Welspun Enterprises plans to take over toll road project from Essel Group
By MYBRANDBOOK
Welspun Enterprises is planning to acquire a toll road project under the build-operate-transfer (BOT) model from Essel Group.
In a stock exchange filing, Welspun Enterprises said that the project which was operated by Mukarba Chowk-Panipat Toll Roads Ltd (MCPTRL) – is being acquired through the harmonious substitution route by the firm’s subsidiary, Welspun Infrafacility Pvt Ltd.
The harmonious substitution route allows for the substitution of an existing concessionaire or a selected bidder/consortium member of a special purpose vehicle.
It is one of the exit policies notified by the National Highways Authority of India (NHAI) for those projects which are facing financial stresses or breaches of their concession agreement.
MCPTRL has so far completed 31% of the 71.1-kilometer-long Mukarba Chowk-Panipat Highway (NH-44) project. The total cost of the project was originally estimated to be Rs 2,122 crore (around $280 million at current rates), out of which Rs 1,593 crore is the balance remaining.
All existing lenders to the project have agreed to continue financing it, Welspun said, adding that it expects to complete the project by June 2021.
The firm is expected to collect around Rs 300 crore per annum after it achieves commercial operational dates for both sections of the project.
“We believe that this addition to our existing road portfolio will create sustainable value for our shareholders and improve the overall returns for the Company,” BK Goenka, Chairman at Welspun Group, said.
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