Thrissur Expressway Ltd

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Thrissur Expressway Ltd was created to implement a project for expanding to six lanes the Vadakanchery Thrissur section of NH-47 under, a 30 KM of road (from km 240 to km 270) connecting important section of Thrissur with Vadakkanchery in Kerala. The project was also known as Highway 47 - KL-1 project. NHAI estimated the project cost at Rs.6435.2 million including the cost of Land Acquisition (LA), Rehabilitation & Resettlement (R&R) and pre-construction at the time the tender was called. The Government agreed to provide the viability gap funding (VGF), which would not exceed 40% of the total project cost excluding the cost LA, R&R and pre-construction. The National Highway Authority of India (NHAI) awarded the project to M/s Thrissur Expressway Ltd, Hyderabad, a company formed by Indian KMC Constructions Ltd (KMC) and Chinese CR18G, under a 20-year Build Operate and Transfer basis (BOT)toll concession, including 30 months of construction period. The bid criteria was the lowest viability gap funding requested. The winning consortium requested a grant of INRs 2439.9 million (US$53.4 million). The project cost was estimated to be INR 12.3 billion (US$267 million) at financial closure. Financial close was on 7 Oct 2010. Financing comprised Rs8.7bn 14-year term loan and Rs3.6bn equity. The debt was arranged by Axis Bank. The project received a grant of INRs 2439.9 million (US$53.4 million). Project construction started in January 2010 and commercial operation was expected to start in August 2012.