A utograph

Issue no 2 August - September 2010

Your Bi-monthly Emerging Markets Investments Newsletter

Affordable Housing
India’s Newest Investment Destination

Renewable Energy - Indian Government’s Renewed Interest

India Listed Equities Market - Opportunity Beckons

Brought
to you by
Finance & Investment House
Signature meets with leading publications …..
In a step to establish a strong brand image through public
relations Signature Group hosted a press briefing last month
at Dubai Capital Club in DIFC addressing invited editors and
journalists from the region’s leading publications about the
Group’s future plans in the emerging markets, available
investment opportunities for GCC investors and pipeline
investment projects in India’s infrastructure sector.
Present at the briefing was Mr. Pankaj Agrawal, founder and
Chairman of Signature Group, who opened the panel briefing
media about Signature’s assets under management in India,
which includes India’s first integrated Logistics Park and
entertainment-focused city in Mumbai and an integrated
township development project outside Delhi –India’s capital.
Mr. Agrawal also provided a detailed overview about
Signature’s initiative in budget housing sector in India a topic
that was of great interest to the media for its significant social
impact.
Autograph August - September 2010
The briefing continued with Mr. Umesh Chandra, Chief
Executive Officer of Signature Group, discussing GCC
investors increased interest in emerging markets investment
opportunities, especially India’s infrastructure sector.
Mr. Chandra announced the Group’s initiative in renewable
energy sector which has gathered considerable momentum
with support and promotion from the Indian government.
Across the globe green and clean energy has become a
“mantra” and this chant will continue at least for the next
decade if not more, he added.
Mr. Suresh Nanda, CEO & Managing Director – Signature
Corporate Advisors Limited, spoke next briefing the media
about Signature’s initiative in the listed equities market and
instrumental role that the Group is playing in bringing
together companies in GCC, India and Africa for strategic
partnerships.
 Affordable Housing
India’s Newest Investment Destination

Soaring property prices in Mumbai are believed to be putting the

purchase of a house beyond the reach of many people, especially
middle-class families as all that they can afford are one bedroom flats,
which are not suitable for their needs.
Mr. Jaipal Reddy, India’s Minister of Urban Development

“Affordability” as a concept is very generic and may have
different meanings for different people based on different
income levels. After the global financial meltdown
“affordability” has become need of the hour in the real
estate market. Downturn and liquidity crunch forced
developers to adopt a two pronged strategy – smaller
units at lesser prices. This shifted developers focus on
“Affordable Housing” segment, which has now become
the buzz word in the global real estate market.
India was no exception in the ongoing financial crisis; the
Indian real estate market witnessed a contraction in both
volume and value. Like everywhere else in the world, the
real money in India’s residential property development
over the last two decades has been biased towards the
high end market. However, with the recent changing
market situation the high end segment has lost its shine
for the Affordable Housing segment heralding a new
investment destination.
Today, India’s Affordable Housing progress has captured
the world’s attention and its property market has indeed
emerged as one of the most appealing investment
destinations for both domestic and foreign investors. In a
recent study by PricewaterhouseCoopers (PwC) and
Urban Land Institute, a global non-profit education and
research institute, India has established itself as a leader
of the pack in the real estate investment markets in Asia
for 2010, and affordable housing segment was viewed as
the most promising sector.
The Indian government initiative to create friendly
environment for foreign investors is playing an influencing
role in easing investments in what could be India’s
primary growth sector. The government has introduced
many progressive measures to unlock the sector potential
and meet increasing demand levels.

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Government Initiatives • Lowering of stamp duty in certain micro markets.

