Muzaffarnagar - Saharanpur road (SH-59)

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Muzaffarnagar - Saharanpur road (SH-59) project entails the construction and development (four - laning) of a 53 km long stretch in Muzaffarnagar district, Uttar Pradesh. The project will also include one large length bridge, three small length bridges, one truck lay-by and nine bus shelters would also be constructed under the project. Apart from these, a toll plaza would also be built at 8.60 km. Deoband Highways Pvt Ltd. is a Special Purpose Vehicle (SPV) promoted by APCO Infratech (74%) and Chetak Enterprises Ltd (26%) to develop, maintain and manage the road project on a DBFOT (toll) basis. The project was awarded, following a competitive bidding auction, by Uttar Pradesh State Highway Authority (UPSHA) based on the least bid for grant from UPSHA. The total cost of the project is $124.88 million (Rs.827.94 crore), funded through equity of $22.9 million (Rs.151.79 crore), grant from UPSHA of $45.43 million (Rs.301.15) crore and term debt of $56.56 million (Rs.375 crore). Financial closure/ appointed date took place on March 31st, 2016. As on December 09, 2016, DHPL has incurred a cost of Rs.317.62 crore towards the project funded through equity of Rs.151.79 crore (including unsecured loans from promoters of Rs.74.37 crore), term debt of Rs.115.53 crore, grant from UPSHA of Rs.17.02 crore and current liabilities of Rs.33.28 crore. As on December 09, 2016, the financial progress was measured at 39.58% and physical progress of the work done on the main carriageway, service road and structures was around 22%.