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Contact Information
15th Floor, Tower-B, DLF Cyber Terraces, Building No. 5,
DLF Cyber City, Phase III, Gurgaon 122 002, H...
2
The views, opinions, analysis expressed in the following presentation are those of the
individual presenters (Ms. Sonal ...
3
Overview of Indian Civil Aviation Industry
Recent Reforms in Indian Civil Aviation Industry
Foreign investments in India...
4
Overview of Indian Civil Aviation Industry
 India is the 9th largest civil aviation market
in the world, with a market ...
5
Indian Aviation Industry presents a huge growth opportunity…
 There exists a huge gap between potential
and current air...
6
Domestic Airlines – Operating Matrix
Source: ICRA Report March 2012
Revenues
Domestic Revenues
International Revenues
Ot...
7
Competitive landscape on Domestic routes
 With the exit of Kingfisher Airlines in October 2012, Indigo
has gained marke...
8
Why are domestic airlines lagging behind on International routes??
Airline Market share on international routes to/from
...
9
0%
50%
100%
150%
200%
Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14
Jet Airways Spice Jet Kingfisher Ai...
10
Overview of Indian Civil Aviation Industry
Recent Reforms in Indian Civil Aviation Industry
Foreign investments in Indi...
11
FDI Reforms – Game Changing Opportunity for Airlines
Reforms Details
 As the Sales tax levied by State Governments is ...
12
Investment
Highlights
Low Valuation
Relative
underpenetrated
market
Strong Growth
Prospects
Opportunity to
create India...
13
What are the key Challenges???
Key Risks Details
 Development of airport
infrastructure has not kept pace with
demand,...
14
Overview of Indian Civil Aviation Industry
Recent Reforms in Indian Civil Aviation Industry
Foreign investments in Indi...
15
Foreign airlines are much eager to invest in India…
After the liberalization of FDI regulations, Foreign Airlines, larg...
16
Investing USD 50 mn for setting up a
green-field LCC airline jointly with
Tata Sons and Telestra Tradeplace
Indian Avia...
17
Pre-Transaction Post-Transaction
Deal Advantage for Jet Airways
Jet-Etihad Deal
Deal Advantage for Etihad Airways
– Fre...
18
Transaction Summary
Valuation – Jet Airways Amount in USD mn
Etihad’s Investment 379
Stake Purchased 24%
Post-money Equ...
19
 On 19 February 2013, Malaysian budget-carrier Air Asia entered into a joint venture with Tata
Group & Arun Bhatia hea...
20
 In September 2013, Singapore Airlines (SIA) entered into a Joint Venture (JV) with Tata Group, for
launching a Full S...
21
Overview of Indian Civil Aviation Industry
Recent Reforms in Indian Civil Aviation Industry
Foreign investments in Indi...
22
Indian Civil Aviation sector to see many more such investments……
Domestic Airlines – Share Holding Pattern as on 31 Mar...
23
Thank You
24
Overview of Indian Civil Aviation Industry
Recent Reforms in Indian Civil Aviation Industry
Foreign investments in Indi...
25
Evolution of Indian Civil Aviation Industry
1932: Tata
Sons started
Tata Airlines
1946: Tata
Airlines
renamed as
Air In...
26
Company Country
ASKMs
(mn)
RPKM*s
(mn)
PLF
Revenue per
employee
(USD 000)
Yield **
(US Cents)
FSCs
All Nippon Airways J...
27
Company M. Cap* EV*
Sales
(LTM)
EBITDA
(LTM)
Net
Profit
(LTM)
ROE
EV/Sales
(LTM)
EV/Sales
(1YFW)
EV/EBIT
DA
(LTM)
EV/EB...
15th Floor, Tower-B, DLF Cyber Terraces, Building No. 5,
DLF Cyber City, Phase III, Gurgaon 122 002, Haryana, India
Phone:...