The government has taken the following initiative
towards Affordable Housing:
• 100% FDI allowed in projects through the automatic
route. In case of integrated townships, the minimum
area to be developed has been brought down to 25
acres from 100 acres.
• Minimum capital investment for wholly owned
subsidiaries and joint ventures stands at US$10 million
and US$5 million, respectively.
• Public sector banks are now offering home loans up to
INR 5 lakh (US$10,750) at a rate of 8.5% and up to INR
20 lakh (US$430,000) at 9.25%.
• Interest rate subsidy of 1% on loans up to INR 10 lakh
(US$ 21,500) for purchase of houses priced at less
than INR 2 Core (US$ 430,000).
• Higher FSI for affordable housing project.
• Tax benefit under 80 IB: Housing projects approved
during FY 2007-08 are eligible for tax free profits if
completed by March 31, 2012.
• Public Private Partnership (PPP) measures: EWS
rental schemes and modification in JNNURM to
encourage affordable housing schemes under PPP.
• Policies: Launch of Rajiv Awas Yojana for promoting
slum free India.
Also, real estate has been given the status of
infrastructure through the automatic route. Besides the
above, the government is considering a proposal for
doubling the income tax rebate on home loan interest
to INR 3 lakh (US$6,450) from INR 1.5 lakh (US$
3,225) and rising of income tax exemption on rentals
from 30% to 50%.

Private Sector Projects across India

Mumbai: Ambivilli Ahmedabad: Vatva

Neptune Group Taral Bakeri
100 acres Phase 1: 800 units
Phase 1: 1800 units Construction start –June 2009
Sector 1: 600 flats sold out in 3 day Price: INR 3.3 Lakh-5.6 Lakh
1BHK and 2 BHK INR 4.73 and (US$ 7100- US$ 12,050)
INR 8.40 lakh
(US$ 10,175- US$ 18,000)
Ahmedabad: Kalol
Sintex Industries
Phase 1: 300 units
Price: INR 3Lakh-INR 5 lakh
(US$ 6450-US$10750)
Maharashtra: Boisar
Tata Housing
67 acres, Phase 1: 1200 units for LIH
Maharashtra: Karjat
Sector 1: 600 flats sold out in 3 day
TMC- Matheran Realty
1BHK and 2 BHK INR 3.9 Lakh and
15,000 units by June 2011; 3000
6.7 lakh (US$ 8,400- US$14,400)
units in Phase 1- June 2009, 6000
flats @ INR 3 lakh (US$ 6450)

Bangalore- Atibele
Janadhar Bangalore
11 acres: 1500 units Value Budget Housing
1BHK and 2 BHK; INR 4 lakh and INR 3 Lakh-9 Lakh (US$ 6450-
6 lakh (US$ 8600- US$ 12,900) US$ 19,350) Township on
minimum 10 acre plots

Source: Monitor Group research, 2010

There has been an emergence of a whole new set of
small niche players who have started tapping the
demand for low cost housing and launched projects in
the range of INR 3 lakh – 7 lakh (US$ 6452 – US$
15,054) some of these projects making news are led by
TATA’s Nano Homes, Unique Builders and Manglam
Group.
India’s housing market has been forecast to grow to
US$ 90 billion by 2015 as compared to US$ 12 billion in
2005. Affordable Housing is expected to account for
80% of the total housing demand over the next 4-5
years estimated at 21 million households, an INR
1,300,000 core (US$260 billion). This is indication
enough that residential property segment will primarily
drive the realty sector.

Autograph August - September 2010

Road Ahead
The Affordable Housing market is expected to remain the primary growth driver for the Indian Residential Sector.
With easing liquidity in the secondary market and government initiatives, banks are willing to fund the projects
easily for the low cost housing segment. Also construction finance is being readily made available to the developers
in the affordable housing segment. These conditions present favorable and attractive opportunities for the
investors.

Signature Group Available Investment Opportunity

An opportunity to invest in the “Affordable Housing” segment in India catering to households with monthly incomes
of INR 7,000 to 24,000 (US$ 140 to US$ 480). Signature’s strategic partner, Value Budget Housing Development
Corporation (VBHC) plans to build an estimated one million homes in urban India in the price range of INR 5 to 10
Lakhs (approximately US$10,000 to US$20,000) in the next 10 years.

Investment Terms Target Internal Rate of Return: Estimated 25% over

investment tenure.
Offer Size: US$30million
Exit Strategy: Market disposal of development /
Investment Tenure: 3 years project components

For further information about this investment project, please contact Signature Group - Investor Relations
Department at investorrelations@signatureamc.net

Autograph August - September 2010

Renewable Energy
Indian Government’s Renewed Interest

India’s renewable energy generation is considered the

most developed in South Asia. It currently ranks 4th
after Germany, China and US in a global all Energy
Renewable Index issued by Ernest & Young.

