delhi gurgaon expressway-project

Delhi-Gurgaon Expressway

ldquoDELHI-GURGAON EXPRESSWAYrdquo PROJECT

Submitted to

Prof Vinay Auluck

Indian Institute of Planning amp Management ndash New Delhi


Acknowledgement

We would like to take this opportunity to thanks Prof Vinay Auluck for her continuous help

and guidance during this completion of our group projectrdquoDelhi Gurgaon Expresswayrdquo

Without her encouragement and rich knowledge in the subject We would like not have been

successfully complete this project report

We would like to thank Kunal sir to provide us useful information to complete our project



Purpose of the project-

The Delhi-Gurgaon region has the highest density of vehicles in India As a commercial hub

of Northern India it is already on one of the busiest traffic arteries in the National Highways

network

The DelhindashGurgaon section of highway carries more than 150000 passenger car units

a day

Delhi has one of the highest per capita incomes in India and also has the largest number of

motorized vehicles The DelhindashGurgaon section of highway carries more than 150000

passenger car units a day and this is likely to increase by over 7 per annum The expressway

will be a great improvement allowing the travel time between Dhaula Kaun in New Delhi and

Haldirams Resort in Gurgaon to be cut from the current one hour down to 15 minutes The

project comprises the widening and conversion of the Delhi to Gurgaon section of the

National Highway (NH)-8 into a six- to eight-lane access-controlled highway on a Build

Operate and Transfer (BOT) basis

This project is actually part of the larger Golden Quadrilateral (GQ) Project which is the

largest expressway project in India It is the first phase of the National Highways

Development Project (NHDP) and consists of building 5846km of four- to six-lane

expressways connecting Delhi Mumbai Kolkata and Chennai The 28km road section runs

from Rao Tula Ram Junction in Delhi (143km) and ends on the outskirts of Gurgaon (42km)

The project road lies partly in Delhi (between 143km and 2396km) and partly in Haryana

(between 2396km and 42km)



Project Definition- The Expressway

Introduction

An eight lane toll expressway between Gurgaon and New Delhi scheduled to become

operational in 2007 end will provide non-stop connectivity to the International Airport and

Dhaula Kuan in Delhi over a distance of 28 kilometers (18 miles) and includes 7 flyovers and

5 underpasses along the stretch The 28km Delhi to Gurgaon expressway is one of the most

important road construction projects currently underway in India The road is being

constructed by the Delhi Development Authority (DDA) the National Highways Authority of

India (NHAI) the Central Road Research Institute (CRRI) and the Haryana Urban

Development Authority (HUDA)

The Expressway from Delhi would start from Rao Tula Ram Marg via Palam Mahipalpur

kapashera Udyog Vihar Kendriya Vihar IFFCO Chowk South City Sector 31 Jharsa and

finally ending at Hero Honda Chowk in Haryana

The project is now expected to be extended by 3km due to a design change which

incorporates a new eight-lane section from Dhaula Kuan to Rao Tula Ram Marg The project

which started construction in June 2003 has already been delayed more than once due to legal

problems over land acquisition and compensation for buildings having to be demolished and

is now expected to be completed by 2007 end

Once completed the elevated sections will only allow vehicles capable of 80kmh to 100kmh

speeds Local and slow moving traffic will have to use lanes running under the elevated

sections The 47km of service roads will be able to cater to local traffic without interfering

with the through traffic of the expressway Slow traffic like city buses and two-wheelers will

be able to ply on the 10 level lanes that will run under the elevated section The expressway is

likely to cut down travel time from the present 60 minutes to 20 minutes

This will be one of the most modern toll plazas in the world It will be setting up 32 toll

counters and anticipate an average waiting time of five seconds per car Toll plazas will be set

up for incoming traffic at the Indira Gandhi International Airport and at the Delhi-Haryana

border Each flyover intersection will have provision for access and exit to the expressway



Driving down the Delhi-Gurgaon expressway at night is going to be a different experience

once the National Highway Authority of India (NHAI) is through with its project The

expressway with world-class powerful lighting double the illumination level of any highway

in the country will open for commuters in phases by the end of this year Twenty-metre-high

octagonal poles and 1000-watt light fixtures all imported from Dubai are being installed at

present These are being used for the first time in India on any highway said officials of

