Oriental Nagpur Bypass Construction Pvt Ltd

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Oriental Nagpur Bypass Construction Pvt Ltd was created to implement a project that involved the expasion to four lanes of 175 km connecting Nagpur (from KM 59.300 TO KM 3.000) in Maharashtra to Betul in Madhya Pradesh ( rom KM 137.000 to KM 257.000) on NH-69. The National Highway Authority of India (NHAI) awarded the project to Oriental Structural Engineers Pvt. Ltd. (OSEL) under 18 year BOT (annuity) basis In May 2010. The contract was part of the NHDP phase IV.There were five consortia qualified to bid for this annuity payment contract: (1) SEL-GDCL-GKC Consortium, (2) Oriental Structural Engineers Pvt. Ltd. - Continental Engines Ltd, .(3)3. Shapoorji pallonji Co. Ltd (4). IL&FS Transportation Networks Limited, and (5). Soma Enterprises Ltd. KNR Construction became the EPC. After a five-month deadlock, NHAI signed the concession agreement of the controversy ridden Nagpur-Betul highway project. The project, which came under the anti-corruption unit of the Central Bureau of Investigation (CBI) scanner, got the go-ahead for signing of the concession agreement after NHAI sought legal opinion in this case. The project cost was estimated to be INR 19.7 billion (US$430.79 million) at financial closure. At contract award, the NHAI estimated the project cost at INR15.321 billion. The Project reached financial closure in October 2010. Financing comprised Rs12.3bn 15-year term loan and Rs7.33bn equity. The debt was arranged by Axis Bank. Financial information from Dealogic.