Automotive Industry Overview & Market Share

Indian civil aviation market is the 9th aviation market in the world (size of $16 billion) in 2014 and expected to become 3 rd largest market by 2020 driven by growth in low-cost
carriers, modern airports, foreign direct investments (FDI) in domestic airlines, cutting edge information technology (IT) interventions and emphasis on regional connectivity

Industry Overview

The Automotive industry is geographically concentrated- top 15

countries produce 88% of the worlds vehicles
Except Saudi Arabia, all G20 nations have a manufacturing unit
Worldwide Automotive Industry growth is slowing down and predicted
to reduced growth of 2.6% (2015-2021) from 3.1% (2007-2014)
In 2014, Automotive market hit 87 million units sales and expected to
surpass 90 millions in 2015
Growth in the US and Europe market balancing the slowdown
in the emerging markets
Supported by strengthening job creation in developed markets,
improving household balance sheets, low interest rates and
rising consumer confidence across much of the globe
Worldwide Automotive industry is facing three major challenges namely
Shifts in consumer demand, Regulatory requirements for safety
and fuel economy, and increased availability of data and
information
Consumers viewing cars more as transportation machines and
demanding more sophisticated infotainment systems at a low
price, and expecting more high-end features to be standard
Regulators are also mandating that more safety-related
features, such as backup cameras, be included as standard
equipment on new models, adding further to costs.
consumers are awash in easily accessible information about
automobile specifications, prices, discounts, quality, and
performance, giving buyers greater bargaining power
Notable trends in Automotive industry such as Increased electronics
and software content, Product-mix changes made to meet regulatory
requirements, Next-generation platforms and platform modularization
and Changing face of retail.

Market Share by Automotive Production 2014

RoW;
Mercosur;
5%3%

NAFTA; 22%

Asia; 47%

Europe; 23%

Source: dgca.nic.in

Low cost carriers continued to dominate domestic traffic with ~65%

market share in 2014
IndiGo was the largest airline with ~32% market share
IndiGo and Jet Airways are gaining market share at the expense of
SpiceJet
However, Air India and GoAir witnessed steady growth with a few
monthly variations in 2014

Source: Makeinindia.com, bangloreaviation.com, india-aviation.com, dgca.nic.in

Confidential and proprietary Not to be distributed without the prior written consent of Copal Amba

Passengers Carried June 2014 to May 2015

Domestic and international passenger traffic are expected to grow at annual average rate of 12% and 8% respectively, from 2015 to 2020

Passengers Carried in Million June 2014 to May 2015

8
6

0.01
0.02
1.8

4
2
0

0.03
1.6

0.05

0.08

0.09

1.86

1.91

1.89

1.97

2.32

2.28

2.23

2.29

2.48

2.77

0.58
1.08
0.24
0.87

0.48
1.09
0.2
0.82

0.57
1.11
0.23
0.92

0.54
1.08
0.24
0.97

0.5
1.03
0.24
0.97

0.53
0.88
0.27
1.08

0.6
0.67
0.3
1.21

0.55
0.59
0.28
1.23

0.54
0.55
0.27
1.19

0.55
0.61
0.3
1.3

0.57
0.71
0.23
1.29

0.61
0.84
0.23
1.3

1.06

0.94

0.92

0.97

1.16

1.03

1.2

1.17

1.07

1.06

1.07

1.13

41791

41821

41852

41883

41913

41944

41974

42005

42036

42064

42095

42125

Air India

Jet Airw ays

Jet Lite

Spice Jet

Go Air

IndiGo

Air Costa

Air Asia

Vistara

Air Pegasus

Source: dgca.nic.in

Jet Airways

Despite closing out of its low cost

operations, Jet Airways group
continued to operate flights under its
low cost operating permit IATA code
S2, in addition to the mainline airline
permit, IATA code 9W
The group has lifted its
performance and continued to
hold second place which it
snatched from low fare carrier
SpiceJet

SpiceJet

SpiceJet continued to show the aftereffects of its massive fleet downsizing due to financial problems and
is expected to witness continued
decline in future

AirAsia

AirAsia India witnessed decline in

passenger numbers. The airline has
been suffering from staffing and
dispatch reliability issues

Vistara

The newly launched Tata-Singapore

Airlines joint venture Vistara is
progressing slowly in 2015. When
comparing the passengers carried
during initial three months of service,
Vistara is ahead of the other Tata
promoted airline AirAsia India which
commenced operations in June 2014

