The National Highway Authority of India (NHAI) and the Project Highway

Transcription

1 Chapter 3 The National Highway Authority of India (NHAI) and the Project Highway 3.1 Introduction. 3.2 Establishment. 3.3 Functions. 3.4 Projects of the NHAI. 3.5 The NHAI and the Project Highway The location of the Project Highway Clearances The Build Operate Transfer (BOT) Project The Model Concession Agreement (MCA) Grant of Concession Construction Aspects of the Project Highway Obligations of the NHAI Completion of the Project Highway Tests of the Project Highway Operation and Maintenance of the Project Highway Financing Arrangements. 3.6 The Provisional Completion Certificate.

2 Chapter 3 The National Highway Authority of India (NHAI) and the Project Highway 3.1 Introduction The National Highway Authority of India (NHAI) is an autonomous agency of the Government of India, responsible for management of a network of over 60,000 km of National Highways in India. The Authority is a nodal agency of the Ministry of Road Transport and Highways (MoRTH). 3.2 Establishment The NHAI, a statutory body, was created under the provisions of the National Highways Authority of India Act, In February 1995, the Authority was formally made an autonomous body. It succeeded the erstwhile Ministry of Surface Transport (MOST). It s principle office is at G-5 and 6, Sector 10, Dwarka, New Delhi Functions It is responsible for the development, maintenance, management and operation of National Highway totalling over 70,548 km in length. 27

3 3.4 Projects of the NHAI The NHAI has the mandate to implement the National Highway Development Project (NHDP). The NHDP is one of the most ambitious projects launched in the independent India. The NHDP comprises following phases: Phase I: Approved in December It includes 5,846 km. Golden Quadrilateral (GQ) connecting the four major cities of Delhi, Mumbai, Chennai and Kolkata, portions of the NS EW corridors and connectivity of four major ports to National Highways. Phase II: Approved in December Estimated cost of Rs. 34,339 Crores (At 2002 prices). It included the completion of the NS EW corridors and other 486 km highways. It links Kashmir in the North to Kanyakumari in the South including spur from Salem to Kochi and Silchar in the East and Porbandar in the West. Phase III A: Approved in March Estimated cost Rs. 22,207 Crores (At 2004 prices). It included up gradation and 4-laning of 4,035 km of National Highways on the BOT basis. Phase III B: Approved in April Estimated cost Rs. 54,339 Crores. It includes up gradation and 4-laning of 8,074 km National Highways. Phase V: Approved in October It includes upgrades to 6-lanes for 6,500 km of which 5,700 km is on Golden Quadrilateral (GQ). This phase is entirely on a Design, Build, Finance and Operate (DBFO) basis. Phase VI: Approved in November It includes development of 1,000 km of Expressways at an estimated cost of Rs. 16,680 Crores. Phase VII: Approved in December It will develop ring roads, by-passes and flyovers to avoid traffic bottlenecks on selected stretches at an estimated cost of Rs. 16,680 Crores. 28

4 3.5 The NHAI and the Project Highway The Location of the Project Highway Mumbai Agra road, National Highway No. 3 is one of the most important highways in the network of National Highways that carries heavy long distance commercial traffic. The Ministry of Road Transport and Highways (MoRTH) decided to improve this road on the BOT basis. The National Highway Authority of India (NHAI) is the implementing authority for this project. For the purpose of project preparation, the selected length of this corridor is divided into convenient sections based on their traffic generation and attraction potential, geographic location and other considerations. One such section that falls in Maharashtra between Vadape (km 539/500) to Gonde (km 440/000) is chosen for implementation. (Ch 0.00 is at Indore and increases towards Mumbai). Village Gonde is about 25 km south of Nashik and Vadape is at the end of 4-lane wide Bhiwandi By-pass toll section, about 20 km. north of Thane. The Ministry appointed Consulting Engineering Services (India) Private Limited (CES) as the Consultant for providing necessary technical service to prepare Detailed Project Report (DPR). The Project Road length runs in North-South direction and passes through Nashik and Thane district. Out of the 100 km road length, 30% lies in the Nashik district and remaining in the Thane district. Alignment traverses through Igatpuri Taluka in Nashik district and Shahapur and Bhiwandi Talukas in Thane district. There are in all 52 number of villages through which the alignment passes. 29

