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Why should one take this course?

  • To have a comprehensive and broad-based knowledge of project finance.
  • To get acquainted with estimating the cost of a project, various tools used to assess the feasibility of projects, benefits of sensitivity analysis and scenario analysis, various sources of project finance and issues related to mobilizing project finance and newer structures of infrastructure financing, the role of taxation and incentives in projects.

Who will benefit from this course?

  • Students of Management and Commerce
  • Finance Professionals
  • Employees with banks, public/private sector companies, financial institutions, and infrastructure companies
  • New entrepreneurs
  • Anybody having interest in this subject

Project Finance Syllabus


Project Finance Background

a) Evolution of project finance
b) Project Types
c) Critical steps in a project

Market Analysis

a) Background
b) Market Sizing: (i) Demand function estimation (ii) Rule of Thumb (iii) Experts’ Poll
c) Consumer, Customer, and Influencer
d) Market Insight areas
e) Market Research Approaches
f) Data Cleaning and Analysis

Business Model, Competencies and Promoter Analysis

a) Business Model
b) Competencies: (i) Core competency (ii) Competency Match
c) Promoter Analysis: (i) Track Record (ii) Financial Standing (iii) Integrity

 Estimating Cost of Project

a) Project specifications
b) Estimating Fixed Capital Investment in Project
c) Estimating working capital investment in the project

Project Feasibility Analysis

a) Background
b) Net Present Value (NPV)
c) Profit v/s Cash Flow
d) Discount Rate
e) Tax-Shield on Interest
f) Tax-Shield on depreciation
g) Internal Rate of Return (IRR) (h) XIRR
j) Project IRR and Equity IRR
k) Payback Period
l) Discounted payback period
m) Economic IRR

Financial Projections

a) Background
b) Assumptions
c) Cost of Project & Means of Financing
d) Projected Profit & Loss Account
e) Projected Balance Sheet
f) Projected Funds Flow
g) Project IRR
h) Equity IRR
i) Loan Servicing Capability: (i) Interest Coverage Ratio (ICR) (ii) Debt Service Coverage
Ratio (DSCR) (iii) Long Term Debt Service Coverage Ratio (LDR)
j) Sensitivity Analysis
k) Building Scenarios

Project Finance and their Sources

a) Prudence in Mix of Long Term and Short Term Finance
b) Forms of Long-Term Project Finance
c) Forms of Short-Term Project Finance
d) Lease
e) Role of Non-Banking Finance Companies (NBFC)
f) Loan Documentation

Infrastructure and Public-Private Partnerships

a) Background
b) PPP Models
c) Parties to a PPP Model
d) PPP Process
e) Model Concession Agreements (MCA): (i) Highways (ii) Greenfield Airports (iii) Transmission
of Electricity

Novel Structures in Infrastructure Finance

a) Background
b) Take-out Financing
c) Securitization
d) Viability Gap Financing (VGF)
e) Infrastructure Debt Fund f) High-Level Committee on Financing of Infrastructure

Taxation and Incentives

a) Taxation: (i) Depreciation (ii) Amortization of Preliminary Expenses (iii) Amortization
of Telecom License Fees (iv) Interest on borrowed capital (v)
Disallowances under the Act (vi) Expenses, in General (vii) Compulsory Audit
b) Incentives
c) Maharashtra Package Scheme of Incentives

Project Risks and their mitigation

a) Background
b) Project Conceptualization Risk
c) Financial Closure Risk
d) Project Construction Risk
e) Political Risk
f) Market Risk
g) Supply Chain Risk
h) Policy Risk
i) Exchange Risk
j) Environmental Risk
k) Force Majeure