Coal Mining Operations 70 MM MT p.a. Mining

Machhakata

Parsa - Kente

Locations of IndianCoal Mining Operations

Parsa

10

MDO: Mining, Development and Operations in India

Base Revenues from the mines per MT

Parsa - Kente Year I INR 958.5

Machhakata Coal Block Year I INR 543, II INR 1,161,

III INR 1,262, IV INR 1,296,V INR 1,383


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Coal Mining in Indonesia

1

Bunyu Mine - Indonesia AEL has access to Bunyu

coal mine, Indonesia forcaptive consumption byAdani Power Ltd

3.4 MM Tons of coal

mined till date

Indonesia

Bunyu Island


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Ports & Logistics

Power Generation


1



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13

Ports & Logistics

Ports in India: An Overview

About 95% (by volume) of Indias international trade moves through

Ports spread along its coast line, of 7,517 km, comprising of 12 Major

and 187 non major Ports

FY09 Cargo: 733MMT (Major:531MMT, Non Major:202MMT) YoY:

1.4%

Major Ports cargo grew at a CAGR of 7.7% over the last decade

Major ports require capacity expansion to 1,002 mmt by FY12 to cater

to projected cargo

Non major Ports in Gujarat grew at a CAGR of 13.4% since 2004

Share of non major port of India cargo was 26.5% in FY07 and its

share is expected to be 30% of total traffic by FY12

During the Eleventh Plan, non major ports are expected to more than

double their capacity, from 228.3 MMT upwards to 573.5 MMT

MPSEZ, the largest non major port located in Gujarat has grown at

CAGR of 50.8% in last 5 years (2004 - 2009)

Ports in India: High Growth Industry


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Mundra Port & SEZ Ltd.: Ports, SEZ & Logistics

Ports:

Mundra: Indias Largest Private Sector multi-user port

Dahej: Bulk Berths with Sub concession from Petronet LNG Limited (PLL)

Murmugao: Developing coal handling berth at Mormugao port

Hazira: LoI received to develop Multi Cargo terminal

SEZ:

Mundra SEZ: Multi Product SEZ at Mundra

Logistics:

Adani Logistics Ltd: Container Trains, ICDs

14

Mundra

Dahej

Mormugao

Patli

Kishangharh

Hazira


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1

Pipeline Network

Private Operational Railway Lines 57 km (Mundra Adipur) : doubling of railway line in progress.

22 km (Mundra PortPower Plants)

Advantages

Mundra Delhi vis-a -vis Mumbai - Delhi 322 km distance advantage

Mundra Bhatinda vis-a -vis Mumbai - Bhatinda:

With Bhildi Luni; Conversion completed; distance advantage: 392 km

Double stacking on trains from Mundra

HPCL Proposed Crude Pipeline

HPCL Mundra Delhi Product Pipe-Line

IOCL Crude Pipe Line from Mundra to Panipat

Rail Linkages

Ports & Logistics: Hinterland Connectivity

Barmer

Bhatinda

Sidhpur

MundraKandla

Ankleshwar

Koyali

NavaganViramgam

Chaksu

Mathura

DelhiPanipat

Bina


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Terminal 1 & 2 : 8 cargo berths - handling both dry & liquid bulk

Container Terminal 1: Berth: 632 mts, with back-up yard. Cranes Trailer Systems (Managed by Dubai Port)

Container Terminal 2: Berth: 632 mts, with back-up yard. Cranes Trailer Systems. Re- configured to handle auto

exports

Single Point Mooring 1: To handle Very Large Crude Carriers; handles crude for IOCLs Panipat Refinery

Ports & Logistics: Facilities at Mundra Port

16

Mechanised system for cargo handling: Comprehensive Ship Un-loaders Conveyor Systems

Storage: ~ 800,000 sq.mts.; Liquid storage 342,000 KL, Crude Oil 700,000 KL (of IOCL), PoL 300,000 KL (of HPCL)

Marine operations: Fleet of Tugs for 24 x 7 marine operations; Fleet of Dredgers for capital & maintenance dredging

Railway facilities: For bulk & container cargo

Other Facilities

Coal Bulk Terminal (West Port): Berth: 1,125 mtr; Draft: 19 21 mtrs. For handling coal for Tata Power and Adani Power

Single Point Mooring 2: Under Construction by GGSRL, to handle Crude for its Bhatinda Refinery

Facilities Under Construction

Container (4 Berths)

Bulk Berths

Existing Facilities

Coal Bulk Terminal

Single Point Mooring

Auto Exports

Note:

GGSRL Guru Gobind Singh Refineries Ltd.; IOCL Indian Oil Corporation Ltd.: HPCL: Hindustan Petrolium Corporation Ltd.

