Agra-Etawah NH-2 Extension

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The project entails the 6 laning (currently 4 lanes) of Agra to Etawah bypass section of NH-2, from Km 199.660 to Km 323.525 in Uttar Pradesh, by A E Tollway Pvt Ltd ("Project Company") . Sponsor and EPC contractor is IRB Infrastructure Developers.Construction will start on 1 October 2016 and construction period is 910 days. IRB Infrastructure Developers emerged as the preferred bidder and the project company signed a concession agreement with the National Highways Authority of India (NHAI) by offering the highest fee at INR 810 million ( $12 million) with 5% increase y-o-y. The project was awarded on a DBFOT basis with the concessionaire having the right to collect tolls. The concession period is 24 years. The NPV of the annual concession fee was calculated by assuming the discounting rate as 11.25% which is the average cost of debt for the period of operation (i.e. 24 years less 910 days) and is equal to 139.2 million. The total cost of the project is $373.7 million (INR 25.23 billion). Financing comprises a 244.4 million (INR 16.50 billion) 18-year-6-month term loan and a 129.3 million (INR 8.73 billion) equity. Lenders are IDBI Bank, India Infrastructure Finance, Bank of India, Bank of Maharastra, UCO Bank, Andhra Bank and Punjab National Bank. Facility agent, book runner and MLA is IDBI Bank. Financial close occurred on 21 June 2016. http://www.livemint.com/Companies/VtkF5LI7Lz4kHcD2oZXW3O/IRB-Infra-signs-pact-with-NHAI-for-AgraEtawah-road-project.html http://www.business-standard.com/article/pti-stories/irb-infra-bags-nhai-s-rs-2-650-cr-agra-etawah-project-115052100236_1.html http://www.moneycontrol.com/news/business/irb-achieves-financial-closure-for-agra-etawah-road-project_6910961.html http://www.dnaindia.com/money/report-irb-infra-signs-pact-with-nhai-for-rs-2650-crore-agra-etawah-road-project-2121420