5 The important towns on way are Ghoti (km 453) in Igatpuri Taluka, Igatpuri (km 463), Khardi (km 493) and Shahapur (km 513). There are six major roads (State Highways) that join or cross the National Highway. In addition there are 73 more road junctions of village roads joining the highway Clearances For construction of the Project Highway following clearances were obtained. i) Environment Clearance from Ministry of Environment and Forest (MoEF). ii) iii) iv) Forest Clearance from Regional Forest Office, Bhopal. Road Over Railway Bridge from Central Railway. Permission from Tree Authority for tree cutting. The clearances from above authorities were required because 1) The project affects forest lands. In some places it needed acquisition of the forest land. 2) The Noise level along the Project Road was already high and was expected to increase progressively. It also causes air pollution. 3) For 4-laning, transplanting the existing trees to the extent possible was planed but still cutting the existing trees was unavoidable. 4) The Project Highway crosses various streams, rivers, gorges and railway tracks. 30

6 3.5.3 The Build, Operate, Transfer (BOT) Project The BOT Documents were prepared and offers were called by the Ministry. The BOT i.e. Build, Operate, Transfer arrangement means the private investor (Concessionaire) builds, operates and transfers the project back to the Government at the end of a specified period, called the Concession Period The Model Concession Agreement (MCA) The Model Concession Agreement for this Project Highway was signed on 14 th October 2005 between the National Highway Authority of India (NHAI) and the Concessionaire i.e. M/s. Mumbai Nasik Expressway Limited, a company incorporated under the provisions of the Companies Act It has its registered office at Gammon House, Veer Savarkar Marg, Prabhadevi, Mumbai The NHAI was keen to implement a project envisaging Improvement, Operation and Maintenance, Rehabilitation and Strengthening of the existing 2-lane NH-3 and widening it to 4-lane divided highway of Vadape to Gonde section of NH-3 from km to km in the State of Maharashtra on the BOT basis. The MoRTH invited the Request for Proposals on the BOT basis on 19 th September 2003 and subsequent to that the NHAI issued and prescribed the technical and commercial terms and conditions vide its letter no. NHAI/BOT/11019/1/2003 dated 28 th February, 2004 (the Tender Notice) and invited Bids from the BOT Entrepreneurs. The NHAI received the BID from the Consortium Members, Gammon India Limited (having its registered office at Gammon House, Veer Savarkar Marg, Prabhadevi, Mumbai ) as the Lead Member, Sadbhav Engineering Limited (having its registered office at Sadbhav House, Opposite Law Garden Police Chowki, Ellis Bridge, Ahmadabad) and B.E. Billimoria and Company (having registered office at Wankhede Stadium (North Stand) D Road, Churchgate, Mumbai ). 31

7 After evaluation of the Bids so received, the NHAI accepted the Bid of the Consortium and issued its Letter of Acceptance No. NHAI/BOT/ 11019/1/2003/227 dated 16 th June, 2005 (LOA) to the Consortium, requiring its confirmation of acceptance of LOA, the execution of the Concession Agreement within thirty days of the date of acceptance of LOA and furnishing of Performance Security before signing of the Concession Agreement. The Consortium accepted the said LOA and the terms and conditions therein and issued its acceptance of the LOA vide its Letter No. VG/PKU/VSK/2005/31 dated Subsequently the Consortium has promoted and incorporated the Concessionaire (M/s. Mumbai Nasik Expressway Limited) to enter into the Concession Agreement for undertaking the design, engineering, financing, procurement, construction, operation and maintenance of the Project Highway on the BOT basis. The Consortium also submitted the Performance Security of Rs. Seventeen Crores and Thirty Seven Lakhs for the Project vide its Letter No. VG/PKU/VSK/20O5/43 dated 27 th July, Grant of Concession Subject to and in accordance with the terms and conditions of the Concession Agreement, the concession period of 20 years commencing from the Appointed Date (means the date, 180 days from signing of the Concession Agreement [Date of Signing 14 th October, 2005]) was granted by the NHAI. According to the Concession Agreement, the Concessionaire is entitled to develop, design, engineer, finance, procure, construct, operate and maintain the Project Highway during the Concession Period and after completion of the Project Highway and during the Operations Period to manage, operate and maintain the Project Highway. The Concessionaire according to the MCA is entitled to levy and collect 32

