Professional Documents
Culture Documents
Executive Summary…………….……………3
Advantage India………………….…..……… 5
Market Overview & Trends……….….…...... 7
Porter Five Forces Analysis ……………...20
Strategies Adopted……………………….. 22
Growth Drivers………………….......…….. 24
Opportunities……………………...………..36
Success Stories………….………………... 38
Useful Information…….......................……..41
CAGR: 17.14%
421 By 2020, passenger traffic at
Third largest aviation market by Indian airports is expected to
2020 increase to 421 million from
223.61
223.61 million in 2016
2016 2020
2016E 2026F
DECEMBER 2016 Source: World Travel and Tourism Council, Airport Authority of India, TechSci Research 3
For updated information, please visit www.ibef.org
AIRPORTS
EXECUTIVE SUMMARY … (2/2)
Source: World Travel and Tourism Council, Asian Development Bank, TechSci Research
ADVANTAGE INDIA
AIRPORTS
ADVANTAGE INDIA
Robust demand
FY2000 •
Growing
Rising working demand
group and widening middle
Opportunities in MRO FY2016
class demography is expected to boost • Growth in aviation accentuating
demand demand for MRO facilities
No of No of
operational • India plans to increase the number of • Expenditure in MRO accounts for 13- operational
airports: 50 airports to 250 by 2030 to cater to growing 15 per cent of total revenues; it is the airports: 95
leisure and business travel second-highest expense after fuel cost
• Freight traffic also likely to go up as trade • By 2020, the MRO industry is likely to
with the rest of the world increases grow over USD1.5 billion from USD0.5
billion currently
Advantage
India Policy support
Increasing investments
• Investments totaling USD12.1 billion in • The government has been encouraging
the airport sector are likely to be made private sector participation
during the Twelfth Five Year Plan (2012-
17); of these, private investments are • Foreign investment up to 49 per cent is
expected to total USD9.3 billion allowed under automatic route in
scheduled air transport service, regional
• Growing private sector participation air transport service and domestic
through the Public - Private Partnership scheduled passenger airline.
(PPP) route
As of FY16, airports in India witnessed a domestic passenger traffic of about 168.89 million people.
Investments worth USD 6 billion are expected in the country's airport sector in five years
India’s civil aviation market is set to become the world’s third1 largest by 2020 and expected to be the largest by 2030
Non-scheduled airlines in
39 121 (FY16)
operation
Passenger handling
capacity at airports 66 million 270 million (FY14)
Airports and
airstrips in India Customs airports
Operational (90) (7)
(464)
Non-AAI airports
and airstrips
(339)
Civil enclaves International (17)
(26)
0.94
0.92
Spicejet
Market share: 12.8%
Passenger Load Factor
0.88
Air India Indigo
Market share: 15.3% Market share: 38.6%
0.86 Passenger load traffic: 84.7% Passenger load traffic: 87.2%
GoAir
0.84 Market share: 8.3%
Passenger load traffic: 88.6%
Jetlite
0.82 Market share: 3%
Passenger load traffic: 80.9% Jet Airways
Market share: 16%
Passenger load traffic: 82.6%
0.8
0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4
Market Share
Note: Market Share as on May’16 and Load Data for the month of May’16
as published by Directorate General of Civil Aviation
DECEMBER 2016 For updated information, please visit www.ibef.org 10
AIRPORTS
THE SIX MAJOR AIRPORTS IN THE COUNTRY
Delhi
Passenger traffic handled in
FY15: 41 million;
FY16: 48 million
Kolkata
Passenger traffic handled in
FY15: 10.9 million;
FY16: 12.4 million
Mumbai
Passenger traffic handled in;
FY15: 36.7 million;
FY16: 41.7 million
Hyderabad
Passenger traffic handled in
FY15: 10.4 million
Bengaluru FY16: 12.4 million
Passenger traffic handled in
FY15: 15.4 million;
FY16: 19 million
Chennai
Passenger traffic handled in
FY15: 14.3 million;
FY16: 15.2 million
Witnessing a growth of 17.62 per cent over the previous Passenger traffic in FY16 (million)
year, total passenger traffic stood at a 223.6 million in FY16,
which was recorded at 190.1 million in FY15 in India. 250 35.00%
30.00%
200 25.00%
Growth in passenger traffic has been strong since the new
millennium, especially with rising incomes and low-cost 20.00%
aviation; during FY06-16, passenger traffic grew at a CAGR 150
15.00%
of 11.8 per cent in the country. 10.00%
100
5.00%
116.87
108.88
123.76
143.43
162.31
169.03
50 0.00%
73.35
96.49
159.4
190.1
223.6
-5.00%
0 -10.00%
FY06FY07FY08FY09FY10FY11FY12FY13FY14FY15FY16
Source: Association of Private Airport Operator, Airports Authority of India, TechSci Research,
Notes: CAGR – Compound Annual Growth Rate,
FY – Indian Financial Year (April – March)
168.89
of 9.36 per cent over FY06-16 and is set to touch 60 million 140 30.00%
by FY17.
