Sadbhav Group has recently announced that its wholly owned subsidiary Sadbhav Infrastructure Project Limited has completed refinancing of its Aurangabad Jalna Tollway Limited existing debt facilities with new debt taken from other lenders with revised terms and conditions.

Aurangabad Jalna Tollway Limited is the special purpose vehicle (SPV) in charge of the 49,8 km Four laning Aurangabad-Jalna highway, along with the 2,85 km Zalta bypass and the 13,15 km Beed bypass, which were developed on build, operate and transfer (BOT) basis in the state of Maharashtra.

The total length of the project is 65,80 km and it was awarded to Sadbhav Infrastructure by the Government of Maharashtra on July 28, 2009 with a concession period of 23 years and 6 months.

The new terms and conditions of the debt facilities apart from other normal terms are the following:

1. Reduction in the interest rates from the current level
2. Extension of the repayment pattern covering the majority balance concession period (including increase in concession period, if any)
3. Tie-up for the first major maintenance expenses

The actual toll revenue of the 65,8 km of highway for the financial year ended in March 2016 was Rs. 419 million (US$6.2 million) with a total debt outstanding of Rs. 1,546 million (US$23 million). Additionally, the total equity including subordinate debt form promoters stands at Rs. 830 million (US$12.3 million).