Haridwar Highways Project Ltd

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Haridwar Highways Project Ltd was an SPV created to expand to 4 lanes Muzaffarnagar - Haridwar section of NH-58 in the states of Uttar Pradesh & Uttarakhand, India.The project covered NH 58 from KM 131.000 to KM 211.000, and included four laning of 80 km in the state of UP and Uttarakhand with three green field bypass, bridge on Ganga River- Elephant, and bridge on Muzaffarnagar-Haridwar Section. Haridwar Highways Project Ltd was awarded the project under a 25-year Design, Build, Finance, Operate and Transfer (toll) concession. National Highways Authority of India (NHAI) awarded the project to Haridwar Highways Project Ltd, a company owned by Era Infra Engineering Ltd (74%) and Sibmost (26%). The project was awarded using the minimum subsidy criteria. Haridwar Highways Project Ltd won the tender requesting INR2.1 billion (US$45.9 million) of subsidy. The NHAI estimated a project cost of INR7.54 billion. The total project cost was Rs 11 billion (US$240.5 million). Financial close was on 14 Dec 2010. Financing comprised Rs6.91bn in debt and Rs4.1bn in equity and government grant. The government grant was INR2.1 billion (US$45.9 million). Debt comprises a Rs6.91bn 16-year term loan arranged by AXIS. Axis Bank Ltd acted as financial advisers to the consortium.

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