8 Fees from the users of the Project Highway and refuse entry of any vehicle to the Project Highway if the due fee is not paid. The overall estimated cost of the project was estimated approximately Rs. 536 Crores (a base cost including the Kasara Ghat Bypass) and the Financial Internal Rate of Return (FIRR) is worked out to 15.48%. The Concessionaire is entitled to suggest locations of Toll Plazas and the Project Monitoring Unit Complex and pay for acquisition of lands for it. The NHAI and the Concessionaire will jointly appoint Independent Consultant and the Project Monitoring Unit to supervise the progress of the work. The construction programme will be of 5 years, divided into 2 stages. In the 1 st stage of 3 years duration, most of the priority works will be completed. The 2 nd stage of 2 years will attend to residual works like service roads, drains, amenities and arboriculture etc Construction Aspects of the Project Highway As the major work has to be completed within an initial limited period of 3 years, all the sections should remain in progress simultaneously and there are no intersay priorities in between them. Each section will have two major components, that is, improvement of the existing road and construction of second (new) carriageway. It will be necessary to construct the new carriageway, divert traffic on it and then switch over to improvement of the existing highway. For this purpose eccentric widening of the roadway is preferred to symmetrical widening of the existing road, which will ensure minimum hindrance to traffic plying on the existing road. As far as possible, it will be preferable to keep the construction vehicles separated from the main traffic flows. Concessionaire has to use 33

9 his ingenuity in planning and implementing construction methodology and adopt traffic control methods accordingly. The overall prioritization of component sub-works comprise of preconstruction and during construction activities. The sequence of such construction activities is suggested below. A) Pre Construction Activities : 1) Obtaining No Objection Certificates (NOCs). 2) Environment Clearance. 3) Land Acquisition. 4) Relocating Utilities. 5) Felling of Trees. 6) Appointment of the BOT Agencies. B) During Construction : 1) Construction of new road starting with construction of culverts and bridges and service roads, including construction of New Kasara Ghat road. It is possible to take up construction of about 15 km of road length between Ghoti and Kasara within available ROW i.e. till additionally required land is acquired in other stretches. 2) New road embankment and pavement (including Ghat bypass). 3) Diverting traffic to new road (in sub-sections if possible). 4) Construction of culverts and bridges if any, on the existing road. 5) Improvement to existing road, camber correction and pavement. 6) Road furniture, side drains, median. 7) Toll plaza, amenities, land scaping. 34

10 3.5.7 Obligations of the NHAI The NHAI agrees to observe, comply and perform the following: 1) Enable access to the Site to the Concessionaire, free from Encumbrances, in accordance with the MCA. 2) Permit peaceful use of the site by the Concessionaire as licensee under and in accordance with the provisions of the MCA without any let or hindrance from the NHAI or person claiming through or under it. 3) Assist and provide all reasonable support to the Concessionaire in obtaining Applicable Permits. 4) Upon written request from the Concessionaire, assist the Concessionaire in obtaining access to all necessary infrastructure facilities and utilities, including water, electricity and telecommunication facilities at rates and on terms no less favourable to the Concessionaire than those generally available to commercial customers receiving substantially equivalent services. 5) Procure that no barriers are erected or placed by the Government of Maharashtra or any Governmental Agency on the Project Highway except on account of any law and order situation or upon national security considerations. 6) Enter into the State Support Agreement with the Concessionaire and the Government of Maharashtra. 7) Assist the Concessionaire in obtaining necessary assistance to regulate traffic on the Project Highway subject to and in accordance with the Applicable Laws. 8) Assist the Concessionaire in obtaining Police assistance from the Government of Maharashtra against payment of prescribed costs and charges, if any, for 35

11 traffic regulation, patrolling and provisions of security on the Project Highway. 9) Operate and maintain the Project Highway during the Development Period, at its own cost and expenses, in a manner that the level of service is at no time inferior to the level prevailing on the date when bids were received for this Concession. 10) Observe and comply with its obligations set forth in this Agreement. 11) Take all necessary steps towards accomplishment of acquisition of additional land. The NHAI shall bear the cost of additional land. 12) Coordinate with the Government of Maharashtra authorities for completing the legal requirements and maintaining law and order during removal of encroachment by the Concessionaire. 13) Provide necessary support to the Concessionaire in obtaining necessary clearances / permissions / permits in respect of environmental clearances, tree cutting, compensatory afforestation, shifting of all types of utility services, construction of ROB/RUB on Railway lines and rehabilitation and resettlement. 14) Bear all expenses as per demand note raised by the concerned Government or other concerned agencies in respect of environmental clearances, tree cutting, compensatory afforestation, shifting of all types of utility services, construction of ROB/RUB on Railway lines and rehabilitation and resettlement. 15) Arrange to issue fee notification to get legal opinion from a legal counsel to the concessionaire. 36

