Chittorgarh - Gulabpura bypass

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Project involves 6 Laning of 124.87 Km bypass on NH-79 between Chittorgarh and Gulabpura in the State of Rajasthan. CG Tollway Pvt is the special purpose vehicle that will lead the project on behalf of the sole sponsor - IRB Infrastructure Developers. Concession period was granted for 20 years including construction period of 910 days. The project company will recoup its investment in the road by collecting toll fees. Tolling commences from the Appointed Date (October 2017). The project is initiated on a DBFOT basis. As part of the concession agreement, the developer will pay an annual premium of Rs 228.60 crore to NHAI ($35.3 million). Premium payment triggers post three years from the appointed date. Thus there is no payment outgo on account of premium in the initial three years. Total investment in the project is $322.9 million and is being funded with debt and equity in 67:33 ratio. Project financing (R1400 crore or $216.3 million) was provided by seven lenders: State Bank of India, Bank of India, Bank of Maharashtra, Canara Bank, Indian Overseas Bank, Andhra Bank and Aditya Birla Finance Ltd. Sponsor’s contribution including internal accruals amounts to Rs. 690 Crores ($106.6 million). Financial closure occurred on 16 October 2017. http://www.irb.co.in/home/2017/10/16/irb-infras-spv-achieves-financial-closure-for-its-project-of-6-laning-of-chittorgarh-gulabpura-bypass-on-nh-79/