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Domestic News - January 2011 Anil Ambani hikes stake in Reliance Infrastructure Reliance Infrastructure Ltd has allotted 2.26 crore equity shares to AAA Project Ventures Private Ltd, a Reliance Anil Dhirubhai Ambani Promoter Group Company against convertible warrants issued to them for Rs. 209.5mn.As a result of the new equity capital infusion, the promoter Group's holding has gone up to nearly 48% from existing nearly 43%.This equity capital infusion will substantially enhance RInfra’s net worth to Rs. 231.25bn (US$ 5.1 Bn) on consolidated basis, and provides for increased financial flexibility. Suzlon denies reports of Gamesa buying majority stake Suzlon Energy Ltd. clarified that news reports with respect to Gamesa picking up a majority stake in the Company, were both speculative in nature and inaccurate. The Company has no clarifications to issue in this regard. The Company will ensure that appropriate intimations are provided to the Exchanges with respect to events, information etc. that have a bearing on the operation / performance of the Company including all material price sensitive information in accordance with its obligations under the Listing Agreement. Earlier the news item appeared in a leading news channel & others titled "Gamesa to pick up majority stake in Suzlon Energy. L&T bags orders worth Rs11.81bn Larsen & Toubro’s (L&T) Buildings & Factories Independent Company - part of its Construction Division – has secured new orders aggregating to Rs11.81bn during the third quarter for the construction of residential buildings, factories including a specialized support facility building. L&T has secured new orders aggregating toRs5.58bn for the construction of residential buildings in major cities from leading developers.In yet other development, new orders worth Rs2.98bn has been secured for the construction of factories from esteemed clients. L&T’s Railway Business Unit also bagged orders aggregating Rs11.03bn from various power plant developers for the construction of ‘Merry-Go-Round’ Systems and construction of dedicated railway lines to link power plant sites to the main line rail network. The orders include the following: A Rs3.65bn order from Maithon Power Limited, a JV of Tata Power and Damodar Valley Corporation, for construction of a 21 km dedicated rail link to their power plant at Maithon in Jharkhand. Nabha Power Limited, a wholly owned subsidiary of L&T Power Development Ltd., has placed an order valued at Rs2.70bn for construction of a 13 km dedicated, double-track electrified rail link to its power plant at Rajpura in Punjab. BALCO has awarded L&T a Rs1.51bn order for augmenting and strengthening its existing railway facilities at Korba in Chhattisgarh. Cabinet allows NTPC to allocate more power to home state The Union Cabinet approved the proposal relating to the allocation of power from NTPC's large size power projects coming up during 12th and 13th Plan, based mainly on supercritical technology for increased efficiency. The proposal is for allocation of 50% power to the 'Home' States (the States where the power projects are located), 35% allocation of power to the other constituents of the Region and 15% power as unallocated power at the disposal of the Government of India from the 14 power projects of NTPC coming up during 12th Plan and 13th Plan and all thermal power plants of the Central Public Sector Undertakings in future. Enhancement of allocation to 50% to the Home States is the only new element in the present proposal. The implementation of the proposal will help in developing power projects and Increased generation in the Sates/Regions, where there are acute shortages of power. It will also help the growth of agriculture. RIL, Reliance Infra to reach settlement with SEBI: report Mukesh Ambani-owned Reliance Industries is in advanced stage of negotiation with Securities and Exchange Board of India (SEBI) to settle case

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of insider trading, according to a report. Also Reliance Infrastructure and Reliance Natural Resources Limited are planning to reach a settlement with Securities and Exchange Board of India( SEBI) by paying consent fees, according to a report. The report stated that Anil Dhirubhai Ambani Group, and their top executives have also agreed to abide by conditions set out by Sebi. The move will remove a persistent source of uncertainty that has dogged the companies for years. There are reports that RNRL is in the process of being merged into Reliance Power , another ADAG company. Vibrant Gujarat Summit...7,936 MOUs signed Gujarat Chief Minister Narendra Modi reportedly said that about 7,936 memorandums of understanding (MoUs) were signed for Rs. 20,83,000 crore at Vibrant Gujarat Summit 2011. Reports stated that the whopping investment would also result in about 5.2 million additional jobs. The previous edition of the summit in 2009 had resulted in about 4,000 MoUs being signed for investments worth Rs. 12,00,000 crore (about US$243bn). The reports stated that on the first day of the 2011 edition MoUs worth about 15 lakh crores were signed between industrialists and the State Government. Gautam Adani said he would invest over Rs. 800bn in ports, power and infrastructure projects. Reports said that industry leaders such as Anil Ambani, Mukesh Ambani, Ratan Tata, Adi Godrej, A.M. Naik, GVK Reddy, Ajit Gulabchand and Anand Mahindra also announced their plans. Reliance Power plans 1000 MW renewable capacity: report Reliance Power Ltd has reportedly said that it is planning to take its renewable energy (wind and solar) capacity to 1,000 MW in next two-three years. The report stated that the company has around 94 MW of operational wind energy-based power capacities located in Maharashtra (48 MW), Gujarat (19 MW), Tamil Nadu (18 MW), and Karnataka (9 MW).The company is looking at large capacity (100 MW) projects, adds report. Tata Power appoints Anil Sardana as Director and MD Tata Power Company Ltd has announced that Prasad R Menon will be reaching the age of superannuation on January 31, 2011. Consequently he will cease to be Director and Managing Director of the Company at the close of business hours on January 31, 2011. At its meeting held on January 13, 2011, the Board has appointed Anil Sardana as Director and Managing Director of the Company with effect from February 01, 2011. Currently, Sardana is the Managing Director of Tata Teleservices Limited and Tata Teleservices (Maharashtra) Limited. Punj Lloyd signs PPA with NTPC Punj Lloyd Group has signed a 25 year Power Purchase Agreement with NTPC Vidyut Vyapar Nigam Ltd (NVVN) for sale of power from a 5 MW PV based Solar Power plant to be built at Phalodi area of Jodhpur district in Rajasthan. This project is being set up as part of Jawaharlal Nehru National Solar Mission (JNNSM), a program under the aegis of Ministry of New & Renewable Energy and Ministry of Power. This Solar power plant is being developed by Punj Lloyd Solar Power Limited, a Special Purpose Vehicle, which has been set up for the implementation of this project, Punj Lloyd Solar Power Limited will commission, operate and maintain the plant. The plant will be commissioned in a period of 12 months. CLB allows IL&FS to take over Maytas Properties The Company Law Board (CLB) allowed infrastructure finance company IL&FS to take over Maytas Properties. Union Corporate Affairs Minister Salman Khurshid said that IL&FS has been allowed to hold 80% of the equity in Maytas Properties. Maytas Properties is a privately held company promoted by the family of B. Ramalinga Raju , the founder of erstwhile Satyam Computer. Maytas Properties' Board will be reconstituted and will have four new nominees coming in from IL&FS, he added. Thursday’s announcement

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concludes the government's nearly two-year-long search to find another owner for all the three companies and stabilise their operations. Thursday's order strips the Raju family of control in the firm L&T planning to restructure business The company will keep leveraging the growth opportunities offered in existing business and will continue to represent a conglomerate of many large companies-simplified structure for focus and empowerment.It will reorganize into 9 empowered business verticals in addition to existing subsidiaries.This will act like 'Independent Companies" going forward.The company will induct external directors on the IC Boards.The Boards and Business Heads will be put in place for the 9 ".Independent Companies"J P Nayak, Whole-time Director & President, Larsen and Toubro said , "L&T Finance IPO will be listed first depending upon the market conditions then after L&T Power,L&T Infotech, L&T IDPL IPO will be listed on the stock exchange. The nine business verticals for which companies will be formed are civil infrastructure, buildings and materials, electric power transmission and distribution, hydrocarbon and chemicals, heavy engineering, electrical equipments and automation products.The new structure will enable greater empowerment and autonomy while ensuring accountability and transparency resulting into higher growth.Larsen & Toubro (L&T) and Kobe Steel, Japan, have entered into a Joint Venture (JV) for the manufacture of internal mixers and twin screw rollerhead extruders for the tyre & rubber industry for global markets, including India. Suzlon signs 1,000 MW business pact with Caparo Energy Suzlon Energy Ltd. (SEL) announced the signing of an order with Caparo Energy India Ltd. (CEIL) for 1000 MW wind power projects to be developed in India progressively by March 2013. CEIL is a wholly owned subsidiary of AIM-listed Caparo Energy Ltd. (CEL) and is focused on becoming one of the leading Independent Power Producers (IPP) in India with a thrust on wind energy. The first 500 MW will be completed by March 2012 and the remainder by March of the following year, Suzlon and the India unit of Caparo said in a joint statement. The projects will use Suzlon’s S88 and new S9X turbines, both of which have 2.1 megawatt of capacity. Details on the location of the wind farms weren’t disclosed. Caparo signed a preliminary agreement last year to acquire as much as 3,000 MW of wind farms from Suzlon. It secured a Rs. 4.5bn loan from IDFC that will be used to partially finance those projects, Caparo Chairman Angad Paul said last month. Reliance Power plans to invest Rs. 220bn in Indonesia: report Reliance Power is planning to invest US$5 bn (around Rs. 220bn) in two projects-one each in South Sumatra and Jambi provinces in Indonesia, according to a report.The report stated that the investment covers coal mining, setting up of railway lines, ports and power projects. The project in South Sumatra involves development of a 2- billion MT coal mineand the project in Jambi involves another coal mining unit, along with a port, railway line and a small power plant, adds report. Cabinet clears amendment in power Tariff Policy Anil Ambani commits Rs. 500bn investment in Gujarat BHEL emerges as lowest bidder for Rajasthan Rajya Vidyut project: report ICICI Venture Funds sells 10% stake in VA Tech Wabag: report L&T-Alstom JV bags contract for Chennai Metro Rail: report GMR Infra plans to acquire coal mine in Indonesia: report

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International News - January 2011 China to invest in railway infra: report China is planning to earmark RMB 700 bn to invest in railway infrastructure in 2011, according to a report.The report stated that the country plans to start construction on 70 new railway projects this year and will increase its high-speed railway network in operation to a total of 13,000 kilometers.The Beijing-Shanghai High-Speed Railway is expected to begin operation in mid-June, says report. Korean Teachers’ Credit Union to invest in China Infra Fund: report Korean Teachers’ Credit Union is planning to invest US$100 mn in a fund that will be set up by Macquarie Group Ltd. and China Everbright Ltd. to buy infrastructure assets in China, according to a report.. The report stated that Macquarie, Australia’s largest investment bank, and China Everbright, a Chinese brokerage, will manage the fund that will focus on so-called brown field assets, or existing projects.The fund will be set up in the first quarter and will seek other investors, says report Toshiba, China to jointly develop nuclear reactor: report China's Sinovel wind IPO seeks up to $1.4 bn: report

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Domestic News - February 2011 Siemens AG announces open offer for 19.8% of Indian arm Siemens Aktiengesellschaft (Siemens AG) has issued this Public Announcement (PA) to the Equity shareholders of Siemens Ltd., India, according to HSBC Securities and Capital Markets (India) Pvt. Ltd. Siemens AG is making a voluntary offer to the public shareholders of Siemens Ltd., India for acquiring up to 66,829,060 fully paid-up equity shares, constituting 19.82% of the Voting Share Capital of the Target Company.The German engineering major would buy the shares of its Indian unit at a price of Rs. 930 per equity share in order to consolidate its shareholding in the Target Company. The offer will begin on March 25 and will close on April 13. False and baseless rumors against our Group: Gautam Doshi Reliance ADA Group Managing Director, Gautam Doshi made a brief Statement in the interests of over 11 million investors.A series of completely false and baseless rumors against our Group have been circulated by our corporate rivals and an illegal bear cartel. In the past few weeks, this illegal bear cartel has destroyed market value of a staggering over Rs. 300,000 crores for the infrastructure sector, which is of the highest priority for the country. We have written to SEBI, the stock exchanges, and intelligence agencies to immediately investigate these concerted efforts to de-stabilise the capital markets, and create panic amongst investors. The market regulatory authorities are equipped with the most advanced electronic surveillance systems, and we are confident this deliberate pattern of price hammering and manipulation will quickly be exposed. We are surprised at the distorted reporting in a section of the media, attributing certain observations to the ICAI. Reliance Infrastructure has not received any queries from ICAI on its accounts for any year. ICAI has simply asked for copies of audited Balance Sheets, which are already in the public domain, and have been circulated to over 1.5 million shareholders.ICAI has also desired to know why Reliance Infra has chosen to implement a policy of rotation of statutory auditors. It has been explained to ICAI that this policy, voluntarily adopted by Reliance Infra, is recommended by the Ministry of Corporate Affairs. This policy is also entirely in line with international best practice.As informed by the statutory auditors to Reliance Infra, they have not received any queries from ICAI in this matter as on date. Reliance Infra approves buy-back of up to Rs10bn The Board of Directors of Reliance Infrastructure Ltd. approved a buy-back of its outstanding equity shares for an aggregate amount of up to Rs. 10bn.Reliance Infra will buy-back shares up to maximum price of Rs. 725 representing a premium of over 47% to the low of Rs. 493 recorded during the last year, and a premium of approx 17% to the last close share price. The company has posted a net profit of Rs. 4052.50mn for the quarter ended December 31, 2010 as compared to Rs. 3678.70mn for the quarter ended December 31, 2009. Total Income has increased from Rs. 34814.70mn for the quarter ended December 31, 2009 to Rs. 38716.40mn for the quarter ended December 31, 2010. BHEL bags order for gas-based power plant from Yemen Bharat Heavy Electricals Limited (BHEL) has achieved another milestone in the Middle-East region with an order for a Gas Turbine-based power plant from the Republic of Yemen. The order has been won in the face of stiff international competition from leading companies from Russia, Korea and Saudi Arabia among others, through International Competitive Bidding (ICB). Valued at US$436mn, the EPC (Engineering, Procurement and Construction) contract for the Marib Gas Based Power Project (Phase II) has been placed on BHEL by the Public Electricity Corporation (PEC) under the Ministry of Electricity and Energy, Yemen. The contract signing ceremony between BHEL and PEC took place in the office of the Hon’ble Prime Minister of the Republic