Source: bangloreaviation.com, dgca.nic.in

Confidential and proprietary Not to be distributed without the prior written consent of Copal Amba

Drivers for Growth in Aviation Sector

The Indian aviation industry has witnessed remarkable growth in recent years, driven by positive economic factors, growth in infrastructure development and successful publicprivate partnership model

Successful Public-Private
Partnership Model and Other
Government Support

Five international airports (Delhi,

Mumbai, Cochin, Hyderabad,
Bengaluru) have been completed
successfully under PPP mode

Focus on Greenfield and

Brownfield Projects
Greenfield airport at Navi Mumbai &
Goa and some brownfield airports of
Airports Authority of India (AAI) and
50 airports under the low cost model
are to be developed all over the
country, including under PPP

Facilitative foreign direct investment

norms and liberal bilateral service
agreements

Focus on Building Infrastructure

Greater focus on infrastructure

development and liberalization
including Open Sky Policy,
modernization of airports, Air and
Navigation Systems

Encouraging private investments in

airlines and airport infrastructure

City-side development of non-metro

airports

Increase in Low Cost Carriers

Growth in MRO Facilities

Growth in aviation accentuating

demand for MRO (maintenance,
repair and overhaul) facilities

Indian aviation is experiencing

dramatic growth across the board,
from the emergence of LCC/new
carriers to a growing middle class
ready to travel by air as well as
growth in business and leisure travel

Growth in Income

Indias middle income population is

expected to increase from 160 Million
in 2011 to 267 Million by 2016

62% of the population is in the

working age group of 15-60 years
and this proportion is set to increase
in future indicating a larger employee
base, greater business travel and
greater economic activity

Successful M&A

Large scale collaborations/M&A deals

include Etihad Airways & Jet Airways;
Tata Group & Singapore Airlines; Tata
Group & AirAsia

Increase in Number of Airports

India plans to increase the number of

operational airports to 250 by the
year 2030

Providing international airport status

to major Tier-I and Tier-II cities

Open sky policy and permission to

private operators to operate on
international sectors

Source: makeinindia.com

Confidential and proprietary Not to be distributed without the prior written consent of Copal Amba

Sales Tax & Other Cost Components Aviation Industry India

ATF in India accounts for nearly half of an Indian carriers operating cost, compared to 20-25% globally. While international airlines are exempt from state-level taxes, they pay
nearly 16% more than the global average

Airlines Ticket Cost Breakup (2015)

Sales Tax 2015

State

Earlier Sales Tax

Current Sales Tax

Delhi

NA

20%

Mumbai

NA

25%

Chennai

NA

29%

Andhra Pradesh

16%

1%

Chhattisgarh

25%

5%

Source: airindia.in

Jharkhand

20%

4%

Prices at 4 Metros including Sales Tax for domestic airlines IOC (INR)

Goa

24%

12.5%

Madhya Pradesh

23%

4%

West Bengal (Kolkata)

30%

15% for incremental ATF

uplift above FY13 levels

West Bengal (non-metro e.g.

Bagdogra)

30%

0% for three years

NA

20% with 5% surcharge

2%

7%1%

50%

35%

5%

Base fare per traveller

Service Tax

Airline Fuel Charge

India: User Development Fee

India: Passenger Service Fee

India: Development Fee

1-May-15
1-Jan-15
1-Jan-14
1-Jan-13
1-Jan-12
1-Jan-11
1-Jan-10

Delhi

Kolkata

Mumbai

Chennai

49609.8
52423.0
76241.3
66236.2
63076.7
47815.5
38696.6

59122.8
61525.0
86559.2
75154.0
71358.2
55158.1
46908.5

50844.4
53862.0
78783.8
68446.9
64053.7
48058.6
39910.8

54779.7
57457.0
82853.7
72057.1
67911.7
51275.3
42683.3

J&K

Source: airindia.in, download.dionglobal.in, indiratrade.com, business-standard.com, newindianexpress.com, timesofindia.indiatimes.com, iocl.com, thehindubusinessline.com

Confidential and proprietary Not to be distributed without the prior written consent of Copal Amba

Agencies Monitoring and Governing Aviation Sector India

Responsible for creating, upgrading, maintaining

and managing civil aviation infrastructure in
India
Provide Air traffic management (ATM) services
over Indian airspace and adjoining oceanic
areas and manages 125 airports including 11
International airports, 8 Customs airports, 81
Domestic airports and 25 Civil enclaves at
Military Airfields