India has a large potential of energy generation by the

utilization of renewable energy, such as Solar,
Biomass, Wind and Hydro. All these forms of energy
are bound to see substantial growth in the coming
years driven by the Indian government support and
investment of major industry players.

As part of the National Action Plan on Climate Change,

the Indian government has set a target of increasing
contribution of renewable energy sources to power
generation to ten percent by 2015. Although the
installed renewable energy capacity is more than the
ten percent - at 16.8 GW - of the total generation
capacity of 161.4 GW, the contribution of renewable
energy to total power generation is only four percent.
The National Action Plan on Climate change also calls
for a target for renewable energy purchase at 5% of
total grid purchase and this target to be increased by
1% each year for the next 10 years.
The Indian government is playing an instrumental role
in ensuring that a conducive policy framework is in
place for all stakeholders concerned in promoting
renewable energy power generation.

Overview on India’s Subsectors of Renewable Energy

Solar Energy
Solar Energy is one of the fastest growing sectors of the
renewable energy in India. There are about 300 clear
sunny days in a year in most parts of India
approximately equal to 5,000 trillion kWh/year. This
equates to 4-7 kWh/sq.m/year, which is far more than
India’s total energy consumption of about 848 billion
kWh for FY10, as per the Central Electricity Authority.

The country’s geographical location, large population

and government support are all contributing to India
becoming one of the most rapidly emerging solar
energy markets in the world.

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 India ranks 7th worldwide in solar photovoltaic (PV)
Production.

Indian Government has taken several steps, both on

the supply side and the demand side, to offer key
incentives to aid the development of Solar PV industry.
Recently, the government is close to approving 15 to 20
solar energy projects under the Jawaharlal Nehru
National Solar Mission (JNNSM) that will entail an
investment of about US$ 4 billion in India. This is a
pointer towards the booming solar market in India.

The government is planning to produce nearly 20 million MW of power from solar energy. The first phase of work
will see projects being completed for producing 100MW of solar power by 2013.

Dr. A.K. Singhal, Director (solar power), Ministry of New and Renewable Energy

Wind Energy
India has long played an important role in the world’s
wind energy market. India’s wind energy business was
established in 1990s and is the only sizeable market in
Asia.

In 2008, India was the country that brought online the

third largest amount of wind energy, after the US and
China. India now ranks 5th in terms of total wind power
installed capacity with 11,807 MW of wind power
installed by the end of March 2010 concentrated in a
handful of states like Tamil Nadu, Andra Pradesh,
Gujarat, Maharashtra, Karnataka and Rajasthan.
During 2009-10, the wind energy capacity grew up 15.3
percent with an addition of 1565 MW. This positive
development has mainly been driven by progressive
government legislations and large investments being
made in the country by the government as well as
private players.

The government has monitored around 700 locations for a period of 1-3 years and had identified 233 as wind
potentials sites for future projects.

Mr. Farooq Abdullah, India’s Minister of New and Renewable Energy

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Biomass Energy
Globally, India ranks 4th in generating power from
Biomass and is poised to becoming a world leader in
Biomass energy.

For India, biomass has always been important energy

source. Although the energy scenario in India today
indicates a growing dependence on conventional forms
of energy, about 32% of the total primary energy use in
the county is still derived from biomass and more than
70% of the country’s population depends upon it for
their energy needs.

The promotion of biomass based power generation in

the country is being encouraged through favorable
policies at the Central and the State levels. Incentives
including sales tax and excise duty exemption, reduced
customs duty, accelerated depreciation and others.
India has biomass availability of 150MT per annum which translates to a potential of about 16,000MW. But
currently, India has about 600MW commissioned and about 600MW under construction. To realize this huge
potential an investment of about US$ 20 billion is required. The facts reinforce the idea of a commitment by the
Indian government to develop biomass based power production.

While alternative energy could never fully replace conventional sources like coal, wood and petroleum, the
biomass projects across India shows that clean and reliable energy is possible. And it is the only way ahead.

K. Jairaj,Principal Secretary of Karnataka State Government Energy Department

Small Hydro Energy

India is endowed with rich hydropower potential; it
ranks fifth in the world in terms of usable potential.
However, less than 25% has been developed or taken
up for development. Thus hydropower is one of the
potential sources for meeting the growing energy needs
of the country.

