ADANI Presentation

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1July 2008

PresentationPresentation

onon

Infrastructure & PowerInfrastructure & Power

The 2nd Annual Euromoney India Europe Investment Forum

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Safe Harbour

Except for the historical information contained herein, statements in this presentation and the

subsequent discussions, which include words or phrases such as will, aim, will likely

result, would, believe, may, expect, will continue, anticipate, estimate, intend,

plan, contemplate, seek to, future, objective, goal, likely, project, should,

potential, will pursue and similar expressions or variations of such expressions may

constitute "forward-looking statements". These forward-looking statements involve a number

of risks, uncertainties and other factors that could cause actual results to differ materially

from those suggested by the forward-looking statements. These risks and uncertainties

include, but are not limited to our ability to successfully implement our strategy, our growth

and expansion plans, obtain regulatory approvals, our provisioning policies, technological

changes, investment and business income, cash flow projections, our exposure to market

risks as well as other risks. The Company does not undertake any obligation to update

forward-looking statements to reflect events or circumstances after the date thereof.

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Adani Group

2 Listed entities : Combined Market Cap of USD 9.3 Bn as of 26th June 08

AEL MPSEZL

PowerGeneration

Energy

RealEstate

Agro

Port SEZ

ICDs Logistics

Power : Thermal Power Plant - 9900 MW

Realty: Commercial + Residential 38 Mn Sq. Ft.

Energy: Oil & Gas Exploration 2 On Shore Blocks (Thailand) &

2 On Shore Blocks (India) + City Gas Distribution + Mining

Agro: Edible Oil Refinery, Grain Silos, CA Storage

Port: Mundra Port & Dahej Port

SEZ: Special Economic Zone - Mundra

ICDs : Dry Port Network

Logistics: Container Train Operations

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Port SectorPort Sector -- OverviewOverview

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Indian Ports

Source: National Maritime Development Programme, Indian Ports Association, India infrastructure report

~55

%

~45%

CAGR : 11%

CAGR: 9%

Indian Ports growing at a CAGR of 11% for last 5 Years

07-08 Total Cargo Handled ~ 704 mmt (Major: 519 mmt & Non

Major: 185 mmt) YoY 11.9%

Only 2 privately owned fully operational land lord ports:

Mundra & Pipavav Cargo Handled 32.9 mmt (18%)

Current Capacity 765 mmt Operating at 92%

Existing Capacity Shortfall of 150 mmt

Planned Capacity addition 1575 mmt by FY 2012

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Cargo at Indian Ports 2008

Source: Individual Port Web Sites

65 65

57 57 57 56

42

36 3529

2115

12

Kand

la

Viza

g

Kolka

ta

Chenna

i

Mumba

iJNPT

Para

dip

N.Ma

nglore

Mormug

ao

Mund

ra

Tutic

orin

Cochin

Enno

re

mntonnes

I II

III IV

V

I II III IV V VI VII VIII IX X XI XII XIII

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Mundra PortMundra Port The Preferred DestinationThe Preferred Destination

Deept Draft Multimodal Hinterland Connectivity Diversified Cargo Profile

MUNDRA

DAHEJ

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Mundra Port 1993 Mundra Port 2008

Mundra Port Then and Now

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Mundra Port Connectivity :

Not just Road

also

Rail, Air & Pipeline

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Advantages

Mundra Delhi vis a vis Mumbai - Delhi

218 Km Distance Advantage

With Bhildi Luni; Mundra vis a vis Mumbai

from Bhatinda 438 Km

Bhildi Luni Gauge Conversion expected to

be completed by Mar 09

Double stacking on trains from Mundra

Mundra Port: Rail Linkage

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SPM - Crude and POL Pipe Line Network

Mathura

Guwahati

HaldiaKoyaliKandla

Bhatinda Panipat

Barauni

Viramgam

Digboi

Chaksu

Sidhpur

Bina

NaharkatiaNumaligarh

Bongaigaon

Katihar

Mundra

ParadipMumbai

BombayHigh

Heera

Navagan

Ankleshwar

IOCL Crude Pipe Line From Mundra to PanipatHPCL Mundra - Delhi Product Pipe - Line

