Corporate Power Ltd.

(CPL)
Rupee Term Loan to CPL , a company promoted by Abhijeet group for setting up Phase II of 540 MW (2 X 270 MW) coal based at Chandwa in Latehar District, Jharkhand, India.
DSC Meeting Objectives To recommend for proceeding with detailed due diligence for providing a term loan assistance Issues for Discussion Terms & conditions

BD Contact: Srinivas Karra

U/W Category Contract Cash Flow Credit Collateral Product Type Debt Equity Lease Other Customer Industry Power Commercial & Industrial Telecom Transport

Sourcing: BD effort Date of DSC : December 2010

Group Details
Abhijeet Group, promoted by Mr. Manoj Kumar Jayaswal, is a diversified group with presence in power, mining, steel, roads and ferro alloys. Mr. Manoj Jayaswal is supported by his 2 sons Mr. Abhishek Jayaswal and Mr. Abhijeet Jayaswal. The key operating companies of the Group are Abhijeet Projects Ltd. (APL) EPC for the power plants/steel plants

Corporate Ispat Alloys Limited (CIAL)- 58,350 tpa of Ferro alloy, 1 lakh tonne p.a. of processing iron from scrap and 25 MW power plant
Jas Toll Road Company Ltd. (JAS) - 32.5 Km, 4 lane BOT toll project, near Bengaluru, Karnataka Abhijeet Infrastructure Limited (AIL) - 1 lakh tonne p.a. of processing iron from scrap (slag from SAILs Bhilai plant ) Jayaswals Ashoka Infrastructure Pvt. Ltd. (JAIPL) - 14 Km, 4 lane Bridge on River Wainganga, Bhandara, Maharashtra Financial: 31-03-2010: Group Revenues: Rs.1,006 crore, EBITDA: Rs. 188 crore (19%), PAT : Rs. 62 crore (6%) , Networth: Rs.1,663crore, Debt Rs.473 crore (D:E 0.3:1). Rs. Crore Particulars APL CIAL JAS AIL JAIPL Total Revenue 572 332 40 41 21 1,006 EBITDA 28 93 34 14 19 188 EBITDA Margin 5% 28% 85% 34% 90% 19% 62 PAT 11 28 5 7 11 PAT Margin 2% 8% 12% 17% 52% 6% Debt 36 229 152 13 43 473 Networth 31 1,394* 85 122 31 1,663 Debt: Networth 1.2 0.2 1.8 0.1 1.4 0.3
* Valuation of the CIAL allotted mine was done thereby increasing the Networth by Rs.917 crore. The exclusion of this reserve would lead to a leverage of 0.6 for CIAL and for the group at 0.6:1.

Page 2

Group Details
IDFCs exposure to the group (as on October 31, 2010) is as follows:
Rs. Crore
Total Exposure as a % of Net Owned Funds 1.88% 0.39% 2.27% Und. Approval 150 150 Exposure Limit 20% 20% 35%

Name of the company Jas Toll Road Company Ltd Jayaswals Ashoka Infrastructure P Ltd Abhijeet Group * Rs.40 crore to be cancelled

Existing 190* 40 230

IDFC Project Equity has invested Rs.70 crore (36% stake) in Jas Toll Road Co. Ltd., SPV for operating and maintaining the 32.5 km stretch on NH-4 between Nelmangala and Tumkur in the state of Karnataka on BOT basis for 19 years concession by NHAI.

Page 3

Group Structure
Manoj Jayaswal & Family and Investment Cos EEMF

Abhijeet Ventures Limited

10%

100%

90%

APL (EPC Business)

AML

100%

Abhijeet Power Limited 51% 49% 51% AIL 24% 100% AFL 26% 74% 51% Kaizen JAS JIPL 92% 26% JAIPL AMNEPL 74% 74% CIAL 26% 51% A Hazaribagh TRL CPL

49%

Page 4

Group Overview
1080 MW Coal based power plant near Ranchi, Jharkhand - CPL Energy 271 MW Coal based power plant, near Nagpur, Maharashtra - AMNEPL 1320 MW Coal Based power plant near Banka, Bihar - JIPL 10 MW Bio mass project at Durgapur, West Bengal under CIAL