12 3.5.8 Completion of the Project Highway According to the MCA, the Project shall be deemed to be complete and open to the traffic only when the Completion Certificate or Provisional Certificate is issued. Commercial Operation Date (COD) of the project shall be the date on which the Independent Consultant has issued the Completion Certificate or the Provisional Certificate, as the case may be, under the MCA and the Concessionaire shall not levy and collect any Fee until it has received such Completion Certificate or Provisional Certificate. The Concessionaire guarantees that the Project Completion shall be achieved in accordance with the provisions of the MCA on a date not later than 36 months from the Appointed Date. If the Project Completion is not achieved by the Scheduled Project Completion Date for any reason, the Concessionaire shall pay the NHAI as Weekly Damages for delay in the achievement of Commercial Operation Date [COD] an amount calculated at the rate of 0.01% of the Total Project Cost per week or part thereof. If the COD does not occur within 12 months from the Scheduled Project Completion Date, the NHAI shall be entitled to terminate the MCA Tests of the Project Highway Tests means the tests to be carried out to determine the Project Completion and its certification by the Independent Consultant for commencement of Commercial operation of the Project Highway. The NHAI shall designate a NHAI Representative to witness and observe Tests. 37

13 The Independent Consultant shall monitor the results of the Tests to determine the compliance of the Project Highway with the Specifications and Standards. The Concessionaire shall provide to the Independent Consultant and the NHAI with copies of all Test data including detailed Test results. At least 30 days prior to the likely completion of the Project Highway or each of (a) a continuous stretch of at least 50 km of the Project Highway and (b) the balance stretch of the Project Highway (if the length of the Project Highway is more than 50 km), the Concessionaire shall notify the Independent Consultant and the NHAI of the same and shall give notice of its intent to conduct any final Tests. The Concessionaire shall give to the NHAI and the Independent Consultant at least 10 days prior notice of the actual date or which it intends to commence the Tests and at least 7 days prior notice if the commencement date of any subsequent Tests. The Independent Consultant shall have the right to suspend or delay any Test that the performance of the Project Highway or any part thereof does not meet the Specifications and Standards. Upon the Independent Consultant determining the Tests to be successful, then that stretch of the Project Highway can be legally, safety and reliably placed in commercial operations, the Independent Consultant issues Completion Certificate to the Concessionaire and the NHAI in respect of that stretch. When all the stretches of the Project Highway receives Completion Certificate for all the stretches, a final Completion Certificate certifying the Project Completion is issued. The Concessionaire shall bear all the expenses relating to the Tests. 38

14 Operation and Maintenance of the Project Highway The Concessionaire shall operate and maintain the Project Highway by itself, of through O & M Contractors (O & M Contractor means the person or entity with whom the Concessionaire has entered into an O&M Contract for discharging Operation and maintenance functions for and on behalf of the Concessionaire) or if required modify, repair or otherwise make improvements to the Project Highway to comply with Specifications and Standards such as: Permitting safe, smooth and uninterrupted flow of traffic during normal operating conditions. Charging, collecting and retaining the fees in accordance with the MCA. Minimizing disruption to traffic in the event of accidents or other incidents affecting the safety and use of the Project Highway by providing rapid and effective response and maintaining emergency services. Undertaking routine maintenance including prompt repairs of potholes, crocks, concrete joints, drains, line markings, lighting and signage. Undertaking major maintenance such as resurfacing of pavements, repairs to structures, repairs and refurbishment of tolling system and hardware and other equipments. Carrying out periodic preventive maintenance to Project Highway including tolling system. Preventing with the assistance of concerned law enforcement agencies, unauthorized encroachment on the Project Highway including site and preserve the right of way (ROW) of the Project Highway. Maintaining Public Relations Units to interface with and attend to suggestions from users of the Project Highway, the media, the Government Agencies, and other external agencies. 39