HPCL Proposed Crude Pipeline

Barmer

Mundra Port emerging as the Port Hub for Oil and Gas Industry

Delhi

IOCLs earlier Crude Pipe Line From Vadinar toMathura Panipat

Single Point Mooring

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Mundra Port: Air Connectivity

Private Commercial Airport A Reality in Making

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

Mechanised System for cargo handling: Storage ~ 800,000 sq.mts. ; 342,000 Kilo Ltrs liquid storage

Container Terminal 1: Two berths Capacity 1.25 million TEUs p.a

Container Terminal 2: Two berths Capacity 1.25 million TEUs p.a; capable of handling Car Exports

Single Point Mooring: Panipat refinery being expanded to 15MT from 12 MT by June 2009.

Marine Operations: 8 Tugs for marine operations ;

Railway facilities: For bulk & container cargo

Storage Facility: Bulk 8 Lac Sq. mtrs of Open Storage & 1.37 Lac Sq. mtrs Closed Warehouse & 81

Tanks Farms with capacity of 3.45 Lac Kilo Litres

Facilities

BULK (DRY & LIQUID) 8 Berths CONTAINER 4 Berths CRUDE 1 SPM

Effective handling capacity of about 50 55 Mn Tons

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Container

29%

C rude Oil

24%

M etals &

M inera l

12%

Fertil iser7%

C o a l

14%

Foodgrain

6%

Liquid

2%P OL

6%

Highlights 2007-0807- 08

Total Volume: 28.8 mmt

*Figures in brackets for the year 06-07

Revenue Rs. 846 Crs (Rs. 587 Crs)*; YoY : 44.1%

EBIDTA Rs. 562 Crs (Rs. 319 Crs)*; YoY : 76.3%

EBIDTA Margin 66.4% (54.2%)*

PBT Rs 355 Crs (Rs 175 Crs)*; YoY : 103.0%

Tax provision Rs. 149 Crs Incl. Deferred Tax of Rs 130 Crs

(Rs. -12 Crs due to reversal of deferred tax)*

PAT Rs. 213 Crs (Rs.187 Crs)* ; YoY : 13.9%

EPS (Post IPO on fully diluted basis) Rs. 5.69 (Rs. 5.20)*

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Power : Sector OverviewPower : Sector Overview

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Overview Indian Power Sector & Availability of Coal Reserves

India: 5th Largest Electricity Producer & 7th Largest Consumer But Lowest Per Capita Consumption

Total Generation Capacity : 1,41,500 MW (Central: 33% ; State 53% ; Private 14%)

Consumers : Industry 35.6%; Domestic 25.8% ; Agriculture 22.4%

Transmission & Distribution Loss as of 2005-06 : 34.54%

Coal continues to play important role in the energy mix for India

Around 68% of the capacity addition in the XI Plan to be through Coal as a primary fuel

India enjoys worlds third largest coal reserves ; ~ 287 Bn Tonnes as of Jan 07

Source: CEA, Power Scenario at a Glance, Mar. 08 & www.eia.doe.gov

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Power Potential on Hand

Investments Required:

USD 270 Bn Investment Required for achieving the target set for 2012 (Power for All):

Generation : USD 160 Bn

Transmission & Distribution : USD 100 Bn

Renovation & Modernization : USD 10 Bn

As per planning commission additional capacity required 85 98 GW by 2012 & about 290 353 GW by

2022

Average capacity addition target achieved for last 10 Five Year Plans ~ 66%

Plan to Replicate in next 5 Yrs more than what has been accomplished in last 25 Years

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Indian Power Sector : Under - Served

18408

14240

8459 82317442

6756 6425

23401684

618

Canada United

States

Japan France Germany UK Russia Brazil China India

Lowest Per Capita Consumption

8%

12%

9%

13%

0%

2%

4%

6%

8%

10%

12%

14%

End 9th Plan (1997-2002) End 10th Plan (2002 - 2007)

