TEOLOGIA DEL SACRAMENTO DE LA CONFIRMACION, SU CORRELACION CON EL CATECISMO DE LA IGLESIA CATOLICA Y LAS IMPLICACIONES PARA

SUMMARY OF BUSINESS

We are an integrated construction and infrastructure development and management company in India. Since commencing our business in 1994, we have serviced a diverse range of construction and infrastructure projects in sectors as varied as water and waste water, transportation, irrigation, industrial parks (including SEZs), power transmission and distribution, residential, commercial and retail property. We are headquartered in Hyderabad, Andhra Pradesh, and have five zonal offices and three regional offices to manage our business operations throughout India and an overseas office in Sharjah, UAE. Our pan-India presence has allowed us to service the growing infrastructure needs throughout the country.

Our Company is the flagship company of the Ramky Group, a group of affiliated companies that, in addition to the services provided by our Company, is involved in the provisions of services in relation to waste management, environmental consulting, finance and accounting, data management, indirect procurement, real estate development, pharmaceuticals and emerging technologies.

We operate in two principal business segments: (i) a construction business which is operated by our Company, and (ii) a developer business which is operated through 11 Subsidiaries and two Associates. A majority of our development projects are public private partnerships and are operated by separate special purpose vehicles promoted by our Company and the Government. Our wholly owned Subsidiary in the UAE, Ramky Engineering and Consulting Services FZC, operates a small consultancy business in areas such as infrastructure development, waste management, environment and property development.

We own a large fleet of sophisticated construction equipment, including: crushing plants, hot mix plants, wet mix plants, asphalt batching plants, concrete batching plants, excavators, rock breakers, graders, pavers, compactors, tower cranes, dozers, bar bending and cutting machines. Our work force, as at September 30, 2009, consisted of 1,508 full-time employees on a stand alone basis. Our work force, machinery assets, financial net worth and past execution capabilities enable us to undertake many large-scale projects. Our Company is ISO 9001:2008 certified for quality management systems, which we apply to the design, development, engineering, procurement and construction of projects. We have also received several awards, including the 2005 Best Construction Award from the Government of Rajasthan, the 2005 Outstanding Concrete Structure Award from the Indian Concrete Institute, Best Project Award 2007-08 for the Married Accommodation Project at Amritsar from Central Public Works Department, GOI, Infrastructure Excellence Award 2008 in the Urban Infrastructure Category from CNBC TV18 & Essar Steel, and the Water Digest’s Water Awards 2009-2010 in the category of Best Water Conserver – Waste Water Management. Our Chairman, Mr. Alla Ayodhya Rami Reddy, received the Engineer of the Year Award in 2005 from the Government of Andhra Pradesh and the Institution of Engineers (India).

In Fiscal 2009 and the six months ended September 30, 2009, our total income on a consolidated basis was Rs. 12,528.66 million and Rs. 7,170.85 million, respectively. In Fiscal 2009 and the six months ended September 30, 2009, we earned a net profit, as restated, on a consolidated basis of Rs. 462.31 million and Rs. 264.32 million, respectively. The value of our Order Book was Rs. 58,468.29 million as at September 30, 2009 compared with Rs. 59,237.91 million as at March 31, 2009. We have added contracts worth Rs. 4,904.34 million to our Order Book during the period from October 1, 2009 through to December 31, 2009. Competitive Strengths

We believe that our principal competitive strengths are as follows:

Experience and expertise in the construction and management of Water and Waste Water infrastructure projects

We believe that our experience and expertise in planning, designing and constructing Water and Waste Water infrastructure projects is a competitive strength that differentiates us from many of our competitors when bidding for such projects. Constructing and operating these infrastructure projects has been a

significant area of focus for our business.

We have an in-house design and engineering team headquartered at Mumbai that specializes in designing Water and Waste Water projects. This team is equipped with the latest design tools, including design software, computers, and technology. For example, we use a sequential batch reactor technology (commonly known as C-Tech) for sewage treatment plants, which is an aerobic biological process whereby aeration, settling and decanting happens in a single tank which eliminates the inefficiencies of a continuous system like activated sludge process and extended aeration. The focus of this team enables us to build on our past experience in the Water and Waste Water sector and to maintain our differentiated expertise in this area.