15 In case of unsafe conditions, vehicle breakdowns and accidents; the Concessionaire shall follow up temporary traffic cones and lights, removal of obstructions and debris etc. The Concessionaire shall ensure that any diversion or interruption of traffic is remedied without delay. The Concessionaire s responsibility for rescue operation on the Project Highway shall be limited to the removal of vehicles or debris or any other obstruction, which may endanger or interrupt the smooth traffic flow on the Project Highway. The Concessionaire shall be responsible for the maintenance of the approach roads to and underpasses and overpasses upto 100 meters from the Project Highway Financing Arrangements a) Financial Close : The Concessionaire shall provide to the NHAI, a copy of Financing Package furnished by it to the prospective Senior Lenders. (Senior Lender means the financial institutions, banks, funds and agents or trustees of debenture holders, including their successors and assignees, who have agreed to provide finance or guarantee facility to the Concessionaire under any of the Financing Documents for meeting costs of all or any part of the Project). As and when such Financing Package is approved by the Senior Lenders, with or without modifications, a copy of the same shall be furnished by the Concessionaire to the NHAI. The Concessionaire shall achieve Financial Close within 180 days from the date of the MCA. If the Concessionaire fails to achieve the Financial Close within 180 days period, the Concessionaire shall be entitled to a further period of 180 days subject to an advance weekly payment by the Concessionaire to the NHAI of a sum of 40

16 Rs. 1,00,000/- per week or part thereof for any delay beyond the said first 180 days period as Damages on account of such delays. Financing Close means the date on which the Financing Documents providing for funding by the Senior Leaders have become effective and the Concessionaire has immediate access to such funding under the Financing Documents. Financing Documents means the documents executed by the Concessionaire in respect of financial assistance to be provided by the Senior Lenders by way of loans, guarantees, subscription to non-convertible debentures and other debt instruments, security agreements and other documents relating to the financing (including refinancing) of the Project. Financing Package means financing package of the Project furnished by the Concessionaire along with its Bid indicating the Total Project Cost and the means of financing thereof and shall be deemed to have been modified to the extent as submitted to the Senior Lenders and as approved by the Senior Lender for the purpose of funding of the Projects. Notwithstanding anything to the contrary contained in the MCA, the NHAI shall be entitled to terminate the MCA. b) Grant : The NHAI agrees to provide to the Concessionaire cash support by way of Grant equal to the sum as set forth in the Bid of Consortium and accepted by the NHAI aggregating to Rs Crores and the Concessionaire agrees to provide to the NHAI cash payment (the Negative Grant) equal to the sum as set forth in the Bid of the Consortium and accepted by the NHAI, aggregating Rs Crores during the Concession Period. Negative Grant shall be paid in advance within 90 days of the commencement of the year for which it is due and payable. 41

17 The Grant shall be applied by the Concessionaire for meeting the Capital Cost of the project and expenditure during the Operations period and shall be treated as part of the shareholders Funds i.e. the Equity Support. c) Revenue Shortfall Loan : If the Realisable Fees (means all the Fees due and realisable under the MCA but does not include fees that the Concessionaire has not been able to realise after due diligence and best effort) in any Accounting year during the Concession Period shall fall below the Subsistence Revenue Level (means the total amount of Fee revenue that is required by the Concessionaire in an Accounting Year to meet the sum of (a) the O & M Expense subject to an annual ceiling of 1.5%. Operations year, to be revised each year to reflect the variations in the WPI in each subsequent years and (b) Debt Service Payments due to the Senior Lenders in an Accounting Year) as a result of an Indirect Political Event (i.e. an act of war, invasion, armed conflict or act of foreign enemy blockade, riot, terrorist or military action etc. which prevent collection of Fees by the Concessionaire for a period of exceeding a continuous period of 7 days in an Accounting Year) or a Political Event (means change in law, expropriation or compulsory acquisition by any Government Agency of any Project Assets or rights of the Concessionaire or of the Contractors, etc.) agrees to provide to the Concessionaire such shortfall support by way of a loan called Revenue Shortfall Loan with interest SBI PLR per annum. SBI PLR means the prime lending rate per annum for loans with one year maturity as fixed from time to time by the State Bank of India, and in the absence of such rate, the average of the prime lending rates for loans with one year maturity fixed by the Bank of India and failing that any other arrangement that substitutes such prime lending rate as mutually agreed between the Parties. 42

