Delhi - Meerut Expressway Package I

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Delhi - Meerut Expressway Package I includes the development of existing road from 0.00 km to existing 8.36 km from Nizamuddin Bridge to Delhi-Uttar Pradesh Border section of NH-24 by six-laning expressway and four-laning either side of the expressway. The project also involves the construction of bridge on Yamuna. Delhi - Meerut Expressway will be developed in four phases, each with a distinct financial package. The second package will be a 19.2 km section from Uttar Pradesh border to Dasna; Package 3 will cover the section between Dasna and Hapur with a length of 21.6 km and the final Fourth package will be Dasna - Meerut section, 46 km in length. The sponsor, Welspun Energy Limited, is a sole owner of the contract and will develop the project (Package I) via its SPV Welspun Delhi Meerut Expressway Pvt Ltd. The concession was awarded to Welspun Energy Limited by bidding process under the Hybrid annuity model. The project agreement has been concluded with the NHAI for a period of 15 years. The section will be developed under a Build, Rehabilitate, Operate and Transfer basis (Brownfield project). After completion, the maintenance of the 8.72 km project will be done by Welspun Delhi Meerut Expressway Pvt Ltd. for which the NHAI will pay the concessionaire annualized operations and maintenance cost of Rs 3.95 crore during this period. 40% of the project cost will be funded by the government, under the Hybrid annuity model, while the concessionaire will arrange the balance 60%. The 60% funding will be split in 48:12 bank loan to sponsor's equity. Bank loan is provided by Punjab National Bank-led consortium, including Union Bank of India and State Bank of Hyderabad. During the operation period, NHAI will pay concessionaire this 60% in semi-annuity, along with interest thereon and maintenance costs. The project is estimated to cost $125.4 million as per concession agreement. Delhi Meerut Expressway achieved financial closure on September, 12, 2016. https://infrastructureindia.gov.in/view-project?p_p_id=viewproject_WAR_Projectportlet&p_p_lifecycle=0&p_p_col_id=column-1&p_p_col_count=1&_viewproject_WAR_Projectportlet_jspPage=%2Fhtml%2Fviewproject%2Fview.jsp&_viewproject_WAR_Projectportlet_ppp=Government+Infrastructure+Projects+(PPP)&_viewproject_WAR_Projectportlet_projectId=20435