An estimated potential of about 15,000 MW of small

hydropower projects exists in India distributed over
4,233 potential sites for pumped storage schemes with
an aggregate installed capacity of 94,000MW have
been identified. However, only 19.9% of the potential
has been harnessed so far.

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Small hydropower projects (SHPs) are generally The Ministry of Non-conventional Energy Resources
developed in the potential regions by the SEBs/state (MNES), which is overseeing the development of
renewable energy development agencies. Most of small hydropower, has set a target of tapping around
these SHP projects are grid-connected. However, there 2,000 MW till 2012. Various physical and financial
are some projects that are decentralized and are incentives are being extended to develop this sector.
managed by local communities. The Micro and Pico The focus of the SHP program at MNES is now
hydropower projects come under the social sector toward commercialization through private sector
which is set up under rural electrification programs and participation.
are mostly stand-alone/min grid systems feeding power
to the under-privileged population living in remote
areas.
India is yet to tap 80% of its estimated Small Hydropower potential of 15,000 MW, which can be a major source
of environment-friendly and cost-effective electricity generation. Tapping Small Hydro Power is important now as
global warming is posing a threat to the environment, throwing up vital issues

Dr. Damodaran, Vice-chairman of Kerala State Energy Management Centre

Government Initiatives
The government now offers project developers tax
breaks and option to form power purchase agreements
with power exchanges to provide financial flexibility. All
state electricity boards will have to get 10 percent of
their power supply from renewable energy sources by
the end of 2010 and then increase the share of power
produced by clean energy sources by one percent
every year till 2020. Most of this power is likely to come
from wind and solar energy plants.
The government has also set an attractive power tariff
of Rs. 17.91 per kwh for power generated from solar PV
plants. This tariff is about three to five times of the tariff
for power generated from conventional sources like
coal and gas.
Signature Group Available Investment Opportunity
An opportunity to invest in the development of 6
biomass-based power plants, of 12MW capacity each,
totalling 72MW located in states of Punjab and Bihar, India.
Promoted by: Bermaco Energy Systems Limited, one of the
leading players in the energy business in India
Development by: Bermaco in joint venture with high profile
strategic partners
• Gammon Infrastructure Projects Limited for Punjab Project
• PTC India Financial Services Limited and Beltron
Telecommunication Limited for Bihar projects.
Independent Service Providers on the projects include:

To assure returns to investors the government has also
set up a security fund which would pay the project
developers in case the state utilities default on their
payments. The government is also looking to launch
feed-in tariff schemes which would allow homeowners
to install solar PV systems and sell surplus power to the
utilities at premium.
These incentives in the wind and solar energy sector in
addition to policy push in various other sectors such as
small hydro and biomass will help India reach closer to
its target. These policy initiatives will most definitely
attract private as well as international financial funding
targeted at promoting clean energy. India is taking the
right steps to kick start a renewable energy revolution
which, if it is able to sustain would bring it successes
not only to environment and energy but also to the
economy as a whole.
• Dalkia India Limited – Turnkey Contractor and Plant
Operator for all Bihar Projects
• Fichtner Consulting Engineers (India) Pvt. Ltd. – Technical
validation for Punjab Project
• Det Norske Veritas (DNV) for CER validations for both
Punjab and Bihar projects
Offer Size: US$ 18,000,000 (US$18M)
Investment Tenure: 3 years
Investment Objective: Acquire significant minority equity
stake in Bermaco Energy Limited the project holding
company developing the project.
Asset Manager: Signature Asset Management Company Ltd.
For further information about this investment project, please
contact Signature Group - Investor Relations Department at
investorrelations@signatureamc.net