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of Yemen in the presence of a host of dignitaries including the Indian Ambassador to Yemen and several Ministers of the Republic of Yemen. Reliance Infra starts India’s first Airport Express Reliance Infrastructure, India’s largest infrastructure company, launched the country’s first and the most anticipated project – the Airport Express Line in Delhi. The line commenced operations in the presence of Sreedharan, DMRC MD and Lalit Jalan, Director and CEO of Reliance Infra. Though the commercials operations went live in low key affair, the formal inauguration is expected to be a grand one at the hands of prominent dignitaries. Living up to its promise, the train reached Airport T3 comfortably within 20 minutes. India’s first Airport Express has been completed within 27 months. The Airport Express line has been constructed and commissioned by Delhi Airport Metro Express Pvt. Limited. (DAMEL) which also manages operations and maintenance of the Airport Express. Running at a speed of 120 kmph, the Airport Express will cover the distance in 20 minutes – making it the fastest mode to reach the Airport T3 terminal from the city. Besides being fastest, the Airport Express is also the most economical mode of commuting. DAMEPL has announced an introductory fare of Rs. 80 as against a regular fare of Rs. 150. Anil Ambani meets Prithviraj Chavan to save sealink project: reports ADAG boss Anil Ambani met Maharashtra Chief Minister Prithviraj Chavan on Tuesday amid reports that the Maharashtra State Road Development Corporation (MSRDC) was considering a coastal link from Worli to Haji Ali and from Haji Ali to Nariman Point. The one on one meeting between Chavan and Anil Ambani took place at the state government's Sahyadri guest house last night and lasted around half an hour.It may be recalled that ADAG company Reliance Infrastructure led consortium last year won the Rs. 50bn contract to extend the Bandra-Worli Sealink till Haji Ali. But, the consortium was unable to raise funds in time for the December 2010 deadline and sought a three-month extension. Earlier this month, the MSRDC came up with an alternative plan to build a coastal road instead of extending the sealink.The coastal road option is now being considered to save cost, according to reports. MSRDC reportedly believes that the changed plan will save the state government over Rs. 30bn. HCC bags contract worth Rs3.45bn Afcons bags Rs. 25.98bn Chennai Metro Project Reliance Infra clarifies on ICAI's notice BEML plans to set up fabrication hangar in Mysore: report Gati receives new route parcel train service at Vapi Unity Infraprojects bags order worth Rs592.6mn. Reliance Industrial Infrastructure extends gains on RIL-BP deal Valecha Eng bags order worth Rs. 1.39bn

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International News - February 2011 Morgan Stanley's Global fund to invest in Isolux Corsan's Indian arm: report Morgan Stanley's Global Infrastructure Fund is planning to invest US$200mn in Spanish infrastructure firm Isolux Corsan's Indian arm - Isolux Corsan India Engineering & Construction Pvt Ltd (ICI), according to a report.The report stated that the proceeds raised will be used to fund its existing projects. Macquarie European Funds acquires stake in Ceske Radiokomunikace: report Macquarie European Infrastructure Fund II, Macquarie European Infrastructure Fund III and Macquarie Mercer Infrastructure Trust has acquired 100% stake in Ceske Radiokomunikace a.s., a Czech Republic-based provider of telecommunication and public digital television broadcaster, from Falcon Group, according to a report.The report stated that Falcon Group is a consortium of investors 75% controlled by funds managed or advised by UK-based private equity firm Mid Europa Partners LLP Kenya invites Chinese contractors for Nairobi project: report The Kenyan government has invited Chinese contractors to take over construction of Nairobi’s Sh67 bn highway, according to a report. Ministry of Roads officials has reportedly said that the World Bank’s exit had thrown them back to the drawing board to seek alternative means of financing the project.China is being invited to revive its interest in the project that President Hu Jintao had committed to partly fund, adds report. ADB, Japan support Water upgrade in Northern Sri Lanka The Asian Development Bank (ADB) and Government of Japan are to help Sri Lanka step up water and sanitation improvements in poor, post-conflict areas in the north of the country. A grant of $2 mn from the Japan Fund for Poverty Reduction, administered by ADB will support a community project to provide safe, reliable water supplies and sanitation to rural communities in Jaffna and Kilinochchi districts. These areas were badly affected by the 30-year civil conflict which ended in 2009. The new initiative will support a larger, ongoing ADB-assisted loans project to restore water supplies and other infrastructure in the north of the country. “A key feature of this assistance will be the involvement of communities in the construction, operation and maintenance of facilities, to ensure sustainability of the project, while providing income and livelihood opportunities to the beneficiaries,” said Ron Slangen, Urban Development Specialis RES Americas completes 60MW wind power project in US: report Renewable Energy Systems Americas (RES Americas) has completed a 60MW wind power project in Richardson County of Nebraska and Nemaha County of Kansas in the US, according to a report.The report stated that the Flat Water wind project, which is owned and operated by Gestamp Wind North America, includes 40 units of GE 1.5MW turbine.RES Americas is a renewable energy company that develops, constructs, owns and operates projects across North America, adds report.

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Domestic News - March 2011 What's in the Budget for Infrastructure sector?

Infrastructure allocation increased by 23% to Rs2.14tn FII limit for investment in corporate bonds (with residual maturity of over

5 years) issued by infra companies raised by US$20bn FIIs also permitted to invest in unlisted bonds of Infra SPVs with a

minimum lock-in period of 3 years Government undertakings such as Railway Finance Corporation, NHAI,

HUDCO, etc allowed to issue tax-free bonds of Rs300bn The additional deduction of Rs20,000 for investment in long-term

infrastructure bonds extended for one more year To attract foreign funds for infra financing, Govt to create notified

infrastructure debt funds; interest payment on the borrowings of these funds to be subjected to lower withholding tax of 5%

IIFCL expected to achieve cumulative disbursement target of Rs250bn by March 31, 2012 and Rs50bn to be sanctioned under take-out financing scheme in FY12

Excise duty on Cement increased Excise duty exemption for equipment supply to UMPPs

RIL in talks with Orix to acquire 23.87% in IL&FS: report The Reliance Industries is negotiating with Japan’s Orix Corporation to acquire its 23.87% stake in Infrastructure Leasing and Finance Company (IL&FS), for around US$1.2bn. According to reports, Reliance and Orix had signed a non disclosure agreement in December. According to reports, earlier in November last year, Mukesh Ambani met Orix Corporation chairman Yoshihiko Miyauchi in Tokyo. Earlier in February 2011, Orix vice-chairman Yukio Yanase visited India and had a detailed discussion with senior officials of the Reliance group. BHEL bags contract for 600 MW thermal power plant Reposing confidence in Bharat Heavy Electricals Limited (BHEL)’s proven technological excellence, Andhra Pradesh Power Generation Corporation Limited (APGenco) has placed a major order on the company for supply and installation of the main plant package for a power project in Andhra Pradesh, involving one new rating thermal power generating unit of 600 MW. Valued at Rs. 14,450mn, the contract envisages setting up a 1x600 MW thermal power generating unit for APGenco’s upcoming coal-based thermal power project, located at Rayalaseema in Kadapa district of Andhra Pradesh. Notably, Rayalaseema thermal power project is already equipped with five BHEL-built units of 210 MW each and with this order APGenco has once again reposed confidence in BHEL’s proven technological excellence. The order also reinforces BHEL’s leadership status in the execution of thermal power projects involving supply of state-of-the-art equipment, suited to Indian coal and Indian conditions. L&T plans to raise Rs114bn debt: report L&T, which is in the process of achieving financial closure for its recently bagged Hyderabad Metrorail project, is planning to raise Rs. 114bn debt from a consortium of 10 banks led by State Bank of India, according to a report. The report stated that the cost of the project that was estimated to be around Rs. 121.32bn has gone to up to Rs. 148bn as the length of the route is expected to be increased. The government will verify the funding pattern of the project, says report. Reliance Infra bags 2400 MW power project at Samalkot Reliance Infrastructure Ltd. announced securing EPC contract of 2400 MW gas based Combined Cycle Power Project at Samalkot. This project is located in gas rich belt at Samalkot, East Godavari District in Andhra Pradesh and is

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the largest gas based power plant to be set up in the country. Samalkot CCPP EPC contract is the third significant power project bagged by RInfra EPC from Reliance Power. The other EPC contracts were for the Sasan UMPP in Madhya Pradesh and Butibouri in Maharashtra. The contact value for the project is Rs. 7,200 crore and shall execute the contract on lumpsum, turnkey EPC Contract basis. Samalkot CCPP will deploy efficient, green and robust technology and the project would commence power generation by end of 2011. Gas and Steam Turbine orders have already been placed with General Electric, USA. Other major contracts have been awarded to reputed domestic and international companies. Simplex Infra clarifies reports on CBI raid Simplex Infrastructures ltd has announced that this is with reference to the various news reports regarding CBI raid at Simplex Infrastructures Ltd offices in Kolkata. The company would like to state that this news is incorrect and baseless as there is no such occurrence at Simplex Infrastructures office and we have no association with CWG projects. Also, there have been a reportage which mentions that Simplex Infrastructures has given a clarification to BSE on CBI raid & CWG projects, hence as stated above Simplex Infrastructures is nowhere involved in the same. Moreover, the error was occurred due to the similarities in the name as clarified to us by BSE. As you understand that Simplex Infrastructures Ltd. is a listed company and one of the leading infrastructure players in the country. It has created misinterpretation among the stakeholders. Hence, would request you to ignore such reports. PM orders safety review of all nuclear plants The twin disaster in Japan on March 11 has affected some of the nuclear power plants in that country. The Government of India is in constant touch with the International Atomic Energy Agency (IAEA), the Japanese Atomic Industrial Forum, and the World Association of Nuclear Operators, Prime Minister Dr. Manmohan Singh said on Monday. India is currently operating 20 nuclear power reactors; 18 of these are the indigenous Pressurised Heavy Water Reactors, Dr. Singh told the parliament yesterday. Two reactors at Tarapur, TAPS-1 and TAPS-2, are Boiling Water Reactors of the type being operated in Japan, he said, adding that a safety audit of these reactors has been completed recently. Indian nuclear plants have in the past met their safety standards, the Prime Minister said. Following the earthquake in Bhuj on 26th January 2002 the Kakrapar Atomic Power Station continued to operate safely without interruption. Following the 2004 tsunami, the Madras Atomic Power Station was safely shutdown without any radiological consequences. It was possible to restart the plants in a few days after regulatory review, Dr. Singh said. "I would like to assure Members of the House that the Government attaches the highest importance to nuclear safety," the Prime Minister said. GM Rao pledges US$340mn for charitable activities The GMR Group Chairman, GM Rao pledged his irrevocable commitment to create an endowment worth US$340mn [Rs 15.40bn], in favour of the GMR Varalakshmi Foundation, for charitable activities to serve the needs of the under-served sections of society. Speaking on the occasion, Rao said, “From my initial years in business, I have always believed that we have a responsibility to give back to the society in which we thrive and we owe our success to.” This endowment is equivalent to the entire portion of G M Rao’s personal share of the entire business, which makes it very special. The GMR Varalakshmi Foundation (a Section 25 not-for-profit Company), is an integral part of the GMR Group, and is a professionally run organization with a presence in 22 locations, India and abroad. G M Rao hoped that the Foundation will continue with its focus on spreading education and vocational training to provide sustainable livelihood to the people.

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ABB bags order from Power Grid Corp ABB, the leading power and automation technology group, has been selected by Power Grid Corporation of India Ltd. (PGCIL) to deliver an ultrahigh-voltage transmission system, worth about US$900 mn. The link will supply hydropower from northeastern India to the city of Agra over a distance of 1,728 kilometers. ABB has been chosen to execute the North-East Agra transmission project together with BHEL (Bharat Heavy Electricals Limited), a leading Indian government-owned power company that will deliver the remainder of the project worth more than $1.1 bn in total. The order will be booked on completion of financing requirements. The ultrahigh-voltage direct current (UHVDC) link operating at 800 kilovolts (kV) will have a converter capacity of 8,000 megawatts (MW), the highest ever built. When operating at full capacity, the link will be able to supply enough electricity to serve 90 million people based on average national consumption. Using ultrahigh-voltage minimizes transmission losses and improves efficiency. Cochin airport MRO to be ready by June: report Cochin International Airport is planning to launch its MRO (Maintenance, Repair and Overhaul) facility by June, according to a report. The report stated that the facility can then be commissioned after securing the mandatory clearances from the Directorate General of Civil Aviation (DGCA). The work to launch the facility began one year later on the periphery of the airport which handles over 3 million passengers annually, says report NCC plans to dilute 15-20% stake in NCC Infrastructure: report Hindustan Dorr Oliver bags order worth Rs1284mn RPP Infra Projects surges on winning Rs. 15bn order Tata Power plans to raise 1,300 MW capacity over next two months: report MMRDA signs agreement with Railways for Metro Steel Bridge NTPC synchronises Farakka Super Thermal Power Station HCC bags order from Hindalco Industries PFC Board approves DRHP for FPO NHPC signs agreement with Mangdechhu Hydroelectric Project Authority NHPC’s Assam project may be delayed for 2 years: report Gayatri Projects approves draft letter of offer for Rights Issue Power Grid Board approves 3 investments worth Rs. 43.5bn

