Roads and highways

Shift from bituminous roads to cement roads to be prudent

Highlights Contents

Between 2009-10 and 2013-14, the cost Sections

differential between bituminous and Executive summary 1
cement pavement is expected to Cost analysis: Bituminous pavement vs cement pavement 2
contract from 18 per cent to 9 per cent. Review and outlook: NHDP Implementation 10
Annexure 12
The difference in equity IRRs of a
bituminous road and cement road will Charts
be minimal despite the cost of Flexible or bituminous pavement 2
structures in the overall project cost Rigid or cement pavement 3
being higher going forward.
Figures
Trend in cement and bitumen prices 6
Under NHDP, between April 2009 and
Movement of pavement cost (cost per km) 6
January 2010, a total of 22 projects,
Cost difference between bitumen and cement 6
aggregating 2,002 km, were awarded.
Trend in cement and bitumen prices 7
In line with our previous estimates, a
Movement of pavement cost (cost per km) 7
total of 3,400 km are expected to be
Cost difference between bitumen and cement pavement 7
awarded by the end of 2009-10.
Change in structure cost and its impact on the IRRs differential 8
Year-wise estimated investment - NHDP 10
Year-wise break up of total length - NHDP 10

Tables
Cost break up of bituminous layers 3
Cost break up across layers 3
Cost components of DLC 4
Cost components of PQC 4
Cost break up across layers 5
Cost break up in flexible pavement 5
Cost break up in rigid pavement 5
Cement roads vs bituminous roads 8
Assumptions for typical stretch 8
CRISIL Research's estimates on completion 10
NHDP: Status as on December 31, 2009 11
NHDP projects awarded in 2009-10 (As on January 2010) 13

This document has been prepared by Anshal Chavan, Rahul Prithiani and Sudhir K Nair

January 2010 (Head of Research). For any queries, please get in touch with our client servicing desk.
(clientservicing@crisil.com; Phone: 022-33423561)
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Executive summary
Cost differential between bituminous and cement pavement expected to reduce
The prices of bitumen and cement are the main cost differential parameters between bituminous and cement
pavement. Due to the lower appreciation in cement prices vis--vis bitumen prices, the cost of a bituminous
pavement increased at a CAGR of 13 per cent, from Rs 24.9 million in 2006-07 to Rs 31.6 million in 2008-09,
whereas the cost of a cement pavement during the same period registered a CAGR of 9 per cent, from Rs 30.2
million to Rs 35.9 million. Consequently, from 2006-07 to 2008-09, the gap between the cost of a bituminous
pavement and cement pavement decreased from 21 per cent to 14 per cent.

Over the next 5 years (2009-10 to 2013-14), this cost differential is expected to contract further from 18 per cent
to 9 per cent due to the decline in cement prices and appreciation in bitumen prices. As a result, the cost of a
bituminous pavement during this period will rise at a CAGR of 7 per cent, from Rs 32.4 million to Rs 41.8
million, while that of a cement pavement will increase at a CAGR of 5 per cent, from Rs 38.3 million to Rs 45.8
million.

Shift from bituminous roads to cement roads to be more prudent

On account of increased traffic congestion and higher focus on safety, new stretches are likely to have more
structures such as bridges, bypasses, underpasses and culverts. As a result, structures are likely to account for a
higher proportion in the overall project cost mix. In most cases, the cost of structures is higher than that of
pavement. This makes cement roads more prudent, owing to the minimal difference in the equity IRRs (internal
rate of returns) of a bitumen road vis--vis a cement road even as the cost of the structures increases. Also, as
bitumen prices are expected to outpace cement prices, and the resultant contraction in the cost differential between
bitumen pavements and cement pavements, a shift to cement roads would be beneficial given its inherent
advantage of low maintenance cost and longer life.

Delay in awarding projects under phases III and V

In 2009-10 (up to January 2010), a total of 22 projects, aggregating 2,002 km, were awarded under the National
Highways Development Project (NHDP). However, Work Plan-I under NHDP had targeted the awarding of
12,000 km during the year, having an outlay of Rs 982 billion. This target has now been shifted to June 2010.

