Investor Presentation

Business Overview
December 2020

0
DISCLAIMER
All statements, graphics, data, tables, charts, logos, names, figures and all other
information (“Contents”) contained in this document (“Material”) is prepared by GMR
Infrastructure Limited (“Company”) soley for the purpose of this Material and not
otherwise. This Material is prepared as on the date mentioned herein which is solely
intended for reporting the developments of the Company to the investors of equity
shares in the Company as on such date, the Contents of which are subject to
change without any prior notice. The Material is based upon information that we
consider reliable, but we do not represent that it is accurate or complete.
Neither the Company, its subsidiaries and associate companies (“GMR Group”), nor
any director, member, manager, officer, advisor, auditor and other persons
(“Representatives”) of the Company or the GMR Group provide any representation
or warranties as to the correctness, accuracy or completeness of the Contents and
this Material. It is not the intention of the Company to provide a complete or
comprehensive analysis or prospects of the financial or other information within the
Contents and no reliance should be placed on the fairness on the same as this
Material has not been independently verified by any person.
NONE OF THE COMPANY, THE GMR GROUP AND THE REPRESENTATIVES
OF THE COMPANY AND THE GMR GROUP ACCEPT ANY LIABILITY
WHATSOEVER FROM ANY LOSS OR DAMAGE HOWSOEVER ARISING FROM
ANY CONTENTS OR OTHERWISE ARISING OUT OF OR IN CONNECTION
WITH THIS MATERIAL.
This Material is published and available on the Company’s website
www.gmrgroup.in which is subject to the laws of India, and is soley for information
purposes only and should not be reproduced, retransmitted, republished, quoted or
distributed to any other person whether in whole or in part or for any other purpose
or otherwise.
Any reproduction, retransmission, republishing or distribution of this Material or the
Contents thereof in certain jurisdictions may be restricted by law and persons who
come into possession of this Material should observe such laws and restrictions if
any.
This Material and any discussions which follows may contain ‘forward looking
statements’ relating to the Company and the GMR Group and may include
statements relating to future results of operation, financial condition, business
prospects, plans and objectives, are based on the current beliefs, assumptions,
expectations, estimates, and projections of the directors and management of the
Company about the business, industry and markets in which the Company and the
GMR Group operates and such statements are not guarantees of future
performance, and are subject to known and unknown risks, uncertainties, and other
factors, some of which are beyond the Company’s or the GMR Group’s control and
difficult to predict, that could cause actual results, performance or achievements to
differ materially from those in the forward looking statements. Such statements are
not, and should not be construed, as a representation as to future performance or
achievements of the Company or the GMR Group. In particular, such statements
should not be regarded as a projection of future performance of the Company or the
GMR Group. It should be noted that the actual performance or achievements of the
Company and the GMR Group may vary significantly from such statements. All
forward-looking statements are not predictions and may be subject to change
without notice.
This Material is not and does not constitute any offer or invitation or
recommendation or advise to purchase, acquire or subscribe to shares and other
securities of the Company or the GMR Group and not part of this Material shall
neither form the basis of or part of any contract, commitment or investment decision
nor shall be relied upon as a basis for entering into any contract, commitment or
investment decision in relation thereto. Prospective investors in the Company or the
GMR Group should make its own investment decisions and seek professional
advice including from legal, tax or investment advisors before making an investment
decision in shares or other securities of the Company or the GMR Group.
Remember, investments are subject to risks including the risk of loss of the initial
principal amount invested; past performance is not indicative of future results.
REGULATORY AUTHORITIES IN THE UNITES STATES OF AMERICA, INDIA,
OR OTHER JURISDICTIONS, INCLUDING THE SECURITIES AND EXCHANGE
COMMISSION AND THE SECURITIES AND EXCHANGE BOARD OF INDIA
(“SEBI”), HAVE NEITHER APPROVED OR DISAPPROVED THIS MATERIAL OR
DETERMINED IF THIS MATERIAL IS TRUTHFUL OR COMPLETE. ANY
REPRESENTATION TO THE CONTRARY MAY CONSTITUTE A CRIMINAL
OFFENSE.
1
 Table of Contents

Particulars Pg. No.

Institutional Framework 3–7

Business Overview 8 – 11

Airport Sector 12 – 19

Energy Sector 20 – 23

Urban Infrastructure & Transportation 24 – 27

Summing Up 28 – 30
Strategic Initiatives And Way Forward 31 – 37

2
Institutional Framework
 Visionary Leadership - Building Institution For Perpetuity…

GROUP DIRECTORS ON GIL BOARD INDEPENDENT DIRECTORS ON GIL BOARD

RSSLN
NC Sarabeswaran
GM Rao Bhaskarudu
Group Chairman • Ex- nominee director of • Ex- MD of Maruti Udyog
RBI and Vysya Bank Limited
Board
• Founder Chairman of the Group
• Since 1978, he has successfully led the
Group creating infrastructure assets of
national importance

Srinivas Bommidala
GBS Raju
Chairman, Energy S Sandilya S Rajagopal
Chairman,
and International
Airports
Airports • Chairman - Eicher Motors • Ex-Chairman & MD of
• Board Member - Mastek Bank of India, Indian Bank

B V N Rao
G Kiran Kumar Chairman,
Corporate Transportation
Chairman & MD and Urban
Infra
Kameswari Vissa Suresh Narang
• CA with 24 yrs of • Ex-Board member of
Madhva experience Mandiri Securities
Bhimacharya • Board Member: L&T • Ex-Chief Country Officer
Terdal
valves, Madura microfin. of the Deutsche Bank in
Whole Time
Director
Indonesia

Group has rotated its Business Chairmen across verticals as a healthy governance practice.

