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Title: Public-Private Partnership Models and Firm Performance: An Empirical Analysis of Road Infrastructure Projects in India
Authors: Koul, Puneet
Supervisor: Verma, Piyush
Keywords: Annuity;BOT;Du-Pont Analysis;PPP;SPV;Toll
Issue Date: 27-Feb-2024
Abstract: In an evolving mode of infrastructure development that India as the world’s fastest growing economy has been witnessing in the past decade. Public-Private Partnership (PPP) does create an enormous scope, both in terms of research and development of delivery mechanisms and performance models. This proposed research focuses on the same to understand the road infrastructure development. Specifically, the present study reviews PPP model projects in road development, and evaluate its performance based on select financial parameters. Besides the study also conducts an analysis of concession periods of firms that have been executing these projects. The study also examines the role of the public agency and the concessionaire in the success of the PPP projects. This research looks into the initiatives taken by government and the policy regime at large, specifically in the context of attracting PPP development; some of them include financing, and standardization of the model concession agreements. Notably, regardless of whether it is the central or state government on its own, it is not expected to meet all road development requirements with limited resources available with it. Thus, holistically, the measures taken by both the governments and its agencies in terms of introducing new models for development of the road sector were analyzed. Besides, the research also looks into various enablers provided by the awarding agencies, and further policy interventions that are required for developing road infrastructure through the PPP model. Importantly, it may be noted herein that financial performance of road projects under the PPP model has not been studied in India over a period across BOT Toll and BOT Annuity models. Therefore, this study also attempts to analyze firm performance of Special Purpose Vehicle (SPV)s that are responsible for executing the road projects. Additionally, it may be noted that the PPP model within the road construction sector in India does not seem to be having a long history of development, owing to which relevant data of firms, available across time series, is not very exhaustive. However larger data for analysis can be built up for the future studies with additional expected data points that could possibly be available in the future, especially in terms of analyzing the financial performance of SPVs. Nevertheless, it is imperative to consider existing studies wherein the efforts taken by SPVs in terms of deleveraging their balance sheet by selling / monetizing their existing road assets to long-term funds (e.g., pension funds, insurance funds and other private equity players) have been highlighted. Holistically speaking this study attempts to analyze research gaps in terms of financial performance of road projects being executed under the PPP model, which essentially goes on to influence the concession tenure on the nature of the PPP model being used.
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