Sei sulla pagina 1di 53

PORTS

APRIL 2017 (As of 13 April 2017) For updated information, please visit www.ibef.org 1
PORTS

Executive Summary3
Advantage India...5
Market Overview & Trends.7
Porter Five Forces Model Analysis 18
Strategies Adopted...20
Growth Drivers...22
Opportunities..39
Success Stories... .41
Useful Information..47

APRIL 2017 For updated information, please visit www.ibef.org 2


PORTS
EXECUTIVE SUMMARY (1/2)

Increasing trade activities & CAGR: 17.5% By FY17, cargo capacity in


private participation in port 2493.0 India is expected to increase to
1806.8
infrastructure set to support 2,493.1 MMT from 1,806.8
port infrastructure activity MMT in FY15
FY15 FY17
MMT

CAGR: 55.53% By FY17, cargo traffic at major


ports in India is expected to rise
943.1
India has 12 major ports 606.37 to 943.1 MMT from 606.37
MMT in FY16 at a YoY of 55.53
per cent
FY16 MMT FY17E

CAGR: 75% 815.2 By FY17, cargo traffic at non-


Indias 200 non-major ports are
466.1 major ports in India is expected
strategically located on the
to grow to 815.2 MMT from
worlds shipping routes
466.1 MMT in FY16

FY16 FY17E

Source: Ministry of Shipping, TechSci Research


Notes: E Estimates, MMT - Million Metric Tonnes

APRIL 2017 For updated information, please visit www.ibef.org 3


PORTS
EXECUTIVE SUMMARY (2/2)

21
CAGR: 156% By FY17, container demand in
India (For major ports) is
Trade to boost demand for 8.20
expected to increase to 21
containers
million TEU from 8.2 million
TEU in FY16
FY16 FY17E

228
CAGR: 128.7% By FY17, iron ore traffic (For
Infrastructural development to
Major & Minor ports) is
increase demand for iron &
expected to rise to 228 MMT
steel
43.6 from 43.6 MMT in FY15

FY15 FY17(E)
MMT

Source: Ministry of Shipping, TechSci Research


Notes: FY17 (E) Estimates, TEU Twenty Foot Equivalent Unit, MMT - Million Metric Tonnes

APRIL 2017 For updated information, please visit www.ibef.org 4


PORTS

ADVANTAGE INDIA
PORTS
ADVANTAGE INDIA

FY16 Robust
Growingdemand
demand FY17E
Attractive opportunities
Port traffic in India is set to rise at a CAGR of
Cargo 29.2 per cent over FY1517 Non-major ports are set to benefit from Cargo
traffic in CAGR in traffic : strong growth in Indias external trade traffic in
MMT: Non-major ports: expected to increase MMT:
1072.47 by 140.5 per cent to 815 MMT by 2017 Special Economic Zones are being 1,758.3
from March 2016 developed in close proximity to several
Major ports: expected to increase by ports comprising coal-based power
55.5 per cent to reach 943 MMT by plants, steel plants & oil refineries
2017 from FY16 (April-December
2015)
Advantage
India
Competitive advantages Policy support
India has a coastline which is more than The government initiated NMDP, an
7,517 km long, interspersed with more initiative to develop the maritime sector;
than 200 ports the planned outlay is USD11.8 billion

Most cargo ships that sail between East FDI of 100 per cent under the automatic
Asia & America, Europe & Africa pass route & a 10n year tax holiday for
through Indian territorial waters enterprises engaged in ports

Plans to create port capacity of around


India is the largest importer of thermal
3200 MMT to handle the expected
coal in the world
traffic of about 2500 MMT by 2020

Source: Report of the Task force on Financing Plan for Ports, Govt. of India, TechSci Research
Notes: FY Indian Financial Year (AprilMarch), NMDP National Maritime Development Programme, FDI Foreign Direct Investment, USD US Dollar,
E Estimated, MMT Million Metric Tonnes, CAGR Compound Annual Growth Rate
APRIL 2017 For updated information, please visit www.ibef.org 6
PORTS

MARKET OVERVIEW AND TRENDS


PORTS
THERE ARE TWO BASIC CATEGORIES OF PORTS IN INDIA

Ports in India (2016)

Major Non-major (minor)

There are 12 major ports in India has about 200 non-


the country; 6 on the major ports of which one-
Eastern coast & 6 on the third are operational
Western coast
Non-major ports come
Major ports are under the under the jurisdiction of the
jurisdiction of the respective state
Government of India & are Governments Maritime
governed by the Major Port Boards (GMB)
Trusts Act 1963, except
Ennore port, which is
administered under the
Companies Act 1956

APRIL 2017 Source: Ministry of Shipping; TechSci Research For updated information, please visit www.ibef.org 8
PORTS
MAJOR PORTS IN INDIA

Kandla
Kolkata

Paradip
Mumbai
JNPT Visakhapatnam

Mormugao

New Mangalore Ennore


Chennai

Cochin Tuticorin Note: JNPT Jawaharlal Nehru Port Trust

APRIL 2017 For updated information, please visit www.ibef.org 9


PORTS
CARGO TRAFFIC IS ON THE RISE (1/2)
Cargo traffic at major ports in India Cargo traffic at major ports (MMT)
943.1

Stood at 606.37 MMT in FY16


CAGR: 7.4%
Increased at a CAGR of 7.4 per cent during FY0717E
606.37
561 569.8 560.1 545.6 555.3 581.3
519.2 530.4
Cargo traffic in 2017 at major ports is expected to reach 463.6
943.1 MMT

During April to September 2016, 12 major ports in India


handled 315.4 MT (Million Tonnes) of cargo, showing a
growth of 5.1 per cent in comparison to the same time
during previous year.

FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17E
As of February 2017, 12 major ports in India witnessed
increase in cargo traffic by up to 7.14 per cent, with handling
535.35 million tonne of cargo in the 1st 10 months of FY17. Source: Ministry of Shipping, TechSci Research
Notes: MMT Million Metric Tonnes,
CAGR Compound Annual Growth Rate,
As of March 2017, 16 new cargo scanners are to be FY Indian Financial Year (AprilMarch),
installed across major ports in India. In the 1st phase, 5 of E Estimated
the 13 major ports i.e. Kamarajar (Ennore), New Mangalore,
Jawaharlal Nehru Port Trust, Kolkata & Vizag will receive
the scanners, which should be operational in the next 6
months.

