India: OSE InvIT

approved

Oriental Structural Engineers Private Limited (OSEPL) and its wholly owned subsidiary, Oriental Tollways Private Limited (OTPL), jointly referred to as the Sponsors, have set up an Infrastructure Investment Trust, a new investment vehicle namely Oriental InfraTrust (InvIT). The InvIT has acquired a portfolio of five operating road assets from the Sponsors and will now be responsible for the operation and maintenance of the five assets till the end of the remaining concession period pursuant to the concession agreement. The road assets were initially awarded to the Sponsors by the National Highways Authority of India (NHAI), the concessioning authority, under a build, operate and transfer (BOT) or design, build, finance, operate and transfer (DFBOT) model. The five road assets that have been acquired by the InvIT are: Nagpur Byepass project: an approximately 117km section of NH-7 including the Madhya Pradesh/Maharashtra border to Nagpur section and the Nagpur to Hyderabad section in Maharashtra; Indore - Khalghat project: an approximately 72km section of NH-3 between Indore and Khalghat in Madhya Pradesh; Etawah - Chakeri project: an approximately 160km section of NH-2 between Etawah and Chakeri in Uttar Pradesh; Hungund - Hospet project: an approximately 97km section of NH-13 between Hungund and Hospet in Karnataka; and Nagpur - Betul project: an approximately 175km section of NH-69 between Nagpur and Betul in Madhya Pradesh. All the above road assets, other than the Nagpur Betul project, are operated on a toll basis. The Nagpur Betul project is operated on an annuity basis. The InvIT has appointed Indian Technocrat Limited as the investment manager, and OSEPL as the project manager and the major maintenance manager for the operation and maintenance of the road assets.