4
 External Advisory Council
Ensures Highest Standards of Governance and Professionalism

Dr Ram Charan
• Highly acclaimed business advisor, speaker, and author.
Group Performance • For 35 years, he's worked with companies like GE, BoA, DuPont, 3M,etc.
Advisory Council
M Damodaran
• Retired IAS, with 30+ experience in financial services and PSUs.
• Served leadership positions- Chairman SEBI,CMD IDBI Bank, Chairman UTI
O P Bhatt
• Former MD & Chairman of SBI, Chairman of Indian Bank’s Association.
• Independent Director & interim Chairman of TATA Steel

Pradip P Shah
• Independent panel
• Founder / Co-founding member Indocean, CRISIL and HDFC.
comprising eminent • Advisory roles to USAID, The World Bank and ADP
industry leaders
Sanjeev Aga
• Experience of 40+ yrs, Now engages in advisory/board
• Quarterly meetings • Has been CEO/MD at Blow Plast / VIP Industries, Aditya Birla Nuvo, Idea.
Daljit Mirchandani
• Former Chairman Ingersoll Rand/ leadership positions with Kirloskar group.
• Brings Outside – in
• Serves on the advisory and statutory Board of various Companies
view
Dr V Sumantran
• Executive Vice-Chairman of Hinduja Automotive
• Advises on business • Was chief executive of TATA Motors (Cars);16-year stint with GM in Detroit
strategy and future
positioning Luis Miranda
• President & CEO at IDFC alternatives.
• Now works for non-profits & also as advisor to Morgan Stanley Infra.

5
 Vision & Values

GMR Vision

“GMR Group will be an Institution in perpetuity that will build Entrepreneurial

Organizations, making a difference to Society through creation of Value”

Our Values and Beliefs Family Constitution

Run the family like business and run the

HUMILITY
We value intellectual modesty
and dislike false pride and
arrogance
business like family
LEARNING & INNER EXCELLENCE
We cherish the life long
commitment to deepen our self
awareness, explore, experiment  A family vision that is in sync with
and improve our potential
the business vision

 Defines family governance structure,

ENTREPRENEURSHIP SOCIAL RESPONSIBILITY
We seek opportunities – Anticipating and meeting
they are everywhere relevant and emerging
needs of society
rights and responsibilities of family
RESPECT FOR INDIVIDUAL
We will treat others with members in business and outside of
dignity, sensitivity and
honor
business

 Codifies agreed ways of decision

TEAMWORK & RELATIONSHIPS
Going beyond the individual-
encouraging boundary less
behavior
making within the family
DELIVER THE PROMISE
We value a deep sense of
responsibility and self-discipline, to
meet and surpass on commitments
made
6
 Committed to “Giving Back To The Community" through
GMR Varalakshmi Foundation

“To make sustainable impact on the human development of under-

Mission of GMR
Varalakshmi Foundation
served communities through initiatives in education, health and
livelihoods”

Through Through
Our Four Pronged approach
“Our Projects” “Personal Philanthropy”
 Working with communities where:  Started from Rajam (A.P) in 1991
o Group has business operations-
Education
25 locations in India & 1 in  Personal Holding in the Group -
Health, Nepal pledged to foundation by GM Rao
Hygiene &
Sanitation o 350+ school & 35 K students
GMR
Varalakshmi o Vocational training to ~44K  Family Constitution ensures
Foundation
 GHIAL recognized as an example donation by the family members to
Community
Development of “Reaching out to Bottom of the Foundation
Pyramid” in 2012/13
Livelihood

*National Voluntary Guidelines for Responsible Business published by Ministry of Corporate Affairs
7
7
Group Overview
 GMR Group : Evolution And Key Milestones
Managing Cash Flow
Growth Phase Turbulence Consolidation Stabilisation
1996 - 2008 2009 - 11 2012 - 14 > 2015
Group • IPO - INR 8bn • QIP - USD 315mn • QIP - INR 14.8bn
(Capital • QIP - USD 1bn • Rights issue - INR 14.0bn
Raising) • FCCB - INR 20bn from KIA

