Road development program by NHAI

An indicative estimation of borrowings required

April, 2018

Strictly Private & Confidential

Project award & implementation has picked up pace

Projects of ~7,396 km has been awarded in FY18 vs ~4300 km in FY17 (y-o-y growth of ~72%)
 Road construction improved to ~3,071 km in FY18 vs ~2628 km in FY17 (y-o-y growth of ~17%)
NHAI’s chairman has guided for the awarding of ~8000km in FY19

HAM has been the major contributor

 Of the total 7,396 km awarded by NHAI in FY18, 3,396km (~46%) has been awarded on HAM mode, 3791km
(~51%) on EPC mode and 209km (~3%) on BOT mode.
In terms of value, HAM projects constituted Rs. 76,500 crore (63%), followed by EPC Rs. 42,700 crore (35%) and
remaining from BOT Rs. 2,800 crore (2%) – total value of projects awarded – Rs. 1,22,000 crore
Average cost per KM of HAM and EPC projects is ~Rs 23 crore & ~Rs. 12 crore respectively

Projects awarded under HAM Model

No. of Project Awarded by NHAI (Jan’16- Cost Total Length

Mar’18) (Rs. Crore) (km)

81 92,179 4,510.78

The major awardees of these projects are Dilip Buildcon, Sadbhav Infra, MEP projects, Welspun, KNR
Constructions and Ashoka Buildcon
Projects are under construction with COD being awaited

List of projects awarded

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2
NHAI’s Sources and Application of Funds- FY-2017 - 2022
Bharatmala program announced in FY18 by MoRTH has taken precedence for road development program in India
 Phase I includes development of 24,800 km plus the remaining length of 10,000 km of NHDP at an estd. outlay of
Rs. 5,35,000 crore over the period 2017-2022
 Additional road length of 48,877 km towards SARDP-NE, LWE, Char Dham Program etc. is to be constructed in
tandem at an estd. Cost of Rs. 1,57,324 crore
PROPOSED OUTLAY SOURCES OF FUNDS
Sr No Component Length Outlay Component Bharatmala- Other Remarks
(km) (Rs. Crore) I schemes
A Phase-I of Bharatmala (Rs. Crore) (Rs. Crore)

1 Economic Corridor 9,000 1,20,000 CRF earmarked for NH 1,39,673 97,351 Cess collected
Development GBS –SARDP-NE, EAP, -- 59,973 Central budgetary
2 Inter-corridors and Feeder 6,000 80,000 Counterpart Funds, etc. allocation
Roads Expected monetization of 34,000 -- Potential upside due to
3 National Corridor Efficiency 5,000 1,00,000 NH positive response from
Improvement Private players
Toll Collections of NHAI 46,048 -- Potential upside due to
4 Border & International 2,000 25.000 traffic growth
Connectivity Roads
5 Coastal & Port Connectivity 2,000 20,000 Market Borrowings 2,09,279 -- Balancing amount of
Roads funding

6 Expressways 800 40,000 Private Investment (PPP) 1,06,000 -- From Private players
(debt & equity)
B Balance Road works under 10,000 1,50,000
NHDP Total 5,35,000 1,57,324

C Roads under other existing 48,877 1,57,324

schemes (E.g., LWE, SARDP-
NE, NHIIP, Char Dham)

Total 83,677 6,92,324

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 NHAI’s Indicative Borrowings Estimation For FY-19 & FY-20
Based on the HAM projects awarded and the EPC projects under implementation, an indicative estimation of the
funds outflow and sources for NHAI is presented below
NHAI Outflows In Rs. cr
Key Assumptions:
Projects awarded A. Outlay
in Km FY-18 FY-19 FY-20 Outlay for NHAI include only Equity support for HAM
HAM 3605 4000 4200 (@40% of HAM cost), EPC cost and estd. land cost
EPC 3791 4000 4200 Other cost like interest on borrowings,
Total 7396 8000 8400
repayments etc. have not been considered
For FY19 length of HAM and EPC projects has been
Cost FY-18 FY-19 FY-20
assumed as per NHAI announcements, FY20 figures @
HAM 82915 92000 96600
EPC 45492 48000 50400
5% y-o-y growth
Total 128407 140000 147000 Cost/km for HAM & EPC is Rs. 23 cr & Rs. 12 cr resp.
40% of HAM cost (NHAI obligation) spread out over
NHAI Outflow FY-18 FY-19 FY-20 2.5 years & EPC cost over 2 years
HAM 12437 26237 36581 Land cost @ ~7% y-o-y growth over FY18 cost
EPC 22746 46746 49200
Total 35183 72983 85781 B. Sources
Land Cost 28000 30000 32000  Receipts from only CRF, TOT & toll collection has been
Total Outflow 63183 102983 117781 assumed
Budgetary support & other receipts have not been
NHAI Inflows FY-19 FY-20 considered
CRF 21000 22,050 CRF & toll receipts assumed as per the Budget 2018
TOT receipt 20000 20000 estimations; escalated @ 5% for FY19
Toll Collection 9000 9,450 TOT receipts estimated @ Rs. 20000 cr each year
Total 50000 51500  Balance through market borrowings – NHAI estimated
Borrowing (Bal. fig) 52983 66282 borrowing of ~Rs. 65000 for FY19 (Budget 2018)
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Annexure