APRIL 2017 For updated information, please visit www.ibef.org 10


PORTS
CARGO TRAFFIC IS ON THE RISE (2/2)

Non-major ports are evolving faster than major ports- Percentage share of ports

28.2%
28.6%

28.7%

34.0%
Non-major ports are gaining shares & a major chunk of

35.6%

38.7%

41.6%

42.9%

43.5%
44.8%

46.4%
traffic has shifted from major ports to non-major ports

The contribution of non-major ports traffic to total traffic

71.8%
71.4%

71.3%

66.0%

64.4%

61.3%

58.4%
rose to 43.5 per cent in FY16 from 28.6 per cent in FY07

57.1%

56.5%
55.2%

53.6%
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17E

Major Ports Non Major Ports

Cargo traffic at non-major ports Cargo traffic at non-major ports (MMT)


815.2
Stood at 466.1 MMT in FY16
CAGR: 15.9%
Cargo traffic has expanded at a CAGR of 10.7 per cent 471.2 466.1
during FY0716 & is expected to grow annually at 15.9 per 353.0 387.9 417.1
cent during FY07-17 288.9 314.9
186.1 203.6 213.2

Cargo traffic in 2017 at non-major ports is expected to reach


815.2 MMT
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17E
Source: Ministry of Shipping, TechSci Research
Notes: MMT Million Metric Tonnes, CAGR Compound Annual Growth Rate,
FY Indian Financial Year (AprilMarch); E Estimate
APRIL 2017 For updated information, please visit www.ibef.org 11
PORTS
CARGO PROFILE AT MAJOR PORTS IN INDIA (1/2)
Cargo at major ports in FY16 Cargo at major ports in FY171

Solid Liquid Container Solid Liquid Container


(petroleum, oil (petroleum, oil
and lubricants) and lubricants)
Share: 46.4% Share: 20.3% Share: 47.97% Share: 19.15%
Share: 33.3% Share: 32.89%

Iron ore Share: 2.1% Iron ore Share: 14.06%

Coal Share: 22.7% Coal Share: 46.09%

Fertilizer Share: 2.6% Fertilizer Share: 5.03%

Other cargo Share: 18.9% Other cargo Share: 34.82%

Source: Ministry of Shipping; TechSci Research


Note: Other cargo includes Fertiliser Raw Material (dry) and food-grains
1Data from April 2017-December 2017

APRIL 2017 For updated information, please visit www.ibef.org 12


PORTS
CARGO PROFILE AT MAJOR PORTS IN INDIA (2/2)

Between FY07 FY16, cargo traffic grew at CAGR 3 per Cargo traffic at major ports (MMT)
cent

Over FY0716, CAGR in the volume of different segments

195.9 123.18
119.4
179.1 114.1
175.1 101.2
was as follows

179.1 120.1

114.6
119.8
176.1 93.1
168.7 92.3

158.2 92.13
154.3 73.2
Solid cargo was 2 per cent

188.9
187.2
185.9
Liquid cargo was 3.1 per cent

287.4
284.7

276.6
261.2

260.9
258.2

253.5
239.9

273
235.9

230.8
Container cargo was 6 per cent

Cargo traffic during FY17 for solid, liquid & container cargo 1
was 230.8, 158.2 & 92.13 MMT, respectively FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

Solid Liquid Container


During April-October 2016, cargo traffic at 12 major ports in
the country was reported at 370.04 MT, showing a growth of Source: Ministry of Shipping; Indian Ports Association (IPA), TechSci Research
1Data from April December 2016
6.27 per cent over the same period during the previous year
Note: Other cargo in Solid includes fertiliser raw material (dry) and food-grains

APRIL 2017 For updated information, please visit www.ibef.org 13


PORTS
INCREASE IN CAPACITY OVER THE YEARS

Capacity at major ports grew to 965.36 MMT in FY16, Capacity and utilisation at major ports (MMT)
implying a CAGR of 7.5 per cent since FY07 1200 120.00%

Despite capacity increasing, utilisation rates have been 1000 100.00%


gradually coming down post the global economic
meltdown in FY08 800 80.00%
Utilisation rates of major ports in India such as JNPT port,
Kandla port, Ennore port, etc., are much above the worlds 600 60.00%

965.36
871.52
average

800.52
744.9
689.8
400 40.00%

670.1
616.7
As of November 2016, 12 Major Ports were identified

574.8
532.1
504.8
under Sagarmala project, for cargo handling till 2035. The
200 20.00%
objective of this project is to promote port led development
& to provide infrastructure to quickly transport goods to &
0 0.00%
from ports, with higher efficiency & at lower cost.
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16
Indian Port Rail Corporation Ltd. (IPRCL), plans to conduct
Capacity Utilization (RHS)
rail infrastructure expansion & modernisation work for
Jawaharlal Nehru Port Trust, Kandla Port & Haldia Dock
Complex from April 2017. Similar works have already Source: Indian Port Association, Ministry of Shipping,
started for Kolkata, Vishakhapatnam, Tuticorin, New TechSci Research
Mangalore & Chennai ports. Note: MMT Million Metric Tonnes

Germanys Deutsche Bahn Engineering & Consulting


plans to form a joint venture with Indian Port Rail Corp. Ltd
(IPRCL) with an aim to connect Indian ports with railways.
Germany and India are working on projects worth
US$14.87 billion being implemented by IPRCL

APRIL 2017 For updated information, please visit www.ibef.org 14


PORTS
DROP IN TURNAROUND TIME IN FY13

Average turnaround time for major ports (in days)


Average turnaround time is influenced by factors such
as type of cargo, parcel size & entrance channel
5.29
The average turnaround time improved to 2.11 days in 4.63 4.56
FY171 from 4.01 days in FY15 4.2 4.29
4 3.84 4.01
3.8

2.04 2.11

1
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

Source: Ministry of Shipping;, Indian Port Association TechSci Research


Note: Turnaround time Total time spent by a ship from entry into port until departure
1Data from April-December 2016

APRIL 2017 For updated information, please visit www.ibef.org 15


PORTS
NOTABLE TRENDS IN THE PORTS SECTOR (1/2)
Strong growth potential, favourable investment climate & sops provided by state
governments have encouraged domestic & foreign private players to enter the Indian ports
sector. In addition to the development of ports & terminals
Increasing private
The private sector has extensively participated in port logistics services
participation
By March15, around 99 Public Private Partnership (PPP) projects are operational
with a total cost of around USD8813.8 million & capacity of 683.29 million tonnes
per annum.