2681 MW

41 Km, 4 lane Barhi Hazaribagh, Jharkhand - A Hazaribagh TRL Highways 14 Km, 4 lane Bridge on River Wainganga, Bhandara, Maharashtra operational JAIPL 32.5 Km, 4 lane BOT toll project, near Bengaluru, Karnataka operational - JAS 350 Lane Km

0.4 mtpa, DRI plant at Saraikela, Ranchi, Jharkhand, with 40 MW Power plant under CIAL

Steel

0.4 mtpa, DRI plant at Saraikela, Ranchi, Jharkhand, with 60 MW Power plant under AIL 1.2 mtpa , beneficiation and pellet plant at Saraikela, Jharkhand - Jaggannath SL

1.2 MTPA B&P 0.8 MTPA DRI

Ferro Alloy

60,000 Tonnes/yr Ferro Alloy plant, Durgapur, West Bengal, with 25 MW power plant operational - CIAL 2,80,000 Tonnes/yr Ferro Alloy plant near Vizag., AP & 300 MW captive plant :AFL and Kaizen PL 176 Million Tonnes, Chitarpur Coal block, Jharkhand CIAL mine for CPL (Phase I) 220 Million Tonnes, Coal Block, Mahuagarhi, Jharkhand JIPL 1320 MW

3.4 Lk Tn/p.a

615 MnT

Mining

78 Million Tonnes Block Brinda, Sisai & Meral, Jharkhand, CIAL and AIL for captive power plant
126 Million Tonnes Coal block, Bander, Maharashtra 15 Million Tonnes, Iron Ore Mine, Fuser, Maharashtra

Page 5

Equity Requirement of Abhijeet Group

Name of SPV AMNEPL CPL (Phase I) Project 271 MW in Nagpur 540 MW in Jharkhand

Rs. Crs
Debt 1,106 2,175 Equity 204 725

Expected COD April/May 11

April 13

Project Cost
1,382 2,900

Equity Infused
204 374

Balan ce
351

Status of Debt tie-up FC achieved FC achieved SBI underwritten entire debt. Syndication in process Underwritten by Axis, PNB and UCO Bank Uco is lead, syndication under progress. FC achieved (IOB is Lead Bank) In principally Underwritten by SBI FC expected by Dec 10. IDBI is Lead Bank and Syndicator. FC achieved FC achieved FC achieved Entire debt underwritten by SBI, syndication under progress

CPL (Phase II) JIPL Kaizen PL CIAL A Hazaribagh TRL Jaggannath SL CIAL - Mine project CIAL Plant AFL AIL Total Steel

540 MW in Jharkhand 1320 MW in Bihar 300 MW in Vizag, AP 10 MW Bio Mass, Durgapur, WB 41 kms Barhi to Hazaribagh, Jharkhand 1.2 MTPA pillet plant in Jharkhand 174 mt in Jharkhand 0.4 MTPA DRI plant & 40 MW power plant at Saraikela, Jharkhand 2.8 lkh tonnes/pa ferro alloy plant at Vizag, AP 0.4 MTPA DRI Plant, 60 MW at Jharkhand