Autograph August - September 2010

India Listed Equities Market
Opportunity Beckons
Mark Twain once divided the world into two kinds of
people - those who have seen the famous Indian
monument the Taj Mahal, and those who haven't. The
same could be said about investors. There are two
kinds of investors - those who know about the
investment opportunities in India and those who don't.
India may look like a small dot to someone in the
Middle East or Europe, but upon closer inspection, you
will find the same things you would expect from any
promising market. Here we provide an overview of the
Indian stock market and how interested investors can
gain exposure.
The Indian Equity Market more popularly known as the
Indian Stock Market has become third biggest after
China and Hong Kong in the Asian region. According to
the latest report by the Asian Development Bank, it has
a market capitalization of nearly $600 billion. As of
March 2009, the market capitalization was around
$598.3 billion (Rs 30.13 lakh crore) which is one-tenth
of the combined valuation of the Asia region.
Most of the trading in the Indian stock market takes
place on its two stock exchanges - the Bombay Stock
Exchange (BSE) and the National Stock Exchange
(NSE). The BSE has been in existence since 1875.
The NSE, on the other hand, was founded in 1992 and
started trading in 1994. However, both exchanges
follow the same trading mechanism, trading hours,
settlement process etc. At the last count, BSE had
about 4,700 listed firms, whereas rival NSE had about
1,200.
Trading at both the exchanges takes place through an
open electronic limit order book in which order
Autograph August - September 2010
matching is done by the trading computer. There are
no market makers or specialists and the entire
process is order-driven, which means that market
orders placed by investors are automatically matched
with the best limit orders. As a result, buyers and
sellers remain anonymous. The advantage of an order
driven market is that it brings more transparency by
displaying all buy and sell orders in the trading
system.
India started permitting outside investments only in
the 1990s. Foreign investments are classified into two
categories: foreign direct investment (FDI) and foreign
portfolio investment (FPI). Both registrations are
granted by the market regulator Securities and
Exchange Board of India (SEBI). Foreign institutional
investors mainly consist of mutual funds, pension
funds, endowments, sovereign wealth funds,
insurance companies, banks, asset management
companies etc. At present, India does not allow
foreign individuals to invest directly into its stock
market. However, high-net-worth individuals (those
with a net worth of at least $US50 million) can be
registered as sub-accounts of an FII.
Emerging markets like India are fast becoming
engines for future growth. Currently, only a very low
percentage of the household savings of Indians are
invested in the domestic stock market, but with GDP
growing at 7-8% annually and a stable financial
market, we might see more money joining the race.
May be now is the right time for outside investors also
to seriously think about joining the India success
bandwagon.
Alchemy - Signature Opportunity
in India Listed Equities and FCCB
Signature is partnering with Alchemy in having a FCCB fund and is also assisting in promoting two of Alchemy’s
top notch investment offerings:
Alchemy Capital Management founded by
Lashit Sanghvi, Ashwin Kedia, Rakesh Jhunjhunwala
and Hiren Ved. Alchemy’s Management Team has
over 100 years of Indian equity market experience.
Alchemy places a strong emphasis on compliance
and risk management and has a disciplined
investment process. The firm manages US$300
million and has a track record of 8 years. Alchemy
advises high and ultra high net worth families and
institutions including Sovereign Wealth Funds.
Co-founder, Hiren Ved, as Chief Investment
Officer, brings investment philosophy consistency.
{See independent coverage on his take on Indian
Listed Equities}.
One, Alchemy Signature India Convertible
Bonds Fund – seeking to generate absolute long
term appreciation with low volatility and relative
downside protection. The fund seeks to maximise
returns by capturing a combination of yield and equity
upside embedded in the convertible bond. The fund
will also try to capture any mis-pricings in the market.
Key features include:
• Subscription : Monthly
• Subscription charge: Upto 2 %
• Minimum investment: US $ 1 million; additional
US $ 0.25 million
• Management fee: 2 %; Performance fee: 20 %
• Redemption: 1st year hard lock; quarterly
withdrawal of 25 % with notice period of 45 days
For further information about this investment project, please contact Signature Group - Investor Relations
Department at investorrelations@signatureamc.net
Autograph August - September 2010
Two, Alchemy India Long Term Fund – seeking
to generate long term capital appreciation by
