|Our Company was incorporated on August 5, 1992 as Gujarat Pipavav Port Limited, a public limited
company, under the Companies Act. We received the certificate for commencement of business on August
7, 1992. At the time of incorporation, our Company was a joint venture between GMB and Seaking
Engineers Limited, now known as SKIL Infrastructure Limited ("SKIL"). In June 1998, GMB divested its
stake in our Company in favour of SKIL.
Our Company, SKIL, APM Terminals Holdings Limited ("APMTHL"), a company registered under the
laws of Bermuda, Maersk India Private Limited ("Maersk India"), a company incorporated in India and
certain other parties entered into a share subscription agreement dated June 29, 2001 and share purchase
agreement dated June 29, 2001. Pursuant to these agreements, APMTHL and Maersk India acquired 13.5%
of the then shareholding of our Company. APMTHL transferred its shareholding in our Company to APM
Terminals Mauritius Limited, one of the Promoters of our Company, in October 2005.
Further, pursuant to the share sale and purchase agreement (the "GPPL SPA") dated March 30, 2005, SKIL
Infrastructure Limited, Nikhil Gandhi, Montana Valves and Compressors Limited and Grevek Investment
and Finance Private Limited divested their shareholding in our Company in favour of APM Terminals
Mauritius Limited, the Industrialization Fund for Developing Countries and IDFC Infrastructure Fund. Our
Company entered into further subscription agreements between June 2001 and April 2005 with certain
private equity investors pursuant to which these private equity investors became shareholders of our
Company. For further details see "Capital Structure" on page 59 of this Red Herring Prospectus. Pursuant
the GPPL SPA, Nikhil Gandhi, SKIL Infrastructure Limited, Montana Valves and Compressors Limited
and Grevek Investment and Finance Private Limite had each provided an undertaking to our Company
dated March 30, 2005, that they shall not, directly or indirectly for a period of five year from March 30,
2005, engage in certain activies, inter alia, including handling of container cargo, bulk cargo and liquid
Our Company entered into a concession agreement dated September 30, 1998 and a supplementary
concession agreement dated June 2, 2006 (together, the "Concession Agreement'), with GMB and GoG to
develop, finance, design, construct, operate and maintain the port at Pipavav in accordance with the build,
own, operate and transfer policy as laid down by the GoG.
Our Company had outstanding borrowings of Rs. 2,985.30 million as at October 1, 2003. We were referred
to the Corporate Debt Restructuring ("CDR") Cell for restructuring the debt under the Corporate Debt
Restructuring guidelines issued by the RBI. The CDR Empowered Group approved a restructuring proposal
at its meeting on October 30, 2003 which was communicated to our Company through a letter dated
November 29, 2003, which was subsequently amended from time to time (the "Restructuring Package").
Under the Restructuring Package, our Company entered into Restructuring Agreements and Loan
Agreements with the CDR lenders, being IDBI Bank Limited, Punjab National Bank, Export Import Bank
of India and Industrial Investment Bank of India Limited.
The CDR Empowered Group had, in its meeting held on August 22, 2008, approved the early repayment of
the entire CDR Debt of our Company and our exit from the CDR Scheme. Our Company has repaid the
CDR Debt. Our Company has entered into a loan agreement dated May 19, 2009 with certain lenders being
Infrastructure Development Finance Company Limited, IDBI Bank Limited, Syndicate Bank, Bank of
India, Punjab National Bank, Export-Import Bank of India, Housing Development Finance Corporation
Limited, Union Bank of India, Infrastructure Development Finance Company Limited (as lenders agent)
and Infrastructure Development Finance Company Limited (as security trustee) to avail of a rupee term
loans to the extent of Rs. 12,000 million. As at June 30, 2010, our Company had outstanding debt of Rs.
Key Events and Milestones
Year Month Key Events/ Milestones
1998 September Concession Agreement entered into with GMB and GoG
2000 May PRCL incorporated as a joint venture company with Indian Railways, for gauge conversion of rail line from Surendranagar to Rajula and laying of new line from
Rajula to Pipavav
2001 June Concession Agreement entered into between PRCL and the Indian Railways
2001 June APMM Group, through two of its companies, acquires 13.5% of the shareholding of
our Company as strategic investment
2002 April Commercial operations commenced
2003 May Broad gauge rail connectivity from Surendranagar to Pipavav commissioned
2004 August Three panamax quay cranes commissioned
2005 April APM Terminals Mauritius Limited, alongwith certain financial investors acquire the
shareholding of our Company from SKIL
2006 March First Port in India to receive Double Stack Container Train from ICD Kanakpura
(Jaipur) to Pipavav
2006 May Phase I capital dredging completed enabling vessel acceptance draft of 12.5 metres
2006 May Mainline container vessel services commence operation
2006 November Eight rubber tyre gantry cranes commissioned
2007 December Environment friendly coal yard commissioned
2008 January Three post panamax quay cranes commissioned
2008 January Ten eco-friendly rubber tyre gantry cranes commissioned
2009 April Two post panamax quay cranes (PPQC) commissioned
2009 May Construction of Jetty No. 4 and modification of Bulk Liquid Jetty completed
2009 May Phase II capital dredging completed enabling vessel acceptance draft of 14.0 metres.
Dredge material used to reclaim 70.0 Hectare of land
2009 July Development of 2.6 Hectares of paved container yards completed
2009 October Railway siding no. 5, 6 and 7 commissioning with the addition of about 2.00 km of
internal railway tracks
2010 February Development of 2.4 hectares of paved bulk storage yard completed
Awards and Achievements
Year Month Award/Achievemen
2008 September Annual Indian Maritime Gateway Awards 2008 - Achievement in Environmental
2010 March Chemtech Leadership and Excellence Award 2009-2010 - Fastest Growing Port in
-Gujarat Pipavav signs MoU with Government of Gujarat.
-The Company has entered into an Agreement with Gulf Petrochem India Private Limited wherein they intend to take on lease 90507 sq mtrs. of land at Pipavav Port to develop an initial tankage facility of 100,000 KL.
-The Company has entered into an Agreement with IMC Ltd wherein they intend to take on lease 100,000 sq mtrs, of land to develop the tankage facility at Pipavav Port.
-Gujarat Pipavav spurts 5% post approval of expansion plans of over Rs 1,000 crore.
-Gujarat Pipavav Port Ltd. organizes health check-up camp for women at Village Rampara-2, Amreli
-Gujarat Pipavav Port sets up tankage facility at Pipavav Port