Maa Durga Expressways Private Limited

cancelled

On 7th December 2011, National Highway Authority of India (NHAI) awarded a 30-year concession (including construction period of 2.5 years) to Simplex Infrastructure Limited, for the strengthening, improvement,4-laning,operation and maintenance, and tolling of 125.9kms of Mahulia to Baharagora (Km.277.50 to 333 .50) of NH-33 and Baharagora to Kharagpur (Km.199.500 to 129.600)of NH-6, in the state of Jharkhand and West Bengal. Under the contract, Simplex was responsible for the design,construction,finance, operation and maintenance,strengthening and widening the existing 2-lane carriageway to 4-lane divided carriageway.The scope included construction of new pavement,rehabilitation of existing pavement, construction and/or rehabilitation of major and minor bridges,culverts, road intersections,interchanges, drains, etc.The expansion project was part of the National Highway Development Program (NHDP-III).The project was covered in the East Singhbhum district of Jharkhand and West Midnapur district of West Bengal. The main object of the project was to expedite the improvement of infrastructure in the States of Jharkhand and West Bengal and also in reducing the time and cost of travel for traffic, particularly heavy traffic, plying between Mahulia, Baharagora, Kharagpur. This project would link the two arms of Golden Quadrilateral traversing through Ranchi, Jamshedpur (Mahulia), Baharagora and Kharagpur. Simplex Infrastructure Limited established Maa Durga Expressways Private Limited (MDPL),a special purpose vehicle on 15th December 2011, to implement the project. The SPV won the tender through international competitive bidding, conducted by NHAI, by requesting the lowest grant of US$ 21.5mn (INR 1260mn @58.6 INR/USD). Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling, during the term of concession. Simplex Infra would execute the EPC contract for the project. The concession agreement was signed on 29th February 2012. The project attained financial closure in 17th July 2013. The estimated capital cost of the project at the time of bidding was US$ 197.7mn (INR 11585.9mn @58.6INR/USD).The term loan was arranged by Union Bank of India. The project was expected to start construction in July 2013 and was expected to be completed by January 2016. However the project got delayed at NHAI's end because of land acquisition and other permission. NHAI finally canceled the concession in September 2014.