April 14 Mar 15 May 13 Mar 11 May13 May 13 April 12 April 12 April 12 May13

3,180 7,400 1,644 52 314 575 470 511 555 848 19,831

2,385 5,920 1,315 39 239 383 329 341 370 566 15,169

795 1,480 329 13 75 192 141 170 185 283 4,592

233 121 120 10 28 37 87 72 125 86 1,498

562 1,359 209 3 47 155 54 98 60 197 3,094

Page 6

Equity fulfillment for the projects

Consolidated Cashflows 2011 PAT 218 Add : Depreciation 42 Add : Others- Deferred Tax+ Securitisation 83 Less: Principal Payment 24 Net Excess Cash (A) 319 Investment Companies-AFL 9 PE for power vertical Ent. Emerging Market Fund 100 Inflows from Other Investments(B) 109 Total Inflows (A+B) 428 Equity Required 2011 Yearwise Equity Requirement (Bal.) Corporate Power Limited (Phase I) (540 MW) 210 Jas Infrastructure & Power Ltd JIPL (1320 MW) 3 CIAL - 10 MW Bio Mass 36 CIAL Mine 30 CIAL Steel Plant 9 Abhijeet Ferro Tech 30 AIL Kaizen Power Ltd (300MW) Abhijeet Hazaribagh Road Corporate Power Limited (Phase II) (540 MW) 52 JSL 369 Total Equity Requirement 2011 Flows after IPO Inflow after meeting equity requirment w/o CPL-II 59 Inflow with IPO Proceeds/ Private Equity 2012 470 79 95 454 51 135 186 640 2012 119 262 18 68 51 102 57 12 71 760 2012 (120) 2013 780 272 106 199 959 959 2013 232 56 65 152 35 286 32 858 2013 101 2014 1,185 387 135 494 1,212 1,212 2014 831 276 1107 2014 105 1,540 105 1,646 Total 351 1,359 3 54 98 60 197 209 47 562 155 3,094

Rs. Crs

1,500 1,559 1,439 59 (120) 101 1,559 1,439 1,540 th December 2010 and IPO is planned by Ist Qtr of 2011 ** DRHP to be filed by 20

Page 7

Project Details
Background of the Project Corporate Power Limited (CPL) is a SPV promoted by Abhijeet Group for setting up coal based power project in the state of Jharkhand. CIAL holds 51% and Abhijeet Power Ltd. holds 49% of the shares of CPL. CPL executed an MoU in Oct 07 with Government of Jharkhand (GoJ) for setting up 1,215 MW power plant at Chandwa, Latehar, Jharkhand. As per the MoU, GoJ will assist in obtaining land required for the project, permit drawl of required quantity of water, facilitate availability of necessary power network for construction purpose and evacuation purpose. CPL envisages setting up of a coal based 1,080 MW thermal power plant (two phases of 540 MW each).

Phase I Status:
Financial Closure achieved in December 5, 2009 with REC as Lead Bank and SBI Cap as Lead Syndicator; disbursements have commenced. Project cost Rs.2900 crore (Debt Rs.2175 crore, Equity Rs.725 crore i.e. 75:25 ratio). Total expenditure as on October 31, 2010 is Rs.1,142 crore financed by Rs.374 crore as equity and Rs.768 crore. All major statutory/non-statutory clearances received. 73% land is acquired and is in possession. 22% of project is completed as on October 31, 2010. The project is scheduled to be commissioned in FY 2012-13 (Unit 1 Sep 2012, Unit 2 March 2013). Consultants appointed are as follows : LE Lahmeyer , LIC Marsh India and LLC S G Law.
Page 8

Project Details Phase II

Capacity: 540 MW (2 x 270 MW) coal based power project. Location: Plant will be adjacent to Phase-I project site at Chandwa in Latehar District, Jharkhand, India. The project site is located on the NH 99. Ranchi Airport is 85 Km away from the Project site.

Land : Total Requirement is 319 acres (all private land). Break up of utilization is:
Use of Land Plant and Infrastructure area Ash Dump Requirement (in Acres) 104 102

Storage water requirement and other facilities Total

113 319

Out of the 104 acres of land, critical power plant requires 43 acres. Till date, 50 acres is being acquired and is in possession of CPL. A condition is stipulated that CPL would acquire atleast 50 acres of land and register the same in its name before first disbursement and prepared an acquisition plan for the balance land of 269 acres. The balance land is to be acquired within 12 months of first disbursement. In addition to above, ~50 acres will be required for the construction of railway sidings for transportation of coal. Water: Requirement is estimated at ~2,200 m3/hr. Central Water Commission vide its letter dated September 11, 2008, has provided approval for drawing 5,000 m3/hr of water from river Damodar upstream from Panchet reservoir. Page 9 This is sufficient for both the phases (1080 MW).