Commencement of
Operations
• DIAL - Completed Terminal
3 of in record 37 months
New Airport Wins
• Delhi Airport • Istanbul Airport
• Hyderabad Airport (CoD in
Airports 2008)
Capital Raising
• GMR Airports - USD 330mn
from PE Investors
Commencement of Operations Capital Raising
• Chennai Power Plant (200MW) • GMR Energy - USD 300mn
from PE Investors
Acquisition
• 50% stake in Intergen Power – Acquisition
USD 1.1bn • 30% stake in PT GEMS
Energy (coal mine in Indonesia) –
USD 520mn
Divestments
• Intergen Power for USD 1.2
bn
Commencement of Operations Commencement of
• Tuni Anakapalli Operations
Urban • Tambaram Tindivanam • Pochampalli
Infra & • Ambala Chandigarh • Jadcherla Expressways
Highways • Ulundurpet Expressways
Divestments
• Istanbul Airport, Turkey
New Airport Wins
• Cebu Airport in Philippines
Commencement of Operations
• Warora (Coal - 600MW)
• Kamalanga (Coal – 1,050MW)
Divestments
• Island Power Project, Singapore • Divested Chhattisgarh Plants
Commencement of Operations
• Hyderabad Vijayawada
• Hungund Hospet
• Chennai ORR
Divestments
• 2 Highway projects
• Agreement with Groupe ADP for 49% stake sale in
GMR Airports Ltd – received ~INR 98.13 bn.
New Airport Wins
• Nagpur Airport in Oct’18
• Mopa Airport, Goa in Aug’16
• Crete Airport, Greece in Jun’17
• Clark Airport, Philippines in Dec’17 (EPC project)
• Bhogapuram Airport, AP in Feb’19
• Bidar Airport, Karnataka in Feb’20
International Bonds
• Delhi Airport - USD 1.31 bn
• Hyderabad Airport - USD 650 mn
Capital Raising/Partnership
• Tenaga - 30% stake in GMR Energy for
USD 300mn
Equity Partnership with Lenders
• Rajahmundry (Gas – 768MW)
• Chhattisgarh (Coal – 1,370MW)
Divestments
• 2 Transmission assets
• PT BSL coal mine (Indonesia)
• Himtal (hydro) project (Nepal)
New Project Wins
• EPC project of INR 51bn on eastern DFCC
Divestment
• 1 Highway project
• Signed agreement for divesting entire stake in
Kakinada SEZ 9
 Leading Airport Focused Infrastructure Player

Amongst the Largest 101 mn

Private airport developers in the Passengers handled in FY20 across
world, largest in India key gateway airports

7 nos. ~2,240 acres

65.6% Of airport assets under operations or Of land with strong RE development
various stages of development potential
Airports
300 mn Strategic Partnerships
Rated capacity across portfolio of With marquee operators at platform
FY20 airport assets and asset level
Revenue 179 mn Integrated
Split Current capacity: 94 mn under Airport development and operation
operations capabilities
Power

1bn Tons+ 4.5 GW Marquee Investors

Transport & 12.3% Coal reserves, total Of total generation • Temasek Holdings Pte
Urban Infra resources ~2.9 bn tons capacity, over 2.8 Limited
GW commissioned • Tenaga Nasional Bhd.
• IDFC Alternatives

22.1%
4 nos. 13,000 acres 417 km
Of highway projects Of land at strategic Of railway stretch
covering ~350 km locations, integrated getting constructed
industrial development

1) Includes Barge Plant (220 MW) for which Sale and Purchase Agreement for divestment is signed; 2) Revenue for GMR Energy Limited is not consolidated in FY20 financials hence, revenue for ‘power’ segment shown above
includes mainly power trading and mining operations
10
 Corporate Structure

Shareholdings as on 30 September 2020

GMR Infrastructure Ltd FIIs 21.3%

Promoter &
Promoter Group
65.5% MF & DIIs 2.0%

Others 11.3%

51%** 52%* 100%* 100%

GMR Airports Ltd GMR Energy Other Energy Assets GMR Highways Ltd Special Investment Region

Operational Projects Stake Operational Projects Stake Operational Projects Stake Annuity Projects Stake Projects Stake

Delhi International Airport 64% Warora Plant (Coal) 100% Rajahmundry Plant (Gas) 45% Pochanpalli 100% Kakinada SIR& 51%

Hyderabad International Airport 63% Kamalanga Plant (Coal) 87.4% Wind Projects 100% Chennai ORR 90% Krishnagiri SIR 100%
Mactan-Cebu International
40% Kakinada Plant (Gas)^^ 100%
Airport, Philippines
Vemagiri Plant (Gas) 100%

Solar Power Project 100%

Under Construction / Development

Under Development Project Coal Mines (Indonesia) BOT (toll) Projects
(Hydro)

Goa International Airport (Mopa) 100% Bajoli Holi Project # 79.1% Ambala Chandigarh 100%
PT Golden Energy Mines
30%
(PT GEMS)
Bhogapuram Airport 100% Alaknanda Project 100% Hyderabad Vijaywada 90%

Crete International Airport,

22% Upper Karnali Project** 73%
Greece
Clark Internation Airport,
50.0%
Philippines (EPC)

• Includes both direct & indirect holding; ** direct and indirect holding and post transfer of 49% to Groupe ADP; # DIAL holds 20.9% stake; ^^ Barge Plant (220 MW) - Sale and purchase agreement for
divestment is signed; & Signed definitive agreement to divest Kakinada SEZ to Aurobindo Realty and Infrastructure Pvt. Ltd.
11
Airport: World’s 4th Largest Private Airport Developer
 One of the World’s Leading Integrated Airport Platforms