Energy Shortage Peak Shortage

Increasing Shortage Over Yrs

Target Per Capita Consumptionof 1000 Kwh by 2012

Installed Capacity

India China

Population

140 GW 622 GW

1.134 Bn 1.313 Bn

Capacity added in last 7 Yrs 303 GW30 GW

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9,900 MW by 2012 13 : Integrated in Power Sector Value Chain

Disclaimer Clause:

Adani Power Limited is proposing subject to receipt of requisite approvals, market conditions and certain other consideration, a public issue of its equity shares and has filed a Draft Red

Herring Prospectus with the Securities and Exchange Board of India. A copy of the Draft Red Herring Prospectus is available on the website of Adani Power Limited at

www.adanipower.com, on the website of Securities and Exchange Board of India at www.sebi.gov.in and the website of Global Co-Ordinator and Book Running Lead Manager at

www.dspml.com and the respective websites of Book Running Lead Managers at www.enam.com, www.sbicaps.com, www.icicisecurities.com, www.sski.co.in, www.jmfinancial.in,

www.kotak.com and www.morganstanley.com. This presentation is not an offer of equity shares or any other security of Adani Power Ltd., for sale in the United States. Any equity

shares or other security of Adani Power Limited may not be offered or sold in the United States absent registration under applicable U.S. Securities laws or an exemption from

registration requirements under such laws. The proposed offering of equity shares has not been and will not be registered under United States Securities Act of 1933, as amended (the

Act), and accordingly any offer or sale of these securities may be made only in reliance on an available exemption from, or in a transaction not subject to, the registration requirements

of the Act.

Adani Group Forays into Power

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Rationale For Entry into Thermal Power Generation

Power TradingCoal TradingShip

Owning

PowerGeneration Transmission

Exclusive Mining

Contracts in

Indonesia

Mining Blocks -

in India

One of the largest

trader of coal in India

Importing 7.24 mMT

during FY 2007

2 capesize

vessels

ordered

to be

delivered by

2010

Thermal Power Plants:

4620 MW : Mundra

1980 MW : Tiroda

1980 MW : Dahej

1320 MW : Kawai

Third largest

power trader in

India for FY 07,

1.84 Bn Units

Traded

Mundra:

413 Kms 400 KV DC

Tiroda:

225 Kms 400 KV DC

140 Kms 400 KV DC

Dahej:

75 Kms 220 KV DC

275 Kms 400 KV DC

Kawai:

100 Kms 400 KV DC

200 Kms 400 KV DC

Coal Mining

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Kawai

1320 MW

Mundra4620 MW

1980 MWDahej

Tiroda 1980 MW

Projects An Overview

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Location

Mundra

(4620 MW)

Ph I: 660 MWPh II: 660 MWPh III: 1320 MWPh IV: 1980 MW

Land in Possession Sea WaterAgreement signedwith AEL

(Backed by Mining

Contracts)

PPA done for 2000 MW with

Gujarat State Utility

&

Submitted bid to Haryana State

Utility : 1425 MW

Tiroda(1980 MW)

Plant Land in Possession

+

Applied for additional Land

River Water Coal Mine allocated

at Lohara West &

Extension for 1000

MW

Submitted bid to Maharashtra

State Utility : 1420 MW

Dahej(1980 MW) Applied For

Sea Water & River

Water

Agreement signed

with AEL

(Backed by Mining

Contracts)

Long Term PPAs & Merchant

Sales to be arranged.

Kawai(1320 MW)

Applied For & MOU with

AEL for Govt. Support

River WaterMOU signed with

Rajasthan Govt.*

Land WaterOff take

Key Project Components - Status

Fuel Supply

*In terms of the MOU the Rajasthan Government will use best possible efforts to facilitate the provision of coal.

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Projects Funding Arrangement

Particulars Rs Crs

Total Project Cost 43,139

Debt 34,504

Debt Tied Up 27,316

Balance Debt Required 7,188

Equity 8,635

Equity Brought In 1,800

Balance Equity Required 6,835

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Thank YouThank You