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History of Reliance Energy Ltd.

1929

- The Comp. was incorporated on 1st October, at Mumbai under the Companies Act, VII of 1913 as 'Bombay Suburban Electric Supply Limited'. It carries on generation & supply of electricity.

1976

- 12,136 - 9.5% Pref. shares redeemed. Redemption of balance 62,864 Pref. shares extended to 1-6-1986 or the vesting date whichever is earlier & rate of dividend raised to 11%. 21 No. of equity shares allotted on conversion of 8.5% `F' class Deb.

1977

- To extend the Company franchise the Comp. should before 2nd June, take concrete steps to the installation & commissioning of a generating station of 420 MW or such other capacity as may be approved by the State Government.

- 5,589 No. of equity shares issued on conversion of `F' Deb. 1977-98. 73,147 Bonus Equity shares issued in prop. 1:5 in early 1978-79.

1979

- The Comp. reissued & allotted to the Unit Trust of India 7,848 `C' class debentures of Rs 100 each at par & 24,579 `D' class debentures of Rs 100 each at par.

- Arrangements were made to reissue 46,05,000 `E' class debentures to financial institutions, apart from their existing holdings in `E' class debentures on revised terms.

- The Comp. issued through private placement with financial institutions, debentures worth Rs 200 lakhs & reissued `F' class debentures of Rs 46.05 lakhs to LIC.

1980

- 1,46,294 Bonus Equity shares issued at par in prop. 1:3.

1981

- In order to meet the expenses of expansion of Company distribution facilities, the Comp. raised further finance from financial institutions by issuing privately placed debentures worth Rs 200 lakhs during 1982-83.

- Towards the close of year the Comp. allotted/privately placed 2,00,000-15% `H' class redeemable debentures of Rs 100 each at par to financial institutions.

- The Comp. was awarded a contract for 34.5 KV distribution system at A1-Jubail in Saudi Arabia. Another contract valued at SR 35 million was awarded by Electricity Corporation of Saudi Arabia for A1 Qaseem Rural Electrification Distribution.

1983

- The Comp. was awarded contracts for erection of 500MW T.G. sets at Singrauli & 2 x 130 MW hydro sets at Idukki in Kerala.

1984

- On 30th November, the Comp. received a communication from Maharashtra State Government stating that in their view the Company would not be in a position to carry out its obligation to instal its own power station & that the Electricity Board would therefore exercise the option to purchase the Company electrical undertaking on 2nd June, 1986.

- It was proposed to set up a joint venture Comp. with Saudi nationals in Saudi Arabia.

1986

- The Company `C' & `D' class debentures of Rs 2,65,21,200 were to be redeemed on 1st June. The redemption date was extended with an enhanced interest of 15% per annum & the principal amount made repayable in 3 annual instalments at the expiry of 7th, 8th, 9th year from 1st June, with provision for concurrent maturity in case of earlier vesting of Company electrical undertaking.

- Div. rate on both classes of Pref. shares raised to 15% with effect from 1.6.1986 & redemption date extended to 1.6.93 or the vesting date whichever is earlier. 12,040 - 11% Pref. & 2,830 - 9.8% Pref. shares belonging to the dissenting shareholders redeemed on 7.11.1986.

1987

- Due to the economic recession, the Company joint venture company, Bombay Suburban Saudi Arabia Co., Ltd., in S. Arabia, was put under voluntary liquidation.

1988

- Necessary clearance from the environmental angle was received from the Department of Environment & Forest, Government of India for setting the project near Dahanu. Clearances from the authorities were obtained for water coal, etc. required for power project.

1989

- Equity shares subdivided in October, & Authorised capital reclassified. 58,51,760 bonus equity shares then issued in prop. 1:1.

1990

- Out of existing 93,637 `F' class debentures, the Comp. had initiated action to extend 77,792 debentures held by financial institutions & which was repayable in three annual instalments at the expiry of 6th, 7th, 8th year from 1st July 1990 at a rate of 14%. The balance 15,845 debentures redeemed on 1st July 1990 & kept alive for reissue, were being placed privately with a financial institution and shall be repayable in three annual instalments at the expiry of 6th, 7th, 8th year from the date of allotment of debentures.

- The Company `E' class & `Reissued E' class debentures worth Rs 100 lakhs were redeemed on 1st July, 1992. The redemption of `H' class debentures was extended by two years to 18th May, 1993, with enhanced interest of 17.5% per annum for said period.