139.3
120
122.41
20.00%
121.51
116.37
105.52
During September 2016, domestic airlines carried over 8.23 100
89.39
million passengers, showing a growth of more than 23 per 10.00%
87.06
80
77.3
70.62
cent compared to the same period last year.
60 0.00%
50.98
Growth in passenger traffic set to remain strong in future
40
54.72
46.62
50.8
-10.00%
43.03
37.91
40.8
34.37
31.58
29.81
12th Plan Period 20
25.87
22.37
60 0 -20.00%
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16
Total freight traffic registered a CAGR of 6.8 per cent over International freight traffic was 61.3% of the total
FY06-16 in FY16
1045.92
20.00%
In FY16, domestic freight traffic stood at 1045.92 million
2000
852
812
tonnes, while international freight traffic was at 1658.35
840
15.00%
784
986
689
million tonnes.
1500 10.00%
568
552
530
484
During FY16, domestic freight traffic increased at 6.08 per
1468
5.00%
1407
cent while international freight traffic increased at 7.55 per 1000
1658.35
1542
1496
cent in comparison with FY15. 0.00%
1271
1147
1023
1440
920
500
1149
-5.00%
By 2023, total freight traffic is expected to touch 4.14 million
tonnes exhibiting growth at a CAGR of 7.27 per cent 0 -10.00%
between FY2016 and FY23. In addition, international freight
traffic is expected to grow at a CAGR of 7.13 per cent while
domestic freight traffic is expected to grow at a CAGR 7.50
per cent between FY2016 and FY23. International('000 Tonnes) Domestic ('000 Tonnes)
Growth-International(%) Growth-Domestic(%)
Freight traffic on airports in India is expected to cross 11.4 Freight traffic (million tonnes)
million tonnes by 2032.
3
2.7
2.53
Growth in import and export in India will be the key driver for
2.35
2.28
2.28
2.19
growth in freight traffic as 30 per cent of total trade is 2.5
1.96
undertaken via airways
1.72
2
1.7
1.55
1.4
1.5
0.5
0
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16
During FY07-16, growth in aircraft movement was recorded Total aircraft movement (million)
at a CAGR of 5.8 per cent.
2.00 25.00%
1.80
In FY16, total aircraft movement increased at a YoY of 11.9 20.00%
1.60
per cent, as compared to FY15. 15.00%
1.40
1.20 10.00%
In FY16, total aircraft movement stood at 1.79 million
1.00
0.80 5.00%
0.60 0.00%
0.40
-5.00%
1.08
1.31
1.31
1.33
1.39
1.54
1.48
1.54
1.60
1.79
0.20
0.00 -10.00%
375.33 1418.28
800 5.00%
During FY16, the total number of domestic aircraft
1260
1201
314 1165
309 1235
300 1094
282 1049
600
270 1036
249 1059
movement increased to 1.4 million, as compared to FY15 0.00%
216 862
400
-5.00%
346
336
200
In FY16, the total number of international aircraft movement
0 -10.00%
increased to 0.37 million, in comparison to FY15
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16
International('000) Domestic('000)
Growth-International(%) Growth-Domestic(%)
Until 2013, AAI was the only major player involved in developing and upgrading airports in India
Post liberalisation, private sector participation in the sector has been increasing
Private sector investment is expected to increase to USD9.3 billion during the Twelfth Five Year Plan from USD5.5 billion in
the previous plan
Rising private • Investment made by the private sector during the Twelfth Five Year Plan (2012–17) is
participation and expected to increase by 69.1 per cent to USD9.3 billion over that during the Eleventh Five
Year Plan
Investments
• Four existing airports and two greenfield projects will be offered on PPP basis which is
expected to attract investments from private players
Greater use of non- • Rising business activity leading to higher demand for non-scheduled airlines
scheduled airlines • As on June 2016, there are 121 operators (NSOP)
• Indian airports are emulating the SEZ-aerotropolis model to enhance revenues; focus on
Focus on non- revenues from retail, advertising, vehicle parking, etc.