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Indian-Civil-Aviation-Sector279226

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  1. 1. Contact Information 15th Floor, Tower-B, DLF Cyber Terraces, Building No. 5, DLF Cyber City, Phase III, Gurgaon 122 002, Haryana, India Phone: (+91-124) 452 5300 Fax: (+91-124) 4525 399 Website: www.pulsarkc.com Sharp Minds. Smart Solutions. FDI Reforms: Indian Civil Aviation Sector March 2014 (…By Sonal Maheshwari)
  2. 2. 2 The views, opinions, analysis expressed in the following presentation are those of the individual presenters (Ms. Sonal Maheshwari) and there is no assurance from the presenters about the completeness and accuracy of the content. The presentation should not be attributed to Pulsar Knowledge Centre (“PKC”), its group companies, its directors or employees, or any organization with which the presenter is employed or affiliated. Disclaimer
  3. 3. 3 Overview of Indian Civil Aviation Industry Recent Reforms in Indian Civil Aviation Industry Foreign investments in Indian Civil Aviation Industry Outlook for Indian Civil Aviation Industry Annexure Agenda
  4. 4. 4 Overview of Indian Civil Aviation Industry  India is the 9th largest civil aviation market in the world, with a market size of approx. USD 12 bn - Airline segment constitutes approx. two-thirds of the total size of Indian Civil Aviation industry - On account of favorable demographics, rising disposable income and burgeoning middle class population, Domestic Passenger traffic has grown at a CAGR of 10% over the last six years Source: FICCI-KPMG Research Report 2012, DGCA *ASKM- Available seats kms
  5. 5. 5 Indian Aviation Industry presents a huge growth opportunity…  There exists a huge gap between potential and current air travel penetration in India - India has only one aircraft for every 3 mn population - Air travel penetration in India is just 5%, which is far behind that of developed countries like USA and Australia where the penetration is over 200% - Strong correlation between per capita income and air travel penetration indicates that India presents a huge potential for air traffic with the increase in personal income, aspirations and the perceived value of time International comparison of air traffic penetration Source: FICCI-KPMG Research Report 2012, IMF World Economic Outlook GDP per capita (USD) USA Australia Malaysia BrazilChina India Airtravelpenetration  By 2020, Indian aviation market is projected to become the 3rd largest in the world with projected investment to the tune of USD 120 bn
  6. 6. 6 Domestic Airlines – Operating Matrix Source: ICRA Report March 2012 Revenues Domestic Revenues International Revenues Other Operating Income Sub-lease of Aircrafts Cargo, Auxiliary Revenues etc. Non-Operating Income Aircraft Sale & Lease Back Cost Structure Fuel Cost Employee Cost Aircraft Maintenance Expenses Landing & Navigation Charges Other Expenses Selling & Distribution Expenses General & Administrative Expenses EBITDAR Aircraft Lease Rental Depreciation Interest Expense PBT  Domestic revenues are largely INR denominated; Robust passenger traffic growth, but yields out of sync  Airlines with international operations generate part of revenues in foreign currency; foreign carriers dominate in the longer haulage and premium service offerings  Earnings from aircraft sub-leases (dry or wet) are mostly in $ terms, helps rationalize capacities  Low contributions from cargo and auxiliary revenue  Sale and lease back an attractive option to book non-operating incomes, generate free cash flows and deleverage the balance sheet  ATF costs contributes 30-45% of overall operating costs for Full Service Carriers (FSCs) & 40-55% for Low cost carriers (LCCs)  Domestic ATF prices are linked to fluctuation in crude oil prices and movement in INR vs. $  Shortage of experienced pilots require airlines to employ foreign pilots which command higher salaries and are often paid in foreign currency  Lease rentals are denominated in foreign currency thereby exposed to fluctuation in forex movement; Depreciation costs mainly for owned aircrafts (Financial Lease)  Significant rise in interest expenses due to deterioration in the capital structure, cash losses and increased working capital requirements besides overall rise in interest rates Domestic airlines experience strong passenger traffic growth aided by favorable demographics; but operate under high cost environment, intense competition and have constrained yields.
  7. 7. 7 Competitive landscape on Domestic routes  With the exit of Kingfisher Airlines in October 2012, Indigo has gained market share by approx. 8%  Private airlines account for more than 80% market share on Domestic routes  In a price-sensitive market like India, LCCs have increased their market presence y-o-y and currently controls more than 50% share  Due to steep hike in air fares and sluggish economic conditions, average Passenger Load Factor has slightly declined in FY 2013 Average Passenger load factors on domestic routes Source- CAPA-Centre for Aviation, DGCA Airline Market share – Domestic Routes Source- CAPA-Centre for Aviation, DGCA * Kingfisher was grounded in October 2012 * Market share of LCCs v/s FSCs Source- DGCA Note- LCCs include Indigo, Spicejet, GoAir, Jet lite On Domestic routes, Indigo is the market leader across financial and operating metrics.