The delay in awarding projects is due to the frequent changes in the Model Concession Agreement (MCA) and
bidding policy, and the time taken in the implementation of these policies. Hence, in line with our previous
estimates, CRISIL Research expects a total of 3,400 km under NHDP to be awarded by the end of 2009-10, with
the remaining 1,400 km likely to be awarded in the last quarter of 2009-10. This estimate is based on projects for
which L1 bidders have been announced. Also, the resolution of policy issues would expedite awarding in the
second half of 2009-10.

CRISIL RESEARCH ROADS AND HIGHWAYS UPDATE: JANUARY 2010, 12 PAGES 1

Cost analysis: Bituminous pavement vs cement pavement
As per our understanding and analysis, we have computed the cost of bituminous pavement and cement pavement.
The historical and future cost differential between two pavements has been computed based on the past and future
trends in bitumen prices and cement prices, factoring the cost escalation for other cost components. CRISIL
Research has also analysed the difference in the equity IRRs of cement and bitumen roads on the back of the
increase in the cost of structures.

Chart 1: Flexible or bituminous pavement

Roadw ay
Width Bituminous Concrete (BC)

Carriagew ay Dense Bituminous Macadam (DBM)

We Mix Macadam (WMM)

Sub-Base

Subgrade

Earth w ork

Source: Indian Road Congress (IRC), CRISIL Research

The bituminous or flexible pavement is made up of five layers:

1. Earthwork
2. Granular sub-base (GSB)
3. Wet mix macadam (WMM)
4. Dense bituminous macadam (DBM)
5. Bituminous concrete (BC)

Earthwork
Earthwork involves excavation and disposal of materials necessary for the construction of a pavement. It forms
the bottom layer of a flexible pavement. The depth of the earthwork activity could vary from 200-500 mm.
Materials used in leveling the ground surface are aggregates (soil, rocks and clays), which constitute 60 per cent
of the total cost of the layer. Other costs include labour and miscellaneous costs.

Granular sub-base
The GSB layer is laid after the earthwork activity. It consists of laying and compacting aggregates such as stones,
soil, sand, small size metals, etc. The thickness of this layer varies as per the design of the pavement. However,
for our analysis we have considered a thickness of 200 mm. The price of this layer could vary from Rs 4,000-
5,000 per cubic metre. Out of the total cost involved in this layer, 80 per cent constitutes aggregate cost, 10 per
cent labour cost and 10 per cent hiring charges.

2 CRISIL RESEARCH ROADS AND HIGHWAYS UPDATE: JANUARY 2010, 12 PAGES

Wet mix macadam
WMM is laid over the GSB. This layer involves the binding of various materials such as stone aggregates,
moorums, dust and sand. The thickness of this layer varies from 200-300 mm, and is priced at Rs 4,200- 5,200 per
cubic metre. The main cost component in this layer is aggregate cost, contributing 60 per cent to the total cost of
the layer. Other costs include labour and miscellaneous costs.

Bituminous layers
Bituminous layers comprise DBM and BC. DBM is the top-most layer in a flexible pavement. DBM comprises
coarse aggregates and bitumen while BC consists of fine aggregates and bitumen. The proportion of bitumen is
more in BC than in the DBM layer. The thickness of both layers vary from 50-200 mm, depending upon the
design of the pavement. Cost of both layers range between Rs 1,000-3,000 per cubic metre.

Table 1: Cost break up of bituminous layers Table 2: Cost break up across layers
Components % of layer cost Components % of pavement cost
Bitumen cost 38% Bituminous layers (BC+ DBM) 65%
Aggregate cost 25% WMM 18%
Labour cost 13% Sub grade + embankment 17%
Hiring charges 13% Total 100%
Others 13%
Source: CRISIL Research, Industry sources
Total 100%

Source: CRISIL Research, Industry sources

Cost of bituminous layers is highest in total cost of flexible pavement

The high cost of bitumen in the bituminous layers (BC and DBM) of a flexible pavement makes the layer costlier
than layers such as WMM and GSB. Bitumen cost contributes around 38 per cent of total cost of bituminous
layers (BC and DBM). As a result, BC and DBM comprises around 65 per cent to the total cost of the flexible
pavement while WMM and GSB contribute 18 per cent and 17 per cent, respectively.

