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MEGA CORP DIGEST

Yamuna Expressway - The flag bearer:
Yamuna Expressway Industrial Development Authority (established by Government of Uttar Pradesh under U.P. Industrial Area Act, 1976) is discharging its responsibilities through the implementation of Yamuna Expressway Project.

Yamuna Expressway Project:
Today Yamuna Expressway Project has become the flag bearer among the infra structure projects (particularly expressway projects) which are under implementation as on date. The development of Yamuna Expressway Project is being carried out by J.P. Infratech Ltd and envisages the construction of concrete pavement expressway between Greater Noida to Agra. The cost of the project is around Rs. 10,000 crores half of which has already been spent so far.

Special Development Zone Scheme:
A Scheme in the name of S.D.Z. (Special Development Zone) was floated by the Yamuna Expressway Industrial Development Authority for allotment of plots of 1000 ha. area or more. The objective of the scheme is the economic development of the area which will result in removing the disparity between rural and urban population and to increase the economic growth.

Residential Plot Scheme:
Yamuna Expressway Authority launched a mega Residential Plot Scheme 2009 (1) comprising of 21000 nos. of plots of different sizes spread over an area of approx. 5500 acres along Yamuna Expressway in District Gautam Budh Nagar. The scheme was oversubscribed in spite of the worldwide recession.

Residential Township Scheme:
The Yamuna Expressway Industrial Development Authority has allotted two residential township plots of approx. 100 acre each which shall be developed by the builders in the form of plots/ flats apart from creating all the infrastructure facilities within the area of township to facilitate the commuter.

25-250 Acres Plot Scheme (Institutional plots):
The Authority reserved/allotted plots for establishment of universities, colleges, institutions, etc., in the development area of Yamuna Expressway Authority in the vicinity of Gautam Budh University.

Taj International Airport and Aviation Hub:
Active consideration is going on at the level of Central Government / State Government to accord the approval for setting-up an International Airport and modern aviation hub near the Jewer Town of Distt. Gautam Budh Nagar in the development area of Yamuna Expressway Authority. The construction of Taj International Airport and Aviation Hub shall create enormous opportunities for multinationals and various international agencies.

Investor-friendly initiatives:
To make the area investor-friendly, lots of incentives are being given like lowest land rate in NCR, allowing possession on payment of only 10% to 20% of the premium upfront, to encourage for building up world class educational hub easy payment plan with 3 years moratorium option and payment plan in 10 years, special incentives in the form of exemption of stamp duty, etc.

 
Forbes Asia Magazine dated April 12, 2010

Billionaire Jaiprakash Gaur made his money with hydropower and now stands to make much more as he builds India's longest toll roads and plans sprawling townships.

The Taj Mahal is India's biggest tourist attraction, drawing upward of 3 million visitors a year. But getting there is pretty much difficult as of now, though it's located just 125 miles southeast of New Delhi. In the first quarter of next year i.e. 2011, the same trip will be cut to two hours once the six-lane, 100-mile Yamuna Expressway, India's longest toll road, opens.

Billionaire Jaiprakash Gaur, who founded the Jaypee Group, has a lot more riding on this road than a quicker drive to the Taj Mahal. "This expressway will be a huge launch pad for us in many ways," he says. In 2003 he clinched a 36-year concession to build, own and operate the road, and he's racing to finish it two years ahead of schedule. That's a feat unheard of in India, where infrastructure projects tend to be dogged by interminable delays and cost overruns. But there's a good reason why Jaypee's in such a hurry: The Yamuna deal is a bonanza in the making for the group. More lucrative than the expressway itself are the development rights it owns to build five townships along the route. The townships will boast a total of 400 million square feet, which at today's average price translates into a jaw-dropping $26 billion market value.

Jaypee Infratech is aiming to raise roughly $500 million, a fourth of the project's $2 billion cost. It has already secured environmental clearances and taken possession of all the land for the expressway and two-thirds of the land for the townships.

Jaypee has an even bigger gold mine--six times the length of Yamuna--in the pipeline. In 2008 it won the bid to build the 650-mile, $13.3 billion Ganga Expressway, touted as the country's largest private-sector infrastructure project. Like Yamuna it starts on the eastern outskirts of New Delhi and then runs along the left bank of the River Ganges, right across Uttar Pradesh state to its eastern periphery. Jaypee has a 35-year concession and the right to develop an estimated 30,000 acres of land along the route. It plans to build eight townships covering a mammoth 3.3 billion square feet. Work is slated to begin next year and be completed by 2016.
 