  8. 8. 8 Why are domestic airlines lagging behind on International routes?? Airline Market share on international routes to/from India: FY 2013 Source- CAPA-Centre for Aviation, DGCA  As per the Indian regulations, a start-up airline requires to complete 5 years of domestic operations and reach a fleet size of 20 aircraft, before operating on international routes.  Since Inception, Air India was given a special privilege called the Right of First Refusal (RoFR) in choosing international routes and hoarding the bilateral air traffic rights. - In March 2011, GOI further imposed a freeze on allowing fresh rights to private carriers for flying international destinations. - In March 2012, GOI lifted the freeze on overseas expansion of private airlines - After the removal of freeze on international permissions, Domestic private airlines - Jet Airways, SpiceJet and Indigo are aggressively planning to scale up their international operations Fuel • Availability of fuel at international rates Auxiliary revenue • Higher auxiliary revenue through in-flight sales Fleet Utilization • Higher fleet utilization as international operations can happen during the night hours Advantages on International routes v/s Domestic routes International airlines dominate in India’s outbound traffic with more than 70% market share due to excessive restrictive Govt. policies in the country.
  9. 9. 9 0% 50% 100% 150% 200% Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jet Airways Spice Jet Kingfisher Airlines BSE-SENSEX Domestic Airlines are facing severe financial crisis… Figures in USD mn FY 2012 Revenue FY 2012 PAT FY 2013 Revenue FY 2013 PAT 2,600 (1,400) 3,000 (950) 278 (24) 375-400 18 1,000 23 1,500-1,600 100-110 3,040 (259) 3,387 (140) 1,000 (423 ) 91 (500-520) 720 (109) 1,000 (34) Source- CAPA- Centre for Aviation, Company filings Source- CAPA- Centre for Aviation, Company filings Domestic Airlines – Debt (FY 2013) Source- Bloomberg Domestic Airlines – Share Price Performance  On account of unfavorable aviation economics posed by high airport charges, deprecation of the Indian rupee, expensive ATF and low air fares, major Indian carriers are operating under looses.  Debt of domestic airlines reached USD 14.5 bn in FY 2013. A key contributor to the overall debt, is the Industry’s accumulated losses since 2007, amounting to USD 9.5 bn  Public listed Domestic airlines experienced significant erosion of Market cap during FY 2012 on account of consistent losses and high debt. Major domestic airlines are reeling under the pressure of mounting losses and rising debt burden.
  10. 10. 10 Overview of Indian Civil Aviation Industry Recent Reforms in Indian Civil Aviation Industry Foreign investments in Indian Civil Aviation Industry Outlook for Indian Civil Aviation Industry Annexure Agenda
  11. 11. 11 FDI Reforms – Game Changing Opportunity for Airlines Reforms Details  As the Sales tax levied by State Governments is too high in India, GOI permitted Domestic airlines to import ATF directly  For boosting international travel, GOI has granted traffic rights to Indian carriers for flying to several new destinations across the globe  Reduced cost of ATF Impact  Higher revenues and profitability for Indian carriers  Better connectivity and reduced fares for consumers  Airlines are permitted to charge additionally for preferential seating with extra leg space, use of lounges, carriage of sports equipment, musical instruments and items of value, etc.  Additional revenues for airlines  In September 2012, GOI liberalized FDI regulations in Indian Aviation Sector, allowing foreign airlines to invest upto 49% equity stake in Indian scheduled and non-scheduled carriers under the Government Approval Route. Charges for preferential services Enhancement of bilateral quotas Direct Import of ATF Liberalization in FDI rules*  This has given a new option to Domestic airlines for raising capital and bringing in strategic investors *49% limit for the combined stake of FDI and FII
