Thiruvananthapuram City Roads (Phase I, III and III)

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rehabilitate and operate the road network in Thiruvananthapuram city in the State of Kerala. The phase I of the project consists of improvements to be made to the city roads of Thiruvananthapuram by way of development of ten corridors and three NH bypass links totalling 42 kms which included 13 corridors, 63 junctions, two flyovers and one underpass. The concession for phase I was awarded to us by the Kerala Road Fund Board on a BOT (Annuity) basis for a period of 17.5 years (including an initial construction period of two and a half years) which commenced in May 2004 and will end in November 2024 for Phase I. The project became operation in November 2006. Phase II and III Development of roads with an aggregate length of approximately 107 Lane Kms in Thiruvananthapuram city in the State of Kerala. The Concession for Phases II and III of this project was awarded by the Kerala Road Fund Board on a BOT (Annuity) basis for a period of 17.5 years (including an initial construction period of two and a half years). The Concession Agreement was signed in May 2004, but became effective in May 2009 and will last until November 2026. The Phase II and III Project is expected to be completed by November 2011. Thiruvananthapuram Road Development Company Limited (TRDCL), was owned by L&FS Transportation Networks LTD (ITNL) with 50% of equity and M/s. Punj Lloyd Ltd (PLL) with the other 50%. Kerala government decided to develop road corridors in Thiruvananthapuram city on an annuity basis and it has formed the Kerala Road Fund. CTNL-PLL Consortium was declared the successful bidder on the basis of lowest annuity amount quoted. The annuity for phase I total INR118 million and for phases II and II INR 237 million. Annuities were to be paid in semiannual installments. The total cost of phase I was INR 1098 million (US$24.3 million). The project reached financial closure in May 2004 (two weeks after signing the concession contract) with total debt of INR625 million. The debt was provided by a consortium of five banks namely, Punjab National Bank, Indian Overseas Bank, Bank of India, The Jammu & Kashmir Bank Ltd. and Oriental bank of Commerce. The implementation of phase I was delayed due to delays by the government of Kerala to acquire land for the project. In January 2008, 14.27 km of phase I became operational and the government of Kerala started paying the proportionally biannual annuity in the completed segment. The total cost of phases II and III was estimated in INR 2,626 million (US$54.2 million). The project reached financial closure in 2009 with a debt of INR 1092 million and subordinated debt of INR344 million. Phases II and III, but they expected to become operational in November 2011.