News / India Transport Infrastructure. Bigger opportunities, tougher qualifications. Report by BNP Paribas and Feedback Ventures

India Transport Infrastructure. Bigger opportunities, tougher qualifications. Report by BNP Paribas and Feedback Ventures

🕔 September 4, 2010

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This weekend it's been very prolific as we have come across three interesting reports regarding Indian infrastructure.We discovered that BNP Paribas in a joint venture with Feedback Ventures  (shareholders: Laursen&Toubro, IDFC, HDFC) make a very interesting research work dealing with the Indian infrastructure/PPP industry.More concretely, I've found two reports, one of June 2010 and another a bit older of September 2009. As this second one is outdated, let me focus on the first one (although you can see both below on this post).The reports focus on three kind of projects: railways (dedicated freight corridors, metro urban projects and highways/roads). It is particularly interesting the analysis they carry out of all the PPP road projects awarded from November 2009 to June 2010.Considering that and the fact that some of the information of the metro projects may be outdated too. I want to focus on that point mentioned before. The study analyses the difference between the the two first bidders in terms of Net Present Value (NPV). This is particularly interesting for a possible secondary market in the future. Imagine you work for a infrastructura fund and you have to make a decision on whether to invest on one of these assets or not. Wouldn't you be interested in knowing what difference there was between the two first bidders? I would be...Well, check out the following two tables I am getting from the report where you can check those differences on all those projects awarded from November 2009 to June 2010:

- NPV: Net present value and- TPC:Total project costTo me all the projects where the difference in terms of NPV/TPC (right column) is greater than 10-15 %, are likely not to be very profitable. What do you think?.Well, following find the two reports:



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