Bhiwandi - Kalyan - Shil Phata SH - 40

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In September 2006, the Ministry of Road Transport & Highways (MoRTH),Government of India signed a 15 year concession contract (including 18 month of construction period) to Malaysia’s Plus Expressway Berhad to widen and strengthen the 21.6 km section on State Highway 40(SH 40) and National Highway 222 (NH 222) between Bhiwandi, Kalyan and Shil Phata in the state of Maharashtra. The project was divided in two phases where Phase I involved Strengthening and widening the existing 2-lane carriageway to a 4-lane divided carriageway, whereas the second phase involved constructing Kalyan Bypass (with major bridge on Ulhas river and River Over Bridge (ROB) on the Central Railway Line along with the approach roads) and flyover bridge of Bhiwandi Bypass Junction. Work on both the phases was expected to start parallely. Plus Expressway Berhad established a special purpose vehicle, Plus BKSP Toll Limited, to implement the project. PEB won the tender through competitive bidding, conducted by MoRTH. While the bidding details were not known at the time of collection of information, it is known that the SPV was to recover the capital costs and operating costs including returns through tolls during the concession period (excluding construction period). The concession agreement for the project was signed in September 2006. The total Project cost is estimated to be INR 187 crores (approximately US$41.3 million) over a concession period of approximately 6 years and 8 months. Financing comprises an INR $815m (US$18 million) term loan solely provided by Canara Bank and equity. Construction on the project began in September 2006 and was expected to be completed by March 2008.