Strictly Private & Confidential

Projects Awarded (1/7)
Length Total
Project Award Financial
Stretch State Name Category Agency
(Km) Cost Date Closure
(Rs.Cr.) Lead Bank
Delhi & Uttar
Delhi - Meerut Expreeway (PKG-1) 8.716 701.42 16-Jan NHDP Phase VI Welspun Enterprises Ltd Achieved PNB
Pradesh
Delhi & Uttar APCO Infratech Pvt Ltd -
Delhi - Meerut Expreeway (PKG-2) 21.92 1081.57 16-Jan NHDP Phase VI Achieved IIFCL
Pradesh Chetak Enterprise Lt
MEP Infrastructure
Four lane stand alone Rind Road / Developers Ltd and Sanjose
33.5 546 Maharashtra 16-Mar NHDP Phase VII Achieved IDBI
bypasses for Nagpur City ( PKG-I) India Ifrastructure &
Construction Pvt Ltd
Four laning of Rampur - Sadbhav Infrastructure Indusind
43 899 Uttar Pradesh 16-Mar NHDP Phase III Achieved
Kathgodam ( PKG-I) Project Ltd Bank
MEP Infrastructure
Four lane stand alone Rind Road / Developers Ltd and Sanjose
28.03 591.66 Maharashtra 16-Mar NHDP Phase VII Achieved IDBI
bypasses for Nagpur City ( PKG-II) India Ifrastructure &
Construction Pvt Ltd
Uttar Pradesh
Four laning of Rampur - Sadbhav Infrastructure Indusind
45 720 and 16-Mar NHDP Phase III Achieved
Kathgodam ( PKG-II) Project Ltd Bank
Uttarakhand
MEP Infrastructure
Developers Ltd and Sanjose
Four laning of Talaja - Mahuva 45.46 834.64 Gujarat May-16 NHDP Phase IV Achieved IDBI
India Infrastructure &
Construction Pvt Ltd
Sadbhav Infrastructure
Four laning of Una - Kodinar 40.95 763.08 Gujarat May-16 NHDP Phase IV Achieved ICICI Bank
Project Ltd
Sadbhav Infrastructure
Four laning of Bhavnagar - Talaja 48.04 998.18 Gujarat May-16 NHDP Phase IV Achieved ICICI Bank
Project Ltd
MEP Infrastructure
Four laning of Mahuva to Developer Ltd & San Jose
40.02 763.23 Gujarat Jun-16 NHDP Phase IV Achieved IDBI
Kagavadar section of PKG-III India Infrastructure and
Construction Pvt Ltd
Two laning with formation of Four
Himanchal
Lane of proposed Shimla Bypass 27.45 1583.18 Aug-16 NHDP Phase III Chetak Enterprises Ltd Achieved IIFCL
Pradesh
(Kaithlighat to Shimla Section)
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Projects Awarded (2/7)
Length Total
Project Award Financial
Stretch State Name Category Agency
(Km) Cost Date Closure
(Rs.Cr.) Lead Bank
4 laning of Lucknow - Sultanpur
138.9 1661.94 Uttar Pradesh Aug-16 NHDP Phase IV Dilip Buildcon Ltd Achieved Yes Bank
section of NH-56

4 Laning from Phagwara to

80.82 1169.61 Punjab Aug-16 Others GR Infra Projects Ltd Achieved HDFC Bank
Rupnagar
Two/Four laning of BRT Tiger
Reserve Boundary to Bangalore 170.92 950.69 Karnataka Sep-16 NHDP Phase IV Sadbhav Infrastructure Ltd Achieved SBI
section of NH-209
Four Laning of Binjhabahal - Oriental structural Engineers
78.31 1008.96 Odisha Oct-16 NHDP Phase IV Achieved Yes/ HDFC
Telebani Pvt Ltd