SEZs are being developed in close proximity to several ports, thereby providing strategic
advantage to industries within these zones. Plants being set up include
Coal-based power plants to take advantage of imported coal
Setting up of port- Steel plants and edible oil refineries
based SEZs Development of SEZs in Mundra, Krishnapatnam, Rewas and few others is underway
Government has announced plans to develop 14 CEZs (coastal economic zones) in a
phased manner for port-led development in all the 9 maritime states by advancing efforts
to develop 1 new port, each on the east & the west coast

All the greenfield ports are being developed at shores with natural deep drafts & the
existing ports are investing on improving their draft depth.
Focus on draft depth
Higher draft depth is required to accommodate large sized vessels. Due to the cost & time
advantage associated with the large sized vehicles, much of the traffic is shifting to large
vessels from smaller ones, especially in coal transportation
Source: Ministry of Shipping, TechSci Research
Notes: SEZ Special Economic Zone, PPP Public-Private Partnership
APRIL 2017 For updated information, please visit www.ibef.org 16
PORTS
NOTABLE TRENDS IN THE PORTS SECTOR (2/2)
Terminalisation: Focus on terminals that deal with a particular type of cargo
This is useful for handling specific cargo such as LNG that requires specific
Specialist terminal-
equipment & hence high capital costs. Forming specialist terminals for such cargo
based ports result in optimal use of resources & increased efficiencies
Examples of specialist terminals: ICTT in Cochin, LNG terminal in Dahej Port

To promote private investments, the government has reformed the organisational model of
seaports
From: A service port model where the port authority offers all the services
Landlord port model
To: A landlord port model where the port authority acts as a regulator & landlord
while port operations are carried out by private companies
Major ports following landlord port model: JNPT, Chennai, Visakhapatnam & Tuticorin

With the increasing private participation in establishing minor ports. Cargo traffic handled
Rising traffic at non by the minor ports are outpacing cargo traffic at major ports, cargo traffic at non major port
major ports has expanded at a CAGR of 31.5 per cent during FY0715
The cargo traffic at major ports was 481.20 MMT in FY171

Source: TechSci Research


Notes: ICTT International Container Transshipment Terminal, LNG Liquefied Natural Gas,
MMT Million Metric Tonnes
1Data from April-December 2016

APRIL 2017 For updated information, please visit www.ibef.org 17


PORTS

PORTER FIVE FORCES ANALYSIS


PORTS
PORTERS FIVE FORCES ANALYSIS
Competitive Rivalry
Increasing trade activities brought by rising imports of commodities like
coal and crude to generate higher business & limit overall competition
as most ports handle specific geographies
Threat of New
Entrants
There have been instances of private managed ports attracting the (Medium)
share of other ports (usually handled by government agencies) as in
the case of JNPT & Mumbai Port Trust. However, demand expected to
remain strong

Threat of New Entrants Substitute Products


Bargaining Competitive Substitute
100 per cent FDI under With rising demand for port Power of Rivalry Products
automatic route & income tax infrastructure due to growing Customers (Medium) (Low)
exemption (10 years) is imports (crude, coal) & (Medium)
attracting foreign players. containerisation, the threat of
However, higher capital substitute products to remain
expenditure acts as a barrier weak

Bargaining
Bargaining Power of Suppliers Bargaining Power of Customers
Power of
Suppliers
Considerable capacities to be Imports to continue to remain (Medium)
added going forward. However, strong led by strong demand.
demand to continue to remain However considerable port
strong capacities to be added going
forward

Source: PricewaterhouseCoopers, Techopak, TechSci Research

APRIL 2017 For updated information, please visit www.ibef.org 19


PORTS

STRATEGIES ADOPTED
PORTS
STRATEGIES ADOPTED
After having a strong advantage on Indias West coast, Adani Ports & Special Economic Zone Ltd
(APSEZ) is looking to strengthen its position by winning the bid of a new container terminal at
Ennore port located on the east coast. Furthermore Adani Ports has acquired Dharma Port to
replicate its development & growth on the eastern coast
Pan-India presence
Essar Ports Ltd as a part of it strategic move to increase its potential on the east coast has won the
contract for the modernisation of 3 ports at Visakhapatnam
Essar Ports Ltd., a leading port operator, plans to build a port in Gujarat with investments worth
US$1.49 billion. For the same, the company has signed a MoU with Gujarat Maritime Board (GMB)

Geographic diversification as in the case of Adani group acquiring coal mines (Australia &
Indonesia) & setting up coal terminal in Australia to take the benefit of increasing coal imports in
Geographic India
diversification As of April 2017, Adani Ports is planning to expand and open a multi purpose port on Carey Island
in Malaysia, as an extension of the Port Klang. A MoU was signed between APSEZ and MMC Port
Holdings Sdn Bhd, a wholly-owned unit of MMC Corporation Berhad

Adani group, largest private port operator in India, is now venturing into providing allied services like
Allied activities dredging. Its dredgers which were being used only at its own ports in the past have now started
taking work from other ports

Container train Adani group has also ventured into the container railway business becoming the largest private link
operations in the country. It conducts operations on a pan-india basis operating 6 container rakes

Port authorities are modernizing & upgrading port facilities to meet the needs of the port users in
Modernising competitive environment
Source: Company website, TechSci Research

APRIL 2017 For updated information, please visit www.ibef.org 21


PORTS

GROWTH DRIVERS
PORTS
SECTOR BENEFITS FROM STRONG DEMAND, PRIVATE PARTICIPATION

Growing
Growing demand Policy support Innovation
Increasing
demand investments

National Maritime
Development Expanding port Increasing
Increasing trade
Programme & development & investments in
activities resulting
National Maritime distribution building ports &
in container traffic
Agenda facilities in India related activities
Inviting Driving Resulting

Rising demand for FDI of up to 100 Private equity


coal & other Use of modern supporting private
per cent under the
commodities technology port developers
automatic route