Ministry of Civil
Aviation

Responsible for formulation of national policies

and programs for the development and
regulation of the Civil Aviation sector
Responsible for the administration of the Aircraft
Act, 1934, Aircraft Rules, 1937 and various other
legislations pertaining to the aviation sector

Airports
Authority of
India
Directorate
General of
Civil
Aviation

Determine the tariff for the aeronautical services,

Development Fees in respect of major airports,
Passengers Service Fee levied
Monitor the set performance standards related
to quality, continuity and reliability of service
specified by Government

Airports
Economic
Regulatory
Authority of
India

Bureau of Civil
Aviation Security

Responsible for regulation of air transport

services to/from/within India and for
enforcement of civil air regulations, air safety,
and airworthiness standards
Co-ordinates all regulatory functions with the
International Civil Aviation Organization (ICAO)

Responsible for laying down standards and measures with

respect to security of civil flights at international and
domestic airports in India
Monitoring the implementation of security rules and
regulations and carrying out survey of security needs

Source: civilaviation.gov.in, aera.gov.in, pawanhans.co.in

Confidential and proprietary Not to be distributed without the prior written consent of Copal Amba

5/20 Rule
The Government is in the process of doing away with 5/20 rule and has proposed a complicated formula in which domestic flying credits would be needed for new airlines to fly
overseas

Current 5/20 rule

Present regulation mandates Indian carriers to be in operation domestically for at least five years and have a fleet of 20 aircraft to become eligible to fly on
international routes
Budget carrier GoAir, which had started operations in November 2005, is the only domestic airline among the old players, which is not eligible for overseas
operations as it does not have 20 aircraft

Impact of Current
5/20 Rule

Air India could not utilize the liberalized seat allocations under the revised bi-lateral air services agreements and consequently the

middle-east carriers like Emirates, Etihad and Qatar Airways grew to capture almost 50% of Indias international passenger traffic
The regulation has enabled foreign airlines to capture a larger share of the international market at the expense of home carriers
Kingfishers demise can be traced back to the challenges associated with the integration of Air Deccan, an acquisition that was
motivated by the desire to circumvent the 5/20 rule
Proposed Rule

Under the proposed rule, an airline desiring to fly on international routes must have earned a minimum of 200 DFCs. Also, it should have a minimum of five
aircraft to fly international, against the 20 needed currently
On reaching the 300 DFC milestone, the air carrier can approach the government for being designated on a long haul international route of more than 6
hours flying time

Software to
Calculate Credits

DFCs will be calculated by the ministry and dedicated software will be used to calculate them. Air operators would earn
One DFC per available seat kilometer (ASKM) on category-I routes, which are the major trunk routes connecting India's top 20
cities
Three and five credits per revenue earning passenger kilometer (RPSK) flown on category-II and category-IIA routes
Five credits for flying to unused routes for at least two years
Smaller aircraft (less than 20 seats) and helicopter operators can earn 10 DFCs per passenger kilometer flown by them
Other requirements for international operations include conditions such as accident/serious incident-free record of operations and
successful completion of the safety audit by Directorate General of Civil Aviation

Source: moneycontrol.com, articles.economictimes.indiatimes.com

Confidential and proprietary Not to be distributed without the prior written consent of Copal Amba

Government Initiatives (2014 2015)

Indian Government has a substantial focus on building PPP and supports private sector through financing, providing concessional land allotment, tax holidays and other
incentives to promote aviation industry

Provisions in Union Budget (2014 2015)

Major Initiatives by Government (2014 2015)

Gujarat is expected to form a second international airport at Dholera

The Government of Gujarat has formed Dholera International Airport
Co Ltd and is obtaining approvals from the union government

The Directorate-General of Civil Aviation (DGCA) has given its approval

to Air Indias maintenance, repair and overhaul (MRO) unit

The Government of India has decided to award airports in Kolkata,

Chennai, Jaipur and Ahmedabad on management contract
The Airports Authority of India (AAI) has issued Request for
Qualification document for these four airports

The Government of India plans to form a committee comprising bankers,

aviation experts and technocrats to help turn around and look at
privatizing the national airline Air India

The Ministry of Civil Aviation plans to list Airports Authority of India and
Pawan Hans Ltd on the stock exchanges to improve efficiency
Also, the government expects that privatization of national carrier Air
India will not happen immediately, but the option cannot be ruled out in
future