India’s Largest Airport Operator

Leading Integrated Large Market Among the Largest

Airport Platform Opportunity in India Private Operators
Globally

Wide range of capabilities and One of the fastest growing aviation Portfolio of 7 marquee airports– Delhi,
services across the entire airport market globally with an expected Hyderabad, Cebu, Goa, Bhogapuram,
value chain; with demonstrated passenger traffic growth of 7.4% Bidar and Crete; handling ~101 mn2
replicability and scalability CAGR1 for the period 2020-2037 passengers globally

Regulated Aero High-growth Non-Aero Real Estate Development

Business Business Opportunity

Unique Consumer-facing, retail-

Highly visible cash flows through focused play on India’s High quality, multiple contiguous land
defined tariff setting; with a assured demographics and consumer story; parcels spanning 2,2405 acres; located
regulated return3 catering to 27.4%4 of international close to the heart of economic activity
arrivals

Note: *Private Operator (Government holding <50%)

1. Based on 2037 passenger forecast by IATA
2. Delhi, Hyderabad and Cebu LTM (Apr 2019-Mar 2020) passenger data; Nagpur airport award is sub-judice.
3. Only for India
4. As of Jan 2020 through Ministry of Tourism website
5. Includes DIAL (230 acres), GHIAL (1,463 acres), Goa (232 acres), Bhogapuram (294 acres), Cebu (11 acres),Greece (~ 10 acres).
13
 Demonstrated Execution Capabilities

2020
GMR has constantly expanded its capability set over time, Ninoy Aquino
as demonstrated across multiple assets and geographies InternationaI
Airport
(Granted OPS)
2019
EPC
Bidar Airport
(Concession Won)

Airport Operations
2016–2017 Nagpur Airport*
(Highest Bidder)
Non Aero Expertise
Bhogapuram Airport
2014 (Concession Won)
Real Estate Development
Goa Airport
(Concession Won;
2010 Expected COD in 2022)
Advisory / Consultancy

Crete Airport
2008 (Concession Won Expected
COD in 2023)
2006
2004
Clark Airport
(EPC)

Hyderabad Airport Delhi Airport Istanbul Airport Male Airport Cebu Airport
(Concession Won; (Concession Won; (Operations (Operations (Concession Won
Operations Operations Commenced; Commenced; and Operations
Commenced in 2008) Commenced in 2006) Divested in 2014) Exited in 2012) Commenced)

Existing Concessions Past Concessions Asset Light Contracts

Note: *Nagpur Airport award is sub judice

14
 GMR Airports : Focus on Emerging Markets

GMR Infrastructure Ltd*

51%^

49%
Groupe ADP GMR Airports Ltd
(GAL)
India Outside India

64% 63%

Delhi Airport Hyderabad Airport 100% Crete Airport,

(DIAL) (GHIAL) Goa Airport
Greece
67%* 100%
Duty Free (DDFS) 40%
Duty Free **
100% Mactan Cebu,
26%
Cargo (Celebi)
100% Bhogapuram Airport Philippines
Hotel (GHRL) **
49% 100%
Advertising (TIMDAA) Cargo (GHACLPL) # Clark Airport, 50%

26% 100% 100%

Nagpur Airport## Philippines^^
Fuel Farm (DAFFL) MRO #
90%* 49%
Car Park (DAPS) Advertising (Laqshya)

40% 100%
F&B (TFS) Real Estate

50%
Delhi Aviation Services
Under Subsidiaries /
Operational EPC
Development JVs
^ direct and indirect holding and post transfer of 49% to Groupe ADP and the stake will undergo change post achievement of milestones
* Includes both direct & indirect holding; ** Duty Free business merged with GHRL; # Wholly owned subsidiary of GHIAL w.e.f Nov’18 and MRO business is merged with Cargo w.e.f Aug’19
## Nagpur Airport award is sub judice

15
 Portfolio of World Class Assets

Current PAX (FY20) DIAL, New Delhi, India

(mn)
• Marquee asset of
PAX CAGR 67.3 66/119 national importance
FY15–20 Crete, Greece
Bhogapuram, India
• Gateway to India – National Capital
• Important Tourist
Cargo CAGR 152 10.4% 45.99% with large catchment area • Strategically located
Gateway Partnerships in Businesses 303—DOM
FY15–20 on East Coast of
• Ranked 1st
in the world by ACl3
in 40 606—INT
• New airport with higher mm+ category competing with lncheon
Andhra Pradesh
Current/Max Capacity 21.6%
Partnerships capacity replacing 2nd
in Businesses 6.5% 64.0% (South Korea), Changi (Singapore) in • ~15 year
(MPPA)5 largest airport in 2019 ASQ awards moratorium on
Greece currently 100%
Revenue Share (%) revenue share
serving 6.9mm
Revenue per Pax passengers