JPDSC the company in charge of the Rs 20-crore project

The completion of the 28 km Delhi-Gurgaon express highway which is well past its July

2005 deadline has moved from being a capital fantasy to a capital disappointment However

road ministry sources reveal that a project upgrade of over Rs 220-crore - designed to make

this stretch one of the best expressways in the world - may make it worth the wait The

project which was to cost Rs 555 crore to build is witnessing an over 60 increase in costs

and is now scheduled for completion in December 2007

JAYPEE-DSC Ventures Ltd is about to finish construction work on the Delhi-Gurgaon

access controlled highway project on NH-8 connecting Delhi with Gurgaon The expressway

totaling a length of 2770 kms with 6 flyovers and 5 under passes was scheduled to be

completed by November 2005 The project started from junction of NH-8 with Rao Tula Ram

Marg and ends at km 4200 of NH-8 in Haryana The total length of the Project Highway is

277 km Out of this 2233 km would be widened to 8 lanes and balance 537 km would be

widened to 6 lanes

The project also includes nine flyoversover bridges to provide signal free flow of traffic on

the main National Highway Besides this there will also be signal free access to Domestic and

International terminals of the Indira Gandhi International Airport Adequate provision has

also been made for safe passage of Pedestrians by providing four pedestrian subways and two

foot over bridges at different locations The highway provides important links to the western

ports and the North Indian markets as well as the newly developed townships and localities

such as Dwarka




Benefits of Expressway

Reduction in travel time From 65 minutes to 20 minutes

Saving in fuel Rs 8000 crore per annum

Less pollution

Less road mishaps

Faster safe comfortable journey

India on the expressway map

Easy and uninterrupted access to IGI airport

No intersections

Highway patrolling

Salient Features of Expressway

1 Cost Rs 555 Crore (projected) Rs 775 crores (actual)

2 Length 2770 Km

3 Number of lanes 86

4 8-lane portion 2233 Km


6 Number of fly-overs 7

7 Number of underpasses 5

8 Length of service road 4684 Km

9 Median strip width 40 meters

10 Paved shoulder width 170 meter

11 Completion month July 2005(projected) Deecember 2007 (actual)


Catering to very high traffic volumes to the tune of 120000 vehicles per day and having 20

intersections along its 28 kilometer long stretch the present four lane National Highway (NH-

8) between Delhi and Gurgaon faces acute congestion all the time leading to considerable

loss of time and fuel besides causing abnormal pollution in the area It is in fact one of the

busiest arteries on the National Highway network NHAI (National Highway Authority of

India) has therefore assigned top priority to the construction of this expressway which has

started developing foundations now and is expected to be opened in end 2007

The expressway is not a simple and small project Starting from Km 143 in Delhi near Rao

Tularam Marg and ending at Km 420 in Gurgaon Service roads provided on both sides of the

expressway are mostly 75 metres wide and amount to 4684 km length These will be used by

the two-wheelers The median strip width on the expressway is 40 metres Most of the

expressway (82 per cent) is eight-laned while the balance (18 per cent) is six-laned Rs

27500 crore is to be spent annually for two years if the expressway is to be completed in

time Significantly there will be no intersections and all the 20 intersections existing at

present will be taken care of

Delhi is the most prosperous and one of fastest growing economies in India Its economy

grew at a CAGR of 10 per cent between 1994 and 2003 In addition to being the national

capital Delhi is the principal business and commercial centre in northern India It is well

complemented by industrial areas in the National Capital Region such as Gurgaon Faridabad

and Noida

Project Parameters-

Progress of the Expressway -The construction work of Delhi-Gurgaon Highway is in

progress Main reasons for delay in work are change of scope of work delay in transfer of