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International News - March 2011 American Science receives Service and Maintenance Order American Science and Engineering, Inc announced today the receipt of a service and maintenance order for $2.6 million for a Latin American country to support Z Backscatter Vans (ZBV) X-ray inspection systems for law enforcement, customs, and military applications.“This service order will ensure that the ZBV systems purchased for Latin America will operate at the highest levels of reliability and detection performance,” said Anthony Fabiano, President and CEO. “AS&E’s service team will provide top-notch service to our Latin American customer to support their critical security initiatives.”The ZBV system is the number one selling non-intrusive mobile inspection system, providing unparalleled detection and mobility to quickly uncover threats and contraband. Philippines to open bidding for infrastructure contracts: report The Philippines has reportedly said that it will open bidding later this month for the first infrastructure contracts under its public-private partnership programme. The report stated that the bidding this month would be for two projects involving the expansion of two railway projects in the capital. Turkmenistan gets ADB loan for rail link The Asian Development Bank (ADB) is providing US$125 mn in its first ever loan to Turkmenistan for a rail link that will expand economic opportunities at home and support increased trade in Central Asia and beyond.The ADB Board of Directors today approved the financing for the North-South Railway Project which will be used to fund power, signaling, and telecommunication systems on 311 km of the 934 km-long planned North-South Railway Corridor. The line will improve Turkmenistan's access to neighboring Kazakhstan, as well as Persian Gulf Countries, the Russian Federation and South Asia.The track itself is being financed by the Government of Turkmenistan and the Islamic Development Bank and is expected to become an important part of a transcontinental transport corridor being developed under the Central Asia Regional Economic Cooperation Program, supported by ADB. ADB provides US$60mn loan in Western PRC The Asian Development Bank (ADB) is providing a US$60 mn loan to improve water efficiency in three agricultural counties in Qinghai Province in the west of the People's Republic of China (PRC). Qinghai Province, located in the upper Yangtze and Yellow River valleys, is one of the poorest provinces in the PRC because of its remote location, mountainous landscape, and extreme climate. Two thirds of its population live in rural areas but farming has suffered in recent years because water has become scarcer and the water infrastructure is poor. That has reduced wheat yields to around 76% of the national average and exacerbated poverty. Around 39% of those in the targeted counties of Hualong, Jianzha, and Xunhua live on less than the PRC government's official poverty line of CNY1,196 per year. Denmark's Vestas to contest US class action lawsuit: report Denmark's Vestas Wind Systems A/S will contest a class action lawsuit brought by a U.S. pension fund alleging the company gave misleading information about its earnings in 2010,according to a report.The report stated that the complaint concerns a change in its accounting policy announced on Nov. 22, 2010, that affected valuations for supply-and-installation projects. U.S. law firm Robbins Geller Rudman & Dowd LLP on Friday filed the complaint with the Federal District Court in Colorado, says report. Japan's machinery orders rise 4.2% in Jan: report Indonesia govt seeks investors for Jakarta port: report GE: Too soon to assess Japan impact on nuclear sector

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Domestic News - April 2011 Reliance Infra announces Rs10bn share buyback offer Reliance Infrastructure Limited (RInfra) will commence the buy-back of its Equity Shares from April 5, 2011. RInfra had announced the buy-back of its outstanding equity shares for an aggregate amount of up to Rs. 10bn. RInfra will buy-back shares up to a maximum price of Rs. 725 per equity share, representing a premium of over 47% to the 52 week low price of Rs. 493 per equity share, and a premium of approximately 11% to the last closing share price. On consolidated basis, the book value of the Company is Rs. 860 per share as on December 31, 2010. The closing price on Friday was Rs. 651 per share representing that the stock is trading at a discount of approximately 24% to consolidated book value. The Company has done three buy-backs till date for an aggregate amount of Rs. 9.23bn and the current buy-back offer reflects more than 100% of the aggregate amount invested in three previous buy-back offers. L&T sells stake in L&T-CASE JV Larsen & Toubro (L&T) said it sold its stake in L&T-CASE Equipment Pvt. Ltd. to it’s JV partner CNH Global NV, a global leader in the agricultural and construction equipment business. CNH has acquired full ownership of L&T – CASE, an unconsolidated joint venture established in 1999 to manufacture and sell construction equipment in India. The new company will take the name Case New Holland Construction Equipment India Pvt. Ltd. The company, which employs more than 600 people, operates a production facility in Pithampur in Madhya Pradesh and a distribution network of 56 dealers and 144 outlets. The Pithampur facility currently builds backhoe loaders and vibratory compactors; the complex is spread over 40 acres and occupies over 28,000 sq.m. of covered area. L&T achieves financial closure for Hyderabad metro L&T Metro Rail (Hyderabad) Limited, the SPV incorporated to implement the Hyderabad Metro Project has achieved financial closure for the Project. The financial closure has been achieved in a record time of 6 months and is the largest fund tie up in India for a PPP (Public Private Partnership) project till date. A Consortium of Banks led by State Bank of India has sanctioned the entire debt requirement of Rs. 114.8bn for the Project. The equity component for the Project, expected to be around Rs. 34.4bn, would be infused primarily by L&T Group. The Project will get a viability gap grant of Rs. 1458 Crore from the Central Government through Government of Andhra Pradesh. A total of 10 banks have participated in the funding for this prestigious project. The leading Banks which will be associated with the project beside State Bank of India include Canara Bank, Indian Bank, Indian Overseas Bank, Jammu& Kashmir Bank, Punjab & Sind Bank, State Bank of Hyderabad, State Bank of Mysore, State bank of Patiala and Syndicate Bank. Suzlon buys 95% of REpower...launches squeeze out bid Suzlon Energy Ltd has announced that in the Fiscal Year 2008, through its subsidiary, acquired stake in REpower Systems AG, Germany (“REpower”), a German stock corporation. Thereafter, additional shares were acquired in REpower.As of the date of this announcement, the Company’s subsidiary AE-Rotor Holding B.V. (“AERH”) directly and indirectly holds 95.16% of the registered share capital of REpower. Under the German Stock Corporation Act, a shareholding of 95.0% in a German stock corporation enables the majority shareholder to initiate squeeze-out proceedings in respect of minority shareholders. The Company,

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through AERH, provided a notice today to the management board of REpower requesting the conduct of a squeeze-out procedure.The management board of REpower must now take certain necessary steps in relation to the squeeze-out procedure. This will result in REpower being a wholly-owned subsidiary of the Company. The squeeze-out will be subject to additional expenditure, completion of procedural steps and timing requirements as may be required by German laws and regulations. S.N. Subrahmanyan to be elevated to L&T board The Board of Directors of Larsen & Toubro (L&T) has approved the elevation of S.N. Subrahmanyan as a Whole-time Director, with effect from July 1, 2011. Subrahmanyan is currently Sr. Vice President and Head – Buildings & Factories and Infrastructure Independent Companies. This induction is a part of L&T’s succession plan. The construction businesses of L&T are currently being headed by K.V. Rangaswami, Whole-time Director & President (Construction), who will retire from the Board of the Company in June, 2011. S.N. Subrahmanyan, 51, is a civil engineer with post graduate qualifications in business management. He joined L&T in 1984 starting off as project planning engineer, and was soon handpicked for senior responsibilities. 2 die at Metro construction site near Ghatkopar The Mumbai Metropolitan Region Development Authority (MMRDA) has said that it deeply regrets the unfortunate incident which took place at Asalpha near Ghatkopar wherein two precious lives were lost. The pit, dug for the pier work of the Versova-Andheri-Ghatkopar Metro Corridor, was filled with water and was also duly barricaded. However, two children dodged prohibited area and started swimming in the pits by jumping the barricades. The area is clearly demarcated as prohibited and the purpose of Barricading is to deter public from accessing it. In the recent past, the security guards of Simplex, the Contractor working on the site, have prevented many children from entering the area. Our primary information reveals that children dodged the barricades. The MMRDA assures that all possible stringent security measures are being taken to put public security first and to safeguard human life and property.Financial compensation to the family will be paid as per the rules. Punj Lloyd arm to acquire 50% stake in thermal coal mine company Punj Lloyd Ltd has announced that Punj Lloyd Group Company Sembawang Engineers and Constructors Pte Ltd (Sembawang), one of the leading engineering, procurement and construction companies in Singapore, has through its subsidiary Sembawang Development Pte Ltd signed an agreement to acquire a 50% stake in a thermal coal mine company in Central Kalimantan, Indonesia. The mining company holds a coal IUP license and is located in Barito Utara District, Central Kalimantan, Indonesia. The concession has currently estimated resources of 134 Million mt and potential in situ reserves calculated at 57 Million mt. Jaitapur Nuclear Power Project gets green light from PM The Govt will introduce a Bill in the next session of Parliament to create an independent and autonomous Nuclear Regulatory Authority of India that will subsume Atomic Energy Regulatory Board.Prime Minister, Dr. Manmohan Singh held a meeting on Tuesday with the Chief Minister of Maharashtra, Minister of State for Environment & Forests, Minister of State in the Prime Minister’s Office (PMO) and Secretary, Department of Atomic Energy. Principal Secretary to Prime Minister, National Security Advisor, Chairman Nuclear Power Corporation of India (NPCIL) and other senior officials were also present. AREVA T&D wins eBOP contract from L&T Power AREVA T&D India has been awarded an eBOP (electrical Balance of Plant1) contract by L&T Power for IPP Visa Power Ltd.This major contract, worth approximately 1200 MINR, is for supply and installation of electrical Balance

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of Plant solutions for the upcoming 2 x 600 MW Super thermal power plants at Raigarh, Chattisgarh. As part of the project, AREVA T&D India will manufacture and install a 400 kV Air-insulated Substation (AIS) with civil works, along with power plant distribution systems comprising of Medium Voltage Switchgears, Service and Distribution transformers, low voltages switchboards, cables and bus ducts.The Visa Power plant is scheduled for commissioning in Q4 of 2013 and will generate about 28.8 million units of electricity every day, which will be supplied to Chhattisgarh State Power Distribution Company Ltd, Tata Power Trading Corporation Ltd and the rest to distribution licensees and industrial consumers in Maharashtra, Gujarat and other power deficit states in Northern and Western parts of India. Kalpataru Power bags orders worth Rs13.50bn Kalpataru Power Transmission Ltd has received new orders exceeding Rs13.50bn.The international division of the company has won a turnkey contract from Ukrain’s state company NEC Ukrenergo to construct 750 kv, 353 kms transmission line from Rivnenska nuclear power station to country’s capital Kyiv worth around Rs. 8.25bn (129.5 Mn Euros).The project is funded by European Bank for reconstruction and development (EBRD) and will be completed in 42 months.In addition to the above, the division has also won a contract from Millenium Challenge Account – Tanzania (MAC-T) for design, supply and construction of 132kv transmission line of 41 kms to connect Zanzibar Interconnector worth Rs. 420mn.. Govt approves Grant-in-Aid of Rs. 3.78bn for GAGAN project Patel Engineering plans to build resort in Port Louis: report Acron Infra bags Patel Realty's Smondoville Project KEC International bags order worth Rs310mn GMR plans to set up engine MRO hub at Hyderabad: report Areva T&D plans to demerge distribution business Elecon Engineering bags order worth Rs234.9mn MTHL cruises..MMRDA invites global consultancies for techno-economic feasibility study NTPC issues Rs35bn global tender: report Tata Power rating unaffected by proposed hybrid Issuance: S&P

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International News - April 2011 GE to buy Converteam for more than US$3.5bn: report General Electric is planning to acquire Converteam for more than $3.5 bn to widen its portfolio, according to a report.The report stated that executives at Converteam would retain a 10 percent stake in the company. GE has reportedly said that it would acquire Converteam from a controlling shareholder group that includes Barclays Private Equity and LBO France. The initial purchase is scheduled to close in the third quarter, says report. WB, Islamic Development to raise to US$1bn for Joint Arab Projects: report The World Bank and the Islamic Development Bank is planning to set up a facility to raise US$1 bn for joint Arab infrastructure projects, according to a report. The report stated that Arab Financing Facility for Infrastructure, will be set up by the World Bank’s International Bank for Reconstruction and Development as well as its private-sector arm.The AFFI will mostly focus on boosting public-private partnerships and regional connections in electricity, rail, road and maritime networks, says report. Australia extends friendship to India for Sustainable Urban Infrastructure Leading a delegation of representatives of more than 60 Victorian companies to Bangalore, Mumbai and New Delhi, Hon Lousie Asher MP, Minister for Innovation, Services and Small Business, & Minister for Tourism and Major Events, Government of Victoria, Australia, remarked about the positive business sense among Indian companies. Speaking at a meeting organised by CII on April 13, 2011, Asher invited Indian companies to explore possibilities of working with the AUS (Australian Urban Systems) Cluster that offers best practice in planning and design for sustainable cities of the future, drawing on the particular experience established in Melbourne and Victoria. The AUS (Australian Urban Systems) was established in 2005 by three leading Victorian design and urban planning companies to provide an innovative approach to export in the urbanisation services sector. Korean Companies to strike contract deals for FIFA World Cup: report Korean delegation from big companies in their country are planning to strike contract deals for infrastructure projects during the FIFA World Cup 2022, according to a report.The report stated that about 23 executives from Korean companies in the field of design, engineering and construction led by Korean Trade Investment Promotion Agency (Kotra) were on visit for the Korea-Qatar Business Forum 2011 held at the Grand Hyatt Hotel.Dong-Hwan Kang , Branch Manager of Daewoo Engineering and Construction based in Doha, has reportedly said that most of the Korean contracting firms are interested in building big stadiums and subways since they have already track record of building such infrastructure. Saudi Arabia plans infra projects for Riyadh: report Saudi Arabia is planning to implement about 100 projects in the Riyadh region in the next 20 years, according to a report.The report stated that the projects include a light rail, public bus system, and two additional belt roads.The Riyadh region needs to create 770,000 jobs for Saudi nationals and build 550,000 housing units by 2028, says report. ABB fiscal first-quarter profit rises 41%

