Table of Contents 1. INTRODUCTION 15 1.1 Introduction 16 1.2 Research Background 17 1.2.1 Rail Scenario in India 17 1.2.2 Models of Project Implementation in Railways 18 1.2.3 Public Private Partnership in Railways 19 1.3 Need for Study 19 1.4 Research Question 20 1.5 Research Objective 21 1.6 Research Scope and Limitation 21 1.7 Research Methodology 22 1.7.1 Tasks and Methodology 22 1.7.2 Selection of Stakeholders 23 1.8 Chapter Outline 25 2. PROJECT IMPLEMENTATION MODELS IN AND AROUND INDIA 26 2.1 Evolution of models in India 27 2.2 Institutional Framework 28 2.2.1 Restructuring of Railways : Benefits and Concerns 28 2.2.2 Comparison of Institutional Framework between India and China 28 2.3 Policy Framework 29 2.4 RVNL?s non-traditional models 32 2.5 Evaluation Criteria 32 2.5.1 Cost Benefit Analysis 32 2.5.2 Evaluation Framework for Project Delivery models(PDM) in Transit Industry 33 2.6 Stakeholder?s perspective 35 2.6.1 Bank?s perspective 35 2.6.2 Owner?s perspective 35 2.7 Global experiences & lessons 36 2.7.1 Implementation model in Uzbekistan Railway 36 2.7.2 Implementation model in Igwe Rail (South Africa) 36 2.7.3 Private sector involvement in urban rail: Lessons from South East Asia 37 2.8 Risk Sharing in Rail Contracting 37 2.8.1 Risk Allocation for different PDMs 37 2.9 Issues in Rail Contracting 38 2.9.1 Categories of Issues with PDMs (TCRP) 38 2.9.2 Typical Issues identified with all PDMs 38 3. RVNL?S NON-TRADITIONAL PROJECT IMPLEMENTATION MODELS 40 3.1 Formulation of RVNL 41 3.1.1 Background for setting up of Rail Vikas Nigam Limited (RVNL) 41 3.1.2 RVNL Business Model 41 3.2 Modes of Financing 42 3.2.1 Funding Options 42 3.2.2 Project Implementation Models for different PIUs 43 3.2.3 Analysis of Funding options 43 3.2.4 Analysis of Options for Enhancing Profitability and Developer Returns 44 3.3 Structure of Models 46 3.3.1 SPV model/ Equity Financing Contract 46 3.3.2 Engineering Procurement and Construction (EPC) Model 46 3.3.3 Build, Own and Transfer(BOT) Model 46 3.3.4 Annuity Model 47 3.3.5 Role of various stakeholders in these models 47 3.4 Sensitivities and Risk planning 48 3.4.1 Sensitivity Analysis 48 3.4.2 Risk Planning 48 3.5 Trend Analysis of Projects 50 3.5.1 Expenditure on Projects over the period 50 3.5.2 Year Wise Projects transferred to RVNL. 51 3.6 Present Status of Projects 51 3.6.1 Summary of Completed & Ongoing Projects of RVNL 51 3.6.2 Projects at various stages of implementation 51 3.6.3 Typical Timeline and Current Status of Projects 52 4. COMPARATIVE ANALYSIS OF MODELS ? CASE STUDIES 54 4.1 Critical Analysis of Models 55 4.1.1 RVNL and Participative Models 55 4.2 Selection of Cases for Study 57 4.3 Case Study 1: SPV Model 58 4.3.1 Introduction to Case Study and PIU 58 4.3.2 Project Background 59 4.3.3 Project Alignment 60 4.3.4 Project Structure 60 4.3.5 Project Agreement 61 4.3.6 Current Status and Lessons 62 4.4 Case Study 2: BOT Model 63 4.4.1 Introduction to Case Study and PIU 63 4.4.2 Project Background 64 4.4.3 Project Alignment 65 4.4.4 Project Structure 65 4.4.5 Project Agreement 65 4.4.6 Current Status and Lessons 67 4.5 Case Study 2: Private Line Model 67 4.5.1 Introduction to Case Study and PIU 67 4.5.2 Project Background 68 4.5.3 Project Alignment 68 4.5.4 Project Structure 69 4.5.5 Project Agreement 69 4.4.6 Current Status and Lessons 71 4.6 Comparative Assessment of Models 71 4.6.1 Advantages/ Disadvantages of SPV model 72 4.6.2 Advantages/ Disadvantages of BOT model 73 4.6.3 Advantages/ Disadvantages of Private Line model 74 4.7 Typical Issues related to Models 75 4.8 Stakeholder?s Suggestions 77 4.9 Issues and Remedies related to Governance 78 5. CONCLUSION AND RECOMMENDATIONS 80 5.1 Summary and Conclusions 81 5.2 Recommendations & Way Forward 86 Annexure I: Financial Growth of Indian Railways 88 Annexure II: Review of Infrastructure Capacity Creation 89 Annexure III: Indian Railways - Organizational Structure 90 Annexure IV: Public Sector Undertakings Under Ministry of Railways 91 Annexure V: RVNL ? Summary of Status of Projects 92 Annexure VI: Railway ? Financial Targets 93 Annexure VII: Source of Funding for RVNL Projects 94 Annexure VIII: Projects being Monitored by MOSPI 95 Annexure IX: Comparative Analysis of three models based on risks and sensitivities at various stages Annexure X: Initiatives Worth Emulating 96 Annexure XI: List of Stakeholders and stakeholders interviewed 97 Annexure XII: Photographs at stage of Project Implementation 98 References 101 Bibliography 104