Government land and delay in financial closure of the project They were scheduled to be

completed by 12072005 as per original schedule Current status of construction of each

flyover as on 30th June 2006 is as under

Sl No Flyover Work Completed

1 Rao-Tula-Ram- Marg-Palam Flyover 40



2 Mahipalpur-IGI Flyover 92

3 Rajokri Flyover Completed

4 Udyog Vihar Flyover (Gurgaon) 80

5 Iffco Chowck Flyover (Gurgaon) 84

6 South City Flyover (Gurgaon) 85

7 Sector-31 Flyover (Gurgaon) 88

8 Jarsa Flyover (Gurgaon) 90

9 Rajeev Chowk Flyover (Gurgaon) Completed




with the through traffic of the expressway

Requirements of the Expressway

Expressway construction demands meticulous planning and a number of agencies are required

to coordinate when such a complicated expressway having so many flyovers and underpasses

is planned to be constructed Besides the parent government department and the construction

agency technical arrangements for the detailed design and engineering of roads and flyovers

are to be made proof consultants are to be hired traffic estimates are to be made commercial

policy is to be decided tolling strategy is to be finalized to the finest details and operation and

maintenance plans are to be formed and approved

Delay in the project- The project has been considerably delayed by the concessionaire and

the sub-contractors are working at just half the speed they should be progressing at the

project is under close watch We are persuading the concessionaire to complete work in six

months as the delay is causing inconvenience to the public The 277 km long expressway was

originally scheduled to be completed in July 2005 by the consortium but the deadline was



revised to December 2007 after several changes in plans were requested by the Delhi and

Haryana governments But NHAI officials fear the project might run right into 2008 ldquoThe

delay in the project is due to the slow progress by the concessionaire and also due to rains

which was not taken into accountrdquo said a senior NHAI official Improvement of facilities

extension of the flyovers lengths subsequent cost escalation and the usual suspect

bureaucratic apathy have been cited as the causes responsible for the delay

Cost-

The NHAI does not spend a penny on the construction of the Delhi-Gurgaon expressway

Normally projects are based on the value of the government grant to be received In this case

rather a substantial amount of Rs 6106 crore has been paid to the government by the

company that is constructing the expressway This has happened for the first time that an

authority of the government has been paid for allowing a company to build an expressway by

spending Rs 555 crore on it from its own pocket

Financing the Expressway

The Kolkata-based SREI International Finance is participating in the financing of the Rs

54750-crore Delhi-Gurgaon Expressway project the section being a part of the Golden

Quadrilateral project of the Union Government Hudco is providing a term loan of Rs 200

crore SREI which is financing the project to the extent of Rs 25 crore is participating along

with State Bank of Mysore (Rs 30 crore) Punjab National Bank (Rs 30 crore) and Jammu amp

Kashmir Bank (Rs 15 crore)

Two companies namely Jaiprakash Industries and DS Constructions have formed a joint

venture Jaypee DSC Ventures Ltd (JDVL) to execute the expressway The joint venture has

not only taken up the execution of the expressway but has paid Rs 6106 crore to the NHAI

for awarding it the project to construct maintain and draw toll tax for a period of 20 years

The firm seems to be on a sure footing to earn in the long run and the NHAI as well as the

country has nothing to lose Nor will be the users who will save time and fuel in lieu of

paying the toll The fuel saving alone on account of coming up of this expressway is

estimated to be Rs 8000 crore per annum



Implementation Arrangements

Project Management

NHAI will be the Executing Agency for the Project The Project is implemented by two

specially created PIUs (Project implementation unit) PIUs should be adequately staffed

which should be completed within two months of loan effectiveness and in any case prior to

the award of civil works contracts under the Project whichever is earlier Two general

manager level staff are assigned as project directors one for each PIU who would be assisted

by threefour deputy general managers or managers each responsible for one contract

package or a BOT component An additional deputy general manager or manager is assigned

for each of the PIU for overseeing resettlement activities and also handling grievances to be

filed by the public including project affected persons and NGOs An accountantfinancial

management specialist is assigned for each PIU

Consulting Services

Given the length of project highways NHAI decided to engage two consulting firms as

project engineers to ensure adequate construction supervision of civil works With the

expanded power of the engineer as adopted in the Western Transport Corridor Project NHAI

will continue to ensure objective and transparent processing of contract variations NHAI will

also engage another consulting firm of similar function for the BOT component NHAI has

engaged consulting firms using quality- and cost-based selection for full technical proposals