18 d) Escrow Account : Escrow Account means an Account which the Concessionaire shall open and maintain with a Bank in which all inflows and outflows of cash on account of capital and revenue receipts and expenditure shall be credited and debited, as the case may be, in accordance with the provisions of the MCA. According to the MCA, the Concessionaire shall within 60 days from the date of the MCA open and establish the Escrow Account with a Bank and all funds constituting the Financing Package for meeting the Total Project Cost shall be credited to such Escrow Account. During Operation Period all fees collected by the Concessionaire from the users of the Project Highway shall be exclusively deposited therein. In addition, all fees collected by the NHAI in exercise of its right under this MCA during the Concession Period and all disbursements or payments by the NHAI shall also, subject to the rights of deductions and appropriations therefrom of the NHAI, should be deposited by the NHAI in the Escrow Account. e) The State Support Agreement : The State Support Agreement means the agreement to be entered into between the Government of Maharashtra, the NHAI and the Concessionaire substantially are fully described in the draft State Support Agreement set forth as Schedule R of the Concession Agreement for provision of support, backup and services required from the Government of Maharashtra for the performance of Concessionaire s obligations under this MCA. f) Insurance : The Concessionaire is required to take Insurance during the Construction Period as well as the Operation Period, at no cost to the NHAI up to maximum sums required in accordance with the Financing Documents and Applicable Laws. 43

19 g) Accounts and Audit : The Concessionaire shall maintain full accounts of all Fees including Realisable Fees (means all the Fees due and realisable under the MCA but does not include fees that Concessionaire has not been able to realise after due diligence and best efforts) and other revenues derived / collected by it from and on account of use of the Project Highway and of O&M Expenses and other costs paid out of the Project Escrow Account and shall provide to the NHAI copies of these accounts duly audited and certified by the Concessionaire s Statutory Auditors within 120 days of the close of each Accounting Year. The Statutory Auditors means an independent, recognized and reputable firm of Chartered Accountants duly licensed to practice in India acting as independent statutory auditors of the Concessionaire under the provisions of the Companies Act The Provisional Completion Certificate Sheladia Associates Inc. in association with M/s. Artefact Projects acted as Independent Consultants on the Project 4 laning of Vadape to Gonde from km 440/000 to km 539/500, section of NH-3 in the State of Maharashtra, India on the BOT basis. M/s. Mumbai Nasik Expressway Limited is the Concessionaire in the Project which signed the Concession Agreement dated 14 th October, 2005 with the NHAI. The Independent Consultants provided the Provisional Completion Certificates, one on 23 rd December, 2009, the second on 11 th May, 2010 and the third on 11 th July, The first Provisional Certificate dated 23 rd December, 2009 mentioned that 4 numbers of ROB s and 2 numbers of major bridges along with approaches are still incomplete 44

20 and competent Authority of the NHAI has approved their deletion from 1 st Milestone COD. Approximately 3 km. length is incomplete between km 440/000 to km 490/000. In this regard the Concessionaire has completed upto km to compensate for the incomplete 3 km between km 440/000 and 490/000 and to complete the required 50 km length for the 1 st Milestone. The second Provisional Completion Certificate dated 11 th May, 2010 was issued for the stretch from km 493/000 to 508/000 deducting 1.00 km length on account of incomplete status of ROB at resulted in a total completed length of 14 km. The Third Provisional Completion Certificate dated 11 th July, 2011 was issued for the stretch from km to km (2 nd Milestone) and for excluded sectional lengths of Milestone 1. The certificate certifies that all works have been completed on 31 st May, 2011, excluding 2 numbers ROBs and items appended in Punch list. It also states that the Competent Authority in NHAI HQ has approved the deletion of these two numbers of ROBs from 2 nd Milestone COD. Receiving such Provisional Completion Certificate, the Concessionaire is permitted that all parts of the Project Highway can be legally, safely and reliably placed in Commercial Operations. 45

21 Chapter 4 Financing Procedures and Rules for the Road Projects of the National Highway Authority of India (NHAI) Using the Public Private Partnership (PPP) Scheme 4.1 Introduction. 4.2 Meaning and Definition of the PPP Project. 4.3 Reasons for opting to use the PPP Scheme. 4.4 The PPPs in National Highways. 4.5 Framework for the PPPs in National Highways. 4.6 The PPP Database. 4.7 The Model Concession Agreements (MCA). 4.8 The Public Private Partnership Approval Committee (PPPAC). 4.9 Finance for the PPP Projects Meaning of India Infrastructure Project Development Fund (IIPDF) Purpose of the IIPDF The Viability Gap Funding Scheme Eligibility Criteria for getting support under VGF Scheme Procedure for getting the VGF Disbursement of the VGF India Infrastructure Finance Company Limited (IIFCL) the BOT variants used in National Highways Projects Meaning and Definition of the BOT Parties to the BOT Projects The BOT (Toll) Model The BOT (Annuity) Model Applicability of the BOT Models Advantages of the BOT Projects Issues Limiting Greater Participation of the Private Sector in the PPP.