Chart 2: Rigid or cement pavement

Roadw ay
Width Pavement Quality Concrete(PQC)
Carriagew ay Dry Lean Concrete (DLC)

Subgrade

Earth w ork

Source: Indian Road Congress (IRC), CRISIL Research

CRISIL RESEARCH ROADS AND HIGHWAYS UPDATE: JANUARY 2010, 12 PAGES 3

The rigid or cement pavement is made up of four layers:

1. Earthwork
2. GSB
3. Dry lean concrete (DLC)
4. Pavement quality concrete (PQC)

The composition of the bottom two layers, i.e. earthwork and GSB, in a rigid pavement is the same as in a flexible
pavement. Also, the proportion of various cost components involved in the two layers in a rigid pavement is the
same as in a flexible pavement.

Cement layers of a rigid pavement

Dry lean concrete and pavement quality concrete
DLC is laid on the GSB followed by PQC, which forms the top-most layer of a rigid pavement. DLC and PQC
consist of coarse aggregates, fine aggregates, water and cement. However, the proportion of these ingredients
depends on the design mix used, based on the specifications and design of the stretch. Various design mixes used
in DLC and PQC are M50, M40, M35, M20 and M15. For our analysis we have considered the M20 design mix
for DLC, which contains 15 per cent cement, and for PQC design mix M35 has been considered, which contains
17 per cent cement. The thickness of both layers varies between 200-350 mm, and is in the price range of Rs
4,500- 7,000 per cubic metre.

Table 3: Cost components of DLC Table 4: Cost components of PQC

Components % of layer cost Components % of layer cost
Labour cost 25% Labour cost 16%
Cement cost 20% Cement cost 40%
Aggregate cost 20% Aggregate cost 38%
Hiring charges 30% Hiring charges 4%
Others 5% Others 2%
Total 100% Total 100%
Source: CRISIL Research, Industry sources Source: CRISIL Research, Industry sources

As the construction of DLC pavement requires sophisticated technology and equipment, hiring charges is the main
cost component. It is followed by labour cost, contributing 25 per cent to the cost of DLC. Cement and aggregate
costs contribute 20 per cent each to the cost of a DLC layer.

In the PQC layer, the main cost component is cement, as the proportion of cement used in PQC is more than the
proportion used in DLC. Cement cost constitutes 40 per cent to the total cost of the PQC layer followed by
aggregate cost.

4 CRISIL RESEARCH ROADS AND HIGHWAYS UPDATE: JANUARY 2010, 12 PAGES

Table 5: Cost break up across layers
Components % of pavement cost
Pavement quality concrete (PQC) 76%
Dry lean concrete (DLC) 11%
Sub grade + embankment 13%
Total 100%
Source: CRISIL Research, Industry sources

Cost of PQC layer is highest in total cost of a rigid pavement

The high cost and proportion of cement in the PQC layer makes this layer costlier than layers such as DLC and
GSB. Cement cost accounts for around 40 per cent of the total cost of a PQC layer. As a result, the PQC layer
contributes around 76 per cent to the total cost of a rigid pavement while DLC and GSB contribute 11 per cent
and 13 per cent, respectively.

Table 6 : Cost break up in flexible pavement Table 7: Cost break up in rigid pavement
Components % of pavement cost Components % of pavement cost
Labour cost 14% Labour cost 17%
Bitumen cost 24% Cement cost 33%
Aggregate cost 40% Aggregate cost 40%
Hiring charges 9% Hiring charges 7%
Others 13% Others 3%
Total 100% Total 100%
Source: CRISIL Research, Industry sources Source: CRISIL Research, Industry sources

Bitumen and cement costs main components driving the cost differential in both pavement
types
Bitumen cost and cement cost are the main components driving the cost differential between a flexible pavement
and rigid pavement, as aggregate cost is relatively similar in both types of pavements. The cost of bitumen
contributes 24 per cent to the total cost of a flexible pavement, and cement cost contributes 33 per cent to the total
cost of a rigid pavement. The cost of bitumen and cement in both pavement types are in turn driven by bitumen
and cement prices. The cost of aggregates contributes 40 per cent to the total cost of a flexible pavement as well as
a rigid pavement. The cost of aggregates in both pavements is primarily dependent on the cost and location of the
quarry. Labour cost, as a percentage of total cost, is higher in the case of a rigid pavement since its construction
involves skilled labour. Other costs such as hiring and miscellaneous costs are higher in the case of a flexible
pavement.