investing in listed Indian equities, PIPES on listed
Indian equities, Pre-IPO and IPO opportunities. The
Fund will be market cap agnostic. The portfolio will
consist of approx. 25-30 stocks with unlisted/pre-IPO
investments not exceeding 10% of portfolio. Key
features include:
• Subscription: Monthly
• Subscription charge: up to 1%
• Minimum Investment: US$ 1 million; additional US$
1 million (discretionary)
• Management fee: 1.5 %; Performance fee: 15 %
• Redemption: 1st year hard lock; exit fee thereafter.
Notice period of 45 days.
Three, Alchemy India Fund – seeking long term
appreciation on investor’s capital with lower volatility
compared to BSE 200 Index. The Fund will be market
cap agnostic but restricted to 190 stocks with single
stock futures for better liquidity. Derivatives exposure
may include futures and options based on index. Key
features include:
• Subscription: Monthly
• Minimum Investment: US$ 1 million; additional
US$0.25 million (discretionary)
• Management fee: 2%; Performance fee: 20%
• Redemption: end of every calendar month;
Investors to provide one months notice.
Director and Chief Investment Officer of Alchemy Capital Management,
talking about India’s Equity Market
Overview
The Indian Equity markets have shown great resilience of
late, despite the turmoil that we have witnessed in global
markets with fear of European Sovereign crisis as well as
growth fears emanating out of US and China. Though we
are at a new high for the year, seen from a slightly longer
time frame we are just up 3% YTD in US$ terms and still
down 14% from the peak levels that we witnessed in Jan
2008.
Macro positives (reforms)
As we continue to consolidate in the current year there have
been a number of macro positives (reforms) in offing which
we view as big positives for India’s long term growth
potential.
The first: was the conclusion of the 3G and Broadband
spectrum auction that commenced in April. Against a
budgeted US$8bn, the government will now garner
US$24bn, 3x the original estimate. India’s estimated fiscal
deficit for current FY2011 of -5.5% of GDP (or -US$80bn)
now has a DOWNSIDE risk – for the first time since 2007,
unlike most Western countries which are seeing rising
deficits. This is indeed a positive and welcome trend.
The second: was on fuel subsidy reforms. The government
surprised the markets with a bold move to deregulate
petrol/gasoline. At the same time they increased: Prices of
petrol was increased by Rs.3.5 per litre or i.e. by ~7%.
Diesel by Rs.2 per litre i.e. by ~5%, LPG by Rs.35 per
cylinder or by ~11% and Kerosene by Rs.3 per litre or ~35%
These price hikes have saved the government an annual
Rs.240bn ($5bn).
Major Initiatives
On the anvil is simplification of Direct Tax Code,
harmonisation of indirect taxes at a federal level through a
Goods & Service Tax regime and FDI in multi-brand retail
and cash & carry (wholesale) which could potentially bring
global best practices, scale, capabilities and capital which
should drive productivity and growth in retail trade in India.
On Growth
India’s GDP is expected to grow at 8%+ over next two
years. Historically India’s GDP growth has been quite
balanced and not boom-bust oriented. Indian economy is
more consumption oriented not export-driven as most of its
Asian counterparts are nor is it driven by excessive credit
(Credit/GDP is around 65%).
Autograph August - September 2010
Mr. Hiren Ved
Director and Chief Investment Officer
Alchemy Capital Management Pvt. Ltd
On Earnings & Valuation
Despite the financial crisis in CY09, earnings for Sensex
companies were largely unchanged from Rs820/share in
Y/E Mar-09 to Rs825/share in Y/E Mar-10. Thus large part
of the fall was P/E compression rather than earnings
de-growth led. Sensex Earnings are expected to grow by
24% to Rs1024/share in Y/E Mar-11 and 20% to
Rs1234/share in Y/E Mar-12.
Thus India’s market’s are trading at 18X Mar-11 and 15X
Mar-12 earnings. These valuation measure maybe relatively
higher to their peers in Asia and other Emerging markets but
given India’s growth potential, lower cyclicality of earnings
and superior corporate performance – measured on Return
on Equity, these higher multiples are sustainable in our
view.
Concerns
Given the capital scarce nature of Indian economy, India
does remain vulnerable to bouts of global risk aversion. On
the domestic side, Inflation at 10% is the biggest worry,
however likely easing of food prices post good monsoons,
high base effect and tightening bias of Reserve Bank of
India should help ease overall inflation by Y/E Mar-11 to
around 5-6%.
Conclusion
We think that Indian markets in a consolidation phase but
with a clear upward bias. This consolidation phase will form
the base for an eventual new high by end of CY2010 or early
2011. So while the broad markets have the potential to
deliver 15% returns, stock selection has the potential to
deliver higher returns for a long term investor and India
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