Ajay munot- profile

1. Ajay Munot
Strong Investing and Operating
experience across Infrastructure and
Real estate sectors
1992-2010
Strictly Private & Confidential

2. Investing Experience
 Principal investing (Listed Equities)- Enam Holdings is one of India’s largest and
most successful principal investors in India with its book exceeding USD 1 Billion
and has generated an CAGR of over 25% p.a across several market cycles
through a disciplined and rigorous long only – style investing process in Indian
Equities involving hold periods of 3 – 5 years for multiple investments.
 Assisted in Equity analysis and detailed understanding of Business models/
valuations of several companies/ sectors such as Power/Energy, Capital goods,
T&D, Construction/EPC, Infra Developers, Utilities, Cement, Sugar, NBFC etc
Educational
Qualifications:  Real Assets-PE styled Investing – Responsible as JV Partner for raising Investing
B. Com,(Distinction) vehicles focused on equity/ mezzanine investments into Infra & real estate Assets
Rankholder in C.A
(17th all india) and
and/or Enablers/Service providers across sectors such as Energy, Transportation,
Bach of Law (1st Rank) etc. Met up with Placement agents and Distributors across
USA/UK/HK/Singapore.
Stanford Exec Program
an d IIM (Ahmd) Middle
level Management  Enam Group also runs a successful Investment/capital markets banking,
Wor k Experience: distribution and Institutional brokerage platform- Enam Securities that provided
Research (over 50 analysts), Deal/news flows and corporate access. Agreed to
Managing Director
ENAM Holdings
be sold to Axis Bank for USD 450Mn by March 2011. Also runs a PMS/ AMC for
June 2009- present listed cash equities with USD 350 Mn AUM with 25% returns. www.enam.com

3. Operating Experience
 Entrepreneurship/ Leadership: Kalpataru Power became the fastest growing
Indian Mid-cap company in 2006 with a 8 year CAGR of 50% pa from USD 30 Mn
in 2001 to USD 700 in 2009. At time of leaving, the Group had order backlog of
over US$ 1.5bn with 3,800 strong team and peak market capitalization of US$ 1
bn and strong 20% ROEs. www.kalpatarupower.com; www.jmcprojects.com
 Organisation development: Was instrumental in setting up all new divisions/
ventures and building a strong Parivar (family) culture across the Group.
Kalpataru Power Group  Deal-Making / Turnaround: Managed the acquisition of a 42% stake in JMC
Executive Director
2000– 2009 Projects in Feb 2005 and successfully turned it around from a revenue of US$ 40
mn to US$ 300 mn in 4 years. Over 3x (300%) ROI in 3 years.
JMC Projects
Lead Group Director
2005-2009
 EPC Construction: Supervising EPC/construction projects in excess of US$ 2
billion across transmission & distribution projects, gas pipelines, civil construction
Kalpataru Real Estate of factories/buildings, roads, bridges, power plants etc. Implemented T&D
and Industrial Group
1992-2000 projects across Africa, Middle East and exported towers. Travelled extensively.
39 Years  Bidding / Asset development: Bidding for BOT projects in Transmission, City
Member, Young
Power distribution franchisees, Solar Thermal (50 mw) /PV as well as Roads &
President’s Organization Thermal sector. Led the sustainable development of 2 biomass plants of 8 MWs
Travelled extensively  Fund Raising / IR / Banking: Successfully managed India’s first QIP of US$ 75 Mn
across world
in 2006, several Rights offers/ Investor Roadshows and syndication of project
finance/working capital and term loans of over INR 30 bn (US$ 650 mn)

4. Kalpataru Power – Infra/ Power experience 2001-2009
Power Transmission | Power Distribution | Renewables | Real Estate | Oil & Gas Pipelines | Agri Logistics
Revenues ($ mn) EBITDA ($ mn) •Over 3,800 professionals
886
900 120 108 •Over $1.5 bn order-backlog
800 718
700
100
81
•Projects in Africa, Middle East
588 79
600 80 63
500
400
355 60
300 187 40 30
200 76 121 14
31 58 20 4 6 8
100
0 0
FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09
FY10 FY10
Consolidated (incld JMC) Consolidated (incld JMC)
Net Profit after tax ($ mn) Market Cap ($ mn)
39 1,079
45 1,200
36 37
40
35 900
30 25 647 613
25 445
600
20 15 Over $2 bn EPC and
15
10 2 3
6 300 107 Infra development
2 5 9 16
5
0 0
192 experience from
FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 2001 - 2009
Consolidated (incld JMC)
Source: Company Reports, Capitaline

5. JMC Projects – Civil/ EPC experience 2005-2009
Factories & Buildings | Roads & Bridges | Civil Works (Power plants)
Revenues ($ mn) In short span of 7 years, became one
292 292
300
250
of India’s top # 10 Real Assets Player
204
51%+
200 Kalpataru Power
150 112 JMC Projects
100 58
50
Power Transmission Infrastructure EPC/ Asset/ BOT
0
& Distribution EPC Construction Development
FY06 FY07 FY08 FY09 FY10
Biomass
Post Takeover-JMC become 6th fastest growing Small Cap company- BT TL Projects Oil & Gas
Energy /
(Domestic) Pipelines
EBITDA ($ mn) Renewables
30 25 26 TL Projects Factories & Agri Logistics /
(International) Buildings Warehousing
25
20 17 Rural Real Estate &
Roads &
Electrification & related Infra /
15 Bridges
9 Distribution BOT projects
10
2 Power Projects
5 – Civil Works
0
FY06 FY07 FY08 Water Pipeline
FY09 FY10 & Sewerage
Source: Company Reports, Capitaline
Kalpataru Power acquired controlling stake in JMC Projects, a loss making company in Feb 2005 at market Capitalization of
$5 Mn and Revenues of $40 Mn It represents one of the fastest and dramatic turnarounds in India

6. Kalpataru has one of the world’s largest tower fabrication plant with the capacity of over
100, 000 MTs p.a . Also has state of the art design and testing facilities.
Since 2005 - completed the electrification of over 3,000
villages across India- For Distribution utilities. 40 Years of Real estate
development in Mumbai
ENAM Over 8,500 kms of TL lines (upto 800 kv) strung
Kalpataru Group- India’s
leading Infrastructure
and Real Estate Group
Over 1,000 kms of pipelines laid across terrains- for GAIL, HPCL , Reliance, IOCL
6

7. JMC Projects– one of India’s largest civil players
Bajaj Auto, Pune GE Capital, Uppal, Delhi Power Grid Corp, Gurgaon RITES, Gurgaon Asian Heart Care Institute, Mumbai
Udaivillas / Oberoi Hotels, Indian Institute of Delhi Metro Rail / DMRC, Delhi GVKJ Power Plant for Flyover, Hyderabad
Udaipur Management, Ahmedabad Alstom Projects
Hewlett Packard, Bangalore Cognizant Technology, Pune Infosys Technologies, Syntel International, Pune Wipro, Hyderabad
Hinjewadi, Pune
JMC has executed from 2005-09- Factories & Building projects for Welspun, Siemens, Dr
Reddys, Easai Pharma, Wipro, Delhi Metro, Mantri, Prestige, Tulsiani-Sumer, Stadiums for
CW Games, Jaypee, Bagmane, Kalpataru, Jaypee Greens; Road jobs for NHAI/MPRDC,
Bridges at Santacruz, Panvel, Pune; Power Projects for BHEL, NTPC, Alstom, Reliance