Contractors

This project was awarded to the consortium of Jaiprakash Industries Ltd (JIL) and DS

Construction Ltd (DSCL) and is being implemented by Jaypee DSC Ventures Ltd a SPV

Company formed for the purpose The project was awarded on the basis of a negative grant

where project contractors have actually agreed to pay the Government Rs 610m for the right

to operate the toll access to the new expressway Ms Rites Ltd and Sheladia LR Kadiyali are

an Indian-US joint venture also involved in the construction of parts of the expressway

project

Project Performance Monitoring and Evaluation



While the Delhi-Gurgaon highway being built to ease movement of traffic on the crucial

National Highway-8 is still to be completed even after the lapse of at least a couple of

deadlines here is some good news for those using National Highway-24 connecting Delhi

with the neighbouring townships of Ghaziabad and Noida The Delhi Government has started

widening its stretch between Noida Mor and Ghazipur in East Delhi This part of the highway

had seen the volume of traffic increase by leaps and bounds over the past two years Keeping

in mind the growing number of vehicles on National Highway-24 due to upcoming housing

complexes at Noida Indirapuram Vaishali Vasundhara and Kaushambi the plan is to widen

the entire stretch up to Indirapuram so that movement of traffic could be eased With help

from the supervision consultants NHAI will monitor and evaluate project performance

Primary monitoring indicators to be used by NHAI and percentage of roads without

discernable congestion to measure capacity expansion international roughness index to

measure the riding quality of the project roads travel time to measure increased efficiency

for passenger transport freight for trucking service to measure reduction in transport costs

traffic fatalities to measure increased road safety and length of highway sections to be

developed by the private sector to measure the extent of private sector participation

Project Supervision and Review-Soon after the loan approval of the Project a project

inception mission was fielded to start project implementation The Government and NHAI

will periodically review the Project to assess and evaluate its scope implementation

arrangements benefit monitoring progress and achievements NHAI undertook a midterm

project review in May 2004 to evaluate the project scope design and implementation

arrangements identify changes needed since project appraisal assess implementation

performance against project performance indicators review resettlement operations review

and establish compliance with the legal covenants identify problems and constraints and

recommended changes in project design or implementation

Operation and Maintenance- For the past few years NHAI has been in accelerated

construction mode with less attention being paid to OampM As more highways are constructed

and placed in service OampM is becoming an increasingly important agenda for NHAI Newly

created assets need to be appropriately sustained and their ROW kept clear ie free from

encroachment To explore possible operational approaches to best address OampM issues

NHAI has initiated programs for corridor management units (CMUs) (Please see annexure-

fig1)



Assessing amp Managing Risk-

Hurdles on the highways -Though the work in the Capital has been delayed by a few

months senior PWD officials say they would complete their stretch by 2007 as it is also

crucial for their preparations for the Commonwealth Games-2010 The PWD has started

constructing over-bridges and widening the highway in stretches Recently the Delhi

Government had also given permission to cut some trees coming in the way of the project

which was one of the main reasons behind the delay

Project Completion Risk

Liquidated Damages are a part of the Concession Agreement and the responsibility for timely

completion rests entirely on the Concessionaire Damages are linked to achieving each Project

Milestone (as against completing entire Project) The damages will be paid by the

Concessionaire at the rate of Rs 1 lac per day for each project milestone and an amount

calculated at the rate of 001percent of the total Project Cost per week for the entire Project

No form of Corporate Guarantee provided

Concessionaire has the right to commence construction at its own risk

Independent Consultant to be appointed in consultation with the Concessionaire

Market Risk

No Issue of a notification restricting the plying of Commercial TrafficHeavy Vehicles

on the existing stretch of NH-8 during the entire life

Development of any alternate road to the Bypass restricted

Operating Risk



Consortium Members to maintain minimum 26percent equity stake in the SPV during

the entire concession period

In case of Concessionaire event of default 90percent of outstanding dues of the lenders

would be met by NHAI

Legal Risk (Change in Law)