Various sops &


Growing crude Providing support Increasing
incentives for
imports by the to global projects investments by
private players to
country from India foreign players
build ports

Source: Ministry of Shipping, TechSci Research


Note: NMDP - National Maritime Development Programme

APRIL 2017 For updated information, please visit www.ibef.org 23


PORTS
INDIAS PORTS ARE BENEFITTING FROM STRONG GROWTH IN EXTERNAL TRADE (1/2)

Indias total external trade have grown to USD416 billion in Indias external trade flows (USD billion)
FY171, implying a CAGR of 4 per cent done since FY09

Ports handle almost 95 per cent of trade volumes; thus


CAGR: 4%
rising trade has contributed significantly to cargo traffic

489 491
450 448
370 381
304 288 306 300 314 310
250 262 241
185 179 175

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 1


Exports Imports

Source: Ministry of Commerce, TechSci Research


CAGR: For Imports from FY09-15
FY171: Data available for April - November 2016

APRIL 2017 For updated information, please visit www.ibef.org 24


PORTS
INDIAS PORTS ARE BENEFITTING FROM STRONG GROWTH IN EXTERNAL TRADE (2/2)

Container traffic at major ports (MMT)


Increasing trade is translating into higher demand for
containerisation due to their efficiency

During FY0717, container traffic rose to 123.2 MMT, CAGR:


implying a CAGR of 5.9 per cent 2.30%
120.1 119.8 123.2
114.1 114.6 119.4
During FY171, container traffic stood at 92.13 MMT 101.2
92.3 93.1 92.13
73.4

FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 1

Source: Indian Ports Association, TechSci Research


Note: MMT Million Metric Tonnes
FY171: Data available for April - December 2016

APRIL 2017 For updated information, please visit www.ibef.org 25


PORTS
PORTS TO BENEFIT FROM GROWING CRUDE IMPORTS (1/2)

Crude imports (MMT)

202.85
A consequence of strong GDP growth has been rising

189.44
189.24
energy demand; the country currently meets about 75

184.8
171.73
per cent of total crude oil demand by imports

159.26

163.6
132.78
Indias crude imports touched 202.85 MMT in FY16,

121.67
implying a CAGR of 6.9 per cent over FY0716

111.5

53.15
1
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

Source: Handbook of Indian Statistics (RBI),


Petroleum Planning and Analysis Cell, TechSci Research
Notes: MMT Million Metric Tonnes,
FY171 Data available for April June 2016

APRIL 2017 For updated information, please visit www.ibef.org 26


PORTS
PORTS TO BENEFIT FROM GROWING CRUDE IMPORTS (2/2)

Private ports have been especially good at attracting POL traffic (MMT)
crude import traffic

POL have been the major contributors to total traffic CAGR: 5%


at ports & contributed 33.3 per cent in FY16

180.9
169.8
168.6

167.3
156.3

191.5
145.4
POL traffic at both major & non-major ports added

137.7
97.8
up to 376.84 MMT in FY16, implying a CAGR of 5

91
81.2
per cent over FY0715

195.94
187.2
185.9
179.1

179.1
POL traffic in FY16 reached 376.84 MMT

176.1

175.1

158.25
168.7

181
154.3
1
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

Major Ports Minor Ports

Source: Ministry of Shipping, TechSci Research


Notes: POL Petroleum, Oil, and Lubricants,
MMT Million Metric Tonnes
1 Figures from April December 2016

APRIL 2017 For updated information, please visit www.ibef.org 27


PORTS
INCREASING COAL IMPORTS SET TO DRIVE RISING CARGO TRAFFIC (1/2)

Coal supply gap (import requirement) (MMT)


India is the largest importer of thermal coal in the world
and this is expected to grow due to increased demand
for power as coal-based power stations were the
biggest contributors. CAGR: 19.60%

A major chunk of this import is transported by sea 212.1


192.5
With growing demand for power, coal imports reached 168.5
160.9 156.38
to be 156.83 MMT in FY16
132.2

83.5
60

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16

Source: Ministry of Coal, TechSci Research


Notes: The figures from FY914 in the above graph are as per the data
provided by Coal Ministry Annual Reports, and the figure for FY17 is
taken from the erstwhile Planning Commission Report data sourced
from Coal Ministry Annual Report,

Notes:: GW Gigawatt, MMT Million Metric Tonnes

APRIL 2017 For updated information, please visit www.ibef.org 28


PORTS
INCREASING COAL IMPORTS SET TO DRIVE RISING CARGO TRAFFIC (2/2)

Increasing coal imports are set to drive coal cargo traffic Coal cargo traffic (MMT)
upwards at both major and non-major ports

With private ports boosting their coal handling capacities,


non-major ports look set to handle majority of coal imports
in the future CAGR: 15.5%
158.7 144.2
Coal cargo traffic has grown at a CAGR of 15.5 per cent 126.3
over FY0716 to reach 270.3 MMT. 109.3
79
41.3 58.5

126.1
21.5

118.7
15.4

104.1
Total coal handled by Indias 12 major ports jumped to 14

86.6
78.8
72.7
71.7
70.4
64.9
59.9
126.1 million tonnes in FY16 from 118.7 million tonnes in
FY15
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16
Thermal coal imports through the ports leaped 13.3 per cent Major Ports Minor Ports
to 98.7 million tonnes, while shipments of coking coal, used
in making steel, reached to 27.35 million tonnes Source: Ministry of Shipping; TechSci Research
Note: MMT Million Metric Tonnes

Coal cargo traffic by minor ports crossed the total traffic of


major ports by 2013. In FY16, the coal traffic by minor ports
reached 144.23 MMT

APRIL 2017 For updated information, please visit www.ibef.org 29


PORTS
NATIONAL MARITIME AGENDA 20102020 (1/2)
Focus on increasing To create a port capacity of around 3,200 MT to handle the expected traffic of about 2,500 MT by
capacity 2020

Proposed investments in major ports by 2020 are expected to total USD18.6 billion, while those in
Increasing investments non-major ports would be USD28.5 billion

World-class To implement full mechanisation of cargo handling & movement at ports, thereby bringing Indian
infrastructure ports on par with the best international ports in terms of performance & capacity

Major ports have been working towards implementing Landlord port concept duly limiting their role
Landlord ports to maintenance of channels & basic infrastructure leaving the development, operation, management,
of terminal & cargo handling facilities to the private sector

To develop 2 major ports (1 each on East & West coast) to promote trade as well as 2 hub ports (1
each on the West coast & the East coast) Mumbai (JNPT), Kochi, Chennai & Visakhapatnam
India & Tajikistan to work closely on developing trade & transport links through the Chabahar Port
Strategically building In April 2017, Indian government has approved MoU on passenger cruise services on the coast and
ports protocol routes between India and Bangladesh to commence regular movement of tourists and
passengers in vessels between the two countries. The decision will generate employment
opportunities for the people living in both the countries, and promote cooperation in economic, social
and cultural advancements.