From April 1, 2002 to September 30, 2009, we completed 104 Water and Waste Water projects valued at Rs. 4,157.51 million and are currently undertaking 80 Water and Waste Water projects with an estimated value of Rs. 28,831.14 million. Our achievements in this area have been recognised with three awards: an Environmental Leadership Award by the United States – Asia Environmental Partnership in 2004, the Safety, Health and Environment Performance Award by Confederation of Indian Industry in 2005 and the Water Digest’s Water Awards 2009-2010 in the category of Best Water Conserver – Waste Water Management. We believe our success in this sector has enhanced our reputation as a significant player in the Water and Waste Water sector.

Our construction business operates in diverse sectors and has a pan-India presence

We provide engineering, design, procurement and construction services across six industry sectors: Water and Waste Water; Building Construction; Irrigation; Industrial; Transportation; and Power Transmission and Distribution. This variety of project types enables us to keep our construction business diversified and reduces our dependence on any one sector or type of project. In addition, our broad range of clients within the government and private sectors ensures that we are not dependent on a limited number of clients. We are also geographically diversified in our business operations. Our five zonal offices and three regional offices enable us to service clients throughout the country and give us the ability to participate in projects in all regions of India.

The total amount of new orders for our construction business and the average order size for our construction business has been consistently growing

We have consistently been receiving orders for our construction business as shown in the table below. While the average order size in our construction business increased from Rs. 31 million in Fiscal 2003 to Rs. 713 million in Fiscal 2009, the number of orders per employee have more than doubled during the same period.

Strong and diverse Order Book

The value of our Order Book was Rs. 58,468.29 million as at September 30, 2009. We continue to add new orders to our Order Book at a steady pace, and have added orders worth Rs. 4,904.34 million during the period from October 1, 2009 through to December 31, 2009. Additionally, our Order Book is diversified across sectors. As at September 30, 2009, none of the sectors in which our construction business is involved contributed to more than 29% of our Order Book. Our execution capabilities have also seen a steady growth and by leveraging on our planning and execution expertise, we have ensured that our orders are completed within the estimated budget and on schedule. Furthermore, we believe that a large order book will increase our operational efficiency by allowing us economies of scale.

Strategically positioned to realize opportunities in the infrastructure sector

Infrastructure growth in India has been propelled in the past decade with reforms and benefits extended by the government, which has been accompanied by a host of private investments. Increased allocation of resources to the infrastructure sector, facilitation of incremental lending to the infrastructure sector and increased social sector projects benefiting infrastructure development are contemplated as part of the eleventh five year plan. Our Company believes that the increasing level of investment in infrastructure by central and state governments and private industry will be a major growth driver for its business in the future and its demonstrated expertise and experience in the infrastructure segment will provide our

Company with a significant advantage in pursuing such opportunities. We believe that our Company is in an advantageous position because of its operating history, industry knowledge, experience and familiarity with civil and infrastructure construction projects.

Qualified and experienced employees and proven management team

We have a qualified and trained workforce consisting of vice presidents, general managers, managers, engineers, technical staff and non-technical staff. As at September 30, 2009, we employed 1,508 full-time employees, of which 620 or 41%, were engineers, including 15 members of our management team. The skill sets of our employees give us the flexibility to adapt to the needs of our clients and the technical requirements of the various projects that we undertake. We are committed to the development of the expertise and know-how of our employees through regular technical seminars and training sessions organized or sponsored by our Company.

Our management team is qualified and experienced in construction and infrastructure development, and has substantially contributed to the growth of our operations. In particular, Mr. Y. R. Nagaraja, our Managing Director and a Civil Engineer has over 24 years of experience in the field of environment and solid waste management and Mr. Sanjiv Iyer, our Chief Financial Officer, has in aggregate over 25 in the field of corporate strategy, implementation, financial management etc. We believe that the strength and quality of our management has been instrumental in the implementation of our business strategy.