1991

- During April-May, the Comp. issued through a Prospectus 80,00,000 - 12.5% secured fully convertible debentures of Rs 125 each.

- The Balance 23,55,300 debentures along with 3,33,430 debentures not taken up by employees' were offered for public subscription. Additional 3,53,295 debentures were allotted to retain oversubscription. Each debenture was compulsorily & automatically converted into 5 No. of equity shares of Rs 10 each at a premium of Rs 15 per share at end of 1 year from the date of allotment of debentures. Accordingly 4,60,00,000 No. of equity shares were allotted on 21st June, 1992.

- The Company licence was extended upto 15th August, 2011, essentially to cover the repayment period for loans of World Bank/International Finance Corporation [Washingtons].

1992

- The name of Comp. was changed from Bombay Suburban Electric Supply, limited to its abbreviated version 'BSES Ltd.'

1993

- The Comp. took up the work in installing dedicated 220 KV transmission line between the power station at Dahanu & the receiving station at Versova.

- During December, the Comp. offered 288,51,760-15% fully convertible debenture of Rs 60 each on Rights basis in proportion 1 debenture: 2 equity shares held. [all were taken ups].

- Simultaneously another 252,69,900-15% fully convertible debentures of Rs 70 each were issued through the prospectus of which the following were reserved for allotment on a preferential basis:

- [is] 25,00,000 debentures to Indian financial institutions including State Industrial Development/Investment Corporation and State Financial Corporation [only 24,99,700 debentures taken ups].

- [iis] 60,00,000 debentures to Foreign Institutional Investors including Mutual Funds, persons funds.

- [iiis] 50,00,000 debentures to Mutual Funds.

- [ivs] 8,47,000 debentures to employees [only 8,39,600 debentures taken ups].

- Balance 109,22,900 debentures alongwith 7,700 debentures not taken up employees & FIIs were issued to the public [all were taken ups].

- Each debentures of Rights issue was to be converted into one equity share of Rs 10 each for cash at a premium of Rs 50 per share on 1st March 1995. Each debenture of Rs 70 of public issue was to be converted into one equity share of Rs 10 each for cash at premium of Rs 60 per share on 1st March 1995.

1994

- The Comp. entered into a MOU with National Thermal Power Corporation limited to promote a joint venture Comp. as a subsidiary in order to avail enormous opportunities in the power sector in construction, erection & other project management activities. The Company holds 51% of equity of subsidiary company.

- A separate Comp. namely BSES Telecom limited was formed as a subsidiary of Comp. to provide value added services in software and computer services & communication.

- The BSES Telecom limited had entered into a MOU with Hitchison Max Telecom Pvt. limited which got licence for operating a cellular mobile telephone network in Mumbai.

- 540,15,945 No. of equity shares allotted on conversion of 15% Fully Convertible Debentures.

1995

- The Comp. proposed to C-promote Jeedimetla Power Co. limited jointly with local power consuming companies to set up a 40 MW power plant at Hyderabad. The Comp. was awarded two naphtha based short gestation projects of 40 MW each in Kerala.

- A separate Comp. `BSES Infrastructure Finance Ltd.' was formed by the Comp. to cater to the financial needs of infrastructural development particularly the proposed power project of Company.

- 3,316 No. of equity shares kept in abeyance were allotted. 26,041,650 No. of equity shares issued against GDRs.

1996

- The Contracts, Sales and Computer Division proposed to set up manufacturing facility for Elastimold type cable terminators at Silvassa in collaboration with Elastimold Division of M/s. Amerace Corporation of USA. The Division proposed to participate in EPC contracts for power projects.

- The Comp. proposed to instal a naphtha/gas based combined cycle power station with an installed capacity of 495 MW at Palghar.

- For implementing the power projects in Kerala, a separate company under the name BSES Kerala Power Pvt. limited was incorporated. The Government of Kerala awarded three power projects each with an installed capacity of 40 MW in open cycle mode & 53 MW in combined cycle mode. All would be set up in one place in Kochi.

- The Comp. took over the management control of Tamil Nadu Industries Capture Power Co. limited Efforts were made to achieve speedy implementation of its proposed 250 MW lignite based project at Srimushnam near Neyveli, Tamil Nadu.