Bringing ports under To establish a port regulator for all ports in order to set, monitor & regulate service levels, technical
regulator & performance standards
Source: Ministry of Shipping, TechSci Research
APRIL 2017 For updated information, please visit www.ibef.org 30
PORTS
NATIONAL MARITIME AGENDA 20102020 (2/2)

National Maritime Agenda 201020 is aimed at all-round development of the Indian maritime sector

As per the National Maritime Agenda, the government is likely to create port capacity of 3200 MT for handling about 2500
MT of cargo, by 2020

Agenda involves investments in new projects at major ports of around USD18.6 billion, of which USD12.4 billion is expected
to come from private sector players & the remaining from budgetary allocation

The total traffic on the Indian ports is expected to grow from about 2229 in 2018 and reach to 3033 MT by the end of 2020

The government, through this policy, aims to increase the tonnage under the Indian flag & Indian control as well as the
share of Indian ships in EXIM trade

The government is also working to float a specialised Maritime Finance Corporation with the equity of ports & financial
institutions to fund the Port projects

Source: Ministry of Shipping, TechSci Research


Note: EXIM - Export-Import,
MT Million Tonne

APRIL 2017 For updated information, please visit www.ibef.org 31


PORTS
12TH FIVE-YEAR PLAN
The 12th Five-Year Plan (201217) is focused on the development of major & non-major ports through public & private
investments

The proposed outlay for port sector in the plan, excluding private investment, is USD4.9 billion

The overall projected traffic of 1,758.3 million tonnes to be achieved by FY17, the total capacity of the port sector is
envisaged to be 2,289.04 million tonnes by the end of 2017

The government anticipates private sector investment of around USD28.8 billion during the 12th Plan Period.

As of March 2017, government is planning to sell 51 per cent of its 73.47 per cent stake in Dredging Corporation.

Planned capacity 12th Five-Year Plan (MMT) Projected traffic12th Five-Year Plan (MMT)
943.1
1,229.2
815.2
1,059.8

560.1
689.9
544.7 370.0

Major Ports Non- Major Ports Major Ports Non- Major Ports

FY12 FY17E FY12 FY17E

Source: E:Estimated

APRIL 2017 For updated information, please visit www.ibef.org 32


PORTS
FAVOURABLE POLICIES ASSISTING THE PRIVATE SECTOR
The government has allowed FDI of up to 100 per cent under the automatic route for
De-licensing and tax projects related to the construction and maintenance of ports & harbours
holidays
A 10-year tax holiday to enterprises engaged in the business of developing, maintaining, &
operating ports, inland waterways & inland ports

Private ports enjoy price flexibility, as the government allows non-major ports to determine
Price flexibility their own tariffs in consultation with the State Maritime Boards; at major ports, tariffs are
regulated by the Tariff Authority for Major Ports (TAMP)

An MCA has been finalised to bring transparency & uniformity to contractual agreements
that major ports would enter into with selected bidders for projects under the Build,
Model Concession Operate & Transfer (BOT) model
Agreement (MCA) As on September 2016, the Ministry of Shipping proposed a new model concession
agreement (MCA) to attract more private sector investments in the development of port
infrastructure across the country.

Major Port Authorities Primary focus of the scheme is to allow future public-private partnership operators to fix
Act, 2016 tariffs. With the implementation of this policy, port authorities will get the power to lease
land for port-related use for up to 40 years & for non-port related use up to 20 years

The system for security clearance for ports being streamline & made faster
Favourable system Expansion of existing framework to attract participation from the private sector for
development of infrastructure facilities such as dredging, road infrastructure, creation of
SEZ & development of integrated parking zones in the port area

APRIL 2017 Source: Ministry of Shipping; TechSci Research; For updated information, please visit www.ibef.org 33
Note: FDI Foreign Direct Investment
PORTS
STRONG PRIVATE SECTOR PARTICIPATION IN PORTS PROJECTS (1/3)
Greenfield projects

Private investment

Private terminals

39 Public Private Partnership (PPP) projects are operational at a cost of around USD2219.4 Million & capacity of 240.72 Million
Tonnes Per Annum (MTPA).
32 PPP projects at an estimated cost of around USD3917.6 Million & capacity 264.77 Million Tonnes Per Annum (MTPA) awarded &
are under implementation.
Total 91 projects with involving capacity of 521.45 MMPA have been awarded during 2012-16 (Upto 30th June, 2015)
15 PPP projects with an estimated cost of about USD1210.6 Million & capacity 69.47 Million Tonnes Per Annum (MTPA) have been
awarded/approved & 13 projects at an estimated cost of about USD1466.2 Million & Capacity 108.35 Million Tonnes Per Annum
(MTPA) are likely to be awarded/approved by 31.03.2015.
As of September 2016, the National Green Tribunal has given nod for construction of multi-crore Vizhinjam International Seaport Ltd
(VISL). The port is being developed by Adani Group in collaboration with Kerala Government.
2 mega port projects in Colachel in Tamil Nadu & Dahanu in Maharashtra with an initial investment of USD2.3 billion has been
introduced & are being awaited for approval under PPP model in FY16.
As of October 2016, Central Government is planning to setup logistic hubs near seaports with the help of private sector players, to
augment exports from the country.
In January 2017, a new container service, operated by K Line, commenced operations between CITPL (Chennai International
Container Terminals Pvt. Ltd) at Chennai port & the Far East, which was marked with the arrival of container vessel, Baltimore Bridge.

