Dehradun Highways Project Limited (DHPL)

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Dehradun Highways Project Limited (DHPL) was formed for the expaion to four lanes of the Haridwar – Dehradun section (from km 211.000 to km 218.2000 of NH-58 and km 165.000 to km 196.825) of NH-72 (approximately 39.03 Km) under NHDP-III in state of Uttarakha. The project was awarded under a 20 year annuity contract for the Design Build Finance Operate and Transfer of the road. The 20 year concession period included a construction period of 2 years. The National Highway Authorities of India (NHAI)awarded the project using the lowest annuity payments as bid criteria. DHPL was owned by Era Infra Engineering Ltd (74%) and Sibmost (26%). The concession agreement was signed on February 24, 2010 The project is scheduled to achieve commercial operations by August 2012. The total project cost was estimated at INRs. 6914.1 million (US$151.2 million). Financial closure was achieved July 23, 2010. The project was funded in debt: equity ratio of 77:23 the senior debt requirement of Rs. 528.45 crones was syndicated on a consortium banking format consisting of seven banks. IL&FS Financial Services Ltd (IFIN) successfully completed the senior debt syndication for Dehradun Highways Project Limited (DHPL).The debt requirement for the project has been arranged at a rate of interest of 10.00% p.a. and door-to-door tenor of 15 years.