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Coimbatore Bypass project

a case study of Project appraisal and finance

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Coimbatore Bypass project

  1. 1. A presentation on Coimbatore bypass road project case study By: THE WORTHY Arshiya Khan Mayuri Patil Umesh Sikka Samidha Parulkar Nikita Jaisinghani 1 Prepared By: The Worthy
  2. 2. Introduction First road project to be implemented in South India on BOT basis.  Why:  The bypass was expected to ease the traffic congestion in Coimbatore city , Tamilnadu and Salem-Cochin national Highway running b/w Tamilnadu and Kerala.  What:  Construction of a 28 km long two lane bypass road,  The 32.2 m new Athupalam bridge across the river Noyal,  The Railway over Bridge at Chettipalayam Tamilnadu and  The maintenance of the old bridge at Athupalam  When:  Contracted to be completed in 29 months, but completed in 22 months  Investment  1.04 billion  Management:  L&T 2 Prepared By: The Worthy
  3. 3. Financing of the Project • Ministry of Surface Transport (MoST) invited tenders from the Private Sector to Finance and implement the Construction. • The Project was financed by Share Capital of Rs. 416 mn and Term Loan of Rs. 620 mn with a debt- equity ratio of 1.5:1 • The financing was done by SBI, L&T finance, HUDCO, HDFC and IDBI. • IDBI sanctioned Rs. 300 mn for the project in the form of Infrastructure Bonds. 4 Prepared By: The Worthy
  4. 4.  The loan was given in two tranches of Rs. 150 mn each at 15% interest each.  SBI loaned Rs. 300 mn to the project.  IDFC had structured a “Liquidity Support” for SBI 5 Prepared By: The Worthy
  5. 5. Toll charges of using bypass road TYPES OF VEHICLE Toll charged Car. jeep& van 19 Light Commercial Vehicle 28 Heavy commercial vehicle 56 Multi-axle vehicle 84 Toll charges of using old bypass TYPES OF VEHICLE Toll charged Car. jeep& van 5 Light Commercial Vehicle 15 Heavy commercial vehicle 15 Multi-axle vehicle 2
  6. 6. Revenue generation  Ploughed back for maintenance  Lesser operating cost on fuel  Reduction in distance and time  Wayside facilities and amenities on road  Trauma care with ambulance  Growth in the economy  Diversification of govt. funds  Lesser Pollution, more safety 8 Prepared By: The Worthy
  7. 7. Challenges Faced By LTTIL  Project Structuring  Pubic Consultation  Biased Revenue Analysis  Delays due to Queuing  Local Traffic  Multiple Trips  Toll on Existing Bridge  Enforcement 9 Prepared By: The Worthy
  8. 8. Implications of State Government Poor Support to the Project On Future Investment in the State  There is no clarity between the government and the developer on the resolution of problems  if the project does get into unanticipated problems. This would be a major deterrent for private players to invest in road development projects.  Government is not fulfilling its role by taking action towards ensuring toll compliance or compensating for the losses.  The response from the government remains so poor , future public private road projects would be in jeopardy  The poor support and delayed decisions from state government cause L&T under tremendous pressure as huge funds have been borrowed in financing the project from financial institutions which may result in adverse impacts on BOT project in the state. 10 Prepared By: The Worthy
  9. 9. Key Takeaways  BOT  Take-out financing  Force Majuere clause  Importance of government support 11 Prepared By: The Worthy

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    Dec. 26, 2016
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a case study of Project appraisal and finance


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