Source: Ministry of Shipping; TechSci Research; Notes: PPP PublicPrivate Partnership


APRIL 2017 For updated information, please visit www.ibef.org 34
PORTS
STRONG PRIVATE SECTOR PARTICIPATION IN PORTS PROJECTS (2/3)

Terminals in major ports Key private sector Ports they


Port agency Estimated cost
with private sector companies developed
(USD million)
involvement
Maersk JNPT (Mumbai)
Container terminal, Ennore Ennore 293.1
JNPT,
P&O Ports
LNG terminal, Cochin Cochin Port Trust 729.1 (Mumbai & Chennai)

Container terminal, NSICT JNPT 156.3 (Cochin and


Dubai Ports International
Vishakhapatnam)
Oil jetty related facilities
Kandla Port Trust 156.3 PSA Singapore Tuticorin
(Vadinar)

Third container terminal Adani Mundra


JNPT 187.5
(Mumbai)
Maersk Pipavav
Crude oil handling facility
Cochin Port Trust 146.5
(Cochin) Navyuga Engineering
Krishnapatnam
Company Ltd
ICTT at Vallarpadam
Cochin Port Trust 262.9
(Cochin) DVS Raju group Gangavaram

Construction of SPM captive JSW Jaigarh


Paradip Port Trust 104.2
berth (Paradip)
Marg Karaikal
Development of second
Chennai Port Trust 103.1
container terminal (Chennai)

As on 2015 Source: Indian Ports Association, TechSci Research


Notes: NSICT Nhava Sheva International Container Terminal, Mumbai,
ICTT International Container Transshipment Terminal, SPM Single Point Mooring

APRIL 2017 For updated information, please visit www.ibef.org 35


PORTS
STRONG PRIVATE SECTOR PARTICIPATION IN PORTS PROJECTS (3/3)

Terminals in major ports with private sector Port agency Capacity Estimated cost
involvement (FY15) (Million tonnes) (USD million)

Development & Operation of International Container 12.5 to 40 MMT in


Cochin Port 353
Transshipment Terminal (ICTT) at Vallar-padam Phases
Setting up of LNG Port & ReGasification Terminal at
Cochin Port 5 MMPTA 691.1
Puthuvypeen by Cochin. / Cochin Port Trust
Multi-User Liquid Terminal (MULT) at Puthuvypeen
Cochin Port 4.10 MMTPA 38.4
SEZ (International Bunkering Terminal at Cochin)
Conversion of berth No. 8 as container
Tuticorin 7.2 MTPA 52.03
terminal on
Development of North Cargo Berth II
Tuticorin 7.0 MTPA 55.36
on DBFOT basis.
Enhancement of Cargo Handling capacity by installing
Mormugao Port Trust 2.50 MTPA 7.5
rapid in motion wagon loading facility by SWPL
Kamarajar Port
Development of Container Terminal on DBFOT basis 16.8MT 210.68
Ltd
Kamarajar Port
Development of Multi Cargo Terminal on DBFOT basis 2.00 25.05
Ltd

As on FY15 Source: Indian Ports Association, TechSci Research


Notes: NSICT Nhava Sheva International Container Terminal, Mumbai,
ICTT International Container Transshipment Terminal, SPM Single Point Mooring

APRIL 2017 For updated information, please visit www.ibef.org 36


PORTS
Projects Completed and Awarded During FY15 & FY16
A PPP project worth USD220 million for redevelopment of berths 8, 9 & barge berths at the Port of Mormugao, Goa has been
awarded in September 2016
Kamarajar Port Marine Liquid Terminal-II PPP project & Chidambaranar Port PPP Project (shallow draught berth) for handling
general cargo, was introduced in 2016
Increase in capacity due to productivity of CBI & CBII (1.00 MTPA) Metric tonnes per annum
Development of WQ6 berth for 225m length & 22.5m width for handling dry bulk cargo on DBOFT basis (6.00) at VPT
(Visakhapatnam Port Trust).
Development of EQ-10 berth in inner harbor for handling liquid cargoes & chemicals on DBOFT basis (1.84 MTPA) at VPT.
Increase in capacity at CICTPL coal berth due to productivity (1.00 MTPA) at KPL (Kamarajar Port Ltd.)
Increase in capacity at ETTPL berth due to productivity (1.00 MTPA) at KPL.
Increase in capacity at General Cargo berth (2.00 MTPA) at KPL.
Installation of floating cranes for handling the cargo vessels (2.49 MTPA) at VoCPT (V.O.Chidambaranar Port Trust)
Construction of Mooring Dolphins at Liquid Cargo Jetty (1.00 MTPA) at JNPT (Jawaharlal Nehru Port Trust))
Increase in capacity due to deepening & widening of channel (10.20 MTPA) at JNPT.
In February 2017, at an estimated cost of US$1.37 million, construction of fishing harbor at Tirmulliavasal was completed on
schedule, under the Rural Infrastructure Development Fund (RIDF).

Source: Indian Ports Association, TechSci Research


PPP: Public Private Partnership; MTPS: Million Tonnes per Annum; JNPT: Jawaharlal
Nehru Port Trust

APRIL 2017 For updated information, please visit www.ibef.org 37


PORTS
PRIVATE EQUITY INTEREST IN INDIAN PORTS/SHIPPING REMAINS HEALTHY
PE deals since 2014

Target Acquirer Value (USD million) Year


Saurashtra Freight Fairfax India Holdings Corporation 30.0 2017
LCL Logistix CMA CGM Group - 2015
Kattupalli port Adani Ports and Special Economic Zone Ltd - 2015
The Dhamra Port Co Ltd Adani Ports and Special Economic Zone 926.0 2014
Samson Maritime Ltd Kotak Private Equity Group 126.0 2014
Fourcee Infrastructure General Atlantic LLC 104.0 2012
Mundra Port 3I Group, GIC Real Estate 100.0 NA
Karaikal Port Pvt Ltd (2nd round) Ascent Capital 41.7 NA
Ocean Sparkle Ltd Standard Chartered PE 41.6 2012
Karaikal Port Pvt Ltd (1st round) IDFC Project Equity 32.6 NA
Gujarat Pipavav Port Ltd IDFC 28.5 NA
Karaikal Port Pvt Ltd Standard Chartered PE (Mauritius) II Ltd 27.1 2012
20Cube Logistics Zephyr Peacock India 17.0 2013
Continental Warehousing Nhava
Aureos India Fund, Eplanet Venture 16.4 NA
Sheva