Mundra Port handled 40.3 mmt cargo in FY10


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Adani Logistics Ltd.

License for container train operations across India including all ports

ICDs operational at Patli and Kishangarh (Dhurai)

Synergistic benefits from ICDs at strategic locations, container train operation and port operations

Logistics Value Chain

Adani Petronet (Dahej) Port Pvt. Ltd.

74% held SPV with a sub concession till 2035, to develop solid cargo port

2 berths c.440 mtrs length and mechanized handling

Construction of first berth by July10 and entire facilities by March11

Adani Hazira Port Pvt. Ltd.LoI for 100% SPV to develop multi cargo berths under a sub-concession.

Port Development at Gujarat (Dahej, Hazira) Strategic locations in proximity of good rail and road connectivity

Adani Murmugao Port Terminal Private Ltd.

74% held SPV with a concession till 2039, to develop a berth for coal handling

Signed Concession to operate Coal berth at Mormugao Port

300 mtrs. Berth length with mechanised back up facility

Caters to South Maharashtra and Bellary - Hospet Area

Port Development in Other States (Goa)

Ports & Logistics: New Developments

Patli


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Ports & Logistics

Power Generation


19



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High demand-supply deficitin 2009-10

c.14% of peak demand

Main regions affected areWest and North withc.18% and c.15% deficitof the peak capacity

Majority of the capacity withpublic sector but

Government keen to attractprivate participation

20

2 2

1

17

14

11

98 7

66

0

5

10

15

Canad a US Aust ralia Jap an France Germany Russia UK China B razil Ind ia

Leads to Low Per Capita Consumption of Energy

Source IEA, Key World Energy Statistics 2009

Power GenerationDominated by Coal

Source Ministry of Coal

Achievement of Planned Expansion Remains Low Coupled With Low Thermal Plant Load Factor

72.772.2

69.9

69.0

78.6

74.8

73.6

76.8

65

70

75

80

FY 2001 FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008

And Persistent Demand-Supply Deficit

Source Central Electricity Authority

37.239.6

32.1

14

1.8

31.432.6

29.1

12.9

1.4

0

5

10

15

20

25

30

35

40

North West South East NorthEast

GW

Per Capita Electricity Consumption

%

Source White Paper on Strategy for 11th Plan, Central Electricity Authority & Confederation of

Indian Industry

Source Central Electricity Authority

GW

Peak Demand Peak Met

Power Generation: Strong Industry Dynamics

Key Uses of Coal X(FY07) vs. XII(FY17) Plan

1 2

3 4

MW

Region-Wise Power Demand-Supply Position During 2009-10

74%

1%

9%

11%

5%

Power Fertilizer Cement

Steel & Coke Ovens Others

X Plan (FY 2006-07) XII Plan (FY 2016-17)

84%

5%7%

1%3%

22

40 41

20

13

97

41

31

14

10

5521

21

1619

21

72%

82%

50%

64%66%

85%

54%48%

96%

52%

0

10

20

30

40

50

I II III IV V VI VII VIII IX X

0%

20%

40%

60%

80%

100%

%

Targeted Installed % Achieved

5 yr Plan


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Dahej

Power: High Value Underway with Key Milestones Already Achieved

2

Location Map of Power Generation Assets

Under Development:3,300 MW


Kawai August 2013

Commissioned: 660 MW


Planned: 2,640 MW


Chhindwara(1)

Mundra - April 2012 Tiroda July 2013

Land Water Fuel tie up EnvironmentalClearance

Mundra

4,620 MW

(Gujarat)

Tiroda

1,980 MW

(Maharashtra)

Tiroda

1,320 MW

(Maharashtra) *

Kawai

1,320 MW

(Rajasthan) *Terms of

Reference

(ToR)

approved

* Applied for coal linkages Tiroda III (1,320 MW) & Kawai (1,320 MW)Notes:

1 Applications for terms of reference have been made and a notice inviting tenders on an internationalcompetitive bidding basis for carrying out EPC works has been issued


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Project Key Suppliers for BTG

Mundra 1,320 MW

(4 x 330 MW)

Boiler : Babcock & Wilcox

Turbine & Generator (TG) : Beijing Beizhong Steam Generator

Mundra 3,300 MW

(5 x 660 MW)

Boiler : Harbin Boiler Co. Ltd. TG : Dongfang Machinery Co. Ltd.

