GMR Chennai Outer Ring Road Pvt. Ltd

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GMR Chennai Outer Ring Road Pvt. Ltd was created to develop and operate the Chennai Outer Ring Road, which was to start at Vandalur, about 30 km south of Chennai on NH 45 in Tamil Nadu. The road was to circle the western fringes of the city connecting NH 4 (Chennai Bangalorei) at Nazarathpet,, NH 5 (Chennai Trichy) ) at Vandalur , and NH 205 (Chennai Arakonam) at Nemilichery. It would have six lanes and two service lanes of 29.65 km long. Trucks and otherheavy vehicles would be able to pass through without entering the city. GMR Chennai Outer Ring Road Pvt. Ltd, a the consortium of GMR Infrastructure (90%) and National Asphalt Products & Construction Ltd (NAPCL) (10%), was awarded the project by the Tamil Nadu government through a competitive tender by requesting the lowest annuity payments in June 2009. The project was awarded through a design, construction, development, finance, operation, maintenance and transfer (DBFOT) annuity concession. The concession period was for 20 years, which includes a construction time of 30 months. The project cost was estimated to be INR11.67 billion (US$ 255 million). Financial close took place on 31 May 2010. Financing comprised Rs7.17bn 16-year term loan debt and Rs4.5bn equity. The mandated lead arranger is ICICI.