GAL Stake
(%)
Cebu, Philippines
Crete
• Vital international
DIAL 11.4
Nagpur, India7 gateway to
Nagpur Philippines
• Winter capital of Bhogapuram • One of the fastest
3.1 MOPA
Maharashtra GHIAL Cebu growing airports in
15.81/28.3 Philippines
• Fast emerging as Bidar Partnerships in Businesses
16.9%
Partnerships a major IT / ITES,
in Businesses • Named “APAC
logistics, and Regional Airport of
aerospace hub along GHIAL, Hyderabad, India
the year” by
9.7% with a major CAPA3 in
manufacturing base • Ranked 1st by 40.0%
21.7 November 2016
ACl3 4 in its ASQ
MOPA, Goa, India
awards for 2019

Bidar, India • Goa is one of 15.9% • Among fastest

7.72/33
India's popular growing major
• Concession agreement has tourist destinations Indian airports
been given till March 2033 7.3% by traffic
36.99% • Tourist airport with
• Revenue model basis cost high international
Partnerships in Businesses • Poised to
Partnerships in Businesses
plus approach passenger traffic become regional
100.0% and non-aero 12/80 hub
potential

4.0%

63.0%

Source: Company Data; 1) Capacity increased to 15.8 mn, 2) Under-development, 3) ACI: Airport Council International. CAPA: Center for Asia-Pacific Aviation, 4) In 15 to 25mm passengers per annum category, 5) MPPA: Million Passengers
per Annum, 6) As of FY19, 7) Nagpur airport award is sub-judice
16
 Non-Aero Businesses : Delivering Strong Growth

Demonstrated Track Record of Successful Execution Across Value Chain of Non-Aero Businesses

Duty Free F&B Advertising Car Park Cargo MRO

Delhi Airport : Non-Aero Revenues Hyderabad Airport : Non-Aero Revenues^^

INR bn INR bn

22.0
20.9

18.0
3.9
15.3
3.4
13.6
3.0
11.4 2.7
2.2
1.9

FY15^ FY16* FY17 FY18 FY19 FY20 FY15^ FY16 FY17 FY18 FY19 FY20
^ FY15 financials are based on I-GAAP; * FY16 financial adjusted for one-time adoption of Ind-AS; ^^ excluding CGF which is classified as aero

Source: Company data; 17

 Real Estate : Unique Opportunity Beyond Core Airport

Delhi Airport
Aerocity – Upcoming Central Business District in NCR Marquee Customer Base

Prime Real Estate Strategic Location Long Lease Period

Between Central Delhi
230 acres available for Land parcels available
(current CBD) & Gurgaon
development till 2066
(commercial hub)

Track Record of Excellent

High Occupancy
Monetization Connectivity
Prime hospitality market
Dedicated high speed with scope for hotel
Hospitality, Retail,
metro line & 8-lane access additions
Commercial
road to NH8

Hyderabad Airport
Aerotropolis – Large Integrated Ecosystem Synergistic with the Airport Large Client Base across Industry Verticals

Large Land Bank Key Location

Long Lease Period
Organic extension of Land parcels available
1,463 acres available for
commercialized west till 2068
development
Hyderabad

Excellent Mixed Use Model

Connectivity
Monetization Land Use across
gaining traction Connected by NH44, hospitality, education,
NH765 and Nehru Ring warehousing,
Road entertainment etc.

18
 Airports Business : Main Growth Engine

Rapidly growing
passenger • Low penetration of flying (0.07 trips per capita vs. 0.3 in China)
volumes

• Government agenda to privatize airports opens up big pipeline for growth

Large potential • Expansion plans in place to capitalize on evident growth opportunities
for expansion • DIAL to expand to 119 mn (rated capacity) from 66 mn, becoming one of the largest airports in
the world; Hyderabad can expand upto 80 mn (rated capacity)

• Strong non-aero performance and significant potential to grow; Duty free SPP of ~USD
Significant 11.3/pax1 in Delhi vs. USD ~25/pax at Dubai/Bangkok
unregulated • Continuous revamp of retail offerings to cater to evolving passenger profile of young and
commercial aspirational travelers
revenue
upside • Plans to develop Delhi as a cargo hub
• Addition of new airports particularly Goa and Greece with tourist destination to provide big fillip

• Marquee hospitality/retail development in 230 acres at Delhi (monetized ~127 acres so far)
Outstanding
Real Estate
• Hyderabad Airport has one of the largest free unencumbered airport land banks - 1,463 acres
enabling development of both industrial (SEZs) and commercial formats
opportunity
• Addition of new airports particularly Goa with tourist destination to provide prime opportunities

• Comprehensive new aviation policy to strengthen growth in the Indian aviation market
Positive
regulatory • Clarity on major regulatory issues, especially applicability of 30% “hybrid till” and
momentum implementation of Base Airport Charges (BAC)
• Favourable judgement from TDSAT (appellate tribunal) provides clarity on long pending issues
1. As of FY20
19
Energy Business
 Diversified Asset Base In Strategic Partnership With Tenaga

