Ind-Barath Power Gencom Limited

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Ind-Barath Power Gencom Limited (“IBPGL”) developed 126.0 MW coal based power project at Thoothukudi, Tamil Nadu. IBPGL was owned by Ind-Barath Power Infra Private Ltd.(73.9%). The power plant was commissioned in February 2010. Power was sold to PTC India on merchant basis. The project cost was estimated to be INR 4,924.65 million (US$113.2 million). The project reached financial closure in 2009. The IBPGL Power Project was funded through a combination of equity contributions from our Company and other investors including PTC, and secured and unsecured debt. As of March 31, 2010, the total equity investment made by our Company in IBPGL (for both IBPGL Phase I and IBPGL Phase II) is Rs. 1,581.95 million. We secured financing of Rs. 3,342.70 million for the implementation of the IBPGL Power Project, from a consortium of seven lenders, including IDFC, Indian Overseas Bank, State Bank of India, State Bank of Indore, State Bank of Travancore, Syndicate Bank and Axis Bank. As of March 31, 2010, Rs. 3,145.25 million and Rs. 653.19 million in principal amount of secured and unsecured loans, respectively, remains outstanding. IBPGL added an additional 63.0 MW unit at Thoothukudi, Tamil Nadu, which became operational in July 2010.Tthe total cost of IBGPL Phase II was Rs. 2,356.80 million (US$51.5 million). IBPGL Phase II and funded through a combination of equity contributions from our Company and other investors including PTC and secured debt. As of March 31, 2010, the total equity investment made by our Company in IBPGL (for both IBPGL Phase I and IBPGL Phase II) is Rs. 1,581.95 million. The company secured financing of Rs. 1,100.00 million and U.S.$ 10.00 million for the implementation of IBPGL Phase II from three lenders, UCO Bank, Punjab National Bank and Bank of India.