  12. 12. 12 Investment Highlights Low Valuation Relative underpenetrated market Strong Growth Prospects Opportunity to create India as an MRO Centre  Foreign airlines enjoy the availability of cheaper investment opportunities as market valuation of listed airlines in India has suffered due to poor performance  Penetration of air travel at <5% is significantly below benchmarks in other markets  Advanced nations like USA and Australia have air penetration over 200%, i.e. an average of 2 trips per capita per annum.  Passenger traffic has grown at a CAGR of 16% in India over the past 10 years  India has a strong middle class population over 300 mn  Per capita disposable income almost doubled in the last eight years  Foreign airlines can also leverage India’s low-cost arbitrage by setting up MRO facilities in India Why are Foreign Airlines keen to invest in India……?? India is an attractive market for foreign airlines provided that they are able to deploy their technical expertise to develop the market over a long period of time. Source: ICRA Report March 2012
  13. 13. 13 What are the key Challenges??? Key Risks Details  Development of airport infrastructure has not kept pace with demand, thereby resulting in delays and higher costs for airlines  Periodically airlines drop fares to gain market share  GOI has planned aviation infrastructure expenditure worth USD 30 bn from 2005 – 2020  World class airports already operational in Bangalore, Hyderabad and Delhi  70% of total passenger traffic out of new modernized airports Mitigating Factors  Irrational pricing behavior cannot be sustained for long as it compromises profitability  Airport charges in India are one of the highest in the world  Efforts to keep other operating costs low  High global fuel prices  Excise duty of 8.2%  State sales taxes (23-24%) High Airport Charges Irrational Pricing Inadequate Infrastructure High Fuel Prices  Shortfall in skilled labor leads to undue increase in staff salaries  India's first aviation university, the Rajiv Gandhi National Aviation University at Rae Bareli in Uttar Pradesh, will be operational in September 2014 Shortage of skilled labour  Direct import of fuel permitted  Efforts to reduce sales tax on fuel Source: ICRA Report March 2012
  14. 14. 14 Overview of Indian Civil Aviation Industry Recent Reforms in Indian Civil Aviation Industry Foreign investments in Indian Civil Aviation Industry Outlook for Indian Civil Aviation Industry Annexure Agenda
  15. 15. 15 Foreign airlines are much eager to invest in India… After the liberalization of FDI regulations, Foreign Airlines, largely in Gulf and South East Asia, have shown interest in entering the high-growth Indian Aviation Sector.
  16. 16. 16 Investing USD 50 mn for setting up a green-field LCC airline jointly with Tata Sons and Telestra Tradeplace Indian Aviation Sector started flying high with FDI reforms!!! September 2013February 2013 April 2013 Acquisition of 24% stake in Jet Airways for USD 379 mn Investing USD 49 mn for setting up a green-field FSC airline in joint venture with Tata Sons Three International Carriers have already announced their investment plans in India-
  17. 17. 17 Pre-Transaction Post-Transaction Deal Advantage for Jet Airways Jet-Etihad Deal Deal Advantage for Etihad Airways – Fresh infusion of Equity – Low-interest debt of USD 300 mn from Etihad – Access to global network, latest technology and best management practices – Cost Synergies – Opportunity to tap into fast-growing outbound Indian market. – Access to traffic originating from India’s interiors – As a deal sweetener, GOI revised the bilateral agreement with Abu Dhabi and granted additional entitlements for more than 36,670 weekly seats Shareholding Structure In April 2013, the national carrier of Abu Dhabi, Etihad Airways announced investment of USD 379 mn into Jet Airways for acquiring 24% equity stake. Source- Company Press Release
