Orissa Steel Expressway Pvt Ltd

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Orissa Steel Expressway Pvt Ltd was created to expand to four and two Laning of Rimoli-Roxy-Rajamunda section of NH – 215 in the State of Orissa in April 2010. The project included 96km and was part of NHAI under Phase – III of National Highways Development Program. The concession was to be executed on a Design, Build, Finance, Operate & Transfer (Toll) basis with a concession period of 19 years including construction period of 910 days. National Highway Authority of India awarded the concession using the lowest viability gap subsidy as bid criteria. Orissa Steel Expressway Pvt Ltd won the tender by requesting INR2299.5 million as subsidy. Orissa Steel Expressway Pvt Ltd wasa consortium formed by MBL Infrastructures Limited (50%) and SREI Infrastructure Finance Limited (50%).NHAI issued the letter of award in April 2010. The NHAI estimated the project cost about INR 5680 million at the time the contract was awarded. The project cost was INR 9000 million (US$196.8 million) at financial closure according to the financial information. The financial closure was achieved in December 2010 with Union Bank of India underwritting the entire debt facility of Rs. 407.1 Crores. NHAI. provided an equity grant of Rs. 229.95 Crores (US$50.3 million) according to the terms of the Concession Agreement.