Project Details - Phase II

EPC Contract:
CPL has appointed Abhijeet Projects Ltd. (APL) as an EPC contractor (fixed price) which in turn has awarded the BTG contract to BHEL for 2 units of 270 MW for Phase-II. BoP is expected to be awarded in lines of Phase I contractors (Civil Works Simplex Infra. Ltd., Transmission Line Emco Ltd., Switchyard Areva etc.) BTG contract - Guaranteed Unit heat rate - 2254 KCal/kWh; Auxillary Consumption 9% Schedule of Implementation : 1st Unit of 270 MW January 2014 (39 months from NTP) 2nd Unit of 270 MW -April 2014 (42 months from NTP). NTP assumed at October 1, 2010. Due to delay of FC the NTP to extend further. Fuel:

Coal required is estimated at 1.92 MTPA (GCV: 4707 Kcal/Kg, Station Heat Rate: 2254 Kcal/Kwh , PLF : 85%)
The Ministry of Coal, Govt. of India, has awarded coal linkage for the Phase-II Project of CPL in the Standing Linkage Committee meeting held on January 29, 2010. Coal is likely to be supplied from Central Coalfields Limited mines.(from North Karanpura/ Ramgarh Coalfields situated at Ranchi/Ramgarh/Chatra Districts {70 Kms from the plant}). Road-Rail combination will be used for transportation of fuel. Coal cost assumed at Rs990/tonne for FY2010 and escalated at 4% thereafter, coal transport cost Rs.140/tonne escalated at 4% thereafter Environmental clearance from MoEF is received on 11th November 2010. {obtained TOR clearance in May 2010 for the Phase-II and has already obtained environmental clearance for Phase-I}.
Page 10

Clearances

Project Details Project II

Offtake: As per the MOU, GoJ has first right of refusal (ROFR) for 25% of the power generated from 1080 MW (combined Phase-I & II) at regulated tariff i.e. ROFR for 270 MW. CPL has taken the permission from GoJ to supply the power to GoJ from the Phase-II only. Accordingly, 270 MW of power from Phase-II project (i.e. 50% of the capacity) is to be sold to GoJ at CERC Tariff (25 years Levelized tariff as Rs. 3.08 p.u.) For the balance 50% of the power, 28% (150 MW) is proposed to be sold on Long Term PPA basis @ Levelized tariff of Rs. 2.463 p.u. (The tariff has been assumed in line with the tariff offered by Lanco Power Trading Ltd. in the Phase-I project). (Rs.3.50 per unit till Mar 2015, Rs.3 per unit till Mar 2021, Rs.2.60 per unit till Mar 2027, Rs.2 thereafter) 22% (120 MW) is proposed to be sold on long term/ medium term/short-term basis. The merchant tariff is assumed as below: From April 1, 2014 to March 31, 2018: Rs. 3.50 p.u. April 1, 2018 onwards: Rs. 3.00 p.u.
Rs./kwh Cost of generation Fixed charge Variable Charge RoE 1st year of operation 2.94 1.52 0.90 0.42 25 years levelized 3.08 1.52 1.14 0.42

Evacuation of Power: CPL has executed Bulk Power Transmission Agreement in Feb 2010 with PGCIL for the construction of Common Power Pooling Station along with Essar Power for providing the power evacuation facility. The pooling station is proposed in the radius of 15 20 Km of the plant. O&M : In house
Page 11

Project Cost & Means of Finance Phase II

Particulars Land & site development BTG BOP (including civil works) Power Evacuation Arrangement Coal Transportation Arrangement Water Arrangement Colony Taxes & Duties Total Hard Cost Pre-Operative Exps IDC Financing Charges Contingency Margin money for WC Total Soft Cost Total Project Cost Means of finance Equity (25%) Debt (75%) Total Rs. Crs. Rupee Cost 76 1,294 693 95 90 90 12 268 2,618 49 389 37 57 32 564 3,182 795 2,387 3,182 Project costs on a per MW basis is Rs.5.89 crore/MW. CPL intends to avail Mega Power benefits which would bring down the project cost to Rs. 5.39 crore / MW. Further if we reduce power evacuation, coal transportation and water arrangement cost, the project cost would be reduced to Rs.4.89 crore/ MW.

