Mukarba Chowk Panipat NH-44 Toll Road

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The project entails the widening of the existing four - lane road into eight of a section of NH-1 from Mukarba Chowk at 15.5 km in New Delhi to Panipat at 86 km in Haryana (total length 71.4 km), by Mukarba Chowk-Panipat Toll Roads ("Project Company"). Sponsors are Essel Infraprojects and Essel Highways from Essel Group. The concession was awarded by National Highways Authority of India (NHAI) for a period of 17 years including a construction period of 2.5 years on a DBFOT basis. Essel Group won the bid by quoting the lowest VGF at $28 million (INR 189 Crore). Cost of pre-construction activities to be financed by NHAI is $11 million (INR 75.79 crore) and this amount has been considered in the computation of value of direct government support. The total project cost is $347.6 million (INR 2128.72 crore). Financing comprises a$233.6 million term loan and a $113.9 million equity contribution (inclusive of the VGF of $28 million). Lenders are India Infrastructure Finance, IDFC and Biggs Trading. Financial close occurred on 28 April 2016. CareRating Rationale from Factiva http://www.pppinindia.com/pppac/70_pppacMinutes20150218.PDF http://in.reuters.com/article/care-ratings-idINL3N17I2AY http://nhai.org.in/spw/ProjectDetailsmcpa.aspx http://www.esselinfraprojects.com/admin/mediaDownloads/Essel%20Infraprojects%20bags%20Two%20Road%20Projects%20from%20NHAI.pdf https://ijglobal.com/data/transaction/31172/mukarba-chowk-panipat-section-nh-1-ppp-714km