Simhapuri Expressway Ltd

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Simhapuri Expressway Ltd was created to upgrade the Nellore-Chilakaluripet Section section of NH-5 from km 1182.802 to km 1366.547(approx. length- 183.52 km) to a six lane divided carriageway in the State of Andhra Pradesh under NHDP Phase V. The National Highway Authority of India awarded the project to Simhapuri Expressway Ltd, which was owned by KMCL (50%)and BSCPL (50%) in May 2010 via a competitive tender. The project company received a grant of INR 1269.9 million (US$27.8 million) The project was awarded on DBFOT Pattern BOT(toll) basis. Concession Agreement was signed on 15th July 2010. The NHAI quoated the project cost at INR 1535.2 million (US$335.7 million) at the time of the tender. There was no information on the duration of the concession. The project cost was estimated to be 25500 million (US$557.6 million) at financial closure. Financial close was on 13 Sep 2010. Financing comprises Rs20.4bn 15-year term loan facility and Rs5.1bn equity. The debt was arranged by SBICAP. The project was expected to commence in mid 2011, and commercial operations were set to start by June 2013.