Mahakaleshwar Tollways Private Ltd

Active

Prospective

Mahakaleshwar Tollways Private Ltd was created to implement the expansion from two to four lanes the Indore-Ujjain section of state highway 27 from 5.2km to 53km with the total length of 49 km. in Madhya Pradesh state. The project road was part of SH-27, which connects Jhalawar on NH-12 in Rajasthan and Burhanpur close to NH-3 in the south bordering Maharashtra. Madhya Pradesh Road Development Corporation awarded the project to Mahakaleshwar Tollways Private Ltd, a consortium formed by SREI (48%), Galfar Engineering and Contracting SAOG (26%), Varaha Construction Co. [Merged with Varaha Infra Limited w.e.f. March 31, 2010] (26%) under on a 25 years BOT concession. As per the Concession Agreement signed on September 17, 2008 between MTPL and Madhya Pradesh Road Development Corporation Limited (MPRDCL) the concession period is for 25 years from the Appointed Date (including a construction period of two years). The project was awarded to MTPL on the basis of its highest quote of ‘premium’ – i.e., MTPL is to pay a premium of 26.38% of the total realizable fee to MPRDCL during the first year of operations and an additional 1% for each subsequent year. The project cost estimated at INRs.3417 million (US$74.72 million). Financial close was on 15 Jan 2010. Financing comprised Rs2.392bn in debt and Rs1.025bn in equity. The debt comprised a Rs2.392bn 14-year term loan arranged by Axis Bank and SREI Infrastruture Finance. The project company started construction in May 2009. As on May 31, 2010, the cumulative physical progress achieved was 64.71% as against the targeted progress of 75.13%. Operational phase started in October 2010.

Transport

World Bank Group

Project

Road, Commercial, Government, Manufacturing (Industrial)