Cost of a rigid pavement is higher than the cost of a flexible pavement

As per our cost analysis of rigid and flexible pavements, the cost of a flexible pavement is Rs 32.4 million per km
while the cost of a rigid pavement is Rs 38.3 million per km in 2009-10. As a result, there is an 18 per cent cost
differential between the two pavements, primarily due to the difference in bitumen and cement prices. The cost of
both pavements has been arrived at based on the composition of materials across all layers for constructing 1 km
of flexible and rigid pavements. Also, the current prices of materials have been taken in to consideration while
arriving at the cost of a flexible and rigid pavement.

CRISIL RESEARCH ROADS AND HIGHWAYS UPDATE: JANUARY 2010, 12 PAGES 5

Past trends in bitumen and cement prices, and cost differential between flexible pavement
and rigid pavement

Figure 1: Trend in cement and bitumen prices Figure 2: Movement of pavement cost
(cost per km)

50 38
35.9
36
40 33.9
34

(Rs million)
31.6
30 32
(growth %)

30.2
30
20 27.9
28 9%

26 24.9 13%
10
24

2006-07

2007-08

2008-09

2006-07

2007-08

2008-09
0
2006-07 2007-08 2008-09 2006-07 2007-08 2008-09

Cement prices Bitumen prices Bitumen pavement Cement pavement

Source: CRISIL Research Source: CRISIL Research

Figure 3: Cost difference between bitumen and cement

25
(cost differential %)

20

15

10
2006-07 2007-08 2008-09

Source: CRISIL Research

Cost differential between flexible and rigid pavement contracts in the last 3 years
Over the last 3 years, the growth in cement prices has been slower than bitumen prices. The rise in cement prices
decelerated from 25 per cent in 2006-07 to 3 per cent in 2008-09, while bitumen prices increased by 47 per cent in
2006-07 and 35 per cent in 2008-09. Consequently, during the same period, the cost of a bituminous pavement
rose at a CAGR of 13 per cent, from Rs 24.9 million per km to Rs 31.6 million per km, whereas that of a cement
pavement increased at a CAGR of 9 per cent, from Rs 30.2 million per km to Rs 35.9 million per km. As a result,
the cost differential between a flexible and rigid pavement declined from 21 per cent in 2006-07 to 14 per cent in
2008-09.

6 CRISIL RESEARCH ROADS AND HIGHWAYS UPDATE: JANUARY 2010, 12 PAGES

Future trend in bitumen and cement prices, its impact on cost differential of flexible and
rigid pavements

Figure 4: Trend in cement and bitumen prices Figure 5: Movement of pavement cost
(cost per km)
12
45.8
10 46
8 43.0
6
41.8
(growth %)

42 40.4
4

(Rs million)
39.4 39.1
2 38.3
38 37.2
0
34.9 7% 5%
-2
-4 34 32.4
-6
-8
30
-10

2009-10P

2010-11P

2011-12P

2012-13P

2013-14P

2009-10P

2010-11P

2011-12P

2012-13P

2013-14P
2009- 2010- 2011- 2012- 2013- 2009- 2010- 2011- 2012- 2013-
10P 11P 12P 13P 14P 10P 11P 12P 13P 14P

Bitumen prices Cement prices Bitumen pavement Cement pavement

7%

P: Projected P: Projected
Source: CRISIL Research Source: CRISIL Research

Figure 6: Cost difference between bitumen and cement pavement

20
(cost differential %)

