【出版时间及名称】：2009年12月印度公路行业研究报告
        【作者】：野村证券
        【文件格式】：pdf
        【页数】：32
        【目录或简介】：

Table of Contents
Investment summary ............................................................................................ 3
Steep jump in opportunity in the road sector............................................................ 4
Strong rationale for road development................................................................. 4
NHDP — an effort to upgrade national highways.................................................. 5
A slow start … ................................................................................................ 7
Opportunities in state highways and rural roads .................................................... 8
Opportunities in highway maintenance .............................................................. 10
Policy — intent to make road development developer friendly .................................. 11
Issue 1: Delays in land acquisition .................................................................... 11
Issue 2: Understated cost of projects ................................................................. 11
Issue 3: Delays due to the waterfall model of bidding........................................... 12
Issue 4: Model concession agreement (MCA) clauses .......................................... 13
Issue 5: Process of bidding.............................................................................. 14
Issue 6: Toll-related issues ............................................................................... 15
Issue 7: Taxation clauses ................................................................................ 15
Financing — viability is the key risk ..................................................................... 16
NHAI estimates investment of US$70bn across phases......................................... 16
High dependence on private sector .................................................................. 17
Execution – the biggest risk ................................................................................ 23
Past records indicate frequent time and cost overruns............................................ 23
Reasons for slippage...................................................................................... 24
Availability of raw materials ............................................................................ 25
Foreign participation cannot make up for the lack of capacity................................ 26
Road sector to be a growth driver for contracting companies ................................... 27
Valuation methodologies and investment risks ........................................................ 28