Source: E&Y, Grant Thornton, Thompson ONE Banker, TechSci Research

APRIL 2017 For updated information, please visit www.ibef.org 38


PORTS

OPPORTUNITIES
PORTS
OPPORTUNITIES

Increasing scope for private ports Ship repair facilities at ports Port support services

With rising demand for port Dry docks are necessary to provide ship Operation & maintenance services such
infrastructure due to growing imports repair facilities. Out of all major ports, as pilotage, dredging, harbouring &
(crude, coal) & containerisation, public Kolkata has 5 dry docks, Mumbai & provision of marine assets such as
ports (major ports) will fall short of Visakhapatnam have 2; the rest have 1 barges & dredgers are expected to
meeting demand or no dock at all increase in coming years

This provides private ports with an Given the positive outlook for cargo Increasing investments & cargo traffic
opportunity to serve the spill-off demand traffic & the resulting increase in number point to a healthy outlook for port
from major ports & increase their of vessels visiting ports, demand for support services
capacities in line with forecasted new ship repair services will go up. This will
demand. provide opportunities to build new dry These include Operation & Maintenance
docks & setup ancillary repair facilities. (O&M) services like pilotage, harbouring
Cochin Port Trust (CPT) announced & provision of marine assets like barges
measures to increase its revenue by & dredgers.
generating higher container traffic &
increasing the number of passenger JNPT in Navi Mumbai signed an
liners. CPT is also planning to setup a agreement with Development Bank of
small industrial port at the southern end Singapore & State Bank of India, for
of Willingdon Island to boost business. external commercial borrowing worth
USD400 million for expansion of road
network connecting the port.

Source: Ministry of Shipping, TechSci Research


Note: O&M Operations & Maintenance
APRIL 2017 For updated information, please visit www.ibef.org 40
PORTS

SUCCESS STORIES
PORTS
MUNDRA: THE LARGEST PRIVATE PORT IN INDIA (1/2)

Mundra Port and Special Economic Zone Ltd was renamed Net sales (USD million)
as Adani Ports & Special Economic Zone Ltd 1213.1

It is the largest private port in India in terms of volume 1020.6

Net Sales (FY16): USD1213.1 million 801.2

Operating profit (FY16): USD710.5 million 658.6


575.4
Adanis Mundra Port crosses 100 MMT mark of cargo 439.5
handling in FY16. The only commercial port in India to
300.7
achieve 100 MMT traffic. Further, cargo traffic of the 255.7
202.9
company touched 109.02 MMT in FY16

Container traffic contributed the most, followed by


coal and edible oil, chemicals and POL FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16

Has the worlds largest fully mechanised coal terminal with Source: Company sources, including Annual Reports and news
a capacity of 60 MTPA items; Assorted news articles; TechSci Research
Notes: POL Petroleum, Oil and Lubricants,
MTPA Million Tonnes Per Annum,
Handles the 2nd highest container traffic in India MMT Million Metric Tonnes
Adani Group plans to convert the Dhamra Port, in Odisha,
During FY0816, total revenue rose to USD1213.1 million,
into country's biggest seaport with industrial park, and set
implying a CAGR of 25 per cent
up LNG and LPG terminals there by 2021.

Dhamra Port is expected to have 35 berths having 315


million tonnes capacity.

APRIL 2017 For updated information, please visit www.ibef.org 42


PORTS
JNPT: MAJOR PORT WITH THE LARGEST CONTAINER CAPACITY (1/2)

Jawaharlal Nehru Port Trust (JNPT) has the 3rd highest cargo traffic & the highest container traffic in the country

It is a container-focused port & having container traffic of 37.64 MMT in FY16

Handled 63.8 million tonnes of cargo in FY15

Poised to handle 3 million TEUs of containers by the year FY16

Traffic handled at JNPT for FY16 was 42.6 MMT

Distribution of JNPTs container traffic for FY16 across its various terminals was a s follows

Jawaharlal Nehru Port Container Terminal (JNPCT): 1.43 million TEUs

Nhava Sheva International Container Terminal (NSICT): 1 MMT

APM Terminals: 16.1 MMT

Notes: TEU Twenty-Foot Equivalent Unit,


MMT Million Metric Tonnes

APRIL 2017 For updated information, please visit www.ibef.org 43


PORTS
JNPT: MAJOR PORT WITH THE LARGEST CONTAINER CAPACITY (2/2)

JNPT was developed to relieve the pressure of Mumbai port Cargo profile of JNPT (FY16)
and was commissioned in 1989
1.1%
It serves most of North India & has good hinterland
connectivity through road & rail networks 10.5%

JNPT, with a capacity of 4.76 million TEU, handles over 58


per cent of Indias container traffic, as of FY16 Container

JNPT is a pioneer in involving private sector participation in POL


major ports & operates under a landlord model; NSCIT is
the 1st private terminal in the country Others

The port is poised to handle 5.03 million TEUs of containers 88.5%


by 201617

Proposed capacity additions by FY17

Marine chemical: 30 MTPA Source: JNPTs website, Indian Ports Association,


Ministry of Shipping, TechSci Research
Container terminal: 58 MTPA Notes: POL Petroleum, Oil, and Lubricants,
MMT Million Metric Tonnes,
TEU Twenty-Foot Equivalent Unit,
MTPA Million Tonnes Per Annum

APRIL 2017 For updated information, please visit www.ibef.org 44


PORTS
GUJARAT: PORT HUB OF INDIA ... (1/2)

Gujarat is endowed with 1,215 kilo meters of coastline i.e. Cargo handled at major and non-major port of
1/6th of total Indian coastline Gujarat (MMT)

The state has 42 ports of which 41 are non major, while


Kandla is the sole major port CAGR: 10.17% 336 340
310
During FY0716, cargo traffic in Gujarat increased at a 288
CAGR of 10.17 per cent, with the cargo volume handled 259
231
reaching 440 MMT in FY16. 206

Favourable policies of the Gujarat government helped the 151 153


131
state in gaining private investors interest in port related 100
82 83 94 87 92
activities 72 80
53 65

Kandla port handled 499.68 million tonnes of cargo traffic,


during April 2016 to January 2017. Overall Indias cargo
traffic increased by 7.14 per cent. FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16

Major Ports Minor Ports


Source: Shipping Ministry, TechSci Research

APRIL 2017 For updated information, please visit www.ibef.org 45


PORTS
GUJARAT: PORT HUB OF INDIA ... (2/2)
In FY16, Gujarat Maritime Board (GMB) handled 339.77 MMT of cargo, with a capacity addition of 466 MMT in the same year.