- The Comp. submitted bids in response to tenders floated by Gujarat Power Corporation limited for setting up small/medium liquid/gas based projects in Gujarat. The Comp. was selected to set up short/medium sized low gestation power projects.

- The Comp. received a notice dated 27th, May, from the Maharashtra State Electricity Board exercising their option to purchase the electricity undertaking of Comp. on 2nd/3rd June, 1976.

- The Comp. issued Global depository receipt aggregating US $125 million in March. Each GDR consisting of 3 equity shares was prices at US $ 14.40. The GDRs were listed at London Stock Exchange.

1997

- BSES limited is the country largest private sector power generator with a turnover of Rs.1,572 crore.

- Bombay Suburban Electricity Supply [BSESs] is setting up a coal beneficiation plant as a joint venture with CLI Corporation and Spectrum Technologies of US.

- BSES Limited & the Damodar Valley Corporation [DVCs] will soon set up a joint venture Comp. for Rs.4,000 crore 1,000 mw Maithon Right Bank thermal power project in Bihar.

- BSES Telecom Ltd., a 100 per cent subsidiary of BSES Ltd., & Mastek have joined hands to provide Information Technology driven management oriented solutions for power utilities sector through Utility Software Development Group which the two companies have decided a constitute.

- BSES Ltd has entered into a three-year, currency swap deal amounting to $5 million.

- BSES had entered into a 60:40 joint venture with Ticapco for setting up the project.

- The Comp. has signed an agreement on escrow Acc. & has got the Letter of Credit [LoCs] from State Bank of Travancore led consortium.

- The Comp. issued 11,00,000-13% redeemable cumulative preference shares of Rs. 100 each with a maturity period of 18 months.

1998

- BSES Kerala Power Ltd, a subsidiary of BSES Ltd., is set to sign an escrow agreement with the Kerala State Electricity Board [KSEBs].

- BSES are very particular about quality of equipment, have adopted the state-of-the art technology for cable laying & jointing, & have upgraded the skills of employees.

- BSES would enter into another joint venture for setting up a 200 MW Gas/Naphtha power plant in Andhra Pradesh for which an agreement has been signed & the relevant clearances have been obtained & this project too is expected to go on stream shortly.

- The Gujarat Power corporation has awarded a letter of intent to the company for setting up the short gestation 55 mw power project at Dahej.

- 47,00,000 pref. shares allotted on conversion of debentures.

1999

- The BSES group will form a joint venture with the UK-based power transmission major National Grid for Orissa distribution venture and other distribution ventures that are to be privatised.

- BSES Andhra Power a joint venture with the state government is setting up a 200 MW power plant at Samalkot.

2000

- BSES Telecom announced the launch of its Internet Services, Powersurfer.net. - The BSES Telecom has also formed a joint venture Comp. with the Hyderabad-based Sriven Multitech Ltd.

- The Business Millennium Award for Environmental Management was given to Mumbai-based BSES.

- BSES Telecom, the wholly-owned subsidiary of power major BSES, has shortlisted four international companies Cable & Wireless of the UK, MCI Worldcom, British Telecom & News Skies of US for setting up Internet gateways across the country.

- Gujarat Positra Port Infrastrucutre limited has signed an memorandum of understanding with BSES limited to execute a 261 mw power project.

- BSES limited has signed a memorandum of understanding with Oil and Natural Gas Commission limited for supply of 1.85 MCMD of gas from Bombay High, for its 500 MW combined cycle power plant in Saphale, Palghar.

- Reliance Industries has picked up a 26.6% stake in BSES. RIL is entering the broadband business & expanding its power business in a big way by way of exploiting its synergies with BSES.

- BSES Ltd has launched a customer-friendly website bsessupply.com.

- BSES Ltd has informed that Shri V M Lal has ceased to act as the Director of Comp. with effect from January 29, 2002. In the casual vacancy so arisen, Shri R Buddhiraja, IAS, Principal Secretary [Energys] to the Government of Maharashtra has been appointed on the Board of Comp. with effect from January 29, 2002.

