Shree Jagannath Expressway Pvt Ltd

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Shree Jagannath Expressway Pvt Ltd was created to implement a project to expand to six lanes of Chandikhole Bhubaneswar Section (from Km 413 to km 418 & km .02 to Km 62) of NH-5 in Orissa under NHDP Phase V. The total project lenght was 67 km and included five fly-overs. The project was awarded via a competitive tender using the lowest subsidy as bid criteria. The National Highway Authority of India awarded the project to Shree Jagannath Expressway Pvt Ltd was a consortium owned by SREI (48%), Galfar Engineering and Contracting SAOG (26%), Varaha Construction Co. (26%) in April 2010. The wining consortium requested a subsidy of 205 crore. The project was a 25 year BOT PPP project with viability gap funding. The concession contract between Sri Jagannath Expressway Pvt. Ltd and the NHAI was signed in August 2010. The NHAI estimate of the project cost was INR10,470 million. But the total project cost estimated by the sponsors at financial closure was INR 18,270 million (US$ 399.5 million). Financial closure was achieved in December 2010 with an INR10.586bn 16-year term loan via Union Bank of India. The project received a viability gap funding of INR 2050 million (US$44.8 million).