Terms of CA would be modified by NHAI to bring the Concessionaire in substantially the

same commercial and financial position as it was prior to the change in law in case the effect

of the said change in law is greater than Rs 10 million In case NHAI does not do so it would

be termed as NHAI event of default and in terms of the CA all lenders outstanding dues

would be paid by NHAI

Force Majure Risks

All insurable Force Majure Events would be covered through suitable insurance

policies

In case of other FM events the compensation provides for a) senior lenders dues b)

12 times dues of subordinated lenders c) Equity compensation to protect nominal

value of 15 times equity (but the actual return depends on inflation) d) negative grant

amount paid by the Concessionaire

NHAI to provide Revenue Shortfall Loan to the Concessionaire in case the shortfall is

due to an IndirectDirect Political Event of Force Majure

Commercial Risk



In case of termination due to Concessionairersquos default all his rights and obligations

will automatically stand assigned to NHAI (who may assign this to another

Concessionaire)

For the purpose of financing the concessionaire has the right to transfer and assign its

rights and interest in the Project and to create security interest in the CA for the benefit

of the lenders

No form of Revenue shortfall loan provided

Political Risks

If CA is terminated due to NHAI event of default or due to Force Majure Event the lender

shall have the first charge on such sums payable by NHAI to the Project

Safety measures undertaken

Delhi-Gurgaon Expressway can be reckoned as the most impressive scheme underway As per

the studies conducted by RITES consortium on behalf of NHAI a volume of 120 lakh

vehicles per day has been observed on the Delhi-Gurgaon road This is expected to rise by 75

per cent per annum till 2007 and by 6 per cent per annum thereafter When an expressway is

constructed on such a busy road it is compulsory to take extra safety measures to prevent

speed accidents For this there are no any sharp curves on the expressway embankments

should not be too high all fixed objects such as trees are isolated and the movement of two-

wheelers and pedestrians is regulated in a strict manner

Resolving Conflicts-

The project has hit roadblocks due to conflicts among the Haryana government Haryana

Urban Development Authority (Huda) and Delhi Development Authority (DDA) leading to

change in scope of the project Sources said that at least 10 modifications were made in the



original design which escalated the cost by up to Rs 200 crore They also pointed out that

demands made by bodies like Huda and DDA regarding connected projects played a role in

the delay As 18 km out of the total 27 km length of the expressway falls under Haryana

permission for land acquisition was sought from the state government Since NHAI was

implementing the project it could not refuse lsquorequestsrsquo from Haryana government for creating

underpasses intersections and other such modifications on the project route A case in point is

the ongoing stalemate on creating an underground trumpet interchange on the Kapashera

NH-8 junction This lsquorequestrsquo was made by DDA to NHAI in July 2003

Assessment of OutcomeStatus of ProjectIts success or failureImpact on

organization-

Started in January 2003 it was earlier scheduled to be ready by April 2005 but now itrsquos

official that the deadline has been extended to 2007 end ldquoThe delay in the project is due to

the slow progress by the concessionaire and also due to rains which was not taken into

accountrdquo said a senior NHAI official Improvement of facilities extension of the flyovers

lengths subsequent cost escalation and the usual suspect bureaucratic apathy have been cited

as the causes responsible for the delay As for Mahipalpur flyover the work is almost 80

over But here experts say the remaining work may take another six months to complete

According to them this flyover cannot be opened to public till a loop is created to carry traffic

towards the international airport And construction work on this loop say sources can begin

only when a strip of land measuring 150-odd meters from Radisson Hotel upto the petrol

pump near Shiv Murti is acquired for construction of a service road

The expressway which was to cost an estimated Rs 555 crore will now cost about Rs 710

crore The Rao Tula Ram Marg to Palam flyover will take the most time instead of the

earlier proposed two 84-metre flyovers each at a cost of Rs 8 crore a 19-km-long elevated

flyover is to be constructed at a cost of Rs 110 crore The sudden increase in cost made worse