Power Evacuation cost comprise of the following: The common pool of PGCIL is 20 kms away from the site. An amount of Rs.55 crore is estimated for the line. In addition, to facilitate evacuation to GoJ (JSEB), CPL will have to construct 2 400 kV bays and 2 interconnecting transformers estimated at a cost of Rs. 40 crore. EQUITY: The equity is to be brought in by the Promoters/ Strategic Investor(s)/Securitization of groups operating Road and Power projects cash-flows.
DEBT: SBI has underwritten entire debt and would take and hold Rs.600 crore. The status of the syndication is as follows:

Till October 2010, CPL has spend Rs.568 crore of which SBI has disbursed Rs.337 crore and Rs.231 crore is brought in as equity Page 12

Syndication Status
S/No. 1 2 3 4 5 6 7 8 Bank/FI SBI - hold portion LIC of India Punjab National Bank Indian Bank Andhra Bank State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of Patiala Amount (Rs. Crs.) 600 150 200 50 100 100 75 75 200 500 100 2150 2387 Sanction Status Received final sanction. Received in-principal sanction. Final sanction expected by end of Dec10. In-principally sanctioned for Rs. 200 Crs. Final sanction in first week of Jan 11. Communication regarding in-principle sanction received. Catching next EC meeting in Jan 11. Targeted for final sanction in December EC meeting scheduled in end of Dec10. Sanctioned. Sanction letter awaited. Proposal is scheduled in January 11. Proposal is listed in the next HoCC meeting scheduled in end of December and subsequently will catch EC meeting scheduled in January 2011. To be placed at next MC Meeting to be held in January 2011. Sanction expected by end of January 2011 Proposal is expected to catch next EC meeting scheduled in January.

9 Allahabad Bank 10 REC 11 United Bank of India Total Total Debt Requirement

Besides, proposals have been recently submitted to Indian Overseas Bank, South Indian Bank and IIFCL.

Page 13

Transaction Structure
Terms and conditions Amount Interest Rate Reset Upfront Fees Tenor : TBD : 11.50% (to be linked to IDFC BM). Presently 3 year BM is 9.03% thus effective spread is 2.47% : Reset on COD of the project and every year thereafter. :0.20% : 14.75 years{3.5 years construction period, 0.5 years of moratorium period and 10.75 years structured repayment : 40 quarterly installments of 1.875% each (75%) Balance 25% by way of a bullet repayment a end of 10 years.} : (1) First charge on all the fixed (moveable and immovable) assets. Land for 50 acres before first disbursement and for balance land of 269 acres within 12 months of first disbursement. : (2) Assignment of Project Documents, Contracts, Approvals and Licenses and Insurance : (3) Trust & Retention Account : (4) Pledge of 51% of Shares of the Company to be brought down to 33% on repayment of 50% of the loan, 26% after repayment of 75% of the loan. Security to be pari-passu with the Working Capital (fund based as well as non fund based to the extent of Rs. 150 Crore) Lenders for Phase II, Term Lenders for the preceding Phase-I and Working Capital Lenders for the preceding Phase-I project on reciprocal basis

Security

Page 14

Transaction Structure
Pre-disbursement Conditions (1) Sponsors to provide revenue support in the event of the repayment capacity getting adversely affected on account of compulsion for CPL Phase-II to provide any power to JSEB at energy charges. (2) Cost overrun support upto 10% of the project cost (3) 20% upfront equity (4) Obtain NOC from the lenders (Term as well as W.C) of Phase-I for ceding paripassu charge to the lenders of PhaseII on reciprocal basis (5) Company to have an option for funding debt by way of ECA/ ECB/ FCL/ Domestic bonds to the extent of 30% of total debt required. (6) Cash sweep mechanism upto 50% of surplus in the event of the DSCR of the company exceeding 1.50

Disbursement mechanism

: During the first 12 months, the disbursements will be made in the ratio of 80:20. At the start of the 13th month the disbursements till 24th months, the disbursement will be made such that the overall debt equity ratio is brought down to 79:21. In the last year of construction, the overall debt equity ratio would be 75:25.

Page 15

Transaction Structure
Deal Rationale Past Experience with IDFC has been satisfactory Key Issues

1.Company would be dependent on IPO for meeting its equity requirements. Dependence on cashflows from projects getting commissioned in future, for meeting equity requirements for new projects may result in mismatch. 2.Jharkhand SEB risk 3.Projects under execution are of large capacity and execution delay can impact group cashflows.
Recommendation

1. Group has been discussing about IDFC participation in the past and are keen to make a presentation on Group plans. 2. IDFC may proceed on due diligence on loan assistance subsequently.

