L&T Samakhiali Gandhidham Tollway Private Limited

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L&T Samakhiali Gandhidham Tollway Private Limited was the SPV created to implment the six-laning of the 56.16-km stretch of the Samakhiali-Gandhidham Road (NH 8A) in the state of Gujarat. L&T Samakhiali Gandhidham Tollway Private Limited was a subsidiary of Larsen & Toubro. The National Highway Authority of India awarded the project under a 24 year BOT contract including 30 months of construction a BOT DBFO (Design Build Finance & Operate) basis. This project was part of the NHAI's Phase V of the National Highways Development Programme (NHDP), through which NHAI was six-laning the existing four-lane stretches of the Golden Quadrilateral. The concessionaire was entitled to collect tolls from the users of the project highway during the concession period, including the construction period. The concession agreement was signed on 19th March 2010. As per NHAI document, the LOA was issued on Jan 10th 2010. Project cost was estimated to be INR 14 billion (US$306.1 million). Financial closure was achieved in June 2010 through debt. In December 2010 Fitch Ratings assigned final National Long-term ratings of 'BBB(ind)' to India's L&T Samakhiali Gandhidham Tollway Private Limited's (LTSGTPL) INR9,620m project bank loans and INR800m non-fund based bank guarantee.