During the 12th Five-Year Plan, the government estimates investment of about USD9.4 billion in the port sector by private players
in Gujarat

With 7 ports under construction & 5 proposed ports, Gujarat has the highest number of privately operated greenfield ports in India

As of October 2016, Ministry of Shipping has sanctioned Capital Dredging Project for Ro Pax Ferry Services between Gogha &
Dahej, in Gulf of Cambay in Gujarat. The total project cost is US$ 35.75 million, of which 50 per cent will be funded by Centre
Government under the Sagarmala programme

As of November 2016, Ministry of Shipping sanctioned sum of USD1.49 million to Gujarat Maritime Board for capacity building &
safety training of workers involved in ship recycling activities under Sagarmala

Greenfield ports Developer

Port of Pipavav GMB and Gujarat Pipavav Port Ltd

Mundra Port Gujarat Adani Port Ltd

Dahej Port Petronet LNG Ltd and GMB

Hazira Port Shell Gas B.V.

Source: Shipping Ministry,


TechSci Research
APRIL 2017 For updated information, please visit www.ibef.org 46
PORTS

USEFUL INFORMATION
PORTS
INDUSTRY ASSOCIATIONS

Indian Ports Association (IPA)


1st floor, South Tower, NBCC Place
Bhishma Pitamah Marg, Lodi Road
New Delhi 110 003
Phone: 91-11-24369061, 24369063, 24368334
Fax: 91-11-24365866
E-mail: ipa@nic.in, ipadel@nda.vsnl.net.in

Indian Private Ports & Terminals Association


Darabshaw House, Level-1, N.M. Marg,
Ballard Estate, Mumbai 400 001, India
Tel. No: 022-22610599
Fax. No: 022-22621405
Email: secretary@ippta.org.in

APRIL 2017 For updated information, please visit www.ibef.org 48


PORTS
NOTES

Major and non-major ports do not have a strict association with traffic volumes. The classification has more of an
administrative significance

Cargo traffic includes both loading (export) and unloading (imports) of goods

Containerisation is the increased use of container for transporting non-bulk goods. It leads to increased efficiency (both
time and money)

Turnaround time is the total time spent by a ship from entry into port till departure

Twenty Equivalent Units (TEU) is a standard measure of containers which are 20 feet in length and 8 feet in width; the
height can vary

Draft is the vertical distance between waterline and the bottom of the ship. It determines the depth of water a ship or boat
can safely navigate. Higher capacity ships will need higher draft, hence ports with higher natural draft will attract bigger
ships

Waterfront availability is the length of the water line on the coast where ships can rest and the goods are unloaded. Longer
waterfront lengths reduce waiting time and help raise capacity

Terminals are certain sections of the ports where different types of cargo are unloaded

Single Point Mooring (SPM) is a loading buoy anchored offshore that serves as a mooring point and interconnect for
tankers loading or offloading gas or fluid product

A dry dock is a narrow basin that can be flooded to allow a ship to be floated in, then drained to allow that ship to come to
rest on a dry platform. Dry docks are used for construction, maintenance and repair of ships

APRIL 2017 For updated information, please visit www.ibef.org 49


PORTS
GLOSSARY (1/2)

FY: Indian Financial Year (April to March) So FY11 implies April 2010 to March 2011

USD: US Dollar

FDI: Foreign Direct Investment

IPA: Indian Ports Association

NMDP: National Maritime Development Programme

POL: Petroleum, Oil & Lubricants

SEZ: Special Economic Zone

CAGR: Compounded Annual Growth Rate

ICTT: International Container Transshipment Terminal

TEU: Twenty-Foot Equivalent Unit

MMTPA: Million Metric Tonnes Per Annum

MMT: Million Metric Tonnes

APRIL 2017 For updated information, please visit www.ibef.org 50


PORTS
GLOSSARY (2/2)

GOI: Government of India

NSICT: Nhava Sheva International Container Terminal, Mumbai

O&M: Operation and Maintenance services

LNG: Liquefied Natural Gas

Wherever applicable, numbers have been rounded off to the nearest whole number

APRIL 2017 For updated information, please visit www.ibef.org 51


PORTS
EXCHANGE RATES

Exchange rates (Fiscal Year) Exchange rates (Calendar Year)

Year INR equivalent of one USD Year INR equivalent of one USD
200405 44.81
2005 43.98
200506 44.14
2006 45.18
200607 45.14
2007 41.34
200708 40.27
2008 43.62
200809 46.14
2009 48.42
200910 47.42
2010 45.72
201011 45.62

201112 46.88 2011 46.85

201213 54.31 2012 53.46

201314 60.28 2013 58.44

2014-15 61.06 2014 61.03

2015-16 65.46 2015 64.15

2016-17 (E) 66.95 2016 (Expected) 67.22


Source: Reserve bank of India,
Average for the year
APRIL 2017 For updated information, please visit www.ibef.org 52
PORTS
DISCLAIMER
India Brand Equity Foundation (IBEF) engaged TechSci to prepare this presentation and the same has been
prepared by TechSci in consultation with IBEF.

All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The
same may not be reproduced, wholly or in part in any material form (including photocopying or storing it in any
medium by electronic means and whether or not transiently or incidentally to some other use of this presentation),
modified or in any manner communicated to any third party except with the written approval of IBEF.

This presentation is for information purposes only. While due care has been taken during the compilation of this
presentation to ensure that the information is accurate to the best of TechSci and IBEFs knowledge and belief, the
content is not to be construed in any manner whatsoever as a substitute for professional advice.

TechSci and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in
this presentation and nor do they assume any liability or responsibility for the outcome of decisions taken as a result of
any reliance placed on this presentation.
Neither TechSci nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission
on the part of the user due to any reliance placed or guidance taken from any portion of this presentation.

APRIL 2017 For updated information, please visit www.ibef.org 53

Potrebbero piacerti anche