Moradabad Bareilly Expressway Limited

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Moradabad Bareilly Expressway Limited was a company created to implement the four-laning of the existing 121 km two lane stretch from Moradabad to Bareilly NH-24 in Uttar Pradesh. NH 24 connects Lucknow to New Delhi via Shahjahanpur, Bareilly, Rampur, Moradabad and Ghaziabad. The project was granted by the NHAI to IL&FS Transportation Networks Limited, an IL&FS group company, on DBFOT Toll fee project basis. The total project cost was estimated INRs 1,9.84 billion (US$ 434 million). The project reached financial closure in March 2010. The Project cost is financed in a debt: equity ratio of 2: 1 with Rs 1,319 cr being raised as Senior Debt and the balance amount of Rs 665 cr will be infused as a combination of promoter contribution and NHAI Grant. The senior debt loan facility has been syndicated on a project recourse basis with a consortium of four banks led by BOB. The total door-to-door tenure for the loan is 14 years. The Project was scheduled to achieve commercial operations by February 2013.