GMR Infrastructure
52%
30%
Tenaga GMR Energy Other Assets

18%
Private Equity Investors

Rajamundry Deep Financial

Gas
Thermal Renewables Restructuring
(768 MW)
Completed
Warora Bajoli Holi
(600 MW) (180 MW) Gujarat
Coal

(2 MW)

Wind
Hydro
Kamalanga Upper Karnali Project
(1,050 MW) (900 MW) Tamil Nadu
Alaknanda Project (1.4 MW)
Kakinada Barge Plant1 (300 MW)
(220 MW)
Gas

Coal Mines – Indonesia – PT GEMS

Vemagiri Gujarat Power
Solar

(388 MW) (25 MW)

Operational Under Construction Under Development

Key Operational Highlights - Coal Based Plants

1 2 3
Highly Contracted Power Supply Strong Fuel Linkage Improving PLF at asset level
Power Offtake is contracted through long Robust fuel supply chain with confirmed Improving PLFs across assets – Warora
term PPAs with State Electricity Boards linkage from Coal India and Kamalanga operating at a PLF of
67% and 70% respectively (H1FY21)2

1. Sale and Purchase Agreement for divestment is signed; 2. Including alternate power

21
 GMR Energy Ltd. : Diversified Portfolio of Projects

Warora Kamalanga Vemagiri Bajoli Holi

Project
(Maharashtra) (Orissa) (Andhra Pradesh) (Himachal Pradesh)

Fuel Coal Coal Gas Hydro

Ownership 100% 87.4% 100% 100% ^

Capacity 600 MW 1,050 MW * 388 MW 180 MW

CoD September 2013 March 2014 September 2006 Expected in 2021

• 100% regulated tariff • ~50% of saleable power

• 64% contracted through long • 84% of power contracted
Power Off-take
term PPA through long term PPA • 23 years PPA with Andhra contracted through long term
Pradesh & Telangana PPA

• Confirmed linkage from Coal • Gas not available since FY13

• Confirmed linkage from Coal • Run of the river facility
Fuel Linkage
India Ltd. for entire capacity
India Ltd. for 85% contracted • Plant operated under eRLNG
capacity scheme during FY16 & FY17

• 82% in FY20 • 66% in FY20 • Operated till FY12

PLF** • Operated in FY17 under -
• 67% in H1FY21 • 70% in H1FY21 eRLNG scheme

Others • Refinancing of project loan • Debt-free plant • Under construction with ~93%
completed completed by Sep’20

* excludes 350MW of Unit 4 which is yet to be developed

^ Includes both direct & indirect holding
** Includes alternate power
22
 Other Energy Projects

Rajahmundry Power Plant (Andhra Pradesh)

Fuel Gas

Ownership 45%

Capacity 768 MW

CoD • October 2015

• Executed Resolution Plan approved by 100% of lenders

o Debt of INR 24 bn brought down to a Sustainable Debt of INR 11 bn
Current Status
o Balance Debt of INR 9.4 bn converted into Long Dated CRPS @0.1% coupon repayable from 17th to
20th year

PT Gems
Mine Location Indonesia

Ownership 30%

Resources 2.4 Bn Tons

Reserves 828 Mn Tons

31.0 mn tons in CY19 ( ▲ 27%)

Sales Volume
17.0 mn tons in H1CY20 ( ▲ 28%)

23
Urban Infrastructure & Transportation
 Transportation
Road Projects Diversified Across Annuity And Toll Revenues
Annuity Based Road Projects (133 kms) Toll Based Road Projects (216 kms)

GPEPL GCORRPL GACEPL GHVEPL

Road

GMR
Shareholding 100% 90% 100% 90%

Road Length
(kms) 103 30 35 181

Concession 20 Years 20 Years 20 Years 25 Years

Period (from Sep 2006) (from Jun 2010) (from May 2006) (from Apr 2010)

Commercial
Operations Date March 2009 June 2013 November 2008 December 2012

Note: 1) GPEL: GMR Pochanpalli Expressways Limited , 2) GCORRPL: GMR Chennai Outer Ring Road Private Limited, 3) GACEPL: GMR Ambala Chandigarh Expressways Private Limited, 4) GHVEPL: GMR Hyderabad
Vijayawada Expressways Private Limited
25
 Urban Infrastructure – Potential to Unlock Substantial
Value
Kakinada Special Investment Region

Divestment1ofofGroup’s
 Divestment Group’sentire
entirestake
stakeininKSEZ
KSEZ1 2

 Signed Definitive Agreements for divestment by GSPHL3 of its entire

51% stake in KSEZ2 to Aurobindo Realty and Infrastructure Pvt. Ltd
 100% equity stake of KGPL4 held by KSEZ2 would also be transferred
to Aurobindo Realty.