Tiroda 3,300 MW

(5 x 660 MW)

Boiler, Turbine & Generator: Shanghai Electricals

Kawai 1,320 MW

(2 x 660 MW)

Boiler, Turbine & Generator: Shanghai Electricals

Major Suppliers

22

Growth with Cleaner Energy - Super Critical Technology (11,880 MW out of 13,200 MW)

Mundra Phase III (1,320 MW)

Registered as Clean Development Mechanism (CDM) Project with United Nations Framework

Convention on Climate Change (UNFCCC)

Eligible to receive 1.84 Mil CER p.a. for 10 Yrs from February 2011 onwards


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Long Term Off-take Arrangements

Off-take Arrangements

Notes:

1 GUVNL: Gujarat Urja Vikas Nigam Limited

2 UHBVNL: Uttar Haryana Bijli Vitran Nigam Limited, DHBVNL: Dakshin Haryana Bijli Vitran Nigam Limited

3 MSEDCL: Maharashtra State Electricity Distribution Company Limited

4 JVVNL: Jaipur Vidyut Vitran Nigam Ltd, AVVNL: Ajmer Vidyut Vitran Nigam Ltd, JdVVNL: Jodhpur Vidyut Vitran Nigam Ltd

PPA (MW) Utility DateTariff (Rs. /

unit)

1,000 GUVNL(1) Feb / June 2010 2.81 3.42

1,424

(712 X 2)

UHBVNL &

DHBVNL(2)

Aug 2012 (475)

Feb 2013 (949)2.35 3.26

1,320 MSEDCL(3) Aug 2012 2.55 3.47

1,200

JVVNL,

AVVNL &

JdVVNL(4)

Aug 2013 2.912#

1,200 MSEDCL(3) March 2014 2.902#

6,144 Total contracted capacity

23

# Tariff at PPA signing, consisting escalable component of Rs 0.915 / Kwh for Tiroda & Rs

0.862/ Kwh for Kawai

MW Planned Schedule Cumulative (MW)

M - (2 x 330) 660 MW In Operation 660 MW

M - 330 MW Q2 FY2011 990 MW

M -330 MW Q3 FY2011 1,320 MW

M - 660 MW Q4 FY2011 1,980 MW

M - 660 MW Q1 FY2012 2,640 MW

T - 660 MW Q2 FY2012 3,300 MW

M - 660 MW Q2 FY2012 3,960 MW

M - 660 MW Q3 FY2012 4,620 MW

T - 660 MW Q4 FY2012 5,280 MW

M - 660 MW Q4 FY2012 5,940 MW

T - 660 MW Q4 FY2012 6,600 MW

K 660 MW Q1 FY2014 7,260 MW

T 660 MW Q1 FY2014 7,920 MM

T 660 MW Q2 FY2014 8,580 MW

K 660 MW Q2 FY2014 9,240 MW

Commissioning Plan

M Mundra; T Tiroda; K - Kawai


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Connecting Location

Connecting Sub

StationConfiguration Capacity

Mundra Phase I & II

Mundra Phase III

Dehgam, Gandhinagar

(433 Kms) PGCIL

1 400 KV 1,000 MW

Mundra Phase IV Mohindergarh, Haryana

(986 Kms transmission line under

construction)

Haryana State Utility 500 KV HVDC 2,500 MW

Tiroda Warora, Maharashtra

(200 Kms Kms transmission line under

construction)

MSETCL2 400 KV 1,000 MW

Dedicated Transmission Network

This Transmission line is operational

24

Notes:

1 PGCIL: Power Grid Corporation of India Limited

2 MSETCL: Maharashtra State Electricity Transmission Company Limited

Key Suppliers Mundra Phase IV - Siemens AG

Mundra Phase III & IV - Jyoti Structures Ltd.

Mundra Phase III - Kalpataru Power Transmission Ltd.


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USD million Status

Project Cost

(9,240 MW)9,464 -

Debt

(incl. sub-debt)7,527

Fully Tied Upi) US$ 6,322 MM: Documents executed / Firm sanctions received

ii) US$ 1,205 MM: In principle sanction received

Equity 1,937 Equity raised / Brought in: 1,130

Internal generation: 807

Financial Tie - Up (9,240 MW)

Benefits from SEZ & Mega Power Project Status

Mundra Power Projects SEZ Status

100% Income tax exemption for a consecutive period of 10 years.