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Domestic News - May 2011 Reliance Infrastructure commissions Gujarat transmission line Reliance Infrastructure Limited has commissioned another 400 kV Double Circuit transmission line, part of country’s first 100% privately owned transmission project in India on Build, Own and Operate (BOO) basis. This line has been constructed in the Western Region between Limdi (Chorania) and Ranchodpura (Vadavi) passing through three important business districts of Gujarat - namely Surendernagar, Ahmedabad and Mehasana. 103 Kms long 400kV double circuit Limdi - Ranchodpura transmission line is a part of the Western Regional System Strengthening (WRSS) project having an outlay of about Rs. 14bn and a total length of 1,500 Kms. RInfra’s wholly owned subsidiary company, Reliance Power Transmission Ltd. (RPTL) had recently commissioned first line of the project, Solapur – Karad transmission line, in Jan 2011, much before the scheduled commissioning in a record time of 15 months. Company is expected to commission the complete project by the Q2FY12. Chief Minister to throw open Maheshwari Udyan-Tulpule Chowk flyover The Chief Minister Prithviraj Chavan will throw open the Maheshwari Udyan-Tulpule Chowk flyover, as the ceremony will be presided over by the Deputy Chief Minister Ajit Pawar. The 1.5 km Maheshwari Udyan–Tulpule Chowk flyover is all set to carry vehicular traffic from South Mumbai to Eastern suburbs, Sion-Panvel Highway and Mumbai-Pune Expressway with ease and speed. “This is the third flyover that will be opened on Dr.Babasaheb Ambedkar Road after flyovers at Sion Hospital and Hindamata junction. We will also be completing the construction of the 2.5 km Lalbaug flyover very soon. These four flyovers together will offer easy and comfortable connectivity with the Eastern suburbs”, said Rahul Asthana, Metropolitan Commissioner, MMRDA. PFC FPO subscribed 3.58 times...QIB portion subscribed 7 times The follow-on public offering (FPO) of Power Finance Corporation (PFC) has been over-subscribed after receiving a very lukewarm response on the first two says of its subscription. The issue has been subscribed 3.58 times as at 5:00 pm (IST) today, as per the data published on the NSE's web site. It has received bids for 821348108 shares as against the issue size of 229,553,340 shares. The issue for the QIBs was subscribed nearly times. For the HNIs and Retail investors it will close on Friday. The issue comprises fresh issue of 172,165,005 equity shares by the company and an offer for sale of 57,388,335 equity shares by the Government of India, acting through the Union Ministry of Power. The empowered group of ministers (EGoM) of the Government of India has fixed a price band of Rs. 193 and a cap of Rs. 203 for the PFC follow-on public offer.The first disinvestment of FY11 is expected to raise about Rs. 47bn. The Government plans to raise Rs. 400bn through the disinvestment programme in FY12. The book running lead managers of the issue are DSP Merrill Lynch Ltd., Goldman Sachs (India) Securities, ICICI Securities and JM Financial Consultants.PFC is offering a 5% discount for retail investors and eligible employees.PFC plans to use the proceeds to mainly boost its capital base. IRB Infra gets final NHAI nod on Ahmedabad-Vadodara project Cabinet approves Dry Bulk Terminal at Kandla Port JSW Energy commissions Unit III Power Project at Ratnagiri

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Tata Power plans to issue Rs15bn perpetual bonds: report Adani Enterprises Q4 net profit at Rs496.80 mn Adani Power Q4 PAT up 77 % ABB Q1 net profit at Rs. 595mn L&T sees margin pressure from competition, rising input costs Cabinet clears 1000 MW Power Project by Neyveli Lignite Power Grid announces FY12 capex of Rs. 185bn MARG launches Exemplarr Worldwide’s new State-of-the-Art operations facility Fitch rates NTPC 'AAA(IND)'/'F1+(IND)'; affirms FC IDR at 'BBB-'

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International News - May 2011 Dubai receives bids for infrastructure projects: report Dubai has received bids of about $1 bn to secure financing for infrastructure projects, according to a report. The report stated that Dubai's department of finance hired local and international banks last month to raise $800 mn through the securitisation of road toll receipts. Citibank, Commercial Bank of Dubai, Emirates NBD and Dubai Islamic Bank are the mandated lead arrangers and book-runners for the financing, says report. Denmark seeks cooperation in renewable energy sector “Denmark has set up an ambitious target of fossil fuel-free economy by 2050 by adequately developing renewable energy resources and we look forward to cooperate with India in this sector”, said Freddy Svane, Ambassador of Denmark at an interactive session on “Indo Danish Cooperation in the Renewable Energy Sector”, organized by PHD Chamber. Renewable energy is a critical issue at present and for future energy security all over the world. In December 2010, the foreign Ministers of both the countries under the Joint Commission for Cooperation, had discussed the scope of cooperation on renewable energy sector, including the areas of biomass and offshore wind farms, Svane said. India and Denmark have taken several steps to increase cooperation in new and renewable energy and energy efficiency, he said. Speaking on Indo-Danish cooperation in the renewable energy sector, Dr D K Khare, Director, Ministry of New and Renewable Energy, Government of India, said a joint working group with Denmark has been set up on wind energy. The Government of Denmark has assured to assist in mapping the potential off shore wind mill sites in the country. Gamesa wins order from Caparo The board of directors of Caparo Energy has announce a number of developments in connection with the Company's operations.The Company also announces that it has entered into, through its wholly owned subsidiary Caparo Energy (India) Ltd, an agreement with Gamesa Wind Turbines Pvt Ltd (“Gamesa”), a global leader in wind turbine manufacturing, for the supply, erection, commissioning and operation/maintenance of a further cumulative 2,000 MW of turbine capacity for wind power projects to be set up in India (the “Gamesa Agreement”). The Gamesa Agreement provides for the turbine capacity to be delivered progressively from 2012 up until the end of 2016. The Board believes that the Gamesa Agreement is priced attractively, relative to current market prices for each of the models of turbines to be supplied, and is subject to certain adjustments, for deliveries after the first 450 MW, based on an agreed formula to reflect changes in applicable international indices. In return for the delivery of up to 2,000 MW of capacity, Gamesa will receive certain commitment advances over a period of three years.. ADB supports Shanghai Pudong Development Bank lending for green buildings The Asian Development Bank (ADB) is providing CNY300 mn in partial credit guarantees to Shanghai Pudong Development Bank, or SPD Bank, to support private-sector financing of energy-efficient buildings across the People’s Republic of China (PRC).SPD Bank is the first Chinese partner in a program set up by ADB to encourage financial institutions to lend to companies seeking to retrofit old buildings so that they use less energy or to construct so-called green buildings which are designed, constructed, and maintained to optimize energy and water efficiency over the buildings’ lifespan. Retrofitting buildings typically leads to energy savings of 20%-40%. Morgan Stanley Infra to invest US$200mn in JV with Isolux Corsán Morgan Stanley Infrastructure (MSI), the dedicated infrastructure investing platform of Morgan Stanley, announced that Morgan Stanley Infrastructure

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Partners (MSIP), a USD 4 bn global infrastructure fund, has committed to invest up to US$200 mn in a joint venture with Isolux Corsán Concesiones in India. Grupo Isolux Corsán has also committed to match the investment in the joint venture, bringing the total commitment to US$400 mn, one of the largest foreign investments in Indian transport infrastructure to date. Isolux Corsán Concesiones is a large-scale infrastructure concessions subsidiary of Grupo Isolux Corsán, a global company with revenues of US$4 bn, specialising in large projects across construction, engineering and concessions.

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Domestic News - June 2011 Reliance Infra commences operations for six-laning of road connecting Bengaluru –Chennai Reliance Infrastructure Limited (RInfra) has commenced operations on its 4th road project connecting Bengaluru and Chennai, part of Golden Quadrilateral. The toll collections and widening operations from 4 to 6 lanes, started from Tuesday June 8, 2011. The project road is a section of the National Highway - 7 (NH-7) between Hosur and Krishnagiri, which connects Bengaluru and Chennai. The project is being executed on Build Operate Transfer basis and has a concession period of 26 years. The project is awarded to RInfra by NHAI under the competitive bidding process. Traffic Volume Count (TVC) at proposed toll plaza locations suggests average annual daily traffic (AADT) of around 52,000 PCU’s. The new 6 lanes corridor will be able to manage increased capacity of 72,000 vehicles, once widening is complete .The expansion of the road from 4 to 6 lanes, once completed will additionally ease the current traffic conditions, reduce traveling time and increase driving comfort with 24X7 facilities. L&T Buildings & Factories arm bags new orders worth Rs. 41bn Larsen & Toubro Ltd. (L&T) said that its Buildings & Factories Independent Company - part of the Construction Division - has won new orders worth Rs. 41bn during the first quarter of FY12 (April to June).The new orders entail construction of airport expansion, hospital, commercial buildings and residential buildings, including factories. The company has secured new orders aggregating to Rs. 16.38bn on the Commercial Buildings & Airports business from reputed customers, which includes design & construction of airport terminal expansion, hospital and medical college and other commercial buildings. Majority of Indians support Nuclear Energy despite Japan tragedy In the wake of new nuclear power plant build rebukes in India, Germany and Italy, a new poll conducted by international research company Ipsos finds that the majority of Indians (61%) support Nuclear power as a source of energy even after Fukushima (Japan) Nuclear disaster. However, global support for Nuclear Energy has dropped quickly to 38% (down 16 points from 54%) to now become lower than support for coal (48%) fuelled by a 26% jump in new opponents to nuclear power (above 50% in India, China, Japan and South Korea) who indicate that the recent crisis in Japan caused their decision. “Nuclear disaster at Fukushima in Japan has raised serious safety concerns about India's ambitious nuclear energy program. In view of the fact that India’s growing economy has to be fuelled by clean and economical energy Government has given a go ahead to the controversial Jaitapur Nuclear Energy project after factoring in stringent additional safety measures. However, in the long run India has to consciously balance the aspects of safe and secure energy and that of economical and clean one to avoid Chernobyl and Fukushima type nuclear disasters”, said B. 'Nary' Narayanaswamy, President – Loyalty, MediaCT, and Public Affairs, Ipsos in India. Lanco Infra lashes out at Perdaman for Aussie lawsuit Lanco Infratech Limited notes the comments made by Perdaman on a case recently commenced by it against Lanco Infratech Limited in the Supreme Court of Western Australia. Lanco Infratech Limited is disappointed that Perdaman chose to make public statements in India regarding this case and feels that it must correct the record. In our view, the purpose of the release by Perdaman was to elevate an otherwise baseless claim made in Australia to

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the public's attention in India is improper, devoid of merits and is intended to seek negative opinion against Lanco Infratech. So far, Perdaman has not filed a statement of claim in the Supreme Court of Western Australia explaining the basis for its claim and in particular, how it arrived at a damages claim of that amount. If those documents are filed then Lanco Infratech will vigorously defend these claims in Court.As the matter is before the Supreme Court of Western Australia, out of respect for the Court's processes, Lanco Infratech will not be making further comment and expects Perdaman to show the Court a similar level of respect. NTPC commissions unit of Sipat Super Thermal Power Project National Thermal Power Corporation Ltd has informed BSE that the Unit # 1 of 660 MW of Sipat Super Thermal Power Project has been commissioned on June 28, 2011 at 04:27 Hrs. With this, the total capacity of NTPC group has become 34,854 MW. This is the first super-critical 660 MW unit of NTPC which has been added to the capacity. Punj Lloyd bags Rs. 8.26bn offshore contract from GSPC Punj Lloyd Group announced receiving a letter of award (LOA) from Gujarat State Petroleum Corporation, one of the fastest-growing state-owned companies, for a submarine pipeline project in an exploration block on the east coast of India. The contract, worth Rs. 8.26bn, is scheduled to be completed by April 2013. The scope of work for the lumpsum turnkey engineering, procurement and construction contract includes a 24.5-km-long pipeline from Process cum Living Quarter Platform (PLQP) to Onshore Gas Terminal (OGT), a 15-km-long effluent disposal pipeline and 24.5 km optical fibre cabling. It also includes Sub Surface Isolation Valve (SSIV), Station Isolation Valve (SIV), Insulation Joint (IJ) with Hydraulic Power Unit (HPU) and Umbilical for 20” multi-phase pipeline. Laying the under sea bed pipelines would also involve trenching/ dredging, burial, backfilling and reinstatement. DIAL advises Airlines not to charge ADF at IGI Airport Techno Forge bags order from L&T Power to commission Phase 1 of Solar Power Plant in Khadoda, Gujarat ASSOCHAM calls for same linkage price for captive, independent power plants Mumbai's longest flyover inaugurated Ashoka Buildcon executes concession agreement with NHAI Siemens bags Rs.1.24bn order from Indiabulls Infrastructure

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International News - June 2011 Germany to shut nuclear plants by 2022: reports Germany has reportedly decided to shut down all its nuclear power facilities by 2022."It's definite. The latest end for the last three nuclear power plants is 2022. There will be no clause for revision," said Environment Minister Norbert Rottgen. He made the announcement after a meeting of the ruling coalition. Rottgen said that the seven oldest reactors, which were already subject to a moratorium, and the Kruemmel nuclear power plant, would not resume. Six others would go offline by 2021 at the latest and the three newest by 2022, he said.A tax on spent fuel rods will remain even as the shutdown proceeds, the German Environment Minister told reporters following late-evening coalition talks in Berlin.The tax on spent fuel rods was introduced this year to cover some of the costs of their disposal as well as help the budget will stay on the statute books. World Bank approves USS$1 bn loan for Ganga Clean-up The World Bank approved a US$1 billion credit and loan as part of its long-term support for the government’s Mission Clean Ganga that seeks to rejuvenate India’s iconic river. The Ganga accounts for one-fourth of the country’s water resources and its sprawling basin is home to more than 400 mn Indians, many of whom revere it as a living goddess. Despite its iconic status and religious heritage, the Ganga today is facing extreme pollution pressures and associated threats to its biodiversity and environmental sustainability. An ever-growing population, inadequately planned urbanization, and rapid industrialization have adversely affected water quality in the river. Today, only about one-third of the sewage generated by the towns and cities on the mainstem of the river is treated; and a significant volume of untreated or poorly treated industrial effluents are also discharged in the Ganga. ADB approves loan for CAREC Highway Linking Kyrgyz Republic and PRC The Asian Development Bank (ADB) has approved a $55 mn loan to finance improvements to a key highway connecting the Kyrgyz Republic with the People’s Republic of China (PRC). The 60-km stretch to be reconstructed is part of the Central Asian Regional Economic Cooperation (CAREC) Program. The program covers an expansive network of six trade corridors that crisscross the land-locked countries of Central Asia. “The Bishkek to Torugart highway runs straight through the heart of the Kyrgyz Republic, and the Kyrgyz Republic sits at the heart of Central Asia. This is a ‘must-do’ project,” said Juan Miranda, Director General of ADB’s Central and West Asia Department. Vestas receives 78 MW order in Sweden Vestas Northern Europe has received an order from Sjisjka Vind AB for delivery of 30 units of the V100-2.6 MW wind turbine. Sjiskja Vind AB is a project finance company co-owned by wind developer O2 (25%), utility provider Jämtkraft (25%) and construction company Skanska Infrastructure Development (50%). The turbines will be installed at the Sjisjka wind park in a sub-mountainous area in the municipality of Gällivare in the northern parts of Sweden. The order has a total capacity of 78 MW making it one of the largest onshore wind parks to be built in Sweden. The expected annual energy production of 200 GWh will provide electricity to approx 43,000 Swedish households. HICL acquires new Interest in PFI project: report HICL Infrastructure Company Ltd has purchased a new interest in a PFI project and three incremental interests in existing investments, according to a report.The report stated that the new investment is a 50% interest in the Pontefract and Pinderfield Hospitals PFI Project or "P&P".The total

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consideration paid by the Group for these investments was 32.8 million pounds, says report.