- BSES & its subsidiaries provide electricity service to more than 2.70 million consumers in area covering about 1,23,000 sq. km. & with an estimated population of about 34 million.BSES operates a state-of-the-art 500 MW Thermal Power Station at Dahanu near Mumbai and supplies the 2001

- Strategies upto 2000 A.D. - Power generation, transmission and distribution are areas of core competencies. - 90% of investment to be made in core activities & the balance in other related activities. - Other related activities cover those synergetic to the core activities. - The resources for these projects would be met by BSES & raised through joint ventures. - Corporate Plan - First Five Years:Core Areas: Power Generation capacity around 2000 MW Dahanu expansion / Palghar Project: Capacity - 500 MW Projects at different locations - Capacity - 1500 MW Three to four distribution networks of similar size as BSES Mumbai. - Other Areas: Expand EPC and Other contracting activities - Turnover Rs. 750 crores. Coal Beneficiation / Mining. Manufacturing of Energy Meters. Telecom / IT - Turnover Rs. 100 crores. - Corporate Plan - 15 years Perspective Plan:Power Distribution - Capacity 8000 MW. Power Distribution Networks - 20 - 25 locations. Contracting Activities - Turnover Rs. 1500 crores. Coal Beneficiation / Mining. Composite Financial Services. Fuel Management. Energy Efficiency / Gas Distribution.

- Upcoming Projects:-Generation: On its balance sheet:Palghar Project Wind Farm Project - Through Joint venturesBSES Kerala Power Limited TICAPCO-Srimushnam Project BSES Andhra Power Limited Maithon Power Limited

- Distribution: Orissa Distribution Companies Part of Rajasthan Distribution System. Consultancy of Goa, Andhra Pardesh. It has given consultancy to Andhra Pradesh State Electricity Board [APSEBs] for privatisation of Distribution System. Also the Goa Power Department has shown interest for consultancy for restructuring & privatisation of power department. The assignment is awarded to BSES & it is being executed.

- Related Areas: ST BSES Coal Washeries Limited Utility Powertech Limited BSES Telecom Limited BSES Infrastructure Finance Limited

- Electric Supply & Transmission Division: BSES has a consumer base of 2 million. Importantly, there is no agriculture load as the company caters to the urban areas only. It has a good recovery of 99.4%, which helps it to provide efficient & effective consumer services. It has capital expenditure plans of Rs 120 crore on SCADA & fibre optic.

- The Comp. has managed to maintain the distribution losses at around the same level during the past five years. Distribution losses were 11.6% during the year ended March 2001 as compared to 11.5% during the year ended March 2000. It has come down from 14.95% during FY 1993-94. BSES is taking measures to reduce its distribution losses further along with improvement in collection mechanism. It is also implementing cost control measures with financial engineering & tax planning. It also has plans to focus on commercial customers in future.

- Dahanu Power Station: Dahanu Power Station achieved a plant load factor [PLFs] of 82.68% during the year 2000-01. The plant availability was to the tune of 92.33%. The plant of Comp. meets 55% of its needs. The demand has been increasing at around 5% per annum. However, BSES depends on Tata Power for additional power requirements. It has to purchase this extra power at much higher costs. The Comp. is taking measures to reduce overhaul period per unit. It also plans to improve plant availability besides increasing the dispatches during off peak hours besides reducing coal transit losses.

- Wind Energy: BSES has invested Rs 41 crore in 7.59 mw wind farm at Chitradurga, Karnataka. This farm has 33 windmills. It has already started commercial operations & has one of highest PLF in the country in the wind farm segment. For the year 2000-01, its average PLF was 30.11% when others can manage only 20% to 25% PLF. This farm has an attractive return of investment [RoIs] as the Comp. is allowed 100% depreciation. - Contracts & EPC Division: This division achieved a turnover of Rs 529 crore during the year ended March 2001 as against Rs 399 crore during the year ended March 2000 & it. Its turnover was Rs 391 crore during the year ended March 1999. This division has showed an improved performance & has been growing at a good rate for last three years. This division was instrumental in construction & erection works of 5,000 mw in Indian & other industrial & infrastructure projects. The cumulative value of works executed by this division since inception is to the tune of Rs 3,500 crore. It has a good order booking of Rs 1,400 crore as of June 2001.To keep up the growth in this business, the Comp. plans to target turnkey jobs with higher margins. It also needs to diversify into larger civil jobs & other infrastructure sectors. The Comp. also plans to provide modern tools for faster project implementation & to provide training inputs for better project management.

