Agroh Biaora Tollways Private Limited

Active

Prospective

In July 2013, Madhya Pradesh Road Development Corporation (MPRDC) signed a 26-year concession (including construction period of 2 years) with Agroh Infrastructure Developers Private Limited (AIDPL) for the strengthening, improvement,2-laning,operation and maintenance,and tolling of 61kms of on Biaora-MP/Rajasthan border section of National Highway 12,in the state of Madhya Pradesh. Under the contract, AIDPL was responsible for the design, construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 2-lane divided carriageway.The scope included construction of new pavement, rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project, part of the MDR (major district roads) development project, was expected to ease traffic congestion and give significant stimulus to trade and commerce in the entire region. The project road was an important corridor connecting Bhopal, Central Madhya Pradesh with Kota, Jaipur and North India. AIDPL established Agroh Biaora Tollways Private Limited (ABTPL),a special purpose vehicle in 19th July 2013, to implement the project. The SPV won the tender through international competitive bidding, conducted by MPRDC,by requesting the lowest grant of US$ 10.7mn (INR 624.9mn @58.6 INR/USD). Other details of bidding were not known at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling, during the term of concession. The concession agreement for the project was expected to be signed in 2013. In absence of information, we are assuming concession signing date of December 2013. The project was financed with a grant/debt/equity ratio of 75/25. The estimated capital cost of the project at the time of financial closure was US$ 27.7mn (INR 1626.7mn @58.6INR/USD). Apart from the grant of INR 624.9mn, financing comprised of a term loan of US$ 10.9mn (INR 640mn) and sponsor equity of US$ 6.2mn (INR 361.8mn). Other details of financing were not known at the time of collection of this information. The project was expected to be completed by June 2015.

Transport

World Bank Group

Project

Road, Waste Processing and Treatment, Bridge, Government, Residential, Automotive, Commercial