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Domestic News - July 2011 Reliance Infra revamps top management team: report Reliance Infrastructure Ltd. is planning to revamp its senior management team, according to a report. The report stated that the company has inducted 16 new faces in top-level positions across functions in the past two months. The company has appointed Anil P Gupta, an industry veteran as the president and head, infrastructure, while Neeraj Jain appointed as senior vice-president to head the Mumbai metro line-II project. Perdaman moves court against Lanco Infratech: report Australia's Perdaman Industries has moved the court against Lanco Infratech seeking a restraint on Indian major from mortgaging of Griffin Coal in future, according to a report. Perdaman Director has reportedly said that it applied for an injunction to not allow any future mortgages on Griffin Coal unless 10 days written notice is given to Perdaman. The report stated that the multinational's injunction application filed on June 29 in comes after Rs166bn lawsuit against Lanco alleging non-compliance with coal supply pact for Perdaman's upcoming urea plant in Western Australia. Lanco had acquired Griffin for AUD 730 mn in March this year, adds report. Tata Power achieves full-load generation of 525MW unit 1 of Maithon project Tata Power has achieved full-load generation of the 525 MW unit 1 of the Maithon mega power project at Dhanbad in Jharkhand, according to a report. The report stated that Maithon Power Ltd. is implementing a 2 x 525 MW coal-fired power project power in Jharkhand. MPL has signed power purchase agreements (PPA) and power evacuation arrangement has been put in place by Power Grid Corporation of India, says report. Punj Lloyd seeks shareholders' nod for manufacturing foray Punj Lloyd Ltd. said that it is seeking shareholders' approval to expand into manufacturing, assembly and repairs of general and special purpose equipment and their parts for Agriculture, Construction, Mining, Power and Industrial applications. The Company is also planning to venture into manufacturing and repairs of components and parts for the Railways, internal combustion engines, components for the power sector generation equipment and other railroad equipment. Punj Lloyd also said that it foresees extensive opportunity in manufacturing of fabricated structural products. Suzlon receives 100 MW order Suzlon Energy Limited announces new order from Chennai-based Orient Green Power Company Limited (OGPL), for over 100 megawatts (MW) of wind power projects. The order, valued at Rs. 6.50bn, comprises 48 units of Suzlon's S95 wind turbines, part of Suzlon's newly introduced S9X suite. These projects are scheduled to be commissioned progressively by June 2012; with 50.4 MW of capacity coming online in Gujarat by May 2012, and the remaining 50.4 MW in Karnataka by June 2012. P. Krishnakumar, Managing Director, Orient Green Power Company, said, "It is our goal to be India's largest diversified, independent renewable energy company. Wind energy, with its various revenue options and value creation opportunities, is a clear focus for us and we see Suzlon, with its long-standing leadership of the Indian wind sector, as the right long-term partner." Tata BP Solar executes 30 MW power plant Tata BP Solar India Ltd, a joint venture of Tata Power and BP Solar, has bagged a series of three large solar power projects totalling more than 30 megawatts which it is executing in Gujarat under the first phase of the state solar power policy of the Gujarat government. These plants are of different sizes between 5 and greater than 15 megawatts and are located in the

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northern and western belt of Gujarat, which is one of the sunniest areas in the country. Reliance Power plans to earn Rs11bn from carbon credit Reliance Power's 4,000 MW Krishnapatnam ultra mega power project in Andhra Pradesh plans to generate revenues worth Rs11bn by trading carbon credits under the United Nation's Clean Development Mechanism program, according to a report. The company has reportedly said that that Krishnapatnam Ultra Mega Power Project has been registered with Clean Development Mechanism Executive Board of United Nations Framework Convention on Climate Change. The project will generate 12.3 million carbon credits during the 10 year period, says report. Suzlon to sell 26% stake in Hansen Transmissions International Suzlon Energy Ltd. said that in connection with the announcement ("Offer Announcement") made by ZF Friedrichshafen AG ("ZF") and Hansen Transmissions International NV, Belgium ("Hansen") in relation to their agreement on the terms of a recommended cash offer to be made by ZF International BV ("ZF Bidco"), a wholly owned subsidiary of ZF, for the entire issued and to be issued share capital of Hansen at 66 pence per ordinary share ("Offer").The company also announced that AE-Rotor Holding BV, The Netherlands ("AERH"), an indirect wholly owned subsidiary of Suzlon which currently holds 174,632,079 Depository Receipts in Hansen representing 26.06% of the voting capital of Hansen, has signed an irrevocable undertaking ("Irrevocable Undertaking") in favour of ZF under which it has undertaken to accept the proposed Offer subject to the terms and conditions of the Irrevocable Undertaking. MMRDA receives reports from Contractors for Mono Rail Project Delhi Duty Free in Association with Dewar’s announces ‘Gold Rush’ Orient Green Power syncronises 10 MW Biomass power plant in coimbatore REC and PFC rally...States agree on cutting T&D losses PTC India plans to float two private equity funds I-T dept raids IVRCL offices: report NTPC signs MOU with Government of Kerala Shriram EPC bags Rs750mn order from GAIL Afcons Infrastructure receives project worth $66.3 million BEML gets Rs. 580 mn VAT exemption from Karnataka Gov

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International News - July 2011 Greenpeace battles Slovakian Govt over Nuclear Power Plant A major battle between Slovakia’s environmentalists and the government is emerging as Greenpeace charges that the country’s recently completed nuclear power plant at Mochovce in Nitra has in fact violated the public’s rights. Greenpeace claimed that signatory countries of the Aarhus Convention have confirmed that Slovakia has violated the rights of the public regarding the dispute surrounding the completion of the Mochovce NPP, Tla?ová agentúra Slovenskej republiky new agency reported.Aarhus Convention member nations met in Kishinev, Moldova to discuss the Greenpeace complaint, which was filed in conjunction with VIA IURIS and other Slovak and Austrian NGOs, alleging that Slovakia's Nuclear Supervisory Authority refused to allow them to take part in the certification process which approved the completion of the third and fourth reactor complexes at the Mochovce NPP. Cheung Kong Infrastructure makes $3.8bn Bid for Northumbrian Water: report Hong Kong billionaire Li Ka-shing’s Cheung Kong Infrastructure Holdings Ltd has made a 2.4 bn pound ($3.8 billion) takeover proposal for Northumbrian Water Group Plc (NWG) in its second foray, according to a report. The report stated that Cheung Kong Infrastructure tabled a revised 465 pence-a-share non-binding offer for the Durham, England- based company. CKI has invested in electricity, gas, water and road assets in New Zealand, Australia, China, the U.K. and Canada and has been looking for further acquisitions, says report. Philippines needs better Infrastructure: ADB There needs to be a closer relationship between micro-, small- and medium-sized enterprises (MSMEs) and large firms in the Philippines, a new report published by the Asian Development Bank (ADB) says.There is also a need to improve the accessibility and quality of infrastructure by promoting public-private partnerships (PPPs).The ADB report, Philippines: Private Sector Assessment, outlines constraints and strategies that can boost the private sector in the country. One of these constraints is a disconnect between large companies–mostly in the export industry–and domestic small and medium enterprises, many of which do not prosper due to lack of capital, unreliable supply chains, and weak demand for their output. Russian Navy’s nuclear power plant repair funding stolen During a recent meeting in Kazan in connection with the sinking of the Volga transport Bulgaria, which killed 129 people, Russian Prime Minister Vladimir Putin angrily stated, "How did the boat operate without a license? How were tickets for it on sale at the port in the first place?! How was it allowed to leave port?! Who authorized it?! Where was Rostransnadzor (Federal Service for Transport Oversight)?... This is simply a nightmare! What sort of utter shambles do we have here?!!" The people died when the overcrowded double-decker craft sank in a wide bend of Europe's longest river on 10 July.The Bulgaria tragedy has raised larger questions about not only the country’s commercial vessels but its military fleet as well, Svobodnaia Pressa reported. Russia's General Prosecutor's Office determined that unlicensed work occurred aboard the flagship of the Northern Fleet, the heavy nuclear-powered missile cruiser Petr Velikii. After a long trek to Vladivostok and back, the ship underwent scheduled preventive maintenance in Murmansk by the ZAO Spetsialnaya Proizvodstvenno-Tekhnicheskaya Baza Zvezdochka joint-stock company. Barclays Capital plans to set up infrastructure fund: report Barclays Capital is planning to set up 500 million pound infrastructure fund that will use debt to finance projects in cooperation with the government,

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according to a report. The report stated that Barclays has approached pension funds and insurance investors about the fund, which will invest in projects ranging from healthcare and education, to renewable energy and electricity transmission. The bank will seed the fund with 200 million pounds of existing infrastructure projects, says report. Beijing plans to invest $62 bn in energy sector: report

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Domestic News - August 2011 ABB wins US$1bn order for offshore wind power connection ABB, the leading power and automation technology group, has won an order worth around US$1bn from the Dutch-German transmission grid operator TenneT to supply a power link connecting offshore North Sea wind farms to the German mainland grid. This is the largest power transmission order in ABB's history. It will deploy the world’s largest offshore HVDC (high-voltage direct current) system with a rating of over 900 megawatts (MW), keeping electrical losses to less than 1 percent per converter station. The completed link will be capable of supplying more than 1.5 million households with clean wind-generated electricity. South Korea and India sign Nuclear Energy agreement South Korea and India signed a nuclear energy agreement on 25 July that will permit South Korean companies to enter India’s burgeoning nuclear energy market to construct nuclear power plants. India’s Department of Atomic Energy Secretary Srikumar Banerjee and the South Korean Minister for Foreign Affairs and Trade Kim Sung-Hwan signed the agreement in the presence of South Korean President Lee Myung-bak and Indian President Pratibha Patil after their summit talks in Seoul, The Korea Herald reported. The agreement, the result of years of ongoing discussions, will provide South Korean companies with the legal right to officially participate in India’s massive atomic power plant construction projects. Under New Delhi’s ambitious construction agenda, India, which currently has 20 power-generating nuclear reactors online and six more under construction, intends to construct nearly 40 more NPPs within the next two decades. Other nations, including the U.S., France, Britain and Russia, are also eager to enter India’s nuclear power plant construction projects. Suzlon clarifies on Minnesota incident Suzlon Energy Ltd. clarified on news story about its subsidiary, Suzlon Rotor Corporation, being fined for a pollution control breach in Minnesota, USA.The one-off and isolated incident being referred to took place in 2008-09 and an investigation by the Minnesota Pollution Control Agency (MPCA) began shortly afterwards, Suzlon said in a statement. Suzlon worked closely and collaboratively with the MPCA in this matter, and has been in full compliance with all environmental regulations in the state since this was discovered, it said.The fine announced by the MPCA, of US$490,000 (approximately Rs. 20mn), will be paid in four equal instalments and does not impact the business, Suzlon said. "We now regard the matter as closed," Suzlon said. L&T expects more overseas orders: report Infrastructure major Larsen and Toubro is looking at more orders from international markets, including West Asia and East Asian countries, according to a report. The report stated that the contribution of international orders has grown by over 4-5% this quarter and is likely to rise further. The company is hoping to get more orders from Saudi Arabia, Qatar, and Iraq, among other countries in South Asia, says report. Suzlon wins 29.70 MW repeat order from the Malpani Group Suzlon Energy Limited has won a repeat order from the Malpani Group to set up, operate and maintain projects totaling 29.70 MW. Malpani Group is a renowned business conglomerate in the state of Maharashtra with business interests in agro, entertainment and leisure, real estate and FMCG, in addition to wind energy. In this sixth order to Suzlon, the Malpani Group has opted to include Suzlon's recently launched S9X turbines in the product mix. The 29.70 MW order comprises of five units Of S95 - 2.1 MW, seven units of Suzlon's S88 - 2.1 MW and three units of Suzlon's S82 - 1.5 MW wind turbine

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generators. This project will take Malpani Group's total wind capacity to more than 125 MW, enough energy to power more than 72,000 Indian households. CoalMin under pressure from PowerMin for reallocation of NTPC blocks Power Minister Sushilkumar Shinde has reportedly written to the Coal Minister Sriprakash Jaiswal requesting to review the decision to deallocate five coal blocks awarded to NTPC.Sushilkumar Shinde has regularly been exerting pressure on the Coal Minister for restoration of the deallocated NTPC coal blocks."Earlier, the (Power) Secretary had also written... This time, Shinde himself has communicated," reports quoted an official of the Power Ministry as saying.According to reports, the Coal Ministry had deallocated five coal blocks awarded to NTPC, over its failure to develop the blocks within the stipulated timeframe in the production sharing agreement. MERC grants T&D licenses to Rel Infra Reliance Infrastructure Limited (RInfra) has been granted a licenses by the Maharashtra Electricity Regulatory Commission (MERC) for Transmission and for Distribution of electricity in and around suburbs of Mumbai. The Licenses shall be valid for a period of 25 years effective from August 16, 2011 up to August 15, 2036. In the new Distribution License, MERC has also expanded the existing area of distribution to include Chene and Varsova areas falling under the Mira Bhayandar Municipal Corporation. RInfra has been distributing electricity to consumers in and around suburbs of Mumbai since 1929. NHPC to develop 2 projects in Myanmar Power Ministry conveys appointment of R. N. Nayak as Power Grid MD Jyoti Structures bags order worth Rs4.38bn BHEL equipment not inferior to Chinese ones: Govt Solar Energy receives voter support in Missouri MMRDA invites Tenders - A 2-lane flyover for Bhiwandi NTPC plans to add 4500mw capacity in FY12: report Fitch withdraws Orissa State Civil Supplies Corp's rating