Page 16

Location Map

Project Site

Page 17

Jharkhand financials
Operational Details Total MW installed Total generation (MU) Total Power Purchase (MU) Aux. consumption (MU) Total Energy Input (MU) Total Energy Sold (MU) T&D Loss (%) Energy realised (MU) AT & C Loss (%) Financial Details Sale of power Total income Power purchase Generation cost Employee cost O&M Interest Depreciation Admin Total exps Profit without subsidy Subsidy booked PAT after subsidy Subsidy actually recd Profit on subsidy recd basis 2007 900 823 6255 457 6621 3832 42.1% 3018 54.4% 2007 1,215 1,754 1,354 101 211 47 494 93 23 2,323 (569) 210 (359) 210 (359) 2008 900 913 6666 492 7087 4273 39.7% 2965 58.2% 2008 1,391 1,729 1,614 209 241 58 503 308 31 2,964 (1,235) 209 (1,026) 77 (1,158) 2009 900 1340 7004 475 7869 4650 40.9% 3226 59.0% Rs. Crore 2009 1,486 1,813 1,915 162 260 54 548 147 47 3,133 (1,320) 1,080 (240) 80 (1,240)
As per PFC report Average cost of supply Average revenue (w/out subsidy) Gap (w/out subsidy) Gap (with subsidy) 2007 3.35 2.53 (0.82) (0.52) 2008 3.99 2.33 (1.66) (1.38) 2009 3.84 2.22 (1.62) (0.29)

Source : PFC report on performance of state utilities

Page 18

Project Cost comparison

Project SPVs Capacity Fuel Configuration Supplier BTG Technology Type Project Cost (Rs.Crore) Total Project Cost Debt-Equity Ratio Senior Debt Equity Interest Rate Rs.Cr./ MW Land & Site Development BTG, BoP, Civil Works, etc. Preliminary & Pre-operative Exp. Contingency Interest during construction Margin Money for Wkg. Capital Sub-total Taxes and Duties Transmission, Mine and Railway Total Project Cost Essar Power Hazira 270 MW Coal 2X135 Essar Constructions Sub-critical EPC 1,433 3.00:1 1,075 358 11.25% p.a. 0.07 4.17 0.19 0.21 0.62 0.04 5.31 0.00 0.00 5.31 IEL 240 MW Coal 2X120 BHEL, Alstom, TCE Sub-critical Package 1,155 2.33:1 809 347 Wardha 270 MW Coal 2X135 CPL 540 MW Coal 2X270 BHEL Sub-critical EPC 1,308 0 0 Sub-critical Package 3,182 3.00:1 2,387 796 11.50% p.a. 0.16 3.68 0.09 0.11 0.79 0.06 4.89 0.50 0.51 5.89

0.08 3.97 0.29 0.11 0.30 0.05 4.81 0.00 0.00 4.81

0.02 4.22 0.20 0.00 0.36 0.05 4.84 0.00 0.00 4.84

Page 19

Groups Power Plant Details

Project Name and Location AMNEPL Maharashtra Proposed capacity in MW 4 x 61.5 MW with 25 MW DG Set Fuel Source & Supply Off-taker Expected COD Status

Coal Linkage from Western Coal Fields

PPA with MADC for 33 years PPA for excess capacity available with Rel Infra Lts. for 55 MW at Lvl Tariff Rs. 4.8 for 4 yrs.

April 2011

FC achieved : Axis Bank as Lead Arranger.

CPL I Jharkhand

2 x 270 MW

Chitarpur Captive Coal Block - 1 Km from Project Site

PPA with Lanco Trading for 25 years Co has participated in competitive bidding expected to sign PPA over Rs. 4 per Kwh. 50% power to be sold to JSEB at CERC rate Balance on merchant basis or short term PPAs. 25% of the power to be sold to BSEB 45% to be sold through Case I Bidding Balance to be sold on merchant.

April 2013

FC achieved : REC as Lead Bank and SBI Cap as Lead Syndicator.

CPL II Jharkhand

2 x 270 MW

Coal Linkage from CCL -about 70 Km from site.

April 2014

SBI has underwritten the entire debt of the project on 6th October 2010, syndication in progress Underwritten ie Axis Bank - Rs. 4440 Crs, PNB- Rs. 1480 Crs and UCO Bank - Rs. 1480 Crs.