 
Uttar Pradesh seeks 'wings' to proposed international airports

The Uttar Pradesh government has urged the Centre for early clearance to the proposed international airports in Greater Noida and Kushinagar district.

The two airports to be built under the public-private partnership (PPP) model will together entail an investment of around Rs 4,500 crore and acquisition of 1,800 hectares land.

While the matter of the proposed Taj International Airport (TIA) at Jewar (Greater Noida) is pending before the Union civil aviation ministry for long, the Kushinagar airport is yet to be cleared by central government departments.

Proposed as an aviation hub, TIA is supposed to decongest the New Delhi airport as the aviation sector treads its high growth trajectory. The eight-lane Yamuna Expressway (earlier Taj Expressway) from Greater Noida to Agra would pass also through Jewar.

Besides, the TIA could well be among the three new airports, as part of the Early Bird Projects under the Delhi-Mumbai Industrial Corridor (DMIC).

Recently, Union Civil Aviation Minister Praful Patel had informed Parliament that an international airport between Ahmedabad and Dholera in Gujarat, an aerotropolis near Jaipur (Rajasthan) and an international airport in UP had been envisaged under the plan.

Similarly, the Kushinagar airport is aimed at giving the Buddhist tourism a boost and capitalise on rising commutation between eastern UP and the Gulf countries. The proposed airport has now reached the Request for Proposal (RfP) stage and four companies GMR, GVK, L&T and Gammon India are in fray. They can file their bids till April 10.
 
Yamuna Expressway Progress

Yamuna Express to open for traffic from March 2011 TNN, Feb 27, 2010, 11.00pm IST

VADODARA: Jaypee Infratech Limited (JIL), an infrastructure company of Jaypee Group, is speeding up its ambitious Yamuna Expressway project, the company's executive chairman said on Saturday. The expressway will be open for traffic from March 2011. The company holds the consent from the Yamuna Expressway Authority (YEA) to develop, operate and maintain Yamuna Expressway in Uttar Pradesh connecting Noida to Agra. While addressing media persons in the city about the company proposed initial public offer (IPO), JIL executive chairman Manoj Gaur said, "The concreting of the six-lane 165 kilometres expressway, which will reduce the journey time between these two cities significantly, will be completed by March 2011 even as its schedule is that of 2012." The company that has got the rights for levying toll tax for 36 years on the expressway apart from the right to approximately 6,175 acres of land along the Yamuna Expressway at five locations for residential, commercial, amusement, industrial and institutional purposes is eyeing to generate Rs 1,650 crore through IPO.

"We have filed a draft red herring prospectus (DRHP) for the IPO of equity shares of Rs 10 each for cash at price to be decided through a 100 per cent book-building process aggregating up to Rs 1,650 crore and an offer for sale of 60,000,000 equity shares," added Gaur.
 
No Impact of Economic Slowdown on Yamuna Expressway

Hindustan Times Noida, May 13, 2009 First Published: 22:57 IST(13/5/2009)

It seems the economic slowdown hasn't made much of an impact on buyers in Greater Noida. The response generated by Yamuna Expressway Authority’s recently launched residential plot scheme has been fairly warm. The authority has received 23,650 applications for the 8,350 plots on offer. The scheme closes on May 15.

The site is well-located. It is 17 km from the point the Yamuna Expressway starts on the Noida-Greater Noida Expressway. It is very near to Jewar airport, just 9 km before the airport site. Elections forced us to extend the date till May 15. The scheme was to close on May 4, deputy chief executive officer R.K. Singh said. The authority would conduct the draw of lots for plots on August 10..
 
Issue size is expected to be around 2500-2900 cr: JP Associates

7 Apr 2010, 1622 hrs IST,ET Now

JP Infratech has filed to SEBI and this would be an issue where JAL, the holding company would be offloading about 6 crore shares and JP Infratech would be issuing additional shares for raising about Rs 1500 crore. The total issue size is expected to be anywhere depending upon valuation around 2500 to 2900 crores.