- BSES has several group companies - ST-BSES Coal Washery, BSES Infrastructure Finance, Utility Powertech, Ticapco, BSES Telecom, BSES Kerala Power, BSES Andhra Power & three new companies of Orissa. The company has a strategy of adding value by strategic alliances within the group. - Coal Washery - JV Company: This JV is a backward integration project for the Dahanu Power plant. It supplies washed coal to the plant as well as to others. The total cost of this project is around Rs 60 crore out of which Rs 9 crore is by a US aid. The washery, which is already operational, has a 2.5 mmt per annum capacity & is located at Madhya Pradesh. The return on equity in this JV exceeds 25%. The company posted revenues of Rs 25 crore with net profit of Rs 3.7 crore for the year 2000-01. - BSES Infrastructure Finance [BIFLs]: This Comp. is in the business of providing advisory services on new businesses & financial engineering. It also provides bridge finance & leasing services to group companies. It has tied up funds for various projects to the tune of over Rs 1,500 crore. It has been a dividend paying Comp. since inception. It posted revenues of Rs 12.70 crore & net profit of Rs 3 crore for year 2000-01. - Utility Powertech: This is a JV with National Thermal Power Corporation [NTPCs]. Utility Powertech has taken up maintenance contracts for NTPC power stations. It has 250 operational sites with Rs 25 crore orders on hand. The Comp. is focussing on non-conventional project development including mini & micro hydel projects. It posted revenues of Rs 39 crore & profit of Rs 1.5 crore for year 2000-01.

- BSES Telecom: This Comp. has been operational since March 2000. It is an Internet service provider [ISPs] in Mumbai & has a fibre optic network to support its last mile services. Its utility software division has a customer care product, which caters to over 6 million consumers of BSES. It is also exploring alliances for providing utility solutions.

- BSES Kerala Power: This is a 165 mw naptha-based combined cycle power plant at Kochi in Kerala. It employs 3 gas turbines of 43.5 mw each. It proposes to use liquified natural gas [LNGs] from the Kochi terminal in future. - BSES Andhra Power: This is a 220 mw duel fuel combined cycle power plant at Samalkot. The construction work on civil works is presently in progress & the expected date of completion is October 2001 for open cycle & February 2002 for combined cycle. BSES EPC group is doing the EPC work.

- Orissa Power distribution companies: BSES had bid for distribution companies in Orissa in 1999 when the distribution part was opened up for privatization. On 1 April 1999, the Comp. with a 51% stake along with the JV partner, GRIDCO acquired the three companies. The total investment in this distribution foray was to the tune of Rs 117 crore. World Bank & others are providing long-term soft loans amounting to Rs 150 crore in three years. The consumer base is around 8,14,000 with the consumption at around 6,000 million units. The tariff is one of the lowest for bulk supply. Importantly, agricultural load is less than 6% of the total load. BSES is targeting a turnaround for these distribution companies in the next 2-3 years.

2002

- BSES Ltd has informed that Shri R V Shahi Chairman and Managing Director of Comp. has relinquished the Office of Chairman and Managing Director.The Board of Directors has appointed Shri S S Dua as acting Chairman and Managing Director.

-BSES appointed J P Chalsani as chief executive officer of southwest Delhi electricity distribution Comp. & the central-east Delhi electricity distribution company, in which BSES has a controlling stake.

-Reliance Industries limited increases the stake in the Comp. to 31.54%

-Signs confidentiality agreement for buying out Enron stake in Dabhol Power Company

-Issues Non Covertible Debentures [NCDs] for Rs 100 crore

-Company 500-mw Dahanu thermal power station achieves an availability of 100 per cent & a plant load factor [PLFs] of 98.92 per cent during March

-Power Ventures increases the holding in the Comp. to 23.88%

-Acquires 51% stake in two Delhi Vidyut Board power distribution companies [Central East Delhi Electricity Distribution Comp. Ltd & South West Delhi Electricity Distribution Comp. Ltd.s]

-Delhi government signs a share-holding agreement with Bombay Suburban Electric Supplies [BSESs] & Tata Power for power distribution in Delhi

-Changed names of its two power distribution companies in Delhi. While the South West Delhi electricity Distribution Comp. was renamed as BSES Rajdhani Power Ltd, the Central East Delhi Electricity Distribution Comp. was christened BSES Yamuna Power Ltd.