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International News - August 2011 UK Energy Minister to visit Vestas’ new test centre: report UK Energy Minister Chris Huhne will visit Vestas' brand new 60 million EUR test centre at West Medina Mills on the Isle of Wight in the UK., according to a report. The report stated that the visit will give the Energy minister an opportunity to see the success of the UK’s green energy policies in creating jobs. Ditlev Engel, President and CEO of Vestas has reportedly said that with a 60 million euro upgrade of our existing facilities, they are prepared to not only test our newest offshore turbine – the V164-7.0 MW – but also future generations of turbines. Tanzania plans to invest in road and rail networks: report Finance Minister Mustafa Mkulo has reportedly said that Tanzania is planning to borrow $525 mn in the 2011-2012 financial year to invest in improving its road and rail networks, Finance Minister Mustafa Mkulo said. The report stated that this will be in addition to the $250 mn loan agreed with Stanbic Bank Tanzania. Vietnam receives US$95mn loan to build Vung Ang power plant The Japanese Bank for International Corporation and the Sumitomo Mitsui Banking Cooperation are providing a US$95mn loan Vietnam National Oil and Gas Group (PetroVietnam) to build the Vung Ang Thermal Power Plant No. 1 in Ha Tinh province under a credit contract signed on 11 August. The Vung Ang Thermal Power Plant No. 1, to be built in Ky Loi commune of Ky Anh district, will have a power generating capacity of 1,200 megawatts and projected to come online between July 2012 and January 2013, VietnamPlus news agency reported. When fully operational, the Vung Ang Thermal Power Plant No. 1 will generate 6.64 billion kilowatt hours annually for the national grid, helping ease the country’s chronic power shortages. Turkish govt releases Solar Energy Investment Plan Turkey’s Ministry of Energy’s nine-item solar energy action plan, covering 27 of the country’s provinces, includes eventual investments topping $2.8 billion, and published the plan in the Official Gazette. Of the provinces chosen as solar energy sites, Konya was granted the right to apply for 82 megawatts of electricity, followed by Van with 77 megawatts, Mersin province with 35 megawatts and Karaman up to 38 megawatts, Sabah newspaper reported.

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Domestic News - September 2011 REpower receives order to deliver 7 public wind farms REpower Systems SE said that it has concluded contracts with seven communities in Northern Friesland to deliver a total of 47 wind turbines. 33 two-megawatt (MM82 and MM92) and 14 high-performance three-megawatt turbines (3.4M104) are to be used. Master agreements have been signed with a buying syndicate under the direction of WEB Andresen GmbH. The turbines will achieve a combined output of 114.83 megawatts (MW) and should ensure production of environmentally friendly electricity in the region from 2013 onwards.Northern Friesland is the stronghold of public wind farms in Germany. “Citizens are involved in many of the wind projects implemented in Northern Friesland”, commented Andreas Nauen, CEO of REpower Systems SE. “The benefits to the initiators are plain to see: Not only business tax but much of the value added stays in the region and the citizens can play active roles in the planning process”. According to Jens Müller-Nielsen, Managing Director of REpower Systems GmbH, all eyes are currently on Northern Friesland in view of the further expansion of renewable energies in Germany. Nuclear Safety Regulatory Authority Bill tabled in LS The Government presented the Nuclear Safety Regulatory Authority Bill, 2011 in the Lok Sabha. The bill was introduced by Minister of State in the Prime Minister's Office (PMO), V Narayanasamy. The bill is aimed at putting in place a legal framework to regulate nuclear and radiation safety besides establishing an authority to carry out the task. The bill provides for creation of a Council for Nuclear Safety, headed by the Prime Minister to oversee and review policies relating to radiation safety.It also provides for establishment of a Nuclear Safety Regulatory Authority to regulate radiation and nuclear safety. This Authority would also ensure that the use of radiation and atomic energy in all its applications is safe for the health of the workers, people and the environment Work on Metro 1 scheduled for next year finish The authorities for the Mumbai Metro 1 project estimate that the Metro will be fully functional by next year. The Mumbai Metro 1 project is a result of a consortium led by Reliance Infrastructure, in partnership with the MMRDA and Veolia Transport. Covering a vast area between Versova and Ghatkopar, the various project phases are in progress simultaneously. These include construction of stations, depot, trackwork, Overhead electrification, Signalling etc. Most of the station buildings and the depot are at an advanced stage of completion. Some of the stations like Jagruti Nagar and Airport road are almost 95% completed while other stations are 70-75% completed. Govt to miss infra spending target for 11th Plan The Government is expected to miss the target for building crucial infrastructure in the five years ending on March 2012 due to delays in completing planned projects, Montek Singh Ahluwalia, deputy chairman of the Planning Commission, said."Total investment will probably fall short of the US$500bn that we talked about," Ahluwalia said at a conference in New Delhi. “I would not be surprised if it is 10% or even 12% is short," he said. NTPC to shut down 2 units in AP: reports National Thermal Power Corporation (NTPC) has reportedly decided to close down two units of 700 MW capacity at its 2,600 MW Ramagundam plant in Andhra Pradesh (AP) from 14 September night, as the company did not receive any coal supplies from strike-hit Singareni Collieries Company Ltd for the second day.According to reports, if the coal supplies does not improve, the power producer may take out the remaining units from 15 September, raising fears of power shortage in Andhra Pradesh and neighbouring States, if

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the on-going strike called in support of a separate Telengana gets prolonged. The Ramagundam unit supplies power to Andhra Pradesh and Tamil Nadu, besides parts of Goa, Maharashtra and Karnataka, added reports. Reliance Infrastructure AGM speech...Anil D Ambani Addressing shareholders at the company’s Annual General Meeting today, Anil D Ambani, Chairman, Reliance Infrastructure said: “It gives me great pleasure to share how Reliance Infrastructure has transformed from an electricity distribution company to India’s largest infrastructure company , in a short span of 5 years. The company have an impressive portfolio of 27 projects and 20 of our projects will be revenue generating by FY 12. Our company is playing a pivotal role in development of the country’s infrastructure. The impetus from Government for Infrastructure sector opens huge opportunities for us. Of the envisaged US$ 1 trillion investment allocated in 12th five year plan for Infrastructure, 60% will be for private infrastructure players.” Ambani added : Owing to rapid execution, 20 projects out of 27 will generate revenue in FY12 and have strong balance sheet with consolidated networth of Rs. 240bn and conservative Debt : Equity of 0.55x – Enabling Company to support future growth. All projects have achieved financial closure. Reliance Power receives RBI approval for overseas loans Anil Ambani’s Reliance Power Ltd has received approval from India’s central bank to raise $2.2bn from Chinese lenders and the U.S. Export-Import Bank for an electricity-generation project, according to a report. The report stated that the company will borrow $1.1 bn from Chinese banks including Bank of China Ltd., China Development Bank Corp. and Export-Import Bank of China for a 3,960 megawatt “ultra mega power project” at Sasan in Madhya Pradesh. The company will use the overseas loans to repay high-cost rupee-denominated debt helping Reliance Power reduce interest expenses, says report. Chief Executive Officer Jayaram P. Chalasani has reportedly said that this reduces the cost of debt and widens source of funding for the Sasan project. Punj Lloyd Group bags Thermal Power contract Punj Lloyd Group has announced winning a BOP order for thermal power project from Haldia Energy Limited, a wholly-owned subsidiary of Calcutta Electric Supply Co. (CESC). The project, worth Rs. 1195 crore (USD 244 million), will boost the power supply in Kolkata and its suburbs, and is scheduled for commissioning by 2014. Based in Haldia, the scope of work for the 2 X 300 MW capacity power plant entails balance of plant (BOP) supply & services and BTG erection. GMR Group plans to sell 30% stake in GMR Energy GMR has agreed to sell a 30% stake in GMR Energy (Singapore) Pte Ltd (GMRE) to PETRONAS International Corporation Ltd (PICL), a wholly-owned subsidiary of PETRONAS, subject to approval of lenders. GMRE is developing an 800 MW Combined Cycle Gas Turbine (CCGT) Power Plant on Jurong Island, Singapore. The power generating facilities, featuring Siemens’ latest F-class gas turbines, will be designed and constructed by a consortium consisting of Siemens and Samsung. Fuelled by re- gassified LNG, the power plant is scheduled for commercial operations in 2013. GMR Supply Singapore Pte Ltd, a wholly owned subsidiary of GMRE, holding an electricity retail license in Singapore, will manage the electricity retail business. India to target 2,400 MW additional wind power: reports MMRDA sets aside Rs. 10bn for road-widening, flyovers GTL, GTL Infra surge on debt cast approval

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Delhi Metro to get 614 new cars Govt clears road and housing projects worth Rs. 145bn Karaikal Port gets Rs2bn private equity investment Suzlon shareholders approves proposal to raise Rs50bn ABG Infra receives letter of award from JNPT Two more flyovers for Metropolitan Region

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International News - September 2011 Vestas Wind Systems bags turbine Order from Italy: report Vestas Wind Systems A/S has received an order for delivery of 13 V90-2.0 MW wind turbines for the Lucera wind farm in Apulia, Italy, according to a report. The report stated that the contract includes supply, installation and commissioning of the turbines and a ten-year operation and maintenance agreement. The company will deliver the turbines from the first half of next year and the project will be completed in the third quarter, says report. Gehrlicher Solar Italia sells 5 solar parks to White Owl Capital Gehrlicher Solar Italia S.r.l., a subsidiary of Gehrlicher Solar AG, has established five solar parks in northern Italy. The sole investor is White Owl Capital AG, which is based in Berlin. The Cremosano (2.6 MWp), Dovera (1.3 MWp) and Palazzo Pignano (3.6 MWp) solar parks are situated in Lombardy, while the Polesine 2 (1.6 MWp) and Polesine 3 (1.3 MWp) solar parks are situated in the Emilia-Romagna region. All systems were connected to the electricity grid before feed-in tariffs were reduced with effect from 1 September 2011.Gehrlicher Solar was responsible for the entire project for all five systems – from site development and technical engineering to project financing and construction. A total of 133,680 modules from manufacturer First Solar were installed at the five solar parks. In all, a total of 15 inverters from SMA convert the direct current generated into alternating current suitable for the grid. Together the systems now produce around 12.2 million kilowatt hours of green electricity each year. Goldman Sachs invests US$201mn in ReNew Wind Power Goldman Sachs to reportedly invest up to Rs. 10bn ($202 mn) in an Indian renewable energy start-up, as the U.S. investment bank bets big on the sector in the world's second-fastest growing major economy. Sumant Sinha, ReNew Chief Executive was quoted as saying "All I can say right now is that it will be a majority stake. This investment in a volatile market environment is a testimony to their (Goldman's) very strong belief in the opportunity in the sector." According to reports, this will be the single largest investment in India's renewable energy sector. Energy-hungry India has a peak-hour power deficit of about 14%. The renewable sector comprises 6 % of the total power mix. The Mumbai-based start-up expects to reach capacity of 1 gigawatt by 2015 and plans to expand its wind portfolio by 200-300 megawatts annually. GE may invest $200mn in India manufacturing plant

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Domestic News - October 2011 PM writes to Jayalalithaa on Kudankulam nuclear plant Prime Minister Dr. Manmohan Singh has written to Chief Minister of Jayalalithaa of Tamil Nadu after meeting the all party delegation from the state. PM said, “I write in continuation of my letter of 4 October, 2011 regarding the Kudankulam Nuclear Power Plant.As requested by you, I met the delegation from Tamil Nadu led by Thiru O. Panneerselvam, Minister of Finance, Government of Tamil Nadu on 7 October, 2011 which included some persons from the local area around Kudankulam. The delegation presented a Memorandum signed by you and others."I conveyed to the delegation that the Central Government attaches the highest importance to ensuring that the use of nuclear energy in the country meets the highest safety standards The Government fully shares the concerns of the people of the area and will take all steps to allay their fears. The Government will not compromise on safety in the pursuit of our nuclear energy programme, be it is in terms of technology, regulation, skilled manpower or emergency preparedness Suzlon closes sale of equity stake in Hansen Suzlon Energy Limited has announced the completion of the sale of its 26.06 per cent stake in wind gearbox manufacturer Hansen Transmissions International NV to ZF Friedrichshafen AG. The transaction follows Suzlon entering into an irrevocable undertaking on the 25thof July, 2011, with ZF Friedrichshafen AG (ZF) to accept the offer made by ZF for the entire issued share capital in Hansen Transmissions at 66 pence per share.In accordance with the terms of the undertaking, Suzlon tendered its shares under the offer, with ZF acquiring 174,632,079 Depository Receipts in Hansen for GBP 115 mn (USD 187 mn). Tulsi R. Tanti, Chairman and Managing Director, Suzlon Group, said: “Today's news marks an important step towards deleveraging our balance sheet. "We acquired Hansen in 2006 and have successfully driven its growth at by expanding capacity in Asia, making it a global and more cost-efficient player catering to the world’s leading wind power companies. We are proud of our role in building this organization and are extremely thankful to the Hansen management team for their hard work in making this a success. We look forward to a long and fruitful partnership as ‘buyer-supplier’ in the years ahead.” Coal Ministry to divert e-auction coal to power sector The Union Coal Ministry would reportedly divert 50 metric million tons (MT) of e-auction coal to the power sector, according to reports. The Coal Ministry has agreed to the Power Ministry’s demand to divert a portion of the coal currently being sold through the auction route to power projects that are gasping for fuel. "The Coal Secretary has told us that the Coal Ministry will be able to spare some of the coal that would be sold through e-auctions, provided the developer picks up the coal from the pithead," Power Secretary, P. Uma Shankar said in New Delhi. Narendra Modi to inaugurate Asia's largest Solar Farm Moser Baer Clean Energy Limited (MBCEL), India's largest solar developer has set up Asia's largest solar farm in District Banaskantha, Gujarat and will be inaugurated by CM Narendra Modi. The 30 MW solar farm has been set up using 2,36,000 Thin Film modules with an approximate investment of Rs. 4.65bn. The power will be evacuated through 2 separate 66 KV lines to Sub-Stations at Anganwada and Dunawada. This project awarded under phase 1 of Gujarat Solar Power policy 2009 will be the first major project commissioned under the Gujarat Solar Mission. Reliance Infra consumers to view and pay their power bills on mobile Reliance Infrastructure Limited, India’s largest integrated power company, today became the 1st power utility company in India to allow its consumers access all their bill records and make payments through mobile phones. With

