Jorabat Shillong Expressway Limited (JSEL)

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Jorabat Shillong Expressway Limited (JSEL) was created to implement a project to expand to four lanes 61.8 kms of Jorabat – Shillong (Barapani) Section of NH-40 from Km 0.000 to Km 61.800 in the State of Assam & Meghalaya. The project was part of the Special Accelerated Road Development Programme – North East (SARDP – NE). The project was to be implemented on Design, Build, Finance, Operate and Transfer (DBFOT) annuity basis with concession period of 20 years including construction period of 3 years. The National Highways Authority of India ("NHAI") awarded the project via a competitive tender to Jorabat Shillong Expressway Limited (JSEL), which requested the lowest semi-annual Annuity for the Project of Rs. 72.51 Crores. Jorabat Shillong Expressway Limited (JSEL) was owned by IL&FS Transportation Networks Limited (ITNL), an IL&FS subsidiary (50%), and Ramky Infrastructure Limited (50%). NHAI issued the letter of award on May 20, 2010. The Concession Agreement was signed on July 16, 2010. The cost of the Project was Rs. 824 Crores or INR 8.24 billion (US$180.2 million), as per loan agreements. At the time of contract award the project cost was estimated to be R.5.36 billion (US$117.2 million). Jorabat Shillong Expressway Limited (JSEL) achieved financial closure in October 2010 with a debt financing of Rs. 7.40 billion. Through an innovative financial structuring, the Loan repayment is completed in 14.50 years, including a small bullet repayment at the end of the tenor. The facility was syndicated on a project recourse basis. IL&FS Financial Services Ltd. was the sole financial advisor and arranger for the project financing. The senior debt facilities were financed by a consortium of 3 banks led by Indian Bank, Delhi office. The project is scheduled to achieve commercial operations by Jan 2014.

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