Nila Infra Has Entered Into Two Separate LOA With GSRTC For Development Of Bus Terminal
Nila Infrastructure Limited has entered into two separate Letter of Acceptance ("LOA") with Gujarat State Road Transport Corporation ("GSRTC") for development of Bus Terminal under Public Private Partnership.
One LOA is executed by the company for development of 'Amreli Bus Terminals and another LOA is executed in consortium with M/s Vyapti Infrabuilt Pvt. Ltd. for development of 'Modasa Bus Terminal'.
To improve the urban transport infrastructure, Gujarat State Road Transport Corporation ("GSRTC") has awarded bids to develop and operate state-of-the-art Bus Terminal Facility ("BTF") with an iconic structure and design as well as modern facilities that integrate Commercial Facilities ("CE") on Design, Build, Finance, Operate and Transfer ("DBFOT") Basis.
The BT Facility Construction work envisages development of the latest infrastructure including bus bays, administrative area, operating area, works/repairs area, passenger amenities, etc. The SPV of the company will have to maintain certain basic BTF facility for 30 years, while the core operating and depot facility will be maintained by GSRTC. In consideration, the company will get the right to develop, design, finance, construct, operate and maintain the CF (shops, offices, restaurants, hospitals, multiplex, parking lots, etc.) to be leased upto period of 90 (ninety) years.
While the Amreli BTF facility is awarded individually to Nila Infrastructures Limited (the "Company"), the Modasa BT facility is awarded in consortium with Vyapti Infrabuild Pvt Ltd (wherein the company's share is 34%).
Commenting on such strategic advancement Mr. Manoj vadodaria, CMD of the company said: "In line with our Vision, to contribute to the economic prosperity and growth through participation in projects of national importance, we have got this opportunity to provide a travelling-experience to the passengers of GSRTC.
These are landmark projects for us as the Company is breaking new grounds and graduates further within Civic Urban Infrastructure business. It will provide additional opportunities to the Company into Civic Transport and Logistics related construction business, which has abundant prospect. We believe the introduction of Goods and Services Tax(GST) will also act as a catalyst for growth.
As an outcome of well-deliberated strategy, we have categorically chosen these cities, where the Bus Terminal is a monument, around which the majority of the commercial establishments are located that cater to the demands of, probably, the entire district. For trade-and-commerce in such cities, the proximity to the Bus Terminal still remains a crucial parameter. Hence, the marketability of the Commercial Facility is absolutely certain. On financial front, these PPP projects shall also further balance our order-book and provide benefit of better profitability.
At Amreli, out of the total area of 17,095 square meters, the BTF facility will be constructed in 7,719 square meter built-up area at an estimated cost of Rs.140.3 million incorporating 12 (twelve) boarding/alighting bays and six (6) idle bays. In consideration we are getting right to monetise CF of about 12,800 square meters. While, at Modasa, out of the total area of 30,212 square meters, the BTF facility will be constructed in 6,279 square meter at an estimated cost of Rs. 151.5 million incorporating 11 (eleven) boarding/alighting bays and seven (7) idle bays. In consideration we are getting right to monetise CF of about 39,000 square meters.
The company will execute these projects as a mission with innovative and intelligent solutions for the larger benefit of approximately 15 lakh GSRTC passengers/month of Amreli and Modasa depots. The company shall shortly submit the Transition Plan while the construction work will get completed within 24 (twentyfour) months. Meanwhile, a suitable alternate location that ensures minimum dislocation and disruption to bus schedules will be considered for utmost convenience of the GSRTC passengers."
- Issued By:GUJARAT STATE ROAD TRANSPORT CORPORATION
- Bagged By:
- Region:Western India
- Published On:2017-03-21