The Company was issued the Letter of Award by the National Highways Authority of India ("NHAI") for Construction of New Bridges/Structures, Repair of existing Four Lane Highway from Kharagpur to Baleshwar section of NH-60 from Km 0.000 to Km 119.300 in the State of Orissa and West Bengal and its Operation and Maintenance under NHDP Phase I to be executed as BOT (Toll) on DBFOT Pattern (the "Project"). The Project is on Toll basis with a concession period of 24 years including construction period of 2.5 years and the estimated cost of the Project is Rs.471.05 Crores We are pleased to inform you that the Concession Agreement for the captioned Project was signed on April 24, 2012 between NHAI and Baleshwar Kharagpur Expressway Limited, the Special Purpose Vehicle incorporated by the Company for undertaking the Project