### **Overview** AJR Infra & Tolling Limited (AJRITL), formerly known as **Gammon Infrastructure Projects Limited (GIPL)**, is a national infrastructure development company with over **two decades of experience** in project execution, operations, and maintenance across diverse infrastructure sectors. Headquartered in Mumbai, the company operates primarily through **Special Purpose Vehicles (SPVs)** tailored for individual projects, enabling decentralized and focused management. It was established by **Gammon India Limited** and functions as a holding entity for strategic infrastructure investments. Following a comprehensive **strategic restructuring and revival process**, AJR Infra aims to emerge as a leaner, financially resilient, and value-driven organization focused on sustainable growth and operational excellence. --- ### **Core Business & Sectors** The company has a **diversified portfolio** across key infrastructure verticals: - **Roads & Expressways** - **Ports & Maritime Infrastructure** - **Power (Hydro, Renewable & Cogeneration)** - **Real Estate & Urban Development** - **Airports, SEZs, Railways, Water Management** It participates in projects under various models: - **Public-Private Partnership (PPP)** – particularly **Build Operate Transfer (BOT)** and **Build Own Operate Transfer (BOOT)** - **Engineering, Procurement, and Construction (EPC)** - **Hybrid Annuity Model (HAM)** - **Operation, Maintenance, and Transfer (OMT/Tolling)** AJRITL is pre-qualified to bid for projects with **NHAI, MPRDC, APRDC**, and other government agencies, enhancing its access to new business opportunities. --- ### **Project Portfolio (as of Sep 2025)** #### **1. Roads & Highways** - **Patna Highway Project (PHPL), Bihar**: - Length: 63.17 km - Model: Annuity (HAM) - Cost: ₹1,466.39 crores - Status: Partially complete, ongoing construction - Concession: 15 years - **Sidhi-Singrauli Road Project (SSRPL), Madhya Pradesh**: - Length: 105.587 km - Model: Toll-based PPP - Cost: ₹1,159.72 crores - Concession: 30 years - **Status: Terminated** (as of Sep 2024) - **Duburi-Chandikhole Road Project, Odisha**: - Length: 39.4 km - Model: EPC (contracted with NHAI) - Cost: ₹577 crores - Construction Period: 2.5 years - **Status: Under Construction** #### **2. Ports & Logistics** AJR Infra holds strategic stakes in key port assets: - **Vizag Seaport Private Limited** (9 MMTPA capacity): - 30-year concession with Visakhapatnam Port Trust - Revenue: 17.11% share in port operations - **Indira Container Terminal, Maharashtra**: - Capacity: 1.2 million TEUs - Revenue: 35.064% share in container operations, higher margins in RORO & steel segments - **Blue Water Iron Ore Terminal (BWIOTPL)** – Joint Venture in mineral handling The company also divested select port-related investments (e.g., Elgan India Martrade) to improve liquidity. #### **3. Power Projects** - **Sikkim Hydro Power Ventures (66 MW Rangit-II, Rimbi River)**: - Model: BOOT, 35-year concession - Project Cost: ₹4,960 crores - **Status: On Hold** – pending **Power Purchase Agreement (PPA)** and **financial closure** - COD extended to **June 3, 2026** - Full provision made in financials due to prolonged delays - Legal disputes resolved; exploring **project sale or buyout** - **Pravara Renewable Energy, Maharashtra (30 MW)**: - Cogeneration plant under BOOT model (25-year concession) - Supplies power/steam to a captive sugar mill and surplus to MSEDCL - **Operational** - Fuel dependence on bagasse supply from Karkhana Limited (subject to ongoing uncertainty) - **Youngthang Power Ventures Limited (YPVL), Himachal Pradesh (261 MW)**: - Run-of-the-river hydro project on River Spiti (40-year BOOT) - Estimated Cost: ₹2,500 crores - **Stalled** due to local opposition and pending DPR approval --- ### **Corporate & Operational Strategy** #### **Strategic Restructuring (Revival Roadmap)** - **Divestment of Non-Core Assets**: - Divested **six SPVs** to strengthen balance sheet and improve liquidity. - **Debt Restructuring & Refinancing**: - Replaced high-cost debt with lower-cost instruments to reduce interest burden and improve cash flow. - **Focus on Core, Asset-Light Models**: - Prioritizing **OMT**, **HAM**, and **fee-based O&M services**, especially in the road sector, to generate **predictable, low-risk revenue**. - **Capital Allocation Discipline**: Emphasis on prudent risk management and long-term value creation. #### **Growth Focus Areas** - Completion and commissioning of **ongoing projects** to convert them into revenue-generating assets. - Expanding footprint in **O&M and HAM models** due to shorter gestation and lower capital intensity. - Exploring **emerging sectors** and repeat engagements in existing domains (ports, roads, power). - Targeting **PPP, EPC, and Hybrid Annuity bids** post-revival. --- ### **Ownership & Corporate Structure** - Parent: **Gammon India Limited** - Subsidiaries: Over **16 direct subsidiaries** as of 2023, covering roads (e.g., Birmitrapur Barkote), ports (Gammon Seaport), renewables (Tidong Hydro, Haryana Biomass), and bridges (Cochin Bridge). - **Joint Ventures (4)**: - Blue Water Iron Ore Terminal (BWIOTPL) - GIPL-GIL JV - SEZ Adityapur Limited (SEZAL) - GIPL-GECPL JV - **Associate Companies (4)**: - Vizag Seaport Private Limited - ATSL Infrastructure Projects Limited - Elgan India Martrade Private Limited - Modern Tollroads Private Limited --- ### **Geographic Spread** Projects are operational or under development across **7 Indian states**: - **Bihar, Madhya Pradesh, Odisha, Andhra Pradesh, Maharashtra, Sikkim, Himachal Pradesh** Clients include **NHAI, MPRDC, Visakhapatnam Port Trust**, and **Government of Sikkim**. --- ### **Challenges & Risks** - **Project Delays & Stalled Projects**: - The **Sikkim 66 MW** and **Himachal 261 MW** hydro projects face prolonged delays due to **PPA, financial closure, and environmental clearances**. - **Liquidity Pressures**: - Historical stress due to NPAs, banking sector constraints, and insolvency proceedings in some SPVs. Now being resolved. - **Fuel & Operational Uncertainty**: - Pravara Renewable Energy’s reliance on uncertain bagasse supply poses risks to plant viability. - **Legal & Regulatory Dependencies**: Ongoing need for government intervention in stalled power projects.