The Government of India has approved and sanctioned the construction

of five budget airports in Karnataka, Rajasthan, Arunachal Pradesh and
Odisha to improve regional connectivity
However, the plan to develop the no-frills airports has been put on
hold due to lack of commercial viability

Duty Exemption

Aircraft engines and parts are eligible for duty exemption when
imported for servicing, repair or maintenance of aircraft used for
scheduled operations

Infrastructure Development

The budget strengthens the development of new airports in Tier I

and Tier II cities
Budgetary support is provided to the AAI for the development of
airport infrastructure in the north-eastern states of India

Income Tax Exemption

Exemptions under the Income Tax Act for infrastructure development

under section 80 IA
The Income Tax Act provides presumptive taxation under Section
44AE in respect of assesses who are engaged in the business of
plying, hiring or leasing goods carriages
However, the bill proposes to increase the amount of presumptive
income to INR 7,500 per vehicle for all types of goods carriage
vehicles

Source: business-standard.com, financialexpress.com, investinindia.com, ibef.org, pbr.co.in, makeinindia.com

Confidential and proprietary Not to be distributed without the prior written consent of Copal Amba

FDI Guidelines in Aviation Industry India (2015)

The Government of India has been steadily liberalizing the FDI regime over time to mitigate losses suffered by most of the Indian carriers due to high taxes on jet fuel, rising
airport fees, costly loans, poor infrastructure and cut-throat competition

FDI up to 49% is permitted for scheduled air

transport services and domestic scheduled
passenger airlines under the automatic route.
NRI investment is permitted up to 100%
under the automatic route
100% FDI is permitted under the automatic
route for greenfield investments in airports.
With respect to existing airports, FDI up to
100% is permitted, up to 74% under the
automatic route and up to 100% with prior
FIPB approval

FDI in Scheduled Air

Transport Services

FDI in Non-Scheduled Air

Transport Services

Foreign airlines are permitted to invest in the

capital of Indian companies operating
scheduled and nonscheduled air transport
services to the limit of 49% of their paid-up
capital, subject to specified conditions
Foreign airlines can participate in the equity
of companies operating cargo airlines,
helicopter services and seaplane services

FDI through Capital and

Equity Investments

FDI in MRO and Other

services

For non-scheduled air transport services,

non-scheduled airlines and cargo airlines,
FDI is permitted up to 74% (up to 49% under
the automatic route and beyond that with
FIPB approval). NRI investment is permitted
up to 100% under the automatic route
FDI up to 100% is permitted under the
automatic route for helicopter and seaplane
services

100% FDI is permitted under the automatic

route for maintenance and repair
organizations, flight training institutes and
technical training institutions
FDI up to 74% is permitted for groundhandling services, subject to sectorial
regulations and security clearances
FDI up to 49% is permitted under the
automatic route and between 49% and
74% under the approval route
However, NRI investment up to 100% is
permitted under the automatic route

Source: pwc.in, ibef.org, atkearney.in, makeinindia.com, arthnitisse.wordpress.com

Confidential and proprietary Not to be distributed without the prior written consent of Copal Amba

FDI Rumors in Aviation Industry India (2015)

Vistara to acquire GoAir. Will
fly international soon

The Tata-Singapore Airlines

promoted Vistara is planning
to acquire GoAir
Vistara made a
compelling offer to the
promoters who wanted to
focus on their core
business and exit the
airline business
GoAir is expected to bring a
number of immediate and
long term benefits for Vistara
The benefits include the
ability to fly internationally
GoAir is over five years
old and along with
Vistaras four aircraft, the
venture will cross the 20
aircraft requirement
under Indias restrictive
5/20 rule
Vistara is keen to launch
services to Singapore
and to London

Tata Group looks to increase

AirAsia India stake

Majority shareholder Tata

Group is planning to buy
shareholder equity of
Telestra Tradeplace in
startup low-cost carrier
(LCC) AirAsia India
Tata Group already has a
30% shareholding, with
the AirAsia Bhd parent
group holding 49%.
Telestra Tradeplace holds
the remaining 21%
Telestra Tradeplace is
looking to sell the
companys 21% stake in
the airline
If Tata took all of Telestra
Tradeplaces equity, it would
hold a controlling share of
the carrier, which could see
a potential conflict of interest
as Tata is also involved in
the Vistara startup it runs
jointly with Singapore Airlines