16

12

8
2009-10P 2010-11P 2011-12P 2012-13P 2013-14P

P: Projected
Source: CRISIL Research

Cost differential between flexible and rigid pavement is expected to reduce further over the
next 5 years
Cement prices are expected to be under pressure over the next 5 years. Prices are expected to decline over the next
3 years, followed by a 5 per cent growth, while bitumen prices are likely to grow by 3 per cent over the next 5
years. The movement in cement and bitumen prices over the next 5 years would also impact the cost of
bituminous and cement pavements. The cost of bituminous pavement is expected to increase at a CAGR of 7
per cent, from Rs 32.4 million per km in 2009-10 to 41.8 million per km in 2013-14, while that of a cement
pavement is likely to register a CAGR of 5 per cent, from Rs 38.3 million per km to Rs 45.8 million per km.
Hence, the decline in cost differential between a flexible and rigid pavement is expected to contract further, from
18 per cent in 2009-10 to 9 per cent in 2013-14.

CRISIL RESEARCH ROADS AND HIGHWAYS UPDATE: JANUARY 2010, 12 PAGES 7

Table 8: Cement roads vs bituminous roads
Characteristics of cement road
1 Life of cement roads is longer than bituminous roads
2 Routine and periodic maintenance is almost nil in cement roads
3 Construction of cement roads is more technology intensive
4 Construction of cement roads require skilled labour
5 Time taken for construction of cement roads is more than bituminous roads
6 Resistance to weather - cement roads are neither damaged by rain nor heat
Source: CRISIL Research

Sensitivity analysis between cost of structures and difference in IRRs of bituminous road
and cement road
For a national highway, the cost of a stretch is broadly split into two components: cost of pavement and cost of
structures (bridges, bypasses, underpasses and culverts). On account of the increase in traffic congestion and
higher focus on safety, new stretches are likely to have more number of structures. As a result, structures are
expected to have a higher share in the overall project cost mix. Further, the cost of structures is higher than the
cost of a pavement for most recently awarded stretches.

Figure 7: Change in structure cost and its Table 9: Assumptions for typical stretch
impact on the IRRs differential

0.6
Length of stretch: 50 km

0.5
Bituminous road

0.5
Cost pf pavement per km: 32.4 million
O&M costs
IRR differential (%)

0.4
Routine maintenance: 0.6 million per km
0.4
Periodic maintenance: 1.5 million per km
0.3
Cement road
0.3
Cost of pavement per km: 38.3 million
0.2
O&M costs
0.2
Routine maintenance: Nil
0.1
1,000 1,500 2,000 2,500 3,000 3,500 Periodic maintenance: Nil
(Rs million) Source: CRISIL Research

Source: CRISIL Research

At the current cost of a rigid and flexible pavement, the difference between equity IRRs of a bituminous road and
a cement road is 0.5 per cent, in favour of bituminous road. As per a sensitivity analysis, keeping variables like
cost of a bituminous and cement pavement, operating and maintenance cost, and length of stretch constant, the
difference in equity IRRs declines as the cost of structures increases in both roads. The difference in the IRRs of a
bituminous road and cement road shrinks from 0.5 per cent to 0.3 per cent, as the cost of structures increase from
Rs 1,000 million to Rs 3,500 million.

8 CRISIL RESEARCH ROADS AND HIGHWAYS UPDATE: JANUARY 2010, 12 PAGES

Going forward, the road infrastructure is expected to undergo large capacity expansions with programmes like
Mega Projects and Expressway Grid being announced by Ministry of Road Transport and Highways (MORTH).
This would result in an increase in the number of structures in the road design. As per our analysis, the difference
in equity IRRs of a cement road and bituminous road reduces as the cost of structures increases in the overall
project cost. Also, the cost differential between bituminous pavement and cement pavement is expected to decline.
In such a scenario, due to inherent advantages of a cement pavement, it is more prudent to construct a cement
road.

CRISIL RESEARCH ROADS AND HIGHWAYS UPDATE: JANUARY 2010, 12 PAGES 9

Review and outlook: NHDP Implementation
The NHDP encompasses upgradation, rehabilitation and broadening of national highways to a higher standard.
The project is managed by NHAI under the Ministry of Road, Transport and Highways of India. Currently, NHDP
is being implemented in seven phases. Phases II, III and V are under execution while implementation of Phase VII
commenced in July 2009. Phases IV and VI are under various stages of planning and bidding.

