IVRCL, though its special purpose vehicle (SPV) IVRCL Chengapally Tollways Ltd (ICTL), has completed the Chengapalli-Coimbatore-Walayar toll road PPP project in India.
The project, under the National Highway Development Programme (NHDP) Phase-III B, involved the four & six laning of the Chengapalli-Coimbatore-Walayar road, located on the Tamil Nadu and Kerala border under several sections of national highway (NH)-47 in Tamil Nadu.
Specifically, the project involves the widening of a 54 km road, the works were divided into two phases: the Chengapalli-Neelambur (six-lane) and the Madukkarai-Walayar (four-lane). It included construction of three bypasses (Perumanallur, Avanashi and KG Chavadi), flyovers, culverts, bus shelters, truck bays, and culverts.
The project has been developed as build, operate and tranfer (BOT) on design, build, finance, operate and transfer (DBFOT) basis and the total investment has been approximately Rs8.5 billion (US$130.7 million). It was delayed for the last two years mainly because of financial problems faced by the contractor.
This is one of the three projects which the company entered into a share purchase agreement with TRIL Roads, a SPV of Tata Realty and Infrastructure Ltd, a wholly owned subsidiary of Tata Sons. All the three roadways are located in Tamil Nadu and the other two SPVs are: Salem Tollways Ltd (STL) and Kumarapalayam Tollways Ltd (KTL).