 Consideration for the equity stake and sub-debt in KSEZ2 - INR 26.1 bn
 INR 16 bn to be received on the closing date
 INR 10.1 bn to be received in next 2 - 3 years which is contingent
upon certain agreed milestones

Krishnagiri Special Investment Region

 2,500 acres of land

 275 acres being used for infra development, approvals in place

 Joint Venture with TIDCO5

 Industrial cluster catering to aerospace, automobile, logistics, engineering

and electronics sectors
Note: 1) subject to receipt of regulatory and other statutory approvals 2) Kakinada SEZ Limited, 3) GMR SEZ and Port Holding Limited - wholly owned subsidiary of GMR Infrastructure Ltd, 4) Kakinada Gateway Port
Limited, 5) Tamil Nadu Industrial Development Corporation – TIDCO is a governmental agency in the state of Tamil Nadu, India
26
 EPC in Dedicated Freight Corridor Projects

DFCC’s Project Network GMR’s Scope and Highlights

• GMR along with it’s partner SEW Infra has been awarded
contract to construct a part of the eastern corridor:

Contract
Length
Corridor Value
Kanpur (Kms)
(INR bn)
GMR’s stretch
Mughalsarai to New
of work 181 24.2
Karchana (UP)

New Karchana to New

236 26.6
Mughalsarai Bhaupur (UP)

TOTAL 417 50.8

• Above section of the project is fully funded by World Bank by

• Dedicated Freight Corridor is INR 820 bn project USD 1.1 bn - no anticipatory revenue risk
undertaken by DFCCIL (a wholly owned public
sector undertaking of MoR)

• Corridor under construction - Eastern (Ludhiana

to Kolkata) & Western (Dadri to Mumbai)

27
Summing Up
 Airports Portfolio Expansion And Real Estate Monetization
To Drive Growth In Airports Segment
1

• Second phase of Real Estate monetization at DIAL

Real Estate − Commercial Development Rights awarded to consortium led by Bharti realty for ~10 mn sq ft
Monetization − For 1st phase (~5 mn sq ft) – upfront payment of INR 18.4 bn plus Annual Lease Rent of INR 3.64 bn p.a. till 2036 to be
escalated by 50% for the extended term of 30 years till 2066

2
• Capacity Expansion underway at Delhi (from 66 mn to 100 mn) and Hyderabad (12mn to 34mn) Airports

• Aero Revenue visibility at Delhi Airport

− Base Airport Charges (BAC) implemented from December 2018

• Award of New Airports

− Bhogapuram (Vizag): Signs concession agreement for development and operations of the Airport
Growth In
− Bidar (Karnataka): GHIAL signed concession agreement to commission, operationalize and maintain the Airport
Airports
− Crete (Greece): Achieved Concession Commencement Date for design, construction, financing and O&M

• Expanding Duty free business portfolio

− Signed 7 year (extendable by 3 years) concession agreement to manage and operate Kannur Airport’s duty free outlets

• Original Proponent Status (OPS) for developing the Ninoy Aquino InternationaI Airport
− Manila International Airport Authority has granted the GMR Megawide Consortium, the OPS for developing the airport

3
• Delhi Airport - Raised 10 year bonds amounting to USD 350 mn & USD 150 mn priced at 6.45% & 5.34% p.a. respectively
Fundraise
• Hyderabad Airport - Raised 5 year Bonds amounting to USD 300 mn priced at 5.375% p.a.

29
 Recent Developments For Value Creation

Energy

Reorganizing • Tenaga Nasional Berhad invests INR 2.26 bn in GMR Bajoli Holi Hydropower Ltd.
Energy Assets • Achieved tariff increase in Warora & Kamalanga related to ‘change in law’ and ‘coal cost pass-through’

Resolution • Executed resolution plan for Rajahmundry gas based projects

of Energy Assets • Divestment of entire stake (of 47.62%) in Chhattisgarh coal based projects

Urban Infrastructure

• Signed definitive agreement to divest entire stake in Kakinada SEZ to Aurobindo Realty
Unlocking Value in
SIRs
• Setting up an Special Investment Region at Krishnagiri on ~600acres of land in JV with TIDCO
• Construction of Eastern Dedicated Freight Corridor (DFCC)

30
Strategic Initiatives
 Significant Move Towards Deleveraging

Transaction Details
Minority stake sale of 49% in GMR Airports Ltd (GAL)

 INR 98.13bn received

 Tranche I: INR 52.5bn received in February 2020
 Tranche II: INR 45.7bn received in July 2020
─ Including INR 10bn primary capital @ GAL
Investment
─ Balance secondary - cash inflow at corporate level
Amount
 INR 10.60bn, currently part of Earn-outs to be received by FY24
 subject to the achievement of certain performance related targets by GMR Airports Limited
 INR 44.8bn, further earn-outs in form of equity shares
 Earn-outs achievements can potentially increase GMR stake up to 59%

Status  Transaction completed

Utilization of
 Servicing of debt and exit for private equity investors in GAL
Proceeds

Deleveraging is expected to result in improved cash flows and profitability over the medium term
*Linked to achievement of certain agreed operating performance metrics and receipt of certain regulatory clarifications over the next ~5 years;
**including Earn-outs on consummation

32
 Strategic Group Restructuring to Unlock Value1 (1/2)

Current Structure Resultant Structure

Promoter & Promoter Promoter & Promoter

Group Public Public
Group
65.52% 34.48%

GIL 65.52% 34.48%

Airport, Energy, EPC, Urban Infra

Businesses
GPUIL GIL

100% 100%2
Energy, EPC and Urban Airport Business
GPIL
Infra Businesses
GPUIL
Power Business

The Scheme of Arrangement is subject to necessary approvals from shareholders, creditors & regulatory
authorities. Consent of the Stock Exchanges already received.