aeronautical revenue • Absence of complementary meals in low-cost airlines have boosted the food and
beverages retail segment at airports
Source: DGCA
Note: FY – Indian Financial Year (April – March)
NSOP – Non Schedule Operators Permit
Competitive Rivalry1
• Competition among major players is very high, especially in LCC’s (Low cost
carrier) section because the airlines compete for the middle income group
customers and passengers of air-conditioning segment of railways. This group Threat of New
has low brand loyalty and is highly price sensitive Entrants
• Competition might intensify further in LCC segment with Air Asia India being (Low)
granted DGCA’s operator license
• Threat remains low because of the • Threat remains low in this sector Bargaining Competitive Substitute
nature of the industry (Regulatory also as no other means of Power of Rivalry Products
hurdles, Capital-intensive) transport is as swift, and Customers (High) (Low)
• Air Asia India has been granted convenient as airlines (Low)
DGCA approval (Price War) • It saves time
STRATEGIES ADOPTED
AIRPORTS
STRATEGIES ADOPTED1
• Expansion of CAPA
Expansion • Further, rise of LCC’s was also supported by the exit of Kingfisher, which is on the verge of insolvency
• Capacity will also increase with new terminals coming up in Mumbai, Bengaluru, Chennai and Kolkata
• Indian carriers to double their fleet capacity by 2020 to around 800 aircrafts
• Indian LCC’S are looking forward to increase their ancillary services, without tampering their business
models. This includes services like lounge access, priority boarding, customer loyalty memberships and
Ancillary services
customer meals
• Both Indigo and GoAir are eyeing a larger share of corporate market
• Indian LCC’s are expected to increase their regional, international (Asia-pacific, Middle East) operations
• Indian LCC’s are looking forward to increase their low cost products on routes which will take up to four
hours (shorter international routes). This will allow deleveraging of domestic fleet, increasing aircraft
Increasing operations utilisation and improving commercial performance
• From November 14, 2016, parking lots at all operational airports in India would go digital
• Chennai, with its strategic location in South India has a strong potential to become a hub, with
connecting flights to Gulf and across South East Asia
• Although India is heavily characterised by LCC’s, there is shortage of low cost airports. Government has
plans to develop around 100 low cost airports, which will significantly lower the operating costs
• NIAMAR (National Institute of Aviation Management and Research) has been developed to bridge the
supply gap of aviation personnel
Government’s push • Four new greenfield airport projects are coming up in the smaller towns of Andhra Pradesh and
Telangana, as part of India's overall aim to improve airport infrastructure and regional connectivity in the
country.
• As on October 2016, government has launched regional connectivity scheme named UDAN (Ude Desh
ka Aam Nagrik) to make flying affordable for common man
• As of November 2016, Airports Authority of India (AAI) announced its plans for selection of O&M service
partners through global competitive bidding process, at most of the airports in India.
DECEMBER 2016 Source: Central Asia-Pacific Aviation, TechSci Research For updated information, please visit www.ibef.org 23
Note: 1 Notes w.r.t airlines, LCC – Low Cost Carrier
AIRPORTS
GROWTH DRIVERS
AIRPORTS
STRONG DEMAND AND POLICY SUPPORT DRIVING INVESTMENTS
Increasing
Growing
Growing demand
demand Policy support
Strong investments
government
support
AAI driving large
Greater modernisation,
Expanding middle
government focus development
income group and
on infrastructure projects; expansion
working population
and upgradation of
existing airports;
Inviting Resulting in development of
Rising domestic low-cost airports
Increasing
and foreign
liberalisation, Open
tourists and Increasing private
Sky Policy
travellers sector
participation,
increasing
greenfield projects
Strong growth in Policy sops, FDI
external trade encouragement Strong projected
demand making
returns attractive
3,227
3,587
3,748
4,041
4,445
4,749
5,003
5,352
5,758
6,162
6,599
2,000
(15–64 years), at 65.7 per cent of the total population 2.00%
1,000
currently, is expected to grow; this indicates the 0 0.00%
employee base and the frequency of business travel
are expected to increase
96.20
96.01
90.16
• The share of travel & tourism in India’s GDP is likely to 100.00
77.87
depict YoY growth of 7.3 per cent in 2016E; and is
69.30
68.70
60.90
expected to grow at a CAGR of 6.75 per cent per 80.00
48.70
annum between 2016E-2025
46.20
42.10
60.00
Growing travel & tourism spending
26.40
25.50
24.40
22.30
20.80
22.10
19.90
19.10
18.60
40.00
17.78
• India is one of the fastest growing economies
20.00
• Overall, Leisure travel & tourism spending inclined at a
CAGR of 9.62 per cent between 2007-16E.
