Further, pursuant to the share sale and purchase agreement (the "GPPL SPA") dated March 30, 2005, SKIL Infrastructure Limited, Nikhil Gandhi, Montana Valves and Compressors Limited and Grevek Investment and Finance Private Limited divested their shareholding in our Company in favour of APM Terminals Mauritius Limited, the Industrialization Fund for Developing Countries and IDFC Infrastructure Fund. Our Company entered into further subscription agreements between June 2001 and April 2005 with certain private equity investors pursuant to which these private equity investors became shareholders of our Company. For further details see "Capital Structure" on page 59 of this Red Herring Prospectus. Pursuant the GPPL SPA, Nikhil Gandhi, SKIL Infrastructure Limited, Montana Valves and Compressors Limited and Grevek Investment and Finance Private Limite had each provided an undertaking to our Company dated March 30, 2005, that they shall not, directly or indirectly for a period of five year from March 30, 2005, engage in certain activies, inter alia, including handling of container cargo, bulk cargo and liquid cargo.

Our Company entered into a concession agreement dated September 30, 1998 and a supplementary concession agreement dated June 2, 2006 (together, the "Concession Agreement'), with GMB and GoG to develop, finance, design, construct, operate and maintain the port at Pipavav in accordance with the build, own, operate and transfer policy as laid down by the GoG.

Debt Restructuring Our Company had outstanding borrowings of Rs. 2,985.30 million as at October 1, 2003. We were referred to the Corporate Debt Restructuring ("CDR") Cell for restructuring the debt under the Corporate Debt Restructuring guidelines issued by the RBI. The CDR Empowered Group approved a restructuring proposal at its meeting on October 30, 2003 which was communicated to our Company through a letter dated November 29, 2003, which was subsequently amended from time to time (the "Restructuring Package"). Under the Restructuring Package, our Company entered into Restructuring Agreements and Loan Agreements with the CDR lenders, being IDBI Bank Limited, Punjab National Bank, Export Import Bank of India and Industrial Investment Bank of India Limited. The CDR Empowered Group had, in its meeting held on August 22, 2008, approved the early repayment of the entire CDR Debt of our Company and our exit from the CDR Scheme. Our Company has repaid the CDR Debt. Our Company has entered into a loan agreement dated May 19, 2009 with certain lenders being Infrastructure Development Finance Company Limited, IDBI Bank Limited, Syndicate Bank, Bank of India, Punjab National Bank, Export-Import Bank of India, Housing Development Finance Corporation Limited, Union Bank of India, Infrastructure Development Finance Company Limited (as lenders agent) and Infrastructure Development Finance Company Limited (as security trustee) to avail of a rupee term loans to the extent of Rs. 12,000 million. As at June 30, 2010, our Company had outstanding debt of Rs. 10,749.53 million.

Key Events and Milestones

Year Month Key Events/ Milestones 1998 September Concession Agreement entered into with GMB and GoG 2000 May PRCL incorporated as a joint venture company with Indian Railways, for gauge conversion of rail line from Surendranagar to Rajula and laying of new line from Rajula to Pipavav 2001 June Concession Agreement entered into between PRCL and the Indian Railways 2001 June APMM Group, through two of its companies, acquires 13.5% of the shareholding of our Company as strategic investment 2002 April Commercial operations commenced 2003 May Broad gauge rail connectivity from Surendranagar to Pipavav commissioned 2004 August Three panamax quay cranes commissioned 2005 April APM Terminals Mauritius Limited, alongwith certain financial investors acquire the shareholding of our Company from SKIL 2006 March First Port in India to receive Double Stack Container Train from ICD Kanakpura (Jaipur) to Pipavav 2006 May Phase I capital dredging completed enabling vessel acceptance draft of 12.5 metres 2006 May Mainline container vessel services commence operation 2006 November Eight rubber tyre gantry cranes commissioned 2007 December Environment friendly coal yard commissioned 2008 January Three post panamax quay cranes commissioned 2008 January Ten eco-friendly rubber tyre gantry cranes commissioned 2009 April Two post panamax quay cranes (PPQC) commissioned 2009 May Construction of Jetty No. 4 and modification of Bulk Liquid Jetty completed 2009 May Phase II capital dredging completed enabling vessel acceptance draft of 14.0 metres. Dredge material used to reclaim 70.0 Hectare of land 2009 July Development of 2.6 Hectares of paved container yards completed 2009 October Railway siding no. 5, 6 and 7 commissioning with the addition of about 2.00 km of internal railway tracks 2010 February Development of 2.4 hectares of paved bulk storage yard completed