-Pulls out of 250 MW power project in Tamil Nadu

-Reliance group increases stake in the Comp. from 38% to 40.29% through creeping acquisition route

-Reliance Power Ventures acquires 28,28,545 shares of BSES Ltd, increases the stake to 28.30%

-Completes US$ 120 million Foreign Currency Convertible Bond issue

2003

- Comp. becomes part of Reliance Group, with Mr Anil D Ambani, Vice Chairman & Managing Director of Reliance Industries limited unanimously being appointed by Board as Chairman of BSES.

-The name of BSES Ltd changed to Reliance Energy Ltd.

-BSES Andhra Power Ltd, BSES Kerala Power Ltd, BSES Rajdhani Power Ltd, BSES Yamuna Power Ltd, North Eastern Electricity Supply Comp. of Orissa Ltd, Southern Electricity Supply Comp. of Orissa Ltd, Tamil Nadu Industries Captive Power Comp. Ltd & Western Electricity Supply Comp. of Orissa Ltd cease to be subsidiaries of Comp. with effect from March 29, 2003

-Members approve delisting of company shares from the following stock exchanges:

1. Ahmedabad Share and Stock Brokers Association 2. Bangalore Stock Exchange Ltd 3. Calcutta Stock Exchange Association Ltd 4. Delhi Stock Exchange Association Ltd 5. Inter Connected Stock Exchange of India Ltd.

-BSES Andhra Power limited becomes 100-pc subsidiary of Reliance Energy

-Allots equity shares to Bank of New York on options exercised by it

-Anil Ambani, vice-chairman & managing director, Reliance Industries Ltd, & chairman, BSES Ltd, voted as the MTV Youth Icon of Year by young Indians across the country

-Maharashtra Govt. took back its nominee from the Comp. board

-Reliance Salgaocar Power becomes Wholly Owned Subsidiary of company

-BSES signs an agreement with US bank for GDR conversion

2004

-Reliance decides to revamp Hirma mega thermal power project

-Easy Bill, a Hero group company, inks pact with BSES for bill collection

-Promoters' holding in BSES has dropped by 5.67 per cent to 52.55 per cent

-BSES Andhra Power limited and Reliance Salgaocar Power Comp. Ltd [RSPCLs] merged with the Company

-Janus acquires 4-pc stake in Reliace Energy

-The name of BSES Limited shall be changed to Reliance Energy Limited & the trading symbol of BSES Limited be changed from BSES to REL w.e.f. March 12, 2004.

-Mops up $178 million [Rs 805 crs] through a five-year zero-coupon foreign currency convertible bond [FCCBs] issue

-Enters into two foreign currency facility agreements pursuant to which the Comp. was required to create security over certain of its assets by certain specified times after the respective dates of Facilities

-Life Insurance Corporation of India has informed that they have acquired 55,00,000 equity shares of Reliance Energy Limited.

-Reliance Power Ventures Limited acquires 91,95,622 shares representing 4.99% of voting rights of Reliance Energy Limited via preferential allotment & the date of acquisition is April 03, 2004.

-Reliance Energy, Govt of UP & Reliance sign the State Support Agreement

-Reliance wins Koldam project over Essar

-Reliance join hands with Temasek to establish first power VF

- launches multilingual power bills on September 16, 2004

2006

-Reliance Energy join hands with Bajaj for CFL bulbs -The Comp. along with its consortium on November 07, 2006 signed Contract with Ministry of Petroleum & Natural Gas [MoPNGs] for exploration & production of four Coal Bed Methane [CBMs] blocks.

2007

-Reliance Energy Ltd has appointed Shri. Lalit Jalan as Whole-time Director on the Board.

-CRISIL has reaffirmed its outstanding ratings of 'AAA/Stable/P1+' on Reliance Energy Ltd [Reliance Energy'ss] debt programmes.

-Reliance Energy Ltd bagged an Engineering, Procurement & Construction [EPCs] contract from Damodar Valley Corporation [DVCs] to set up the 2 x 600 MW coal based power station at Raghunathpur in West Bengal.

2008

- Reliance Infrastructure has bagged the contract for four-laning of Gurgoan-Faridabad road & along with this the upgradation of Ballabgarh-Sohana road on a build-operate & transfer [BOTs] basis. This project involves the construction of 66 km of road on high density traffic zone & the project is expected to be completed in two years from the date of commencement with a concession period of 17 years.