0.00
• Emergence of business hubs like Mumbai (Finance), 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E
Bengaluru (IT), Chennai (IT), Delhi (Manufacturing, IT)
Leisure Travel & Tourism Spending (in USD Bn)
is likely to boost business travel as well.
Business Travel & Tourism Spending (in USD Bn)
• Leisure travel spending grew to USD96.20 billion in
2016E from USD96.01 billion in 2015. Source: World Travel and Tourism Council,
Make in India, Global Business Travel Association, TechSci Research
Notes: IT – Information Technology, E – Estimated
Growing trade benefits of freight movement Rising exports and imports (USD billion)
489.32
490.74
600
447.52
450.2
• Over FY09-16,
380.60
369.77
500
• India’s exports expanded at a CAGR of 5.08
314.41
309.56
305.96
303.69
288.37
300.4
262.03
per cent to USD262.03 billion in FY16. 400
249.82
• Imports registered a CAGR of 3.28 per cent
185.29
178.75
300
which reached to USD380.60 billion in FY16
• Growing trade augurs well for airports as they handle 200
about 30 per cent of India’s total trade (by value)
100
0
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16
FDI in aviation and
Increasing airline Exports Imports
liberalised aviation
operators
policy
Source: Ministry of Commerce, TechSci Research
Notes: CAGR – Compound Annual Growth Rate,
FY – Indian Financial Year (April – March)
Higher aircraft
movement
Growth in passenger
Rise in freight traffic
traffic
• With the opening of the airport sector to private participation, six airports across major
cities are being developed under the PPP model
• Currently, 60 per cent of airport traffic is handled under the PPP model, while the
Liberalisation, Open remaining 40 per cent is managed by the AAI
Sky Policy • Increased traffic rights under bilateral agreements with foreign countries
• On November 26, 2016, India announced its plans to enter into open skies agreement with
SAARC countries and those beyond 5,000km radius from Delhi, under the National Civil
Aviation Policy (NCAP)
• The GOI has allowed 100 per cent FDI under automatic route for greenfield projects,
whereas, 74 per cent FDI is allowed under automatic route for brownfield projects.
• 100 per cent FDI is allowed under automatic route in scheduled air transport service,
Encouragement to FDI
regional air transport service and domestic scheduled passenger airline, however, FDI
over 49 per cent would require government approval.
• Approval of 49 per cent FDI in aviation for foreign carriers.
Notes: India currently has bilateral air service agreements with 104 countries. These include Brazil, 27 members of the EU, and
China. In 2008 traffic rights were been enhanced with Mexico, Saudi Arabia, Netherlands, Qatar, Iran, Japan and Turkey,
FDI – Foreign Direct Investment, GOI – Government of India
DECEMBER 2016 For updated information, please visit www.ibef.org 29
AIRPORTS
POLICY SUPPORT AIDING GROWTH IN THE AIRPORTS SECTOR … (2/2)
• 100 per cent tax exemption for airport projects for a period of 10 years
Taxes and duties • Indian aircraft Manufacture, Repair and Overhaul (MRO) service providers are exempted
completely from customs and countervailing duties
• In the Union Budget for FY17, Government of India, for the purpose of equity infusion has
earmarked USD255.86 million for Air India Limited.
• Also, a budget of about USD14.98 million has been allocated to Airports Authority of India,
Budgetary support of which USD4.29 million has been attributed towards Pakyong, Sikkim project.
• The government has planned to allocate a sum of USD11.80 million to Directorate
General of Civil Aviation to implement various schemes.
• The government has also supported the Bureau of Civil Aviation Security with USD9.71
million to meet their expenditure.
