Madhya Pradesh Border Checkpost Development Company Limited, a company cosponsored by IL&FS Transportation Networks Ltd (51 %) and Spanco Limited (49 %), has been issued provisional completion certificate to commercially operate the Mhow Neemuch Border Check Post with effect from January 27, 2014.
Madhya Pradesh Border Checkpost is a subsidiary of the company, which had been mandated the development of 24 Border Check Posts in the Indian state of Madhya Pradesh. The company had already commissioned five out of the twenty four border posts at Agra - Mumbai, Indore - Ahmedabad, Shivpuri - Kota, Betul Nagpur and Indore Icchapur.
The project is fee based with a concession period of 12 1/2 years.
MP Border Checkpost Development Company Ltd (MPBCDCL) achieved financial close on 14 May 2011 of the senior debt aggregating Rs. 9,450 (US$151 million) million for financing the project. The project, with a cost of Rs 13,500 million (US$215 million), involves up-gradation, modernization, construction, operation and maintenance of 24 Border Check Posts (BCPs) across Madhya Pradesh under a Build, Operate and Transfer (BOT) format.
IL&FS Financial Services Ltd. was the sole financial advisor and arranger for the project financing. The companies had received the letter of award on 5 October 2010.
The project entails thorough monitoring of all vehicles, navigating visitors smoothly and efficiently, reducing processing time for commercial vehicles, and assisting the Sales Tax and Excise Department in collecting revenue.