Qatar Airways keen to buy

stake in IndiGo

Qatar Airways is keen to buy

equity in IndiGo if the Indian
carrier offers 49% stake to it
Qatar Airways has ruled
out buying stake in
SpiceJet or GoAir
Indigo is the only efficient
carrier in India but added
that the country cannot
depend on only one
airline
Indigo raised around $400
million through IPO in July
2015
The initial public offering
will include about $200
million of fresh equity
infusion

SpiceJet received offers from

foreign airlines to buy stake

According to SpiceJet
officials the company has
been approached by foreign
airlines seeking to buy a
stake as the company tries
to turn around
The airline is now cutting
costs, renegotiating
contracts with vendors
and is sharing the
turnaround plan with the
government
Ajay Singh took
management control and
ownership by buying out
the 58% stake held by
promoter Kalanithi Maran
and his associate
company, KAL Airways,
and invested $242
million** (or INR1,500
crore) in three equal
tranches till March 2015

Note: 1 INR = 0.0161 USD (Sourced from oanda.com)

Source: bangaloreaviation.com, profit.ndtv.com, articles.economictimes.indiatimes.com, atwonline.com, scmp.com, business-standard.com

Confidential and proprietary Not to be distributed without the prior written consent of Copal Amba

Major Investment & Related Developments (2010 2015)

India is rapidly building capabilities to emerge as a preferred destination for manufacturing of aerospace components and according to Department of Industrial Policy and
Promotion (DIPP), FDI inflows in air transport (including air freight) during Apr 2000 to Feb 2015 stood at $569 million

Boeing is planning to set up an aircraft

manufacturing base in India
Once set up, it would be part of the 'Make in
India' program under which the government
wants companies to not only manufacture for
India but export as well

Google Inc. has launched flight searches in

India
Customers can search directly for flights within
Google or access google.co.in/flights to
quickly find, compare and book flights from
your mobile device, tablet or desktop

Advancement in
technology

Vistara signed inter-line agreements with

Singapore Airlines and SilkAir to issue and
accept tickets for flights that are operated by
partner airlines
Air Works India Engineering focused on
growing international business and formed a
joint venture with Yaksa to provide maintenance
services to international & domestic operators
After receiving FAA approval, UTC Aerospace
Systems Bengaluru facility is the first Indian
entities to indigenously produce and directly
ship an aviation product to aircraft
manufacturers in the US

Setting up of
Manufacturing
Facility

New
Aircraft

Other Developments

Air Costa plans to add eight aircraft before

2016 to its existing fleet of four aircraft
Air India is planning to replace one-third of its
narrowbody fleet and is in talks with Kuwaiti
and Chinese aircraft lessors
The carrier has already signed leases for
five aircraft with China Aviation Leasing
Group Holdings and is looking to lease a
further 14 aircraft from Kuwaiti lessors,
starting mid-2016

Source: investinindia.com, ibef.org, pbr.co.in, india-aviation.in

Confidential and proprietary Not to be distributed without the prior written consent of Copal Amba

10

Investment Opportunities (2015 2020)

Aviation industry is expected to witness $110 billion by 2020. About $30 billion for development of existing airports and $80 billion for building new fleets. The aerospace giant
Boeing projects that the Indian aviation industry will require about 1,000 commercial jets in the coming 20 years

Airport Development

New Aircraft

Indian airports is expected to have an investment of over $12 billion by

2020

Additional 30 airports required to handle the growing passenger and

cargo traffic

Airlines are expected to add around 370 aircraft (worth $27.5 billion) to
their fleet by 2017
Investment of $4 billion is expected for General Aviation aircraft in next 5
years

The development of new airports the Airports Authority of India aims to

bring around 250 airports under operation across the country by 2020

Investment in Ground Handling and Other Logistics Divisions

Greenfield airports under Public Private Partnership at Navi Mumbai

and Mopa (Goa)

The Airports Authority of India plans to spend $1.3 billion on non-metro

projects between 2013 and 2017, focusing on the modernization and upgradation of airports

Indian airports are emulating the SEZ Aerotropolis model to enhance

revenues
Focus on revenues from retail, advertising and vehicle parking,
security equipment and services

Investment in Technology

Air Navigation Services (ANS) is expected to witness investment of worth

$7 billion by 2020

Expansion to other cities

Tata Group has launched its full-service Vistara airline on January 9,

2015. Vistara started on Mumbai-Ahemedabad route and plans to
expand to other cities later in 2015 & 2016

Investment of $5 billion is expected for developing ground handling,

cargo and logistic facilities at major airports

Creation of New Hubs

The North-east region the Airports Authority of India plans to develop

Guwahati as an inter-regional hub and Agartala, Imphal and Dibrugarh as
intra-regional hubs

