Chennai Elevated Tollway

active

The project involves development of four lane elevated expressway of 19 km from southern gate of Chennai port to Maduravoyal on NH-4 in Tamil Nadu under NHDP Phase VII under a 15 year toll BOT concession contract. Construction period was defined for 3 years. The contract was awarded by NHAI and included some subsidy. The project was expected to be operational in 2012. The proposed project would expedite movement of cargo from and to the Chennai port and was planned for a four-lane corridor along the Poonamallee High Road.The concession agreement was signed in May 2009. The estimated capital cost of the project at the time of bidding was US$ 164.2 (INR 7950 mn @ 48.41 INR/USD) million. The project reached financial closure in December 2009. Debt equity ratio for all the three projects has been set at 75:25.Soma-Isolux accessed funds from half a dozen public sector banks with tenure of 15 years and two-year moratorium. Cost of funds were pegged anywhere between 13 and 14 per cent. The concession agreement was signed in May 2009. The estimated capital cost of the project was INR 21.483 billion (US$469.7 million). The project reached financial closure in December 2009. Debt equity ratio for all the three projects has been set at 75:25.Soma-Isolux accessed funds from half a dozen public sector banks with tenure of 15 years and two-year moratorium. Cost of funds were pegged anywhere between 13 and 14 per cent. The earlier appointed date (start of concession) of November 14, 2009 was shifted to September 14, 2010 due to delay in the acquisition of land. The project also continues to be on hold because of alleged deviation from the approved designs and a resolution is awaited.