gayatri projects limited - Edelweiss

GAYATRI PROJECTS LIMITEDLimited will act as Lead Technical Member and Maytas Infra Private Limited will act as Lead Financial Member. Theconcession period is 20 years and construction period defined as 36 months. As per Concession Agreement, theaggregate equity share holding of the Consortium Members and their associate shall not be less than (a) 51%during the construction period and for three years following commercial operation date of project and (b) 26%during the balance remaining operations period. The key provisions of the Concession agreement are as follows:Name of the ProjectScope of the ProjectConcession PeriodConditions PrecedentWestern UP Tollway Limited (Concessionaire)The Scope of the Project shall include performance and execution by theConcessionaire of all design, engineering, financing, procurement, construction,completion, operation and maintenance of the Project Highway includingImprovement, Operation, Maintenance, Rehabilitation and Strengthening of theexisting 2-lane road and widening it to a 4-line divided highway of Meerut toMuzaffarnagar Section of National Highway 58 (NH-58) from KM 52.250 to KM131 in the State of Uttar Pradesh on Build, Operate and Transfer (BOT) basis.20 Years commencing from the Appointed Date [i.e. 180 days from signing ofthe Concession Agreement].There are conditions precedents to be fulfilled on or before the Financial Closureunless waived of. Some of the important conditions are as under:1. Concessionaire to obtain following applicable permits Applicable permits from Ministry of Finance/ RBI for foreign Investment/Loan, Import of equipment and exemption of excise duty if requiredÏDepartment of Telecommunication for setting of wireless or use ofOptical fibre cable if requiredÏFollowing State Government permits if requiredPermits for extraction from quarry from ADM minesFor installation of crusher from panchayat and Pollution ControlBoardFor Explosives and storing Diesel from Explosives ControllerFrom State Electricity Board for DG set or permission for electricalinstallationFrom Irrigation department if water is to be taken from river/ reservoirFrom Inspector of Factories for Batching PlantNOC from Pollution DepartmentVarious permission from the village panchayat and localmunicipalities and development authorities Permission fro Forest Department for cutting Trees2 Concessionaire shall be granted way leaves required for projectincluding existing rights free from all encumbrances, rights from publicroad to site and permission/ license to utilize the site for construction.3. Concessionaire to obtain all Central Government clearances and permitsrelating to environment protection and conservation from Ministry ofEnvironment and Forests.4. Performance security to be paid in full.24