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this, RInfra’s 27 lakh consumers now can have all the power related information on their finger tips, giving them the freedom to access and pay their bills while on move. It’s for the first time that such consumer empowerment initiatives are being launched by any power utility company in India, where consumers have every details pertaining to their power accounts - like power consumption history, payment history; meter reading details, status of their registered complaints, nearest payment facility, etc. To avail the facility on their mobiles, consumers will have to follow three easy steps on their mobile phones to access the power information and make the payment. Areva T&D India wins 420kV GIS substation contract Areva T&D India's transmission business, now a part of Alstom Grid, has been awarded a contract by Bharat Heavy Electricals Limited (BHEL) for a Gas-insulated Substation (GIS) package. The contract, worth approximately Rs580mn, covers manufacturing, engineering and installation of 11 bays of 420kV GIS for BHEL's Hydro Project at Rampur, Himachal Pradesh. The state-of-the-art Gas-insulated Substations will incorporate highly reliable spring operating mechanisms and be delivered from the Company's world class Ultra High Voltage Switchgear factory at Paddapai. REpower wins 47 MW project from GDF Suez group Reliance Infra, NTPC, NFL to get gas from ONGC fields AP Transco paying Rs. 90mn/day for power purchases Bombay High Court approves amalgamation of Suzlon Energy Power Grid plans to enter Bangladesh and Sri Lankan market: report JSW Energy achieves commercial operations of Ratnagiri power plant Suryachakra Global signs MOU with American Bio Sources REC to raise Rs10bn by issuing tax-saving infrastructure bonds: reports Elecon Engineering bags order worth Rs. 155mn

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International News - October 2011 GE and Greenko announces venture to develop wind energy projects Expanding GE’s footprint in India and connection with one of the country’s fastest growing clean energy developers, GE Energy Financial Services and Indian-based Greenko Group plc have agreed to invest in a new venture to develop wind energy projects across India. The GE unit will invest US$50 million – its first renewable energy investment in India – to support the development of 500 megawatts of wind projects out of Greenko’s planned development of one gigawatt of wind projects in India. Greenko has committed US$65 million for the venture, a newly created subsidiary of Greenko, known as Greenko Wind Project Private Limited. “This investment expands GE’s presence in one of the world’s fastest growing power markets with a local, proven renewable energy developer,” said Raghuveer Kurada, managing director and leader of India at GE Energy Financial Services. “In addition to capital, GE Energy Financial Services brings deep wind and other renewable energy expertise gained by building a US$6 billion portfolio of renewable energy investments worldwide.” Gehrlicher Solar plans major investments in South of Spain In the meeting, Klaus Gehrlicher explained the investment package the group committed to apply to the region of Murcia within the next five years and expressed his gratitude towards the Community government regarding their support for photovoltaics. Gehrlicher said: “The strategy of Gehrlicher Solar España is to continue to expand throughout the region of Murcia. Thus we are working on the development of plants with lower capacity for the next two years, as well as on the planning of major projects with a total capacity of 200 to 400 MWp.” Furthermore, Klaus Gehrlicher explained the five projects with a total power of 12 MWp which the company has carried out this year in the region. Three of them have already been connected to the municipalities of Lorca, Cartagena and Murcia. The grid connection of the other two projects sited in Lorca is scheduled for the end of this year. These five ground-mounted photovoltaic plants meant an investment of approximately 32 million Euros to the region of Murcia. Korea, France to hold seminar on Nuclear Power Promotion General Electric Q3 net at $3.22 bn

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Domestic News - November 2011 Maharashtra Govt plans to file case against Lavasa: report The Maharashtra government is planning to file a case against the Lavasa Corporation under the Environment Protection Act, according to reports. The Ministry of Environment and Forests (MoEF) denied clearance to Lavasa on October 18. The Centre's order to take 'credible action' against Lavasa will be followed by November 3, says report. RBI eases rule for FII investment in infra bonds The Reserve Bank of India (RBI) said on Thursday that the FIIs would also be allowed to invest in non-convertible debentures (NCDs)/ bonds issued by Non-Banking Financial Companies (NBFC) categorized as ‘Infrastructure Finance Companies’(IFCs) within the overall limit of US$25bn. The lock-in-period of three years for FII investment stands reduced to one year up to an amount of US$5bn within the overall limit of US$25bn. This lock-in-period shall be computed from the time of first purchase by FIIs. The residual maturity of five years and above stipulated would now onwards refer to the original maturity of the instrument at the time of first purchase by an FII. BHEL, Thermax rise as Govt mulls 14% import duty on power gear Shares of Bharat Heavy Electricals Ltd. (BHEL), Thermax and BGR Energy rallied amid media reports that the Government was contemplating imposing 14% import duty on power equipment to curb the influx of cheaper products, primarily from China.The Union Heavy Industries Ministry has sought the Government’s approval for a proposal to impose a 14% import duty on power equipment, Minister Praful Patel said in New Delhi today. Officials from companies, including BHEL, Larsen & Toubro Ltd. met Patel in New Delhi today.There seemed to be a consensus for ensuring a level-playing field for the domestic power equipment manufacturers like BHEL and L&T vis-a-vis Chinese imports.In 2010, a panel headed by Planning Commission member Arun Maira recommended 14% import duties to bridge the disadvantage faced by local manufacturers against overseas rivals, especially from China."We are asking for a level playing field, we are not asking for any special protection,” BHEL Chairman B. Prasad Rao told reporters in New Delhi after today’s meeting. L&T executes India's first US order for Nuclear Power Equipment Larsen & Toubro, India's leading engineering company, executed the first order of Dry shielded Canisters from Transnuclear Inc, USA, an AREVA Company, for storage of radioactive waste. Apart from these 12 (twelve) units of canisters, L&T is ready to despatch additional 2 Canisters for the next order. These Canisters are for USA based Leading nuclear utilities and have been manufactured in accordance with the US Code of Federal Regulations {10 CFR) and Nuclear Safety Class 1 standards.The manufacture of stainless steel canisters involves maintaining stringent tolerance requirements. Canisters would be supplied for Boiling Water Reactors (BWRs). Transnuclear Inc, USA, an AREVA Company, has placed five repeat orders for supply of such canisters to leading utilities based in USA and Switzerland (EU) bringing the total ordered quantity to 73 units. This signifies international recognition of L&T's capabilities in this exclusive area and is the first step in participating in the potentially large global nuclear equipment market. GE India names Banmali Agrawala as CEO of energy biz GE India announced the appointment of Banmali Agrawala as a GE Officer to lead GE’s Energy business in India. Banmali will be responsible for driving overall growth and strengthening the business in India. He will step into his new role on December 1 2011. John L. Flannery, President and CEO, GE India said, "We are fortunate to attract an energy executive as strong as Banmali Agrawala. Energy is our largest business in India but still has huge room to grow in new areas like renewables and distributed energy - as well as

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traditional gas and steam turbines and services. Banmali's appointment as a GE Officer reflects the importance of this role and our respect for his accomplishments to date."Banmali has over 24 years of professional experience and has held several senior positions in industrial companies. Most recently, Banmali was with Tata Power Company Limited, where he was the Executive Director for Strategy and Business Development, India, and also served on the board of directors for the company. From 1987 to 2008, Banmali was with Wartsila India Limited, holding several leadership positions in both India and Europe, and ultimately serving as Managing Director of the company for five years. SKIL Infra denies Pipavav Defence share sale rumours SKIL Infrastructure Ltd has denied rumours that it has sold its shares held in Pipavav Defence and Offshore Engineering.“Pipavav shares held by SKIL group are completely intact and not even a single share has been sold as rumored by some interested parties with vested interest to hammer down the prices in the last four working days,” said a SKIL spokesperson pointing out that “Until then, Pipavav shares have been one of the most stable mid-cap shares.” SKIL raised medium term and long term loans to acquire stake in Pipavav Defece of one of its shareholders Punj Lloyd and from others in the open offer. The said loans are a specific tenure loans for project financing and increasing the SKIL Infrastructure’s stake in Pipavav. Long term loans has 10 year tenure and medium term loans falls due between 2012 to 2014. We have the mechanism in place to repay the loans on time. SKIL has offered adequate collateral security including shares it owns in Pipavav as NDU (non-disposable undertaking) and primary collateral. None of the Pipavav shares held by SKIL group are on the margin funding. “We would like to state categorically that Pipavav is India’s first world class and global scale infrastructure company engaged in building ships and other critical maritime assets for the export market, offshore industry and defence forces among others,” the spokesperson said. Suzlon Energy bags 23 MW order from GAIL (India) Suzlon Energy Limited, the world’s fifth largest* wind turbine supplier, has announced its fourth consecutive order from GAIL – Asia’s number one and the world’s number two gas utility company, and one the ‘Navratna’ public sector undertakings (PSU) of the Government of India. The order consists of 11 units of Suzlon’s S88 – 2.1 MW wind turbines, to be commissioned in the states of Tamil Nadu and Karnataka by the end of the financial year 2011–12.This is GAIL’s fourth order with Suzlon, with first two projects located in Gujarat. The first 4.5 MW project, comprising Suzlon’s S82 – 1.5MW turbines, was commissioned in March 2010, and the second 14.7 MW project is currently under execution.A part of these projects is meant to fulfill GAIL’s captive power requirement, with the remainder for power sales to the respective local power distribution utilities. NCC Urban Infrastructure lines up over 10 residential and commercial projects: reports Mitsubishi Heavy to set up Mitsubishi Power Systems India BGR Energy bags contract from TRN Energy Banmali Agrawala steps down from Tata Power Goldman Sachs buys 32mn Suzlon shares: report NCC ties up funds for Nellore power plant

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Indian power utilities increased coal imports in October by 26%: reports Jharkhand to unveil new industrial policy, upgrade road infrastructure NHAI to raise up to Rs. 100bn via infra bonds: reports

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International News - November 2011 Rolls-Royce to deliver additional power In Bangladesh Rolls-Royce, the global power systems company, has announced a US$22 million contract to supply eight (8) Bergen B32:40 16V reciprocating engine generator sets to Baraka Patenga Power Limited (BPPL). The engines will power BPPL’s 50MW power plant under construction at Patenga, 14km south of the port city of Chittagong in south-eastern Bangladesh. Faisal Ahmed Chowdhury, Chairman, Baraka Patenga Power Limited said: "BPPL is delighted to award this important contract to Rolls-Royce who we selected due to their track-record of delivering efficient and reliable power generation technology and services across the globe. Vestas receives order for 42 MW in Spain Vestas has received an order for delivery of a total capacity of 42 MW for the Zarzuela wind project to be installed in Burgos, in the north of Spain. The order consists of a turnkey project including civil and electrical works, supply, installation and commissioning of 22 units of the V90-2.0/1.8 MW turbine with a 105-metre hub height. The contract also includes a VestasOnline® Business SCADA system, a Condition Monitoring System, as well as a 12-year service agreement including the Active Output Management package ‘AOM4000’. The AOM 4000 is a full-scope service contract, consisting of scheduled and unscheduled maintenance and consumables, which offers solid risk management for customers, who want an availability guarantee measured against an agreed threshold. This type of contract offers customers assured performance avoiding unforeseen operational costs of any kind. ExxonMobil protects wind turbines with advanced lubricants ExxonMobil‘s Mobil SHC-branded synthetic gear oil is now being used to protect more than 30,000 wind turbine gearboxes worldwide demonstrating how its lubricants are helping the wind energy industry become more cost competitive worldwide. Participating at the China Wind Power Exhibition, in Beijing, ExxonMobil showcased its wide range of synthetic lubricants for the Wind sector, primarily focusing on Mobilgear SHC XMP 320, product especially designed for the wind space The exhibition provided the right platform to highlight the world class products developed by ExxonMobil for its customers to provide them with a product which optimizes efficiency and reduces the overall costs. REpower signs contract for 12MW turn-key wind project in France Suzlon-subsidiary REpower Systems SE concluded a turn-key contract for the delivery, construction and maintenance of six wind turbines for the La Chaude Vallee wind farm in Northern France. The wind farm is being developed by Epuron France with the support of Impax, private equity fund managers. This project will generate a total output of more than 12 megawatts (MW).REpower Systems SE will supply six MM92 wind turbines with a hub height of 80 meters and a nominal output of 2.05 MW each for this wind farm. These will generate approximately 35,000 kilowatts-hour per annum, representing the energy consumption for approximately 14,000 households. Lloyd Electric & Engineering buys Industrial shed in Prague from Lindab Lloyd Electric & Engineering Ltd has said that the company, through its wholly owned subsidiary Janka Engineering s.r.o., has executed a purchase agreement with Lindab s.r.o. for the acquisition of Industrial Shed spread over an area of approx.. 7092 sqm along with their parts and appurtenances including heating systems, compressors and other allied equipments located in the Cadastral Territory of Radotin, Prague, Czech Republic for a total cash consideration of Euro 0.8 Million.

