Pune Sholapur Road Development Company Limited (PACKAGE-II)

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Pune Sholapur Road Development Company Limited (PACKAGE-II) was created to expand to four lanes of the existing 101 km stretch from Indrapur near Pune to Sholapur stretch of NH-9 in Maharashtra. The National Highway Authority of India awarded the proejct to Pune Sholapur Road Development Company Limited under DBFOT (Toll) basis with a 20 year concession contract. Pune Sholapur Road Development Company Limited was a subsidiary of IL&FS Transportation Networks Limited, an IL&FS group company. The sponsor obtained the letter of Award in June 2009 and signed the concession contract on September 2009. The project cost was estimated to be INR 140.3 billion (US$ 306 million). The project reached financial closure in January 2010 with debt equity ratio of 2.15:1 and with Rs 958 crores being raised as Senior debt, Rs 160 crores being infused as promoter contribution and Rs 285 crores being received from NHAI as a grant. The senior debt facilities have been financed by a consortium of 14 banks led by Mumbai-based Bank of India.