JIPL Bihar

2 x 660 MW

Mahuagiri Captive Coal Block allocated to the Group along with CESC

Mar 2015

Page 20

Financial Projection of the Group (Rs. Crore)

2010 Existing Projects - Revenues 572 Abhijeet Projects Limited 332 CIAL Ferro Alloy Plant CIAL 25 MW Power Plant 40 Jas Toll Road 41 AIL Steel Plant 21 Jayaswal Ashoka Toll Road Total Existing Projects 1,006 New Projects - Revenues AMNEPL CPL - Phase I AFL JSL Kaizen Power Ltd DRI- CIAL DRI- AIL AIL-Mine Total New Projects Existing Projects - EBITDA 28 Abhijeet projects Limited 93 CIAL Ferro Alloy Plant CIAL 25 MW Power Plant 34 Jas Toll Road 19 AIL Steel Plant 14 Jayaswal Ashoka Toll Road Total Existing Projects 188 New Projects - EBITDA AMNEPL CPL - Phase I AFL JSL Kaizen Power Ltd DRI- CIAL DRI- AIL AIL-Mine Total New Projects 2011 2,092 256 73 29 55 7 2,512 175 175 138 48 56 25 10 6 283 120 120 2012 3,843 329 73 33 55 7 4,341 525 317 842 302 76 57 30 10 5 480 357 52 409 2013 3,399 412 73 38 55 8 3,985 505 513 1,273 235 77 406 430 288 3,727 198 106 56 34 10 6 410 336 381 222 111 37 144 168 78 1,477 2014 3,119 425 73 42 55 8 3,723 489 1,236 1,432 403 620 472 516 308 5,477 222 105 56 39 10 6 438 317 905 251 194 294 159 221 93 2,433 2010 2011 2012 2013 2014

Existing Projects - PAT Abhijeet projects Limited CIAL Ferro Alloy Plant CIAL 25 MW Power Plant Jas Toll Road AIL Steel Plant Jayaswal Ashoka Toll Road Total Existing Projects New Projects - PAT AMNEPL CPL - Phase I AFL JSL Kaizen Power Ltd DRI- CIAL DRI- AIL AIL-Mine Total New Projects PAT

11 28 5 7 11 62

77 31 41 2 5 4 160 58 -

174 50 43 4 5 3 279 168 23 191 470

104 70 45 7 5 4 234 158 167 113 11 1 56 41 1 546 780

133 70 46 11 5 4 269 149 358 133 61 58 60 79 19 916 1,185

62

58 218

Page 21

Status of the Coal Block CPL Phase I

Approvals/Consent Project Site Clearance Coal Mine Land Acquisition Approval of Mining plan Air & Water Pollution Clearance for mining Environmental Clearances Grant of Mining Lease Statutory/Non-Statutory Body/Agency MoEF CCL/State Government MoC JSPCB MoEF Govt. of India Prior Approval of Central Government for grant of mining Lease has been accorded to the state government. Obtained for 2 MTPA, Process Initiated for further enhancement up to 3.45 MTPA Current Status Obtained for 2 MTPA for mining lease area. Process initiated for further enhancement up to 3.45 MTPA. Land has already been acquired by CCL and the Conveyance deed has been executed in the favor of CIAL.

Total Project Cost of the mine is Rs.470 crore and financial closure of the same has been achieved

Page 22

Coal Block Land Details

Total Land Req. for 3.45 MTPA Mining Land already Particulars project acquired Land within ML Area for Mining & OB Dumping Forest 457.12 365.56 Non-Forest 822.68 Subtotal Land outside ML Area for OB Dumping Forest Land Non-Forest 353.73 Subtotal 353.73 Land outside ML Area for Infrastructure Forest Land Non-Forest CHP 44.00 Coal Washery 16.57 Other Infra. 20.00 Colony 35.00 Subtotal 115.57 1291.98 Total 457.12 Compensatory Afforestation 1749.10 Total 142.00 142.00 52.85 52.85 Dec 2010 68.94 68.94 113.9 113.9 -

No. 1

Acquisition plan Dec 2011 457.12 32.43 489.55 99.03 99.03 588.58 588.58 Mar 2012 122.19 122.19 87.94 87.94 210.13 210.13

47.52 35.00 82.52 277.37 457.12 734.49

33.05 33.05 215.9 215.9

4 5

Page 23