  18. 18. 18 Transaction Summary Valuation – Jet Airways Amount in USD mn Etihad’s Investment 379 Stake Purchased 24% Post-money Equity Value 1,579 Pre-money Equity Value 1,200 Outstanding Debt 2,100 Pre-money Enterprise Value 3,300 Revenues (FY 2013) 3,387 EBITDA (FY 2013) 230 EV/ Revenue Multiple 0.97 times EV/ EBITDA Multiple 14.35 times Etihad Airways paid a transaction premium! On 24 April 2013, Etihad Airways bought 27.3 mn new shares of Jet Airways at INR 754.74 per share, a premium of 31.7% over Jet Airways’ last day (23 April 2013) closing share price of INR 573.15. Source- Company Press Release, CAPA- Centre for Aviation
  19. 19. 19  On 19 February 2013, Malaysian budget-carrier Air Asia entered into a joint venture with Tata Group & Arun Bhatia headed Telestra Tradeplace, for starting a low-cost airline in India – Headquartered in Chennai, the airline will retain the Air Asia brand and was approved by the FIPB in March 2013 – Expected to be operational by April 2014, the airline will initially concentrate on Southern India before expanding to other parts of the country – Air Asia strongly believes in the huge potential of Indian Aviation Market and has aggressive expansion plans for the country; Aims to add 10 planes every year.  The entry of Air Asia is expected to bring following advantages to India- – Increased air connectivity to smaller cities/towns – Transplantation of a proven low cost business model – Increase in passenger traffic owing to lower fares – Easy import of aviation fuel to save on taxes – Industry consolidation Tripartite JV between Air Asia, Tata Group & Telestra Tradeplace Source- Company Press Release
  20. 20. 20  In September 2013, Singapore Airlines (SIA) entered into a Joint Venture (JV) with Tata Group, for launching a Full Service Carrier in India - This airline venture is the third combined attempt by the Tatas- SIA for entering Indian Aviation Sector - In October 2013, the JV received approval from the FIPB and is expected to be operational in late 2014 - Both the JV partners have together contributed an initial investment of USD 100 mn in the joint venture - The JV will operate airlines under “Tata-SIA Airlines” brand name and would also provide supporting services like operation or airport flying facilities, radio beacons, flying control centers and radar stations. - As a majority shareholder, Tata Sons will play an active role in the operations of JV JV between Tata Group and Singapore Airlines Source- Company Press Release Joint Venture
  21. 21. 21 Overview of Indian Civil Aviation Industry Recent Reforms in Indian Civil Aviation Industry Foreign investments in Indian Civil Aviation Industry Outlook for Indian Civil Aviation Industry Annexure Agenda
  22. 22. 22 Indian Civil Aviation sector to see many more such investments…… Domestic Airlines – Share Holding Pattern as on 31 March 2013 Source- CAPA- Centre for Aviation, Company filings Promoters FIIs/ Overseas Partners Future Prospects/ Potential suitors SpiceJet 52% 5% Kuwait Airways, Qatar Airways, Tiger Air GoAir 95% - Qatar Airways IndiGo 52% 48% Foreign Investment unlikely, as 48% stake held by a US partner Kingfisher 32% 0.85% In a serious financial and legal mess Air India Govt. Owned Potential Privatization  The entry of foreign airlines in Indian Aviation Industry will result into improvement of economics of aviation, as illustrated below- - Indian Air Carriers are badly in need of capital. Strategic investment from foreign airlines will give in much needed liquidity & break-out of a loss making cycle to Indian carriers - Global airlines will bring in international expertise, best industry practices, technology and innovative products in the country  Domestic Carriers with low Foreign Investors’ shareholdings are potential strategic investment opportunities for Foreign Airlines - Combined limit for FDI & FII is pegged at 49% - SpiceJet and GoAir stand out as good investment prospects in near future. Fresh investment, if happens, would highly benefit these airlines in their expansion plans The historic reform of allowing FDI by foreign airlines in Indian Civil Aviation sector is a welcome move and encouraging signal to private players that GOI recognizes the needs and interests of the business.