The 168-kilometre patch is from Noida to Agra and the 22-kilometre stretch, which is there between Noida to Greater Noida, will actually get transferred to JP Infratech as per the terms of construction and there is a price which is going to be fixed by the Government of UP or the Yamuna Expressway Authority. Till 36 years Jaypee has the right to collect toll tax and after 36 years, this entire expressway would be reverted back to Government of UP at almost negligible consideration. Yamuna Expressway project is JP Infratech’s main project, this is a construction expressway and has two components. One, acquisition of land and acquisition of land is for, one, for expressway i.e. 100 metre write off way and length of 168 kilometres. Second is acquisition of land for the development. So these are the two major cost considerations which is part of 9800 crore project cost.

Second very important part is the construction cost per se which is estimated to be around 6000 crores. So to meet this project cost of 9700 crores, of course there has to be various element of funding including the equity for the promoter. So JAYPEE had estimated because when the SBI Cap, ICICI Bank, Axis Bank, they had done the financial closure of the project where it was clearly worked out that debt of 6000 crores should be there, promoter equity of 1250 crores should be there, there would be IPO proceeds of around 1500 crores and real estate inflow about 1000 crores.

So in order to meet the funding of this project, Jaypee have sold some land. They have been selling the real estate part. What they want to connote is that they would see what is best for the company but now the way real estate sales are going on and affordable segment is seeing lot of attraction, Jaypee would be selling more of the developed part in times to come.
 
UP seeks PM help to put Jewar airport on track

Financial Express Thursday, Apr 22, 2010 at 2321 hrs IST

Lucknow: The Uttar Pradesh government has pressed in 18 of its sitting members of Parliament to take up the Jewar international airport issue with Prime Minister Manmohan Singh in a bid to give a fresh fillip to one of its most ambitious projects. In a meeting with the Prime Minister in the Parliament House, the group of MPs urged him to see that the Centre grants clearance to the airport at the earliest. The move, they feel, will make the airport a source of development not only for Uttar Pradesh, but for the entire country and the NCR region in particular.

Stating the proximity of the Jewar airport to the Delhi-Mumbai Industrial Corridor and the Delhi-Mumbai freight corridor, the MPs stressed that once the airport comes into existence, it would provide multi-modal connectivity to the entire region, which would go a long way to help import-export activities.

In fact, with the Delhi Metro being expanded to Noida, the issue of the Taj Airport and Aviation Hub at Jevar has once again become a topical issue and Uttar Pradesh chief minister has, on many occasions, written to the Centre for clearing the proposal so that the region acts as a growth engine for the state.

In fact, with Yamuna Expressway expected to be completed by March next year, the entire area of Noida and Greater Noida is expected to become a unique development model.

Putting pressure on the PM, the MPs have said the UP government has already conveyed its willingness to accept and abide by all the contractual agreements that have been entered into by the government of India, ministry of civil aviation with the GMR group, promoters of Indira Gandhi International Airport.

They also stated that the construction of another airport near to the IGI will not hamper the traffic flow at IGI. According to a technical economic feasibility study commissioned by the state government, if the Jewar aiport is built, the number of passengers per year in the NCR region in 2012 would be 103 million, out of which 91 million will be DIAL’s and 12 million Jewar airport’s share. Similarly, by the year 2021, the annual passenger traffic will swell to 161 million, out of which 25 million will go to Jewar while 136 million will go DIAL’s way. This is way beyond DIAL’s assumption of 100 million passengers per year. “The traffic is expected to grow beyond all expectations and to ease the traffic congestion, there is an urgent need to develop another airport on the lines of second airports in all important cities of the world,” the MPs said.

According to reports, after listening to the plea, the Prime Minister is said to have agreed that the construction of the Jewar airport is an important part of infrastructure development and it should not be stopped....
 
Proposed Int'l Airport In UP Gets Environment Clearance

By Shastri Sir, Section News
Posted on Wed Apr 14, 2010 at 04:08:13 AM EST

Bid date extended to April 29; GMR, L&T Gammon in fray The proposed international airport in Kushinagar district of Uttar Pradesh has received the environment clearance by the Centre, thereby
bringing the Rs 750-crore project a step closer to reality.

Kushinagar is part of the revered Buddhist Circuit comprising eastern Uttar Pradesh and adjoining areas in Bihar associated with the life and times of the Buddha. A large number of tourists and Buddhist
pilgrims visit these places every year.