Awards and Achievements Year Month Award/Achievemen 2008 September Annual Indian Maritime Gateway Awards 2008 - Achievement in Environmental Protection 2010 March Chemtech Leadership and Excellence Award 2009-2010 - Fastest Growing Port in India

2011

-Gujarat Pipavav signs MoU with Government of Gujarat.

-The Company has entered into an Agreement with Gulf Petrochem India Private Limited wherein they intend to take on lease 90507 sq mtrs. of land at Pipavav Port to develop an initial tankage facility of 100,000 KL.

-The Company has entered into an Agreement with IMC Ltd wherein they intend to take on lease 100,000 sq mtrs, of land to develop the tankage facility at Pipavav Port.

2012

-Gujarat Pipavav spurts 5% post approval of expansion plans of over Rs 1,000 crore.

2013 -Gujarat Pipavav Port Ltd. organizes health check-up camp for women at Village Rampara-2, Amreli

2014 -Gujarat Pipavav Port sets up tankage facility at Pipavav Port

2016

-Gujarat Star Awards 2016 - Emerging port of the year for RoRo business

2017 -APM Terminals Pipavav sets new port productivity benchmark for customers -APM Terminals Pipavav welcomes one of the largest RoRo [Roll in Roll out] carrier - APM Terminals Pipavav handles 100000th Auto Unit -Gujarat Star Awards 2017 - Best Port of the year for RoRo operations -Gujarat Star Awards 2017 - runner up for The Port of the Year - Health, Safety and Environment

2018

-APM Terminals Pipavav is now AEO LO (Authorised Economic Operator for Logistic & Terminal Operator) -APM Terminals Pipavav inagurates Rampara Check dam under its CSR Project 'PRAVAH' --Appreciation certificate from Government of Gujarat for "Mukhya Mantri Apprenticeship Yojana Apprentice Program

2019

-APM Terminals Pipavav wins Gujarat State CSR Award 2019

2020

-APM Terminals Pipavav Certified as a Great place to work -APM Terminals Pipava's board approves Rs. 700 crore expansion plan -Award from New Delhi-based Integrated Health & Wellbeing Council for societal development and community support initiatives under the "COVID Relief Project"

2021

-APM Terminals Pipavav launches Rail-out by bill of lading service -APM Terminals Pipavaav is awarded ESG india Leadership Award 2021 -ESG India Leadership Award 2021 for the Leadership in Community Support and Development

2022

-APM Terminals Pipavav has secured a new weekly service NMG which connects India to the Gulf region.. -APM Terminals Pipavav relocates to a new office in Ahmedabad. -APM Terminals Pipavav is ranked as the most efficient Indian Port as per CPPI ranking 2021. -APM Terminals Pipavav, one of Western India's leading ports, has achieved a productivity milestone for bulk limestone discharge.

2023

- APM Terminals Pipavav strengthens footprint in North India with new office in Ludhiana. -APM Terminals Pipavav creates a record by loading 1000th LPG Rake, reinforcing commitment to sustainable operations. -APM Terminals Pipavav expands connectivity with new China India Express service. -APM Terminals Pipavav ranked most efficient Indian port for second consecutive year. -APM Terminals Pipavav invests US$ 90 million in new liquid berth.