  23. 23. 23 Thank You
  24. 24. 24 Overview of Indian Civil Aviation Industry Recent Reforms in Indian Civil Aviation Industry Foreign investments in Indian Civil Aviation Industry Outlook for Indian Civil Aviation Industry Annexure Agenda
  25. 25. 25 Evolution of Indian Civil Aviation Industry 1932: Tata Sons started Tata Airlines 1946: Tata Airlines renamed as Air India 1953: Nationalization of all private airlines through Air Corporation Act 1990: Enactment of Open Sky Act 1995: Permission granted to Private scheduled Airline Operators. Jet, Sahara, Modiluft, Damania, East West started operations 2007: Major Mergers. Jet acquired Sahara; Kingfisher acquired Air Deccan 2005: Kingfisher, SpiceJet, Indigo, Go Air, Paramount start operations Early market developments State Control Deregulation and M&A 1911: India’s first Commercial plane 1934: Enactment of Aircraft Act 1986: Permission granted to Private air taxi operators 1994: Enactment of Airports Authority Act 2001: ATF prices decontrolled; 2003: Entry of Low Cost Carriers, Air Deccan starts operations 2012: Government allows direct ATF imports, FDI reforms allowing foreign carriers to pick up to 49% stake 1948: Joint Stock Co-Air India International Ltd. set up by GOI and Air India 1910 1930 1970 2000 20121950 1990 Source: ICRA Report March 2012
  26. 26. 26 Company Country ASKMs (mn) RPKM*s (mn) PLF Revenue per employee (USD 000) Yield ** (US Cents) FSCs All Nippon Airways Japan 97,167 65,330 67.2% 405 15.6 Delta Airlines United States 370,816 310,561 83.8% 498 10.2 Singapore Airlines Singapore 125,360 98,988 78.9% 519 9.2 Garuda Indonesia Indonesia 36,013 27,342 75.9% 495 9.9 Air China China 151,589 123,499 81.5% 288 11.1 Deutsche Lufthansa Germany 259,861 204,775 78.8% 575 14.5 Cathay Pacific Airways Hong Kong 129,595 103,805 80.1% 411 8.7 Jet Airways India 37,428 29,502 78.8% 224 7.5 LCCs South West Airlines United States 206,172 165,524 80.3% 373 9.7 Air Asia Malaysia 28,379 22,731 80.0% 269 7.1 Tiger Airways Singapore 12,907 10,827 83.9% NA 6.3 Ryan Air Ireland 117,181 96,322 82.2% 696 5.4 Spice Jet India 16,338 12,171 74.0% 172 7.6 Key operating indicators for the Global Airline Industry Source- Latest Company Filings (FY 2012/FY 2013) * RPKM- Revenue Passenger Kms; ** Yield- Passenger Revenues/ RPKM
  27. 27. 27 Company M. Cap* EV* Sales (LTM) EBITDA (LTM) Net Profit (LTM) ROE EV/Sales (LTM) EV/Sales (1YFW) EV/EBIT DA (LTM) EV/EBIT DA (1YFW) P/E (LTM) P/E (1YFW) FSCs All Nippon Airways 7,438 11,552 16,044 2,043 231 6.56% 0.76 0.74 5.99 5.73 30.96 37.16 Delta Airlines 26,428 34,351 37,773 5,460 2,068 NM 0.91 0.87 6.29 5.66 9.82 11.96 Singapore Airlines 8,735 5,642 12,216 1,445 372 2.91% 0.47 0.46 3.97 3.42 27.68 22.64 Garuda Indonesia 900 1,365 3,773 254 32 10.87% 0.36 0.36 5.38 5.46 28.11 19.86 Air China 8,226 19,343 15,672 2,976 827 9.62% 1.22 1.13 8.87 6.64 9.93 13.71 Deutsche Lufthansa 11,119 12,818 39,471 3,174 1,657 12.23% 0.31 0.31 3.91 3.72 10.78 22.65 Cathay Pacific Airways 7,839 12,552 12,777 1,823 273 1.62% 0.98 0.96 6.89 8.28 32.41 23.14 Jet Airways 417 2,487 3,465 173 (143) NM 0.74 0.79 14.74 31.19 NM NM LCCs South West Airlines 14,714 14,382 17,700 2,232 754 10.52% 0.81 0.79 6.45 5.48 18.70 15.34 Air Asia 1,954 4,324 1,684 534 177 36.85% 2.72 2.68 8.57 8.44 11.82 9.14 Tiger Airways 330 600 650 15 (114) NM 0.93 0.99 40.14 NA NM NM Ryan Air 13,487 14.011 6,680 1,346 694 17.31% 2.05 2.07 10.19 10.27 19.65 19.91 Spice Jet 138 381 1,054 (74) (105) NM 0.40 0.36 NM NM NM NM Key valuation multiples for the Global Airline Industry * Figures are as on 7 February 2014 Figures in USD mn Source- Bloomberg
  28. 28. 15th Floor, Tower-B, DLF Cyber Terraces, Building No. 5, DLF Cyber City, Phase III, Gurgaon 122 002, Haryana, India Phone: (+91-124) 452 5300 Fax: (+91-124) 4525 399 Website: www.pul kc.com 15th Floor, Tower-B, DLF Cyber Terraces, Building No. 5, DLF Cyber City, Phase III, Gurgaon 122 002, Haryana, India Phone: (+91-124) 4525 300 Fax: (+91-124) 4525 399 Website: www.pul kc.com

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