• The AAI aims to bring around 250 airports under operation across the country by 2020
Metro airports
• The AAI has developed and upgraded over 23 metro airports in the last five years
• The Airports Authority of India (AAI) is planning to spend USD1.3 billion on non-metro
projects over the five years (2013–17); it is mainly focusing on the modernisation and up
gradation of airports; New airports at Itanagar, Kohima and Gangtok are also planned
• The Government of Andhra Pradesh plans to develop greenfield airports in six cities
(Nizamabad, Nellore, Kurnool, Ramagundam, Tadepalligudem, and Kothagudem) under
Non-metro airports the PPP model
• Upfront subsidy has been proposed through which non-metro airports would be funded by
imposing 2 per cent levy on both domestic and international airfares
• About 22 airports to get connected under regional connectivity scheme of Airports
Authority of India (AAI)
• Over 30 airport development projects are under progress across various regions in
Northeast India
Northeast India • AAI plans to develop over 20 airports in tier II and III cities in next five years
• The AAI plans to develop Guwahati as an inter-regional hub and Agartala, Imphal and
Dibrugarh as intra-regional hubs
Source: TechSci Research
Recourse to the Public Private Partnership (PPP) model has boosted private sector investments in airports
PPP route for five international airports (Delhi, Mumbai, Cochin, Hyderabad, Bengaluru) most noteworthy
On December 31, 2014, Government of India decided to transfer four existing airports (Chennai, Kolkata, Ahmedabad and
Jaipur) and two greenfield airport projects (at Navi Mumbai and Goa) into PPP model in order to attract investments from
private players.
• 74% private share holding in IGI Airport (Delhi) - owned majorly by GMR (54%), Fraport AG
(10%), Eraman Malaysia (10%); rest of the shares owned by Airports Authority of India
• 74% private shareholding in CSI Airport (Mumbai) - owned majorly by GVK (50.5%), Bid
Services Division (Mauritius) Limited (13.5%), ACSA Global (10%); rest of the shares owned
by Airports Authority of India
• 74% private shareholding in RGI Airport (Hyderabad) - owned majorly by GMR (63%),
Malaysia Airports Holdings Berhad (11%); rest of the shares owned by Government of India
(13%) and Government of Andhra Pradesh (13%)
• 74% shareholding in Kempagowda International Airport (Bengaluru) – owned majorly by
Siemens Project Ventures, Germany (40%), Unique (Flughafen Zurich AG) Zurich Airport,
Switzerland (17%), Larsen & Tourbo, India (17%); rest of the shares owned by Airports
Authority of India (13%) and KSIIDC, which is an agency owned by the state of Karnataka,
India (13%)
Bijapur Airport
Delhi PPP format likely to
(Modernisation, Terminal 3 continue
Terminal 3) construction in Shimoga Airport
Delhi completed in
Mumbai 2010 15 greenfield
(Modernisation) projects with Hassan Airport
Participation in private sector
international participation has
airport projects been approved
Terminal 3 - Total in May 2015 Gulbarga Airport
Hyderabad
cost
USD2.7 billion Mopa Airport, Navi
(including Terminal 3 Mumbai Airport, Shirdi
Bengaluru USD5.8 billion of and Sindhudurg
and 1- D) investments likely; Airports, Kannur and
Aranmula Airports,
Durgapur Airport,
USD6.1 million of
Dabra Airport,
investments has Pakyong Airport,
been approved for Karaikal Airport and
Shimoga Airport in Kushinagar Airport
July 2015
Presently India has five PPP airports each at Mumbai, Delhi, Cochin, Hyderabad and Bengaluru, which together handle over
55 per cent of country’s air traffic.
Government of India has approved 15 greenfield PPP projects which are expected to increase the air traffic in India. These
projects would be setup in Goa, Navi Mumbai, Maharashtra, Bijapur, Gulbarga, Karnataka, Kerala, West Bengal, Madhya
Pradesh, Sikkim, Puducherry and Uttar Pradesh.