Delay in awarding projects under phases III and V

In 2009-10 (as on January 2010), a total of 22 projects totaling 2,002 km have been awarded under NHDP. Out of
these 22 projects, 17 projects, covering 1,503 km, fall under the 126 projects announced in Work Plan-I. The work
plan, which had an outlay of Rs 982 billion, targetted the awarding of 12,000 km in 2009-10. This target has been
postponed to June 2010. The delay in the awarding projects is attributed due to frequent changes in the MCA,
bidding policy and litigations.

Figure 8: Year-wise estimated investment - Figure 9: Year-wise break up of total length -

NHDP NHDP

(Rs billion) (km)

4,500 4,080 4,051
500
4,000 3,705
450
3,500 3,215
400 3,194
350 3,000
300 2,500
250 2,000
200 1,500
150
1,000
100
500
50
0
0
2009-10P 2010-11P 2011-12P 2012-13P 2013-14P
2009-10P 2010-11P 2011-12P 2012-13P 2013-14P

Phase I Phase II Phase III Phase IV Phase I Phase II Phase III Phase IV

Phase V Phase VI Phase VII Others Phase V Phase VI Phase VII Others

P: Projected P: Projected
Source: CRISIL Research Source: CRISIL Research

Table 10: CRISIL Research's estimates on completion

Balance for CRISIL Research's
awarding as on current estimates on
Dec 31, 2009 substantial
Project Length (km) (km) completion
Phase II: NSEW Corridor 7,300 637 2014-15
Phase III 12,109 7,749 2016-17
Phase V 6,500 5,466 2016-17
Source: CRISIL Research

CRISIL Research expects 3,400 km under the NHDP to be awarded in 2009-10, which is in line with our previous
estimates. Till January 2010, 2,002 km were awarded under NHDP with the balance 1,400 km expected to be
awarded in the last quarter of 2009-10. This projection is based on projects which have already been awarded and

10 CRISIL RESEARCH ROADS AND HIGHWAYS UPDATE: JANUARY 2010, 12 PAGES

projects for which L1 bidders have been announced. Also, resolution of policy issues would expedite the awarding
in the second half of 2009-10.

Going forward, in 2010-11, we expect 4,000 km of stretches under the NHDP to be awarded, taking into account
the recent pick-up in momentum in awarding of projects. Over the next 5 years (2009-10 to 2013-14), CRISIL
Research estimates the completion of around 18,000 km under the NHDP at an estimated investment of Rs 1,904
billion.

Table 11: NHDP: Status as on December 31, 2009

Unit Phase I Phase II Phase III Phase V Phase VI Phase VII Total
Total length Km 7,191 7,300 12,109 6,500 1,000 700 34,800
Completed till date Km 6,881 4,587 1,190 148 - - 12,806
Completion rate as % of total Per cent 96% 63% 10% 2% - - 37%
Completion from Mar 31, 2009-Dec 31, 2009 km 173 1,188 403 46 - - 1,810
Under implementation (UI) Km 284 1,918 3,170 886 - 19 6,277
UI as a % of total Per cent 4% 26% 26% 14% - 3% 18%
Balance length for award (BFA) Km 26 637 7,749 5,466 1,000 681 15,559
BFA as a % of total Per cent 0% 9% 64% 84% 100% 97% 45%
Cost incurred so far * Rs billion 376 341 116 17 - - 850
Source: NHAI, CRISIL Research

Steady progress in execution; 37 per cent under NHDP complete

From March 31, 2009 to December 31, 2009, 1,810 km has been completed, with 37 per cent of the total length
under the NHDP completed as on December 31, 2009. As on December 31, 2009, Rs 850 billion was spent in
executing the NHDP. Around 18 per cent of the total stretches under the NHDP is under implementation whereas
45 per cent are yet to be awarded.

In Phase II, 63 per cent of the length was completed till December 31, 2009. We expect this phase to be completed
by 2014-15 as 26 per cent of the length is under implementation with 637 km yet to be awarded. As on December
31, 2009, only 10 per cent of the total length has been completed in Phase III with 7,749 km yet to be awarded.
CRISIL Research expects this phase to be completed only by 2016-17 due to the considerable lag in awarding of
projects.

