West Gujarat Expressway

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West Gujarat Expressway Limited was a Special Purpose Vehicle promoted by IL&FS and group company, IL&FS Transportation Networks Limited (ITNL) for the conversion of the 68 km Jetput-Gondal-Rajkot and Rajkot Bypass section of NH-8B into an access controlled four-lane highway and improvements to Gondal-Rajkot section. This project involved the widening of the existing Jetpur–Gondal road from two lanes to four lanes, the improvement of the existing four lanes between Gondal and Rajkot, the widening of the existing Rajkot bypass from two lanes to four lanes on the National Highway 8 B and construction of side roads, with an aggregate length of approximately 389 Lane kms in the State of Gujarat. The concession for this project was awarded to us by the NHAI on a BOT (Toll) basis for a period of 20 years (including a construction period of two and a half years), which commenced in September 2005 and will end in September 2025. We completed the construction of this project and commenced its commercial operations in March 2008. The Concession was awarded by NHAI on a BOT (toll) basis for a period of 20 years (including a construction period of two and a half years) in March 2005. The Concession Agreement was signed in September 2005. The Project commenced operation in March 2008. The total project cost was estimated to be INRs 2758 million (US$62.5 million). The project reached financial closure in September 2005 with a debt equity of 2.25 :1. IL&FS Investsmart Limited (IIL) was the sole arranger for the senior debt of Rs 1662 mn financed in the debt equity of 2.25:1 with Punjab National Bank as the Lead alongwith a consortium of 7 banks. The project was the first of its kind being implemented under the Viability Gap Funding Scheme of NHAI and part of the prestigious East-West corridor program of NHAI. The project received a grant of INR180 million and equity contribution of INR400 million.