Source: investinindia.com, ibef.org, pbr.co.in, telegraphindia.com, makeinindia.com, business-standard.com

Confidential and proprietary Not to be distributed without the prior written consent of Copal Amba

11

Major Investment Initiatives by Foreign Investors

Top US, Europe and Asia based companies are investing in India's booming aviation sector across various fields, from security to building new airports, driven by recent
changes in regulatory environment

Major Initiatives by Foreign Investors (2015)

Plans to increase outsourcing to India from $400 million to $2 billion in next five years fro 2015 to 2020. Plans to set-up final
assembly lines and establish supply chain and related infrastructure for military transport aircraft and helicopters in India
Plans to develop and manufacture electronic sensors with a partner in India
Plans to set up a manufacturing unit in India and send team to discuss the possibilities for investment in Telangana state
However, the company has disassociated itself with the Air India's Maintenance Repair Overhaul (MRO) facility in Nagpur
citing financial constraints. Earlier, the company has invested $100 million in the facility

Currently, AirAsia India has halted its expansion plans after a year in business as it waits for a government decision on
whether to change a measure regulating overseas flights

Plans to enhance its engineering capability in India by building a facility in Bengaluru that will employ 500 people by the end
of 2017. Rolls Royce company sought 12 acres of land in Devanahalli Aerospace Park to ramp up their manufacturing
capabilities in Aerospace sector in addition to the 6 acres already allotted in partnership with HAL

Mahindra Aerospace signed a deal with GE aviation under which the two companies collaborate to produce small, metallic
structural sheet details and assemblies within Mahindras new Aerospace facility in Bangalore
After Airbus transfer of work approval, two will work together to manufacture Airbus Single Aisle package of work

Other Foreign Investors

Source: livemint.com, timesofindia.indiatimes.com, ibnlive.com, newindianexpress.com, tehelka.com, economictimes.indiatimes.com, investkarnataka.gov.in, indiaincorporated.com

Confidential and proprietary Not to be distributed without the prior written consent of Copal Amba

12

Air India Recent Funding From Different Sources

Indian government is committed to pump-in the allocated funds in Air India as part of its turnaround and financial restructuring plan and is not focusing on closing Air India

Funding From Banks (2014 15)

Funding From Government (2014 15)

Plans to raise $300 million from overseas market via External

Commercial Borrowing (ECB) route by tie up with Citibank and State
Bank of Indi in May 2015
Received short-term loans of around $315 million with two international
banks including Deutsche Bank and Standard Chartered Banks in Mar
2015
Plans to financing of up to $330 million for sale and lease back for 11
787 aircraft in Jan 2015
Received an extension of loan of $200 million from Bank of India to
finance the purchase of three Boeing 787 aircraft

2009- 10**

Additional Equity
Infusion

Received an additional equity infusion of $279 million as part of a 2016

budgetary allocation in May 2015
Received $405 million in Budget 2015/2016 a part of the bailout
package approved by the Government in Mar 2015
Received $490 million in funding in the later part of the fiscal year from
the Indian Government in Oct 2014
Received equity infusion of $997 million which was lower than the
overall $1.2 billion requested by the carrier in 2014
Received $229 million as part of the $913 million promised for the
carrier in the May 2015 2014

2010-11**

Government induced capital

of $985 million over 3 year
period including $24.5 million
as Preference Capital
Infusion of $394 million in
2009-10 and remaining $591
million in subsequent years
Additional infusion of $236.4
million equity in 2010-11

The Turnaround Plan (TAP) of

Air India was submitted,
including
Infusion of total equity
support of $6,711.3 million
by 2021
Buy back guarantee for
cumulative redeemable
preference shares for
2027-2032 of $1645.0
million
Received $266.4 million
towards equity investment

2011-12**

Induced authorized capital of

$2431.0 million
Received $884.0 million
entitled from union budget
2012

2012-13**

Infused equity capital of

$1152 million bringing the
total paid up capital to
$1794.2 million

Note**: 31st Mar 2009: 1 INR = 0.0197 USD; 31st Mar 2010: 1 INR = 0.0222 USD; 31st Mar 2011: 1 INR = 0.0221 USD; 31st Mar 2012: 1 INR = 0.0192 USD (Sourced from oanda.com)
Source: airindia.in

Confidential and proprietary Not to be distributed without the prior written consent of Copal Amba

13