Thane Bhiwandi Vadape State Highway

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In July 2008, the Maharashtra PWD awarded a concession (tenure of concession couldnt be verified at the time of collection of this information) with a consortium of India’s Sangam Limited and Keti Constructions Limited for the strengthening, improvement, four to six-laning, operation and maintenance, and tolling of Thane-Bhiwandi-Vadapa Road (Special State Highway,section of the Old Mumbai-Agra Road) in between Kapurbawdi and Anjur Phata along with North Kasheli Bridge and South Kasheli Bridge with approaches in Thane district, in the state of Maharashtra. The consortium of Bhilwara-based Sangam (India) Limited and Indore-based Keti Constructions (India) Limited established Kalyan Sangam Infrastructure Limited, a special purpose vehicle, to implement the project. The consortium won the tender through competitive bidding, conducted by State PWD. The details of the bidding couldnot be verified at the time of collection of this information. Under the contract, the SPV was to recover the capital costs and operating costs including returns through tolling during the term of concession. The concession agreement was signed in July 2008. The project attained financial closure in April 2009. The estimated capital cost of the project was US$ 47 million (INR 2276 mn @ 48.41 INR/USD) million. Sole bookrunner IDBI Bank arranged a US$ 46.6 million (INR 2255 million @48.41 INR/USD) syndicated loan (five-tranche 13-year loan) to finance the project. Bank of Baroda, Corporation Bank, Oriental Bank of Commerce and Union Bank of India joined. Construction on the project began in April 2009 and was expected to be completed in 27 months by June 2011. very poor data from state highway department regarding the concession, bidding variable, project cost etc. Needs to be authenticated in future. Project cost of USD 48.4 million seems to be on the lower side, since the debt syndicated itself is USD 48 million. No independent verification of the project cost could be made. Needs to be changed once the information is available