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Domestic News - December 2011 BHEL forays into Ukraine with Steam Turbine order Bharat Heavy Electricals Ltd. (BHEL) said that it has made its maiden entry in the Ukrainian market with an order for a Steam Turbine Generator (STG) package. The contract for 27 MW STG package has been placed on BHEL by one of the world’s leading steel majors, ArcelorMittal group.Valued at nearly Rs. 400mn, the power generating equipment will meet the Captive Power requirements of ArcelorMittal’s steel plant at Kryviy Rih in Ukraine. Tata Power, Welspun among 22 bidders for solar projects in Karnataka: reports Tata Power Co. and Welspun Group are among 22 bidders for solar projects in India’s Karnataka state, according to reports.The reports stated that Karnataka Renewable Energy Development Ltd. will open the bidding on Dec. 2.The auction will award licenses to build 30 megawatts of solar thermal capacity and 50 megawatts of solar photovoltaic capacity with a maximum project size of 10 megawatts, says report. Suzlon signs agreement with Coromandel Wind Energy Coromandel Wind Energy Limited (CWE), a Chennai head-quartered wind energy IPP, has signed an agreement with India’s largest wind turbine manufacturer - Suzlon Group for its maiden wind power project. The project will comprise of 36 units of Suzlon’s new S97 - 2.1 MW wind turbine generators and shall be commissioned in FY 2012-13. Under the agreement, Suzlon will supply, set up, operate and maintain a 75.6 MW wind power project for Coromandel Wind Energy in the state of Rajasthan. The deal is valued at nearly Rs. 470 crore. ABB wins Rs. 1750mn substation order ABB, the leading power and automation technology group has won an order worth about Rs. 1750mn from Powergrid Corporation of India Ltd. to supply equipment for the Champa transmission substation in the central Indian state of Chhattisgarh. The Champa substation will be a pooling station receiving power at 765 and 400 kilovolt (kV) and is part of Powergrid's plan to build a stronger national grid in India. ABB's project scope includes the design, engineering, supply, installation and commissioning of the 765 kV and 400 kV switchyards, including the civil works. Reliance Infra evaluates projects in Vietnam, Turkey: reports Reliance Infrastructure is evaluating projects in Vietnam, Turkey, Oman and Nepal, according to reports. The reports stated that the company seeks to build a portfolio of $1.5 bn in two years and expand its footprint beyond India. The company sees an internal rate of return of 20% from projects, which it aims to execute quickly, says report. The company has reportedly said that the company has stated it is looking at five government road projects in Vietnam under the build, operate and transfer (BOT) model and is preparing to file expressions of interest (EoI) for it. ADB, Reliance Power to build largest Solar photovoltaic power plant The Asian Development Bank (ADB) and Reliance Power Limited, one of India’s largest private power developers, are joining forces to build what will be the country’s largest solar photovoltaic power plant.The project is expected to be completed by the second quarter of 2012. “India’s solar energy potential is one of the highest in the world and this plant will help kickstart large-scale, private-sector solar electricity generation in the country,” said Michael Barrow, Director in ADB’s Private Sector Operations Department.ADB is providing a long-term loan of up to $48 million to finance the 40 megawatt (MW) Dahanu Solar Power Project located in Jaisalmer district in the western state of Rajasthan. The state has one of the highest levels of solar irradiation in India. Reliance Infrastructure Limited will buy the

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electricity under a long term power purchase agreement to fulfill its renewable purchase obligations set by India’s electricity regulators – the first time for a fully private sector transaction in solar power. The power will be distributed to households in Mumbai. New capacity in coal sector during 12th plan The Government proposes to add new capacity by way of taking up of new projects as well as expansion of existing projects through Coal India Ltd. (CIL) and its subsidiaries, Neyveli Lignite Corporation Ltd. (NLC) and Singareni Collieries Company Ltd. (SCCL) in Public Sector. Further, new capacity addition in production through coal block allocatees both Public and Private Sector is also envisaged. It is envisaged that during the 12th plan period the annual production of coal will increase from 447 Million Tone(MT) to 615 MT by CIL, from 51 MT to 57 MT by SCCL and for lignite it is envisaged to increase from 41.64 MT to 68.60 MT by NLC by way of capacity addition. The production from coal block allocatees is envisaged to increase from 36.15 MT to 100 MT during the above period. This information was given by the Minister of State in the Ministry of Coal, Pratik Prakashbapu Patil in written reply to a question in Lok Sabha. Outlook for Indian infrastructure projects is negative: Fitch Fitch Ratings says in a new report that the outlook for Indian infrastructure projects is negative, driven by a range of sector-specific issues and macro-economic factors with varying degrees of impact on different assets. The agency believes that these factors will likely combine to negatively affect the credit profiles of Fitch-rated project companies, beyond levels previously incorporated into Fitch's stress scenarios at the current rating levels. This may lead to downgrades or revisions of Outlooks to Negative of select projects. Although a majority of the credits are currently on Stable Outlooks, primarily due to many new ratings assigned in 2011, Fitch expects negative rating actions to dominate in 2012. Besides directly impacting projects' performance, a slow down in GDP growth, rising inflation and interest rates, a depreciating currency and a negative investment climate are likely to dilute sponsors' ability to support projects - an important feature in ensuring that default is avoided. However, Fitch expects operating projects that have established a track record of positive performance, or those that have well-structured off-take arrangements to absorb external shocks and still have stable, or even improving, credit profiles. L&T commissions 384 MW Power Project for GMR in record time Larsen & Toubro (L&T) has successfully commissioned a 384 MW unit of GMR’s gas based power plant at Vemagiri, near Rajahmundry in Andhra Pradesh.Demonstrating its integrated execution capabilities, L&T completed the project in a record time of 24 months. The steam turbine for this unit was synchronized on December 4, 2011 and the gas turbine on August 27, 2011. In September 2006 L&T had successfully commissioned the first unit of a similar capacity at the same location. Work is also in its advanced stage for the third unit of similar capacity in which a gas turbine is expected to be synchronized soon. The complete unit is scheduled to be commissioned in the next few months. On completion of all three units, the national grid will benefit from a total capacity of 1200 MW gas based power plant at a single location. Suzlon Energy wins 35 MW UK Contracts Suzlon Group’s wholly owned subsidiary, REpower, has signed deals for a total of 35 MW to supply wind turbines for Hall Farm, developed by Ridgewind/HG Capital, and Earls Hall Farm, developed by Renerco in the UK. The 10.25 MW wind farm at Earls Hall Farm near Clacton-on-Sea in Essex, will see REpower supply five MM92 turbines.

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The larger development at Hall Farm, located 5 km north of Beverly, North Humberside, will have a capacity of 24.6 MW, and consist of 12 MM82 REpower turbines. The turbines at Earls Hall Farm, with a rated output of 2.05 MW each, will generate enough electricity to power the equivalent of at least 5,500 homes annually. The 12 MM82 turbines at Hall Farm will generate power for at least 14,000 homes annually. Together, these wind farms will be able to meet the energy demands of nearly 20,000 homes. Construction at Earls Hall Farm will start in the summer of 2012, and scheduled for completion later in the year. Hall Farm will start in the spring with a similar completion date. Siemens forays into EPC solutions for Solar PV plants Siemens Ltd. announced its entry into sustainable and innovative engineering, procurement and construction (EPC) solutions for Solar Photovoltaic (PV) plants in India.Siemens Ltd.'s portfolio of EPC solutions for solar plants includes the unique Power Ratio Guarantee, Solar power plant engineering done through the in-house software provides customized solutions while leveraging Siemens' decades of experience of in installing power plants. Punj Llyod wins highway project worth Rs10.50bn Punj Lloyd Ltd has received a letter of intent from GMR Projects Private Limited for undertaking design, engineering, procurement and construction of 124 km of six lane of Chittorgarh bypass to Udaipur, in the state of Rajasthan, worth Rs. 10.50bn. The above highway project is scheduled for commissioning in 36 months and has been awarded on a turnkey fixed EPC price basis. The scope of work for the project includes design and construction.The project forms part of phase V of the National Highways Development Programme of the NHAI for upgrading the existing four lane section to six lane. S S Raju, CEO – Infrastructure, Punj Lloyd Ltd., India, said, “Punj Lloyd is one of the largest EPC companies in India. Our high quality construction and efficient management is demonstrated by the many highways we have built around the world, of which, the India’s Golden Quadrilateral, and East West corridor, clearly stand out. This EPC project from GMR is a testimony to our experience and expertise of completion of projects of national significance.” Areva T&D India bags contract worth Rs225mn Suzlon Energy, SME Orb Energy shortlisted for sustainable energy innovators: reports RPP Infra Projects bags orders worth Rs. 340 million in Kalpakkam & Car Nicobar Ramky Infra bags road orders worth Rs. 22406.5mn MARG signs MOU with Govt of Karnataka Magma acquisition by Synopsys Enables more profitable Silicon to customers Areva T&D bags award for 1200 kV Capacitor Voltage Transformer MMRDA constructs Ganesh Mandir and Buddha Vihar on Anik-Panjarpol Link Road IL&FS Transportation bags road contract in China BHEL concerned about availability of cheaper Chinese funds

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ABB completes acquisition of Powercorp Operations: reports GMR adds 384 MW to Andhra Pradesh Grid TN to spend Rs. 7.4bn on railway overbridge Madhucon Projects led consortium wins power plant order in South Sumatra Mitsubishi Heavy Industries to license Shipbuilding technology to L&TT

HCC plans to raise Rs1.20bn via NCDs NHAI terminates Goa contract to IRB Infrastructure ABB Group books Rs. 40bn UHVDC power transmission order in India Mitsubishi Heavy Industries to license Shipbuilding technology to L&TT

GVK Power denies stake sale in airport vertical

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International News - December 2011 REpower announces installation of 6M wind turbines in Eemshaven REpower Systems SE - wholly-owned subsidiary of the Suzlon Group - has concluded a contract with RWE Innogy for the delivery of two Repower 6M wind turbines at the beginning of the EWEA Offshore exhibition in Amsterdam. The turbines, each with a rated power of 6.15 MW and a hub height of 114 meters, will be installed in the Westereems wind farm near Eemshaven in the Dutch province of Gronigen. With a current installed power of 156 MW, Westereems is already the largest wind farm in the Netherlands and will now be extended with a further 12.3 MW, and, for the first time, feature REpower turbines at this location. Completion is planned for mid 2012. South African Department of Energy approves Suzlon Cookhouse project The Republic of South Africa’s Minister for Energy, Dipuo Peters, has announced her Department’s approval of the Cookhouse Wind Energy Facility project to be carried out in Eastern Cape, by Suzlon Group, the world’s fifth largest* wind turbine supplier.This project will utilize Suzlon’s 2.1 MW turbines. The Cookhouse Wind Energy Facility is one of South Africa's leading renewable energy projects, having received a positive Record of Decision from the Department of Environment for the erection of up to 200 wind turbines; enough to power over 88,000 homes.Suzlon announced its partnership with African Clean Energy Developments (ACED), African Infrastructure Investment Managers (a company held by Old Mutual Investment Group (South Africa) and Macquarie Capital) and AFPOC Limited, earlier this year. Working closely with its partner, the Industrial Development Corporation of South Africa, and with its appointed Mandated Lead Arrangers, Standard Bank and Nedbank Limited, ACED finalised a financing package which notably includes a significant portion of Broad Based Black Economic Empowerment ownership. Vestas receives 168 MW order in Australia Vestas has received an order to supply 56 units of the V90-3.0 MW wind turbine for the Musselroe Wind Farm project to be constructed in Tasmania, Australia. The order has been placed by Hydro Tasmania, Australia’s largest generator of renewable electricity."Vestas is delighted to be chosen as the wind energy solution partner by Hydro Tasmania for the development of the Musselroe Wind Farm, a spectacular wind farm location with strong winds ideally suited to the Vestas V90-3.0 MW turbine. The go-ahead for this project is great news for the Tasmanian economy, and Vestas is proud to be playing a key role,” said Sean Sutton, President of Vestas Asia Pacific.The order scope comprises a wind turbine supply, installation and commissioning contract, including a VestasOnline Business SCADA solution, and a ten-year service agreement. Scomi Engineering expands business in Brazil Scomi Engineering Bhd signed a non-binding Memorandum of Understanding (‘MoU’) with Montagens e Projetos Especiais SA (‘MPE’) and Brasell Gestão Empresarial, LTDA (‘Brasell’) to set up a Joint Venture Company (‘JVC’) to undertake the manufacturing and assembling rolling stock in Brazil and to pursue other rail related services projects in Brazil.The proposed activities to be undertaken by the JVC include monorail manufacturing and participating in other rail related projects such as systems supply and installation and other types of rolling stock supply and assembly, such as Metro vehicles and Light Rail vehicles. Gehrlicher Solar enters into U.S. market With two completed systems and six more currently under construction, Gehrlicher Solar has entered into the U.S.-market, Gehrlicher Solar America

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Corp. announced today. The U.S. subsidiary of Gehrlicher Solar AG, one of the global leaders in commercial solar photovoltaic power systems, began operations in late 2010 and is headquartered in Springfield, NJ. “The expansion into the U.S. market has been an important strategic goal for the Gehrlicher group”, explains Dr. Stefan Parhofer, CEO of Gehrlicher America Corp. “By leveraging our European legacy and combining it with a highly-experienced U.S. management team, we were able to build a powerful organization in a short time”, he added.

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Notes

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Published in 2011. © India Infoline Ltd 2011 This report is for the personal information of the authorised recipient and is not for public distribution and should not be reproduced or redistributed without prior permission. The information provided in the document is from publicly available data and other sources, which we believe, are reliable. Efforts are made to try and ensure accuracy of data however, India Infoline and/or any of its affiliates and/or employees shall not be liable for loss or damage that may arise from use of this document. India Infoline and/or any of its affiliates and/or employees may or may not hold positions in any of the securities mentioned in the document. The report also includes analysis and views expressed by our research team. The report is purely for information purposes and does not construe to be investment recommendation/advice or an offer or solicitation of an offer to buy/sell any securities. The opinions expressed are our current opinions as of the date appearing in the material and may be subject to change from time to time without notice. Investors should not solely rely on the information contained in this document and must make investment decisions based on their own investment objectives, risk profile and financial position. The recipients of this material should take their own professional advice before acting on this information. India Infoline and/or its affiliate companies may deal in the securities mentioned herein as a broker or for any other transaction as a Market Maker, Investment Advisor, etc. to the issuer company or its connected persons.

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