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Projects in which we have beneficial interest
There are certain projects in which we have a "beneficial interest" as a result of certain call option agreements entered into with our Promoter, group companies and certain third parties, as well as covered warrants to which we have subscribed. As a result of these agreements, we have an effective beneficial interest in such projects whereby, for example, if the project company declares and pays a dividend, we would receive a payment equivalent to our beneficial interest. Such payments would be recognized as other income. We record the value of the covered warrants on our balance sheet as investments, and record the value of the call options as current assets. To date, we have not generated any income from these arrangements and we are not entitled to any rights and privileges of shareholders pursuant to these arrangements.
- Mega Highways Project Rajasthan (Completed)
This project includes the development of two highway lanes with an aggregate length of 2,106 Lane km and the improvement of four corridors, connecting Phalodi to Ramji-ki-Gol, Hanumangarh to Kishangarh, Alwar to Sikandra, Lalsot to Kota, and Baran to Jhalwar in the State of Rajasthan. The concession for this project was awarded to our Promoter by the Government of Rajasthan on a PPP (Toll) basis for a period of 32 years (including a construction period of two years) which commenced in January 2006. We have beneficial interest in this project as our Promoter has transferred its interest in the project to us through issuance of covered warrants. This project has been commissioned pursuant to the concession agreement and a majority of the roads under this project are currently operational.
- Mega Highway Project, Rajasthan (Under Development)
This project includes the development of two highway lanes with an aggregate length of 476 Lane kms and includes the improvement of three corridors, connecting Alwar to Bhiwadi, Jhalawar to Jhalawar Road, and Arjunsar to Pallu in the State of Rajasthan. The concession for this project has been awarded to our Promoter, IL&FS on PPP (Toll) basis. We have beneficial interest in this project as our Promoter has transferred its interest in the project through the issuance of covered warrants. The concession is for a period of 32 years, including a construction period of two years. We expect to commence the construction of this project after achieving financial closure.
- Jharkhand Accelerated Road Development Programme
This project includes the development of two lanes with an aggregate length of approximately 1,002 Lane kms connecting selected roads in the State of Jharkhand. Our Promoter has signed a Programme Development Agreement with the Government of Jharkhand for the development of this project on a BOT (Annuity) basis for a period of 18 years (including three years of planning, designing and procurement of contractors and construction of selected roads). We have beneficial interest in this project as our promoter has agreed to transfer its interest in the project to us through covered warrants. This project will be undertaken in three different phases, with first phase expected to commence in October 2009. The concession period for this project will end in August 2027. We expect to complete the construction of this project in or around August 2011.
Concession Agreement for Ranchi Ring Road and Ranchi Patratu Dam-Ramgarh has been awarded to the Project SPV
- Chhattisgarh Accelerated Road Development Programme
This project includes the development of two lanes with an aggregate length of approximately 1,368 Lane kms connecting selected roads in the State of Chhattisgarh. Our promoter has signed a Programme Development Agreement with the Government of Chhattisgarh for the development of this project on a BOT (Annuity) basis for a period of 17.5 years. We have beneficial interest in this project as our promoter has agreed to transfer its interest in the project to us through covered warrants. This project will be undertaken in three different phases, commencing in September 2009 and ending in March 2027, including two and a half years of development period. We expect to complete the construction of this project in March 2012.
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