Four laning of Pandoh Takoli Himanchal Shapoorji Pallonji Roads

20.695 2600 Nov-16 NHDP Phase IV Achieved PNB
section of NH- 21 Pradesh Private Ltd

2 Laning with PS of Gadu - Kalthia Engineering &

92 417.19 Gujarat Dec-16 NHDP Phase IV Achieved PNB
Porbander Construction Ltd
Four laning of Tuljapur Ausa (
67.42 904.16 Maharashtra Feb-17 NHDP Phase IV Dilip Buildcon Ltd Achieved Yes Bank
including Tuljapur Bypass)
APCO Infratech Pvt Ltd -
Delhi - Meerut Expressway 19.28 1376.51 Mar-17 NHDP Phase VI Achieved IIFCL
Chetak Enterprises Ltd
Four lanning of Mahagaon -
80.19 1098.06 Maharashtra Mar-17 NHDP Phase IV Dilip Buildcon Ltd Achieved Yes Bank
Yavatmal
Four lanning of Waranga -
66.88 1059.73 Maharashtra Mar-17 NHDP Phase IV Sadbhav Engineering Ltd Achieved Axis Bank
Mahagaon

Four lanning of Wardha - Butibori 59.19 1030.44 Maharashtra Mar-17 NHDP Phase IV Dilip Buildcon Ltd Achieved Yes Bank

Four lanning of Yavatmal -Wardha 64.92 988.34 Maharashtra Mar-17 NHDP Phase IV Dilip Buildcon Ltd Achieved Yes Bank

Four Laning of Dangiywas (km Sadbhav Infrastructure

74.619 1161 Rajasthan Dec-17 NHDP Phase VII Achieved HDFC Bank
96.595 of NH-112) to Jajiwal Project Limited

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Projects Awarded (3/7)
Length Total
Project Award Financial
Stretch State Name Category Agency
(Km) Cost Date Closure
(Rs.Cr.) Lead Bank
Meerut - Bulandshahar 61.19 683.24 Uttar Pradesh 16-Jan NHDP Phase IV APCo Infratech Pvt Ltd
4 laning of Gagalgeri - Saharanpur -
Yamunanagar ( UP/ Haryana 51 1668 Uttar Pradesh 16-Mar NHDP Phase IV MBL Infrastructure Ltd
Border)
4 laning of Chultmalpur - Uttarakhand
Ganeshpur and Roorkee - 53 1443 and Uttar 16-Mar NHDP Phase IV MBL Infrastructure Ltd
Chutmalpur- Gagalheri Pradesh
Construction of 4 Lane Laddowal
17.04 392 Punjab May-16 NHDP Phase VII Eagle Infra India Ltd
bypass linking NH-95 with NH-1

Agroh Infrastructure &

Four laning of Kagavadar - Una 40.98 723.64 Gujarat May-16 NHDP Phase IV
Developers Pvt Ltd

Six laning of greenfield proposed

23.88 725.95 Rajasthan Jun-16 NHDP Phase V MBL Infrastructure s Ltd
Udaipur Bypass cancelled
Dineshchandra R Agrawal
Salasar - Nagaur section of NH-65 119.59 637.18 Rajasthan Jun-16 NHDP Phase IV
Infracon Pvt Ltd
4 laning of Kodinar to Veraval Agroh Infrastructure &
41.74 829.97 Gujarat Jul-16 NHDP Phase IV
section of NH-8E Developers Pvt Ltd
Four laning / Two Laning with PS
of Dausa - Lalsot - Kauthun section 83.45 688.7 Rajasthan Jul-16 NHDP Phase IV PNC Infratech Ltd
of NH-11A
4/ 6 Laning of Kharar to Ludhiana
76.01 1388.34 Punjab Aug-16 NHDP Phase V Ashoka Concessions Ltd
section NH-95 Achieved
MBL Infrstructure Ltd -
Four Laning of Tarsod - Fagne
87.3 1064.88 Maharashtra Nov-16 NHDP Phase IV Agroh Infrastructure
section of NH-6
Developers Ltd
Four laning of Chikhali - Tarsod Viswaraj Environmental Pvt
62.7 1071.61 Maharashtra Nov-16 NHDP Phase IV In process
section of NH-6 Ltd
Six laning from 401.200 to
93.21 1251.11 Gujarat Jan-17 NHDP Phase V Atlanta Ltd Terminated
Km.494.410 of NH-8 ( PKG-6)
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Projects Awarded (4/7)
Length Total
Project Award Financial
Stretch State Name Category Agency
(Km) Cost Date Closure
(Rs.Cr.) Lead Bank
Sunil Hi-Tech Engineers Ltd
Four lanning of Bodhare - Dhule 67.23 744.64 Maharashtra Mar-17 NHDp Phase IV
- Varaha Infra Ltd
Six Laning of Ranastalam to Andhra
47 1041.62 Mar-17 NHDP Phase IV Asoka Concessions Ltd
Anandapuram Pradesh

