IRB Infrastructure Developers (IRB) has won the project for six-laning of Kishangarh–Udaipur– Ahmedabad section of around 125 km in Rajasthan by offering a premium of Rs 228.60 crore, the company said on Tuesday.
The said section of NH-79 will be from 90 km, near Gulabpura to nearly 215 km at the end of Chitorgarh bypass.
The project is on design, build, finance, operate and toll (DBFOT) pattern, under NHDP’s Phase V and has a concession period of 20 years including construction period of 910 days. IRB will get tolling rights on project from the appointed date.
IRB won the project in the rebidding which was conducted after Tata group’s TRIL Roads, which had initially emerged as the highest (H1) bidder for the 90-km Kishangarh-Gulabpura and the 125-km Gulabpura-Chittorgarh sectors under the BOT (toll) model, opted out of the process, stating that it had “miscalculated” the projects’ cost and revenue potential.
FE had reported in its September 14 edition that the government’s plan to widen the 555-km Kishangarh-Udaipur-Ahmedabad highway had hit a bump and that NHAI would bid out the two sections of the project afresh.
This project has witnessed several obstacles in the last four years. In December 2012, the GMR Group suddenly walked out of the six-laning project it had won a year before, citing regulatory lapses on the part of NHAI. The GMR Group, which had won the entire project in September 2011, had issued a notice of intention to terminate the agreement to NHAI under Clause 37.2 of the concession agreement in December, 2012. The group had said NHAI had not done what it had promised to do under the contract and alleged a “material default” on its part.
Even after the authority split the project into six “packages” to attract bidders, the project did not take off.
However, NHAI sources had told FE that in the case of all six packages for the Kishangarh-Udaipur-Ahmedabad project, bidder interest has been satisfactory and the projects would be awarded and completed in due course.
In the case of BOT toll projects, the bidders have the option of offering to pay the NHAI premium amounts over the tenure of the contracts — usually 30 years — on a net present value basis.