Kaman Paygon BOT Project

Cancelled

Kaman Paygon BOT Project consisted of Strengthening of Chinchoti Naka - Kaman - Paygaon - Bhiwandi Road ( SH No. 4 ) Km from 0/00 to 22/600 in Vasai and Bhiwandi Talukas, Dist : Thane with Private Financing and Toll Collection on Build, Operate and Transfer (BOT) basis. The total length was 22 km. The project was awarded by Public Works Department on behalf of Government of Maharashtra to IRB Infrastructure under a 15 year concession contract including 24 months of construction period. The concession contract was signed in December 1998 and the starting period (construction) was also December 1998. The construction phase was completed in March 2000. The concession period was to end in December 2013. However, Pursuant to a notification from the Government of Maharsahtra dated November 16, 2009, the concession agreement was terminated and our right to collect toll was rescinded with effect from November 23, 2009. The project cost was estimated to be INR 144 Millions (US$3.5 million). The project reached financial closure in December 1998 with a loan from Dombivli Nagari Sahakari Bank Ltd and Kalyan Janata Sahakari Bank Ltd.