Six laning of Hubli - Haveri 63.4 985.41 Karnataka Mar-17 NHDP Phase V Montecarlo Ltd

Six laning of Davanagere -Haveri 78.92 831.58 Karnataka Mar-17 NHDP Phase V IRCON International Ltd

Four Laning of Singhara -

103.79 1288.07 Odisha Mar-17 NHDP Phase IV Montecarlo Ltd
Binjhabahal
Madhya
Four laning of Jhansi - Pradesh[84.70]
85.4 1184.71 Mar-17 NHDP Phase III PNC Infratech Ltd
Khajuraho(PKG-II) /Uttar
Pradesh[.70]
Six laning of Handia - Varanasi 72.39 2511.19 Uttar Pradesh Mar-17 NHDP Phase V G.R.Infraprojects Ltd
Madhya
Four laning of Jhansi - Pradesh[19]/Ut
76.61 1373.28 Mar-17 NHDP Phase III PNC Infratech Ltd
Khajuraho(PKG-I) tar
Pradesh[57]
Six laning of Chitradurga -
72.7 993.16 Karnataka Mar-17 NHDP Phase V PN
Davanagere
6 Laning of PNG Balance/ Road B.P.Sangle Construction Pvt
3 66.25 Maharashtra May-17 Others
Safety Works Ltd
Six-laning of Aunta-Simaria (Ganga
Bridge with approach roads) section 8.15 1161 Bihar Aug-17 Others Welspun Enterprises Limited In process
of NH-31
Six laning of Chakeri to Allahabad
145 2159 Uttar Pradesh Sep-17 NHDP Phase V PNC Infratech Limited
section

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Projects Awarded (5/7)
Length Total
Project Award Financial
Stretch State Name Category Agency
(Km) Cost Date Closure
(Rs.Cr.) Lead Bank
Six laning of Ranastalam to Andhra
47 1041.62 Nov-17 NHDP Phase V Ashoka Buildcon Limited
Anandpuram (Visakhapatnam) Pradesh
Rehabilitation and Up-gradation to
Six-Laning of Chandikhole- 74.5 1522 Odisha Jan-18 NHDP Phase V Dilip Buildcon Limited In process
Bhadrak Section
Six Lanning of Walajapeth to
47.29 1536.39 Tamil Nadu Feb-18 NHDP Phase V Welspun Enterprises Limited In process
Chinnaiyan Chathiram Section
Upgradation to 4 lanes with paved
Sadbhav Infrastructure
shoulder of Bhimasar Junction to 59.538 1152 Gujrat Feb-18 Others In process
Project Limited
Anjar-Bhuj up to Airport Junction

Six laning of Anandapuram- Andhra

50.78 2013 Feb-18 Bharatmala Dilip Buildcon Limited In process
Pendurthi-Anakapalli section Pradesh

Six laning of Bangalore-Nidagatta

56.2 2190 Karnataka Mar-18 Others Dilip Buildcon Limited In process
Section
Six- laning from Nidagatta-Mysore
61.1 2283 Karnataka Mar-18 Others Dilip Buildcon Limited In process
Section
Six laning of Gorhar to Khairatunda
40.192 917 Jharkhand Mar-18 NHDP Phase V Dilip Buildcon Limited In process
Section
Six Laning of Khairatunda to Barwa
39.832 860.1 Jharkhand Mar-18 NHDP Phase V Ashoka Buildcon Limited In process
Adda Section
Four Laning of Trichy (Km. 000) to
38.7 1020.6 Tamil Nadu Mar-18 Bharatmala KNR Constructions Limited In process
Kallagam (Km. 38.700) Section
Four laning of Tumkur —
Shivamogga section from 52.895 Karnataka Mar-18 NHDP Phase IV Ashoka Buildcon Limited In process
Mallasandra to Karadi Village
Four laning of Tumkur-Shivamogga
56.705 2991.7 Karnataka Mar-18 NHDP Phase IV Ashoka Buildcon Limited In process
section
Four Laning of Belgaum Khanapur
30 Karnataka Mar-18 Others Ashoka Buildcon Limited In process
Section