Sustained investment in equipment and fixed assets

We have invested in modern construction equipment that allows us to meet the requirements of a broad spectrum of construction activity. Such an equipment base also gives us the capability to design and execute projects of any scale. Our Company has a skilled employee resource which has the requisite expertise and experience in the use and handling of modern construction equipment and machinery. We believe that owning and managing a large portion of the equipment we typically use on projects gives us a competitive advantage and allows us to achieve higher operating margins.

Business Strategy

Our Company’s objective is to be a world class construction and infrastructure development company. To achieve our objective, we will continue to improve on and consolidate our position by implementing the following strategies:

Focus on high value projects in the construction business to benefit from economies of scale

In our construction business, we intend to focus on undertaking projects having a high order value, which we consider to be projects above Rs. 1 billion in value. As at September 30, 2009, we had 23 projects in our Order Book with a value higher than Rs. 1 billion. Projects having a high order value typically have a smaller percentage of overhead cost as a percentage of total cost and therefore provide a greater potential for profit.

Projects having a high order value are also, in the current market, subject to less competition. The pre- qualification and financial entry barriers for pursuing such projects result in a limited number of competitors being able to bid for such projects. We believe that these high entry barriers make this an attractive sector in which to participate. As our financial condition and pre-qualification capabilities have improved in recent years, our average bidding value has steadily increased. This demonstrates our increasing ability to bid for and undertake high value projects. We aim to firmly establish ourselves as a player in the large order size sector by successfully executing high order value projects so that we can take advantage of these higher barriers to entry, lower levels of competition and higher profit margins.

Diversify our construction business into more complex and multi-disciplinary projects, which tend to have a higher contract value and the potential for better margins

Leveraging upon our existing engineering and execution capabilities in diverse areas such as civil, structural, piping, water treatment and electrical engineering, we intend to undertake more complex and multi-disciplinary projects such as power transmission and distribution projects, industrial construction projects and airport terminals. Complex and multi-disciplinary projects tend to have higher contract values

compared with less complex and sector specific projects, and also offer the potential to realize better margins. We are currently constructing our first power transmission and distribution project in Madhya Pradesh, our first major industrial construction project in Orissa and our first airport terminal at Chandigarh through a 70:30 joint venture collaboration with Srishti Constructions.

Enhance our design capabilities

We currently have design capabilities for the Water and Waste Water and Irrigation sectors, which enables us to provide turnkey construction services in those sectors. We intend to enhance our design capabilities in other sectors such as the institutional Building Construction and the Transportation sectors so as to be able to provide turnkey services in those sectors as well.

Reduce costs of materials through backward integration and importation

The construction industry is subject to periodic shortfalls in the supply of bulk construction materials such as, cement, steel, concrete and pipes. To address this shortfall, we are pursuing two strategies. First, we are seeking to reduce supply costs by importing supplies from overseas suppliers where that is more economical. Second, we have in-house capabilities to produce certain construction materials, such as mixed concrete and asphalt, which enables us to control the quality of the materials we use and ensure timely delivery of materials required for the projects we undertake.

Achieve higher operating margins by acquiring further capital equipment and other strategic assets

Our strategy is to continue to acquire the core equipment that we typically require for our projects. We intend to use Rs. 804.55 million from the Net Proceeds towards the acquisition of capital equipment and other strategic assets, as stated in the section entitled “Objects of the Issue” on page 34 of this Draft Red Herring Prospectus. The continued acquisition of such equipment will enable us to achieve higher operating margins.

Expand our developer business by undertaking more projects in the sectors in which we are already engaged

In recent years the Government has increased the emphasis on infrastructure development through enhanced Five-Year Plan allocation and encouraging PPPs. PPPs offer significant advantages in terms of attracting private capital in the creation of public infrastructure as well as in improving efficiencies in the provision of services to users. BOT/BOOT/BOO projects offer attractive opportunities to developers because such projects provide long-term sources of revenue. Concession periods for BOT/BOOT/BOO projects generally range from 15-99 years. To take advantage of such opportunities, we leveraged the experience of our construction business to establish a developer business. In Fiscal 2009, our developer business generated Rs. 817.60 million in revenue and in the six months ended September 30, 2009, our developer business generated Rs. 192.12 million in revenue. Thus far, our development business has engaged in the designing, financing and building of industrial parks, residential and commercial properties, transportation terminals and roads. In addition, our Company has been actively pursuing PPP projects, particularly through the various Subsidiaries, which are currently being developed as PPPs. We believe our Company is well positioned to benefit from the continued use of the PPP model.

