Essel Sagar Damoh Toll Roads Ltd

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Essel Sagar Damoh Toll Roads Ltd was the a Special Purpose Vehicle (SPV) created to implement the expansion from two to four lanes of 68.81km section of State Highway 14 that run from the Sagar city to Teen Gulli Chuoraha in the Damoh city in the state of Madhya Pradesh. The project was awarded by Madhya Pradesh Road Development Corporation Limited to Essel Infraprojects, a subsidiary of Essar, under an 12-year BOT concession,commencing on the Appointed Date i.e. February 26, 2010. The project was to recover the investmen through toll fees. The project cost amounted to INRs 1.3481 billion (US$29.5 million). The project reached financial closure in May 2010 with bank loan. Financing comprised a INR943.7m 10-year term loan and INR202.2m equity. A club of SBI, Corporation Bank, Bank of Baroda and Axis Bank provided debt funding for the project. The construction works was expected to be completed by May 2012.