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Projects Awarded (6/7)
Length
Total
Financial
Stretch Project Cost State Name Award Date Category Agency
(Km) Closure
(Rs.Cr.)
Lead Bank
Four laning of Tumkur -
Shivamogga section from Km Sadbhav Infrastructure
48.515 1008 Karnataka Mar-18 NHDP Phase IV In process
121+900 (Banwara) to Km Project Limited
170+415 (Bettadahalli)

Two Laning with Paved Shoulder of

Meensurutti (Km 98.433) to
31.533 482.04 Tamil Nadu Mar-18 Bharatmala KNR Constructions Limited In process
Chidambaram (Km 129.965)
Section

Construction of Road Tunnel,

Madhya
viaduct and Churhat Bypass of 15.35 1004 Mar-18 Others Dilip Buildcon Limited In process
Pradesh
Rewasidhi section
Eight lane Vadodara Kim
Expressway (Kim to Ankleshwar Sadbhav Infrastructure
24.27 1404 Gujrat Mar-18 NHDP Phase VI In process
Section of Vadodara Mumbai Project Limited
Expressway)
Four laning of Aligarh-Kanpur
section (Package II from Bhadwas 45 1197 Uttar Pradesh Mar-18 NHDP Phase IV PNC Infratech Limited In process
to Kalyanpur)
Construction of Eight Lane
Vadodara Kim Expressway Sadbhav Infrastructure
13 1687 Gujrat Mar-18 NHDP Phase VI In process
(Ankleshwar to Manubar Section of Project Limited
Vadodara Mumbai Expressway)

Eight laning of a stretch on

Sadbhav Infrastructure
Vadodara – Mumbai Expressway, 23.74 2043 Gujrat Mar-18 NHDP Phase VI In process
Project Limited
between Padra and Vadodara

Four-Laning of Viluppuram - Oriental Structural Engineers

29 998.7 Tamil Nadu Mar-18 Others In process
Puducherry section Private Limited
Four Laning of Ausa-Chakur MEP Infrastructure
58.51 848.63 Maharashtra Mar-18 Others In process
Section Developers Limited
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Projects Awarded (7/7)
Length Total
Project Award Financial
Stretch State Name Category Agency
(Km) Cost Date Closure
(Rs.Cr.) Lead Bank
Four Laning of Chakur - Loha MEP Infrastructure
73.2 1001.1 Maharashtra Mar-18 Others In process
Section Developers Limited

Four Laning of Loha -Waranga MEP Infrastructure

56.57 1073.1 Maharashtra Mar-18 Others In process
Section Developers Limited

Four laning from Mangloor to

48.96 936 Telangana Mar-18 Bharatmala Dilip Buildcon Limited In process
Telangana/Maharastra Border
Six laning from Chittor to Andhra
61.128 1730.04 Mar-18 Bharatmala KNR Constructions Limited In process
Mallavaram Pradesh
Four laning of from Ramsanpalle to
48.808 1234 Telangana Mar-18 Bharatmala KNR Constructions Limited In process
Mangloor
Four laning Byrapura to Challakere
49.95 841.7 Karnataka Mar-18 Bharatmala Dilip Buildcon Limited In process
section

Four laning of Sangli-Solaopur

(Package-l Sangli to Borgaon) 41.44 1102.4 Maharashtra Mar-18 Others Dilip Buildcon Limited In process
Section

Four laning of Sangli-Solapur (

Package-ll: Borgaon to Watambare 52 1029.4 Maharashtra Mar-18 Others Dilip Buildcon Limited In process
) section
Four laning of Sangli-Solapur (
Package-lv: Mangalwedha to 56.5 1141 Maharashtra Mar-18 Others Dilip Buildcon Limited In process
Solapur) Section

Construction of 8(Eight) Laning of

MEP Infrastructure
existing 4 (Four) Lane from Km. 23.79 1182.87 Maharashtra Mar-18 Others In process
Developers Limited
539.202 to km. 563.000 Section

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