Presidential Elections: Support Dr.Meira Kumar

Bihar and Jharkhand governments have no choice but to support Dr.Meira Kumar. As defeat of "Bihar ki Beti" will invariably bring Shame to the Biharis and Jharkhandis (or erstwhile unified Bihar). Do you think that, people of Bihar will leave Nitish Kumar Scott - free, if Dr.Meira Kumar loses ? So, Nitish Kumar has very little option left but to support, Dr.Meira Kumar.

Moreover, if Nitish Kumar wants to fall in the BJP's well calculated electoral TRAP no one can save him in the next election.

Also, I am surprised to see Mr.Navin Pattanayak, so easily chewing the RSS bait. Orissa is a state, where there is large chunk of Tribal Christian voters loyal to the BJD (Biju Janata Dal). I am still to fathom, BJD's sudden electoral gamble of siding with the RSS and the BJP; when Mr.Pattanayak has been maintaining distance from them since some time.

Besides, the election of Dr.Meira Kumar, who is educated, experienced and very sober, might also correct some of the historical mistakes of not making her father, the Prime Minister of India.

Also, I don't think all the Muslim and Christian MPs and MLAs from the TDP and TRS will ever support a RSS backed Candidate, who acted against Dalit Christian and Muslin reservations. Therefore, invariably cross voting will take place, which might give the underdog, Ms.Kumar, a win. Support Dr.Meira Kumar, give a conscience vote and make her the 2nd Female President of India.

All the best to Dr.Meira Kumar.....👍✌



Saturday, April 04, 2015

Energy segment would provide a big delta: GMR Infrastructure
Photo: Live Mint
03 Apr, 2015:  "The energy segment would provide a big delta since 3000 MW of coal based assets would be operational in FY16 and onwards. Also, Gas based projects would re-start and would provide fillip to profitability," GMR Infra official said in an interview with myiris.com.

Excerpt from interview Myiris had with the company management:

1. Recently CCEA approved import gas to fuel idle power plants in the country. How big and important this announcement is for GMR Infrastructure (Q,N,C,F)* and overall industry?

The Policy is a welcome step for the industry and for GMR infrastructure. This would result into ~1400 MW of the gas based projects becoming operational with a PLF of atleast 30%. For the company, it would be beneficial as this would make the operational two projects profitable and the third project would be able to service its debt and fixed expenses.

2. GMR Infrastructure announced Rs 14.02 billion Rights issue program. In January, Delhi International Airport has raised USD 289 million via bond issue. Could you through some light on how the funds will be used for the company's operations? What are benefits the company expects from new funding? 

Rights Issue is another step to deleverage balance sheet where in ~90% of the issue proceeds would be utilized to reduce corporate debt. The fund raised through the bond issue in Delhi Airport was utilized to replace the existing External Commercial Borrowings (ECB). This benefitted the company through lower interest cost and annual repayments will be replaced by a bullet maturity after 7 years.

3.  GMR Airports recently picked up additional 10% stake in DIAL for USD 79 million from Malaysia Airports Holdings Berhad (MAHB). Why this acquisition is important for GMR? Do you have any plan to increase stake in DIAL further? 

The Company has a long relationship with Malaysian Airport Holdings Berhad in our airport business. The acquisition has largely been precipitated by the desire of MAHB to exit and our intent of consolidation of stake in the prime airport of India. The acquisition is subject to approval of Airports Authority of India (AAI) and other customary approvals. GAL currently holds 54% equity stake in DIAL and post proposed acquisition of the entire stake of Malaysia Airports, the stake will increase to 64%.

4. GMR Infrastructure operates in three broad segments - Airports, Power and EPC. According to you, which segment will be the key driver for the company in the next couple of years? 

The Energy Segment would provide a big delta since 3000 MW of coal based assets would be operational in FY16 and onwards. Also, Gas based projects would re-start and would provide fillip to profitability. 

5. Narendra Modi led Indian government has announced several initiatives and policy measures to boost economy over past 10 months. Have you seen any positive changes on the ground that could help the company in the couple of years?

In the last few months, the government has taken a lot of welcome steps to improve the performance of the infrastructure sector. Some of the policy measures benefiting the company are the (a) recently completed coal block auctions in which the company won 2 coal mines, (b) recently approved policy to import gas to fuel idle gas based power plants and (c) Southward movement of interest rates consequent to fall in inflation.

6. Fiscal 2015 will be closed in next few days. Could you walk us through your journey over last one year?

> Raised Rs 15 bn through QIP and allotted 180 million warrants to promoters 

> Rights Issue at GMR Infra  -  to raise ~Rs 14 billion by issuing additional 93.46 crore shares at Rs 15 a share.

>  Delhi Airport raised ~USD 289 million through a bond issue. The issue was oversubscribed by ~16 times

> Won the fully operational Talabira coal mine (Schedule - 2) and Ganeshpur coal mine (Schedule - 3)

> EMCO - Refinancing of project loan completed. Would lead to lower interest rate and higher moratorium, thereby aligning project Cash Flow to debt repayment

> Taken over the Mactan-Cebu international airport in Phillipines in JV with Megawide Construction Corporation

> Male Airport arbitration - Tribunal has summarily rejected all arguments made by GoM, and has now declared its ruling that the unilateral termination of the concession agreement by GoM was illegal and repudiatory. Company has filed for compensation worth USD 803 million apart from damages for loss of reputation.

> Operationalised Kamalanga fully.

> Completed 95% of Chattisgarh project 

7. For financial year 2016, how do you see company's performance in terms of revenues and profit on both consolidated and segment to segment basis? 

We do not provide any guidance on the financial numbers.

Source: IRIS
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