Nardhana ROB (Railway over Bridge)

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At the end of 1997, Ayush Ajay Construction Pvt. Ltd signed a 15 year, 10 month concession contract for the construction and operation of a 13km road in the state of Maharashtra. The company agreed to complete construction in 3 years and to operate the toll road to recover the costs of construction. The government provides a minimum revenue guarantee and will extend the contract length in the case of a shortfall. The total project was expected to cost US$8.6 million. Financing includes a term loan from financial institutions and equity participation by the sponsors. The government sets tolls rates.