The proposed airport aims at connecting the Circuit directly with countries accounting for maximum number of arrivals, including Japan, Myanmar, Korea, China, Thailand, Bhutan and Sri Lanka.

"The project has received the central environment clearance recently and other clearances are expected to come by soon," UP tourism secretary and State Tourism Development Corporation managing director
Avnish Awasthi told Business Standard.

Meanwhile, the government has extended to April 29 the financial bidding date to enable the department finalise the bidding document and give more time to the prospective bidders for due diligence.
 
SMOOTH FLYING  PM urged to ensure early clearance of funds

UP seeks PM help to put Jewar airport on track
Financial Express: Thursday, Apr 22, 2010 at 2321 hrs IST

Lucknow: The Uttar Pradesh government has pressed in 18 of its sitting members of Parliament to take up the Jewar international airport issue with Prime Minister Manmohan Singh in a bid to give a fresh fillip to one of its most ambitious projects. In a meeting with the Prime Minister in the Parliament House, the group of MPs urged him to see that the Centre grants clearance to the airport at the earliest. The move, they feel, will make the airport a source of development not only for Uttar Pradesh, but for the entire country and the NCR region in particular.

Stating the proximity of the Jewar airport to the Delhi-Mumbai Industrial Corridor and the Delhi-Mumbai freight corridor, the MPs stressed that once the airport comes into existence, it would provide multi-modal connectivity to the entire region, which would go a long way to help import-export activities.

In fact, with the Delhi Metro being expanded to Noida, the issue of the Taj Airport and Aviation Hub at Jevar has once again become a topical issue and Uttar Pradesh chief minister has, on many occasions, written to the Centre for clearing the proposal so that the region acts as a growth engine for the state.

In fact, with Yamuna Expressway expected to be completed by March next year, the entire area of Noida and Greater Noida is expected to become a unique development model.

If the Jewar Aiport is built, the number of passengers per year in the NCR region in 2012 would be 103 million, out of which 91 million will be DIAL’s and 12 million Jewar airport’s share. Similarly, by the year 2021, the annual passenger traffic will swell to 161 million, out of which 25 million will go to Jewar while 136 million will go DIAL’s way. This is way beyond DIAL’s assumption of 100 million passengers per year. “The traffic is expected to grow beyond all expectations and to ease the traffic congestion, there is an urgent need to develop another airport on the lines of second airports in all important cities of the world,” the MPs said.

According to reports, after listening to the plea, the Prime Minister is said to have agreed that the construction of the Jewar airport is an important part of infrastructure development and it should not be stopped.
 
IPO - Running on the Expressway

Financial Express; Monday, May 03, 2010 at 2211 hrs IST

Jaypee Infratech, a fully-owned subsidiary of Jaiprakash Associates (JAL), is tapping the capital market with its initial public offer (IPO) of 6 crore equity shares. The company plans to raise Rs 1,650 crore via fresh issuance of these shares. CARE and ICRA have assigned the IPO Grade 3, which indicates average fundamentals. The issue is open for subscription from on April 29 to May 4.

Objectives of the issue

The issue comprises of a fresh issue and an offer for sale. The proceeds of the fresh issue will be utilised to partially finance the Yamuna Expressway Project and the rest will be used for other corporate purposes.

Company profile

Jaypee Infratech is an infrastructure development company engaged in the development of the 165-kilometre Yamuna Expressway (YE) connecting Greater Noida and Agra. The project is scheduled to be completed by 2011. Besides this, the company is also engaged in the development of five integrated cities.

Concerns

The company’s primary business is the development of the Yamuna Expressway Project. Following the concession period, which will expire 36 years after the completion of the project, YE will be transferred to YEA (the Authority) and the company will not earn toll revenues from the expressway.

Moreover, if the construction of the expressway is not completed by April 2013 or within the extended period, as may be approved by the YEA, the concession period could be shorter than 36 years. In such a case, the aggregate toll revenues of the company may suffer a corresponding reduction.

The company has made a geographically concentrated bet because the expressway under development is located entirely in the state of Uttar Pradesh between Noida and Agra. The business, therefore, depends significantly on the economic conditions, activities in this region and revision of any government policy related to infrastructure development.

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