Delhi-Noida Bridge Project

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On 12 November 1997, the New Okhala Industrial Development Authority (NOIDA) awarded a 30-year concession for the construction and operation of a toll bridge across the Yamuna River to the Noida Toll Bridge Company Ltd. (NTBCL), a special purpose vehicle promoted and sponsored by Infrastructure Leasing & Finance Services (IL&FS). IL&FS originally had a 70% equity stake and NOIDA has a 30% stake. The project includes the construction of an 8-lane main bridge with 552 meters in extension and a 10.3-Km expressway with 8 lanes. The contract has a build-operate-own-transfer structure, with the road reverting to NOIDA after 30 years. The contract provides for a pre-determined 20% rate of return and gives NTBCL the right to set and collect tolls. The government agreed not to permit construction of a competing facility for a period of 10 years. Repayment of the project is structured on a back ended basis. The total cost is estimated at US$94 million. In July 1998, Credit Analysis and Research Limited gave the company's proposed bond issue a BBB+ rating. IL&FS will ask the construction contractors and operator to take an equity stake in the project. Financial closure was achieved in Dec. 1998. In October 1999, Asian Infrastructure Mezzanine Capital Fund and American International Group acquired 16.34% of the project company's shares each (they invested US$ 9.2 million in fully-convertible debenture issued by the company that will be compulsorily converted into equity shares at par at the end of 36 months). The construction works were concluded in Feb. 2001. The average daily traffic flow is estimated at 800,000 vehicles (capacity: 16,000 vehicles per hour). None None