The length completed under Phase V as on December 31, 2009 is a mere 2 per cent of the total length, with 5,466
km still to be awarded. We expect bulk of the completion under this phase by 2016-17 as 84 per cent of the work
under this phase has still to be awarded.

CRISIL RESEARCH ROADS AND HIGHWAYS UPDATE: JANUARY 2010, 12 PAGES 11

Annexure
Table 12: NHDP projects awarded in 2009-10 (As on January 2010)
Concession
NHDP Length Cost Rs. period
Name of Stretch NH No. Phase (in Km) Million (in years) Name of the Awardee
Kishangarh-Beawar 8 III 93 7,950 18 Isolux - Soma Consortium
Hyderabad Vijayawada 9 III 181 17,400 25 GMR Infrastructure Ltd.
Armur-Adloor Yellareddy 7 II 60 49,050 20 Navyuga-KPCL Consortium
IL&FSTNL-Punj
Hazaribagh- Ranchi 33 III 71 6,251 18 Lloyd Consortium
Kannur - Kuttipuram (Package-I) 17 III 83 1,366 - KMC Construction Ltd.
Kannur - Kuttipuram (Package-II) 17 III 82 1,312 - KMC Construction Ltd.
Amritsar-Pathankot 15 III 102 7,050 20 IRB Infrastructure Developers Ltd
Talegaon- Amravati 6 III 67 5,670 22 IRB Infrastructure Developers Ltd
MP/MH border-Nagpur border 7 II 95 11,705 - Oriental Structural Engineers Pvt Ltd.
IL&FS Transportation
Pune - Sholapur (Package-II) 9 III 110 10,450 20 Network
Jaipur- Reengus 11 III 54 5,130 18 Reliance Infrastructure Ltd.
Jaipur-Deoli 12 III 149 14,160 25 IRB Infrastructure Developers Ltd
Patna-Muzzafarpur 77 III 63 5,990 15 Gammon Infrastructure Projects Ltd.
Moradabad-Bareilly 24 III 121 11,500 - IL&FS Transportation Network Ltd.
Pune-Satara 4 V 145 14,500 24 Reliance Infrastructure Ltd.
Kandla-Mundra 8A III 72 6,840 - Reliance Infrastructure Ltd.
Rohtak-Panipat 71A III 81 7,700 25 Sadbhav Engineering Ltd
Hyderabad-Yadgiri 202 III 36 3,420 23 Sadbhav Engineering Ltd
Goa/KNT Border-Panji 4A III 65 6,180 30 IRB Infrastructure Developers Ltd
Indore- Guj/MP border 59 III 155 11,750 25 IVRCL Infrastructures and Projects Ltd.
Haridwar - Dehradun 58 & 72 III 37 3,520 - Era Infra Engineering Ltd.
Muzaffarnagar - Haridwar 58 III 80 7,600 - Era Infra Engineering Ltd.
Total - - 2,002 216,494 - -
Source: NHAI , CRISIL Research

12 CRISIL RESEARCH ROADS AND HIGHWAYS UPDATE: JANUARY 2010, 12 PAGES

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New Delhi
The Mira
G-1 (FF),1st Floor, Plot No. 1&2
Ishwar Nagar, Near Okhla Crossing
New Delhi -110 065, India.
Phone +91 (11) 4250 5100, 2693 0117-21
Fax +91 (11) 2684 2212/ 13
Bengaluru
W-101, Sunrise Chambers
22, Ulsoor Road
Bengaluru - 560 042, India.
Phone +91 (80) 4117 0622
Fax +91 (80) 2559 4801
E-mail: research@crisil.com
Chennai
Mezzanine Floor, Thappar House
43 / 44, Montieth Road
Egmore
Chennai - 600 008, India.
Phone +91 (44) 2854 6205/06/93
Fax +91 (44) 2854 7531
Kolkata
Horizon, Block B, 4th floor
57 Chowringhee Road
Kolkata - 700 071, India.
Phone +91 (33) 2283 0595
Fax +91 (33) 2283 0597
www.crisil.com