Exemption from all indirect taxes - Customs Duty, Excise Duty, CST, Service Tax and DDT

Tiroda Power Project Mega Power Project Status

Exemption from all indirect taxes - Customs Duty, Excise Duty, CST, Service Tax and DDT

100% Income Tax Exemption for a consecutive period of 10 years

MAT Applicable @ 18%

Exchange Rate: 1 USD : INR 46

2


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Ports & Logistics

Power Generation


26



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Prime commercial property in Mumbai at International Finance and Business Centre

1.5 MM sq. ft. of development area

Developing a multistorey tower

Bandra-Kurla Complex (BKC) - Mumbai, Maharashtra

60% equity interest

Development area: Borivali 1.2 MM Sq. ft. & Byculla 0.7 MM sq. ft.

Planning to develop residential complex in Borivali and residential cum commercial complex in Byculla

Khatau - Mumbai, Maharashtra

75:25 sharing with Suyojan Realty Pvt. Ltd.

Approximately 42 MM sq. ft. of development area

Residential and commercial units to be constructed

In-principle approval for township license

Shantigram, Integrated Township at Ahmedabad, Gujarat

2

Real Estate Portfolio


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Awarded two onshore blocks through a consortium with majority stake in Nelp VI (Area of 75 Sq. Km at Bharuch andVadodara, Gujarat and area of 95 Sq. Km located at Marghreita, Assam)

Awarded two onshore blocks by Govt. of Thailand with total surface area of 3,975 Sq. Km and 3,947 Sq. Km New off shore block located at northwestern part of the Surat depression of Mumbai Offshore Basin (Area: 1,191 Sq. Km)

A block awarded at Gulf of Suez, Egypt, in partnership with GSPC (60:40) (1)

Awarded two offshore blocks in Kutchchh as a non operator of which the first block is a consortium of AWEL (20%), ONGC(40.0%), IOC (20.0%) and GSPC (20.0%) and another block is a consortium of AWEL (30%), ONGC (40.0%) and IOC

(30.0%) with a total area of 1,264 and 1,242 Sq. Kms respectively

Oil & Gas Exploration (65:35 JV with Welspun Group of Gujarat)

Distributing compressed and piped natural gas in Ahmedabad, Vadodara and Faridabad

Current status: 58 CNG Stations; 75,000 households; 450 industrial and 600 commercial connections. Steel ring networkof c.328 km and PE network of c.1,800 km

Future operations: Khurja, Noida, Lucknow, Jaipur, & Udaipur. NOCs received from respective State Governments

City Gas Distribution

AEL has leased one floating barge, with an approximate capacity of 3,000 metric tons, to refuel vessels

AEL is engaged in importing petroleum products, fuel oil and gas oil

Ship Fuelling (50:50 JV with Chemoil Energy Ltd of Singapore)

Notes:

1. In the block of Egypt AWEL is a non operator & 40% stake owner 28

Energy: Additional Growth Drivers


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Developed an integrated controlled atmosphere storage facility (CASF)

3 locations at Rohru, Sainj & Rewali in Himachal Pradesh (Total storage capacity of 18,000 MT per year)

Agri Product Storage Facilities: Agri Fresh and Agri Logistics

Agri Logistics to develop vertical silos to store grains and bulk movement in top loading / bottom discharge wagons onBOO basis for Food Corporation of India (FCI) over a long term contract of 20 years from 2005

Total storage capacity of 550,000 MT

Grain Silos

50:50 sharing with Wilmar Group of Singapore

Refining capacity of 4,040 tpd; crushing capacity of c.5,750 tpd and hydrogenation capacity of c.575 tpd

Indias leading Edible Oil brand (Fortune)

Our other brands include Raag, Jubilee , Kings, Ivory, Bullet and Avsar

Trader in diversified agro commodities

Manufacturing of Edible Oil & Agro Trading

29

Established Agro Platform


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Financials

30

AEL D li i St d G th i R d M i 1 2


31/35

(INR MM except for EPS)

Notes

1 Exchange rate of US$1 = INR43.47 on 31/03/2007, INR40.12 on 31/03/2008, INR50.73 on 31/03/2009 and INR44.90 on 31/03/2010 from RBI