Diversify our developer business into other sectors

A fundamental aspect of our business strategy is to engage in projects from a varied range of sectors so as to avoid dependency on one or a few sectors. Because BOT/BOOT/BOO projects offer long-term sources of revenue, we intend to apply this philosophy to our developer business in addition to applying it to our construction business. Therefore, we are considering diversifying our developer business into other sectors such as power, marine works, mechanized parking, and cargo and bulk handling terminals.

SUMMARY OF INDUSTRY

The Indian construction industry has witnessed rapid growth over the last few years, with the growth of the sector having been strongly linked to the overall growth and development of the Indian economy. Investments in construction account for nearly 11.0% of India’s GDP, and almost 50.0% of the gross fixed capital formation, which is the value of additions to the existing pool of fixed assets in India less fixed assets sold off or scrapped. (Source: Infrastructure: Construction, CRISIL Research, September 2009)

Construction expenditure is expected to almost double to Rs.12,189 billion during the period from 2008- 2009 to 2012-2013 from Rs.6,217 billion expended during the period from 2003-2004 to 2007-2008 (based on 2008-2009 prices). Currently, the size of the construction industry is Rs.1,866 billion (based on 2008- 2009 prices). (Source: Infrastructure: Construction, CRISIL Research, September 2009)

Expenditure on industrial construction is expected to grow by 2.2 times over the next five years (the period from 2008-2009 to 2012-2013) as compared to the previous five year period from 2003-2004 to 2007-2008. Industrial investment will maintain its growth momentum due to the increased government focus on this area. CRISIL Research expects construction expenditure of Rs.2,641 billion to be incurred in the industrial segment over the next five years (in the period from 2008-2009 to 2012-2013). (Source: Infrastructure:

Construction, CRISIL Research, September 2009)

The Government’s emphasis on infrastructure development holds significant promise for the construction industry. Over the next five years, infrastructure development will account for 78.3% of all construction expenditure in India. CRISIL Research estimates that infrastructure construction opportunities will almost double over the next five years, from Rs.5,006 billion in the period from 2003-2004 to 2007-2008 (based on 2008-2009 prices), to Rs.9,548 billion in the period from 2008-2009 to 2012-2013. (Source: Infrastructure:

Construction, CRISIL Research, September 2009)

Traditionally, the government has played a key role in supplying and regulating infrastructure services in India. However, the Indian government is actively encouraging private investments in infrastructure, especially in solid waste management, power, urban water supplies and mass rapid transport system. The investment in infrastructure during the Tenth Five-Year Plan was Rs.8,877,940 million, which constituted 5.1% of GDP. This included Rs.1,752,030 million of investment by the private sector. (Source: Private Participation in Infrastructure, Planning Commission Report, June 2009)

In order to overcome the infrastructure deficit, the Eleventh Five-Year Plan projects an investment of Rs.20,561,500 million, which would imply an investment of 7.6% of GDP during the course of the Plan and 9.0% of GDP in the final year of the Plan (2011-12). This includes public sector investment of Rs.7,656,220 million in the central government projects and Rs.6,709,370 million in the state government projects, leaving the remaining Rs.6,195,910 million to be invested by the private sector. Private capital is thus expected to fund approximately 30.0% of the total investment during the Eleventh Plan, as compared to 20.0% during the Tenth Plan. (Source: Private Participation in Infrastructure, Planning Commission Report, June 2009)

Further, private participation in the infrastructure industry through PPPs not only provides needed funding, it enables the government to transfer construction and commercial risks to the private sector. Such arrangements are increasingly becoming the preferred vehicle for infrastructure construction, given the large investment needs.