TABLE OF CONTENTS DEFINITIONS AND ABBREVIATIONS ....................................................................................................... 1 PRESENTATION OF FINANCIAL, INDUSTRY AND MARKET DATA .............................................. 13 NOTICE TO INVESTORS ............................................................................................................................ 15 FORWARD-LOOKING STATEMENTS ..................................................................................................... 16 RISK FACTORS ............................................................................................................................................. 18 SUMMARY OF OUR BUSINESS, STRENGTHS AND STRATEGIES ................................................... 53 SUMMARY OF INDUSTRY ......................................................................................................................... 59 THE ISSUE ...................................................................................................................................................... 62 SUMMARY FINANCIAL INFORMATION ................................................................................................ 64 GENERAL INFORMATION ......................................................................................................................... 69 CAPITAL STRUCTURE ............................................................................................................................... 81 OBJECTS OF THE ISSUE .......................................................................................................................... 101 BASIS FOR ISSUE PRICE .......................................................................................................................... 114 STATEMENT OF TAX BENEFITS ........................................................................................................... 117 INDUSTRY OVERVIEW ............................................................................................................................. 125 OUR BUSINESS ............................................................................................................................................ 136 REGULATIONS AND POLICIES IN INDIA ............................................................................................ 178 HISTORY AND CERTAIN CORPORATE MATTERS ........................................................................... 196 OUR SUBSIDIARIES AND OTHER CONSOLIDATED ENTITIES ..................................................... 208 OUR MANAGEMENT ................................................................................................................................. 218 OUR PROMOTERS AND GROUP COMPANIES ................................................................................... 238 DIVIDEND POLICY .................................................................................................................................... 268 FINANCIAL STATEMENTS ...................................................................................................................... 269 FINANCIAL INDEBTEDNESS ................................................................................................................... 270 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS

OF OPERATIONS ........................................................................................................................................ 280 OUTSTANDING LITIGATION AND MATERIAL DEVELOPMENTS ............................................... 307 GOVERNMENT AND OTHER APPROVALS ......................................................................................... 340 KEY PROVISIONS OF CERTAIN AGREEMENTS................................................................................ 364 OTHER REGULATORY AND STATUTORY DISCLOSURES ............................................................. 379 TERMS OF THE ISSUE .............................................................................................................................. 393 ISSUE STRUCTURE .................................................................................................................................... 396 ISSUE PROCEDURE ................................................................................................................................... 400 RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES ........................................ 440 MAIN PROVISIONS OF OUR ARTICLES OF ASSOCIATION ........................................................... 442 OTHER INFORMATION ............................................................................................................................ 452 DECLARATION ........................................................................................................................................... 455

1

DEFINITIONS AND ABBREVIATIONS

Unless the context otherwise implies or requires, the terms and abbreviations stated hereunder shall have the meanings as assigned therewith. Company and Selling Shareholder related terms

Term Description

Company, our Company ACB (India) Limited, or Issuer.

ACB (India) Limited, a public limited company incorporated under the Companies Act, and having its registered office at C-102, L.G.F., New Multan Nagar, Surya Enclave, New Delhi 110 056, India.

we, us, or our Unless the context otherwise requires or implies, ACB (India) Limited, a public limited company incorporated under the Companies Act, and having its registered office at C-102, L.G.F., New Multan Nagar, Surya Enclave, New Delhi 110 056, India and all its Subsidiaries, its Associate and its Joint Venture.

Articles / Articles of Association

The articles of association of our Company, as amended.

ACCTPL Aryan Clean Coal Technologies Private Limited.

ACPGPL Aryan Chhattisgarh Power Generation Private Limited.

AEPL Aryan Energy Private Limited.

AIPPL Aryan Ispat and Power Private Limited.

AMPPGPL Aryan M.P. Power Generation Private Limited.

Associate or Global Coal Global Coal and Mining Private Limited.

Auditors The auditors of our Company, M/s. B S R & Company, Chartered Accountants.

Board/Board of Directors The board of directors of our Company as constituted from time to time including any committees thereof.

CFO Chief Financial Officer, Mr. Sanjay Hasija.

Consolidated Entities Our Subsidiaries, Associate, Joint Venture and the subsidiary of our Joint Venture, Pinnacle Overseas Assets Limited BVI, whose financial statements are consolidated with those of the Joint Venture in terms of AS 27.

Corporate Office 7th Floor, Corporate Tower, Ambience Mall, N.H.-8, Gurgaon, Haryana 122 001.

Director(s) Director(s) on the Board of our Company, as appointed from time to time.

Direct Subsidiary / Direct Subsidiaries

(i) Aryan Energy Private Limited; (ii) Aryan Clean Coal Technologies Private Limited; (iii) Kartikay Coal Washeries Private Limited; (iv) Spectrum Coal and Power Limited; (v) ACB (India) Power Limited and (vi) Connoisseur Resources Limited.

Equity Shares Equity Shares of our Company of face value of ` 10 each.

Executive Director An executive Director.

Financial Year/Fiscal/FY Period of twelve months ending on March 31 of that particular year, unless stated otherwise.

2

Term Description

Group Companies Companies, firms, ventures promoted by our Promoters, irrespective of whether such entities are covered under Section 370(1B) of the Companies Act, and set out in Our Promoters and Group Companies on page 238 of this Draft Red Herring Prospectus.

Independent Director A non-executive, independent Director as per Clause 49 of the Listing Agreement.

Indirect Subsidiary / Indirect Subsidiaries

The indirect subsidiaries of our Company, namely, (i) Aryan M.P. Power Generation Private Limited, (ii) Aryan Chhattisgarh Power Generation Private Limited; and (iii) TRN Energy Private Limited.

Individual Selling Shareholders

a) Mr. Ganesh Chandra Mrig; b) Mr. Kuldeep Singh Solanki; and c) Mr. Ashok Mrig.

Joint Venture Cellcap Securities Limited BVI.

KCWPL Kartikay Coal Washeries Private Limited.

Memorandum / Memorandum of Association

The memorandum of association of our Company.

Non-Executive Director A non-executive, non-independent Director.

Promoter / our Promoters Promoters of our Company i.e. Mr. Rudra Sen Sindhu, Mr. Ganesh Chandra Mrig, Mr. Vir Sen Sindhu and Mr. Kuldeep Singh Solanki.

Promoter Group Such persons and entities which constitute the promoter group of our Company pursuant to Regulation 2 (1)(zb) of the Securities Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.

Registered Office C-102, L.G.F., New Multan Nagar, Surya Enclave, New Delhi 110 056. India.

Pineridge Pineridge Investment Ltd, having its registered office at c/o Warburg Pincus Asia Ltd, 8th Floor, Newton Tower, Sir William Newton Street, Port Louis, Mauritius, and an affiliate of Warburg Pincus Private Equity IX, L.P.

Selling Shareholders Pineridge and the Individual Selling Shareholders.

Spectrum Coal Spectrum Coal and Power Limited.

Spectrum Power Spectrum Power Generation Limited.

Subsidiary / Subsidiaries Direct and Indirect Subsidiaries of our Company.

TRN Energy TRN Energy Private Limited. Issue Related Terms

Term Description

Allotment / Allot / Allotted Unless the context otherwise requires, the allotment of Equity Shares to successful Bidders pursuant to the Fresh Issue and the transfer of the Equity Shares purs