2 Excluding MPSEZ

3 Including other income

4 Diluted numbers of shares calculated, assuming outstanding FCCB conversion for respective year 3

Consolidated Total Revenues3

3,900 4,897US$ MM 5,178 5,774

259,234262,729

196,487169,532

0

100,000

200,000

300,000

FY 2007 FY 2008 FY 2009 FY 2010

CAGR (2007-2010): 15.2%

EBITDA

109 188US$ MM 200 384

17,225

10,166

7,547

4,744

0

4,000

8,000

12,000

16,000

20,000

FY 2007 FY 2008 FY 2009 FY 2010

CAGR (2007-2010): 53.7%

Profit After Tax

40 92US$ MM 99 205

1,733

3,698

5,047

9,193

0

2,000

4,000

6,000

8,000

10,000

FY 2007 FY 2008 FY 2009 FY 2010

CAGR (2007-2010): 74.4%

Earnings Per Share (Diluted)4

0.17 0.35US$ 0.21 0.41

18.21

10.54

14.12

7.31

0.00

4.00

8.00

12.00

16.00

20.00

FY 2007 FY 2008 FY 2009 FY 2010

CAGR (2007-2010): 35.6%

Net Assets

1,272 2,146US$ MM 3,076 5,654

253,856

156,084

86,115

55,303

0

75,000

150,000

225,000

300,000

FY 2007 FY 2008 FY 2009 FY 2010

CAGR (2007-2010): 66.2%

AEL: Delivering Steady Growth in Revenue and Margins 1,2

INR MMINR MM

INR

INR MM

INR MM

Net-Worth

265 530US$ MM 595 1,345

11,506

21,250

30,189

60,377

0

25,000

50,000

75,000

FY 2007 FY 2008 FY 2009 FY 2010

CAGR (2007-2010): 73.8%INR MM

MPSEZ G th i R d M i 1


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32

Total Revenues

135 211US$ MM 244 340

15,276

12,395

8,449

5,870

0

4,000

8,000

12,000

16,000

FY 2007 FY 2008 FY 2009 FY 2010

CAGR (2007-2010): 37.6%

EBITDA

74 140US$ MM 202 222

9,98310,247

5,637

3,201

0

3,000

6,000

9,000

12,000

FY 2007 FY 2008 FY 2009 FY 2010

CAGR (2007-2010): 46.1%

Earnings Per Share

0.12 0.13US$ 0.21 0.37

16.81

10.79

5.415.19

0.00

3.00

6.00

9.00

12.00

15.00

18.00

FY 2007 FY 2008 FY 2009 FY 2010

CAGR (2007-2010): 48.0%

Net Assets

642 1,377US$ MM 1,323 1,818

81,599

67,136

55,251

27,901

0

15,000

30,000

45,000

60,000

75,000

90,000

FY 2007 FY 2008 FY 2009 FY 2010

CAGR (2007-2010): 43.0%

Notes

1 Exchange rate of US$1 = INR43.47 on 31/03/2007, INR40.12 on 31/03/2008, INR50.73 on 31/03/2009 and INR44.90 on 31/03/2010 from RBI

MPSEZ: Growth in Revenue and Margins 1

INR MMINR MM

INR INR MM

Profit After Tax

43 52US$ MM 85 151

6,760

4,325

2,1041,872

0

2,000

4,000

6,000

8,000

FY 2007 FY 2008 FY 2009 FY 2010

CAGR (2007-2010): 53.4%INR MM

(INR MM except for EPS)

Net-Worth

172 653US$ MM 577 772

34,637

29,296

26,216

7,493

0

7,000

14,000

21,000

28,000

35,000

FY 2007 FY 2008 FY 2009 FY 2010

CAGR (2007-2010): 66.6%INR MM

Proforma Financials of AEL MPSEZ Consolidated Entity (1) (2)


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INR MM US$ MM(1)

Net-Worth 111,415 2,481

Net Debt 172,088 3,833

Net Assets 359,498 8,007

33

Proforma Financials of AEL-MPSEZ Consolidated Entity (1) (2)

Notes

1 Based on Proforma Financial Statements prepared to include effect of consolidation based on an assumption that proposed merger between the seven promoter entities of Mundra Port &SEZ Limited (MPSEZ) and the Company is effective and MPSEZ becomes a subsidiary of AEL from April 1, 2009

2 Exchange rate of US$1 = INR44.90 on 31/03/2010 from RBI

INR MM US$ MM(1)

Total Revenues 270,857 6,032

EBITDA 26,340 587

PAT 13,333 297

Proforma Select Income Statement Items for the Year Ending March 31, 2010

Proforma Select Balance Sheet Items as on March 31, 2010

Adani Enterprises


34/35

34

Adani Enterprises

Proven ExecutionCapabilities

Strong BusinessFundamentals

Strong Financials

Experienced andDedicated

Management Team

IntegratedPresence Acrossthe Energy Value

Chain


35/35

For fu rther d etails, please contact:

Adani House, Navrangpura, Ahmedabad - 380 009. India. Website: www.adanigroup.com

3

Thank You

AEL Presentation

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