Move to Create India’s only Pure-Play Listed Airports Company

Note: 1. subject to the customary approvals from the SEBI, NCLT. Shareholders and Creditors, etc.
3. Directly and indirectly
2. “GPIL” - GMR Power Infra Limited; “GPUIL” - GMR Power and Urban Infra Limited; GIL – GMR Infrastructure Limited
33
 Strategic Group Restructuring to Unlock Value1 (2/2)

Rationale for Demerger Schemes of Arrangement

 Value unlocking of Airport & Non-Airport  Demerger of the Non-Airport Business of GIL
businesses into GPUIL as a going concern

 Mirror shareholding of GIL in GPUIL with all

 Simplification of the Corporate Holding existing shareholders of GIL becoming
Structure shareholder of GPUIL in same proportion.

 Issue of 1 additional share of Rs.5/- each of

 Enable both Airport & Non-Airport businesses
GPUIL for every 10 shares in GIL of Re.1/-
to chart out their respective growth plan
each as on the record date
independently

 All existing shareholders of GIL to continue

 Multiple platforms to raise fund to grow their same shareholding in GIL
respective businesses – both from private &
public market  Amalgamation of GPIL with GIL as a step
preceding demerger

 Reduction of WACC for the Airport Business  Appointed date fixed at April 1, 2021

Scheme is expected to be in the best interests of the Companies and their respective shareholders,
employees and creditors
Note: 1. subject to the customary approvals from SEBI, NCLT. Shareholders and Creditors, etc.
2. “GPIL” - GMR Power Infra Limited; “GPUIL” - GMR Power and Urban Infra Limited; GIL – GMR Infrastructure Limited
34
 Plans to Divest Select Assets across Businesses

 Signed Definitive Agreements for divestment of entire 51% stake in KSEZ to

Port & Aurobindo Realty and Infrastructure Pvt. Ltd.
Industrial
 Consideration for the equity stake and sub-debt in KSEZ - INR 26.1 bn
Land
- INR 16 bn to be received on the closing date

 Cash flow from thermal assets sufficient to service the interest

Power
 Strong prospects for divestment of thermal assets given improved performance
Business
 Monetisation of Barge Plant – SPA1 signed, partial consideration received

 Debt to be pared from favourable judgment on significant arbitration claim

Highways
 Monetization to gain momentum post arbitration claim settlement

 To re-start the process of divestment once coal prices stabiles

Coal Mines
(Indonesia)  Despite Covid pandemic and subdued coal prices, coal mining business has
shown improved operating performance

Double dip: Divestment of assets to lead reduction of consolidated debt; and

Equity value to facilitate reduction in corporate level debt
Note : 1) SPA – Sale and Purchase Agreement ^ As on Mar 2020

35
 Strategic Partnership with Groupe ADP

Considerable synergistic advantages, bolstering GMR’s growth plans

About Group ADP Investment Merits Strategic Rationale

Leverage Expertise
One of the largest airport groups in Creation of world-class Airport Development and
Europe based out of Paris (France)  Combination of expertise to extract more
Management platform in partnership with value and create synergies
strategic airport operator
 Building strong partnerships by
leveraging aeronautical and non-
Operating 24 international airports aeronautical expertise through
across geographies Significant deleveraging at GMR using the systematic best practices
equity raise implementation
 Improved cash-flow and profitability  Sharing knowledge and best practices
across airports
 Lower cost of financing
Handled1 234 Mn passengers
Strategic partnership
(including Istanbul Atatürk)
Paves way for value unlocking through  Market access for service companies
demerger of businesses3  Route development
 Transaction entails ease of & flexibility for  Enhance expertise in operations / smart
Market Cap2 of ~ € 9 Bn demerger process airport
 Retail and passenger experience,
IT/Innovation, engineering etc.

Strong partner to capitalize on future growth Hospitality

Revenue1 at €4,700 Mn and Net opportunities  Achieving standardized and highest level of
Income1 at €588 Mn
passenger experience and quality of service

Substantial portion of consideration utilized to deleverage

1) For the Year 2019; 2) as on August 14, 2020; 3) subject to receipt of approvals from shareholders, creditors and regulatory authorities
36
 GMR Infrastructure – Key Takeaways

01 Significant deleveraging of the group via equity capital transaction with marquee partners

02 Pure play airport business on the cards – to drive GMR’s leadership in airports business

Strong underlying macro fundamentals, including fast growing aviation market in India, to act as
03 tailwinds for the group

04 One of the world’s largest integrated airport platforms with significant potential for expansion

Non Aero – on the back of growing retail consumption – and Real Estate to provide additional
05 upside for the Airport segment

06 Ability to derive value from strong partnerships with global majors across businesses

07 Strong management and leadership teams with ability to successfully build strong businesses

37