Type of project/
Name of airport Operator Revenue sharing
PPP structure
Chhatrapati Shivaji Mumbai International Airport Ltd 38.7 per cent of gross revenue to be
Brownfield/BOOT
International Airport (MIAL) shared with AAI
Indira Gandhi Delhi International Airport Ltd 45.9 per cent of gross revenue to be
Brownfield/BOOT
International Airport (DIAL) shared with AAI
OPPORTUNITIES
AIRPORTS
OPPORTUNITIES
• The Indian Aviation sector likely to • The Indian Aviation Industry aims to • Airport developers can now
see investments totalling USD12.1 boost MRO business in India, which draw on wider revenue
billion during the Twelfth Five Year is currently worth US500 million and opportunities such as retail,
Plan is estimated to grow over US1.5 advertising and vehicle
billion by 2020 parking
• Of the total investment, USD9.3
billion is expected to come from the • Indian airline companies spend over • Future operators will benefit
private sector 13–15 per cent of their revenues on from greater operational
maintenance, which is the second- efficiency due to satellite
• Success of PPP formats will raise highest cost component after fuel based navigation systems like
investment in existing and ‘Project Gagan’ which is in
greenfield airports • Inauguration of MRO facility at development phase
Hyderabad in May 29, 2015 by Air
• Private sector participation in six India Engineering Services Limited
existing airports operated by AAI is (AIESL) which is a 100 per cent
likely to increase investment owned subsidiary of Air India
opportunities for airport sector
Notes: ‘Project Gagan’ is directed towards transitioning from a ground-based navigation system to a satellite-based one. AAI and ISRO are
jointly working on this. A Space Based Augmentation System (SABS) will be operational by 2013,
MRO – Maintenance, Repair and Overhaul
SUCCESS STORIES
AIRPORTS
IGI INTERNATIONAL AIRPORT, DELHI - A COMPELLING SUCCESS STORY
Awarded at the Skytrax World Airport Awards 2015 for the “Best Airport in Central Asia region” and for the “Best Airport
Staff”. Also, they were felicitated with the prestigious Golden Peacock National Quality Award’ 2015 for their continuous
efforts in building a culture across IGI Airport
Ranked first in the world at the ACI Annual Service Quality Awards in 2014 (category: handling 25-40 million passengers) up
from second in 2012
Delhi International Airport Ltd became the first in the world to receive the ISO 22301:2012 certification for its robust business
continuity management system
Phase I Final
Facts and features
Passenger Traffic: 48.4 mn (FY16) 100 million (by 2020)
Passenger handling
34 million (60 million as on October
Aircraft movement: 0.34 mn (FY16) capacity per annum 2013)
Cargo: 0.79 mn tonnes (FY16)
Terminal 3 Area (acres) 1,907 5,106
During the World Travel Awards, 2015, CSI International Airport, Mumbai’s GVK Lounge at Terminal 2 has been felicitated
with “Asia’s Leading Airport Lounge “ Award. Also, the Architizer A+ Award for the “Best Architectural Structures in the
World” was bagged by CSI International Airport in the Transportation-Airports category, 2015
Ranked fifth in the world at the ACI Annual Service Quality Awards in 2014 (category: handling 25-40 million passengers)
Plans to increase the handling capacity at the airport from 36 to 48 flights/hr and to increase the passenger capacity to 40
million annually
USEFUL INFORMATION
AIRPORTS
INDUSTRY ASSOCIATIONS
Purchasing Power Parity (used in calculating per-capita GDP – slide 12, GROWTH DRIVERS)
Public Private Partnership (a type of joint venture between the public and private sectors)
Year INR equivalent of one USD Year INR equivalent of one USD
2004–05 44.81 2005 43.98
2005–06 44.14
2006 45.18
2006–07 45.14
2007 41.34
2007–08 40.27
2008 43.62
2008–09 46.14
India Brand Equity Foundation (“IBEF”) engaged TechSci Research to prepare this presentation and the same has
been prepared by TechSci Research in consultation with IBEF.
All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The
same may not be reproduced, wholly or in part in any material form (including photocopying or storing it in any
medium by electronic means and whether or not transiently or incidentally to some other use of this presentation),
modified or in any manner communicated to any third party except with the written approval of IBEF.
This presentation is for information purposes only. While due care has been taken during the compilation of this
presentation to ensure that the information is accurate to the best of TechSci Research and IBEF’s knowledge and
belief, the content is not to be construed in any manner whatsoever as a substitute for professional advice.
TechSci and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in
this presentation and nor do they assume any liability or responsibility for the outcome of decisions taken as a result of
any reliance placed on this presentation.
Neither TechSci nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission
on the part of the user due to any reliance placed or guidance taken from any portion of this presentation.