by the delay in reimbursement and relocation of utilities has stretched matters Public utilities

need to be shifted along the RTR-Palam stretch a religious structure needs to be demolished

and trees need to be cut down and traffic diversions have to be planned An additional hot mix



plant of 240 TPH has already been set up two cranes of 180 tons have been bought

exclusively for the RTR-Palam Intersection construction besides two additional concrete

batching plants of 60 cubic meters and 30 cubic meters per hour have been installed Till date

over Rs 650 crore have been invested into the project

Flyovers amp Intersections

The expressway involved the design and construction of the following flyovers which

included precast segmental superstructures Pre-Stressed Concrete (PSC) voided slab

superstructures and cast-in-situ PSC continuous superstructures

Rao Tula Ram junction -three lanes

Palam junction - three lanes

Mahipalpur junction - eight lanes

Radison IGI junction - four lanes

Rajokri junction - eight lanes opened in 2006

Shankar Chowk HUDA Chowk - eight lanes

IFFCO Chowk - eight lanes 90 completed will open by December 2007

Small flyover near IFFCO Chowk - eight lanes

South City junction - eight lanes 90 complete will open by December 2007

Jharsa junction - eight lanes 90 complete will open by December 2007

Rajiv Chowk - eight lanes opened 2006

Although the project has achieved most of its milestones but it will still be considered a

failure because bad estimation of the project cost which will exceed by almost Rs210-225

crores Also a number of changes had to be incurred during its implementation phase The

project which started construction in June 2003 scheduled to be ready by April 2005 has

already been delayed and is now expected to be completed by 2007 end The total cost of the

project is estimated to be Rs 710 cr covering total length of 2770 km The original cost of

the project was around 550 cr which was later increased to Rs 200 due to change in scope of



work The prestigious Delhi Gurgaon Express Highway will be operational by Dec 2007 This

will considerably reduce commuting time between Delhi Gurgaon from present 60 minutes to

20 minutes The NHDP has been a success not only in building Express highways to strict

quality specifications but also in technologically upgrading the road construction industry

itself

Financial Analysis

Method used to evaluate the financial viability of a proposed project by assessing the value of net cash flows that result from its implementationIncludes calculation ofndash Costsndash Benefits

Costs can be divided intondash Total Transportation Costs

Construction cost Maintenance Cost Road User Cost

ndash Economic and Financial Costs Benefits can be divided into

ndash Tangible Benefits--Intangible Benefits

Methods of Financial Analysis Net Present Value Method Internal Rate of Return Method Benefit Cost Ratio Method

Acceptance Criteria for BOT Projects The NPV for the project should be positive The financial IRR should have a value greater than the discount rate The BCR for the project should be greater than one

Delhi ndash Gurgaon Expressway



1048698 Project Details1 Cost Rs 755 Crore 2 Length 2770 Km3 Number of lanes 864 8-lane portion 2233 Km5 6-lane portion 537 Km6 Number of fly-overs 77 Number of underpasses 58 Length of service road 4684 Km9 Median strip width 40 meters10 Paved shoulder width 170 meter11 Completion month July 2007

Financial Costs

Capital Costsndash Construction Costsndash Maintenance CostsCosts are computed first in financial terms based on market pricesMarket prices are often distorted due to market imperfections govt policies and regulationsThe predicted construction costs of the project was 550 crores but due to delays in the project it rose to around 750 croresMaintenance costndash Periodic Maintenace Cost = Rs 150 crores every 5 yearsndash Regular Maintenance Cost = Rs 50 crores anually

COST STRUCTURE OF DGEW



Construction of Maintenance CostYear Construction Cost Operation and Maintenance Most Total Cost2004 1500000000 15000000002005 2250000000 22500000002006 2250000000 22500000002007 1500000000 15000000002008 150000000 1500000002009 154500000 1545000002010 159135000 1591350002011 163909050 1639090502012 168826322 1688263222013 173891111 1738911112014 179107844 1791078442015 184481080 1844810802016 190015512 1900155122017 195715978 1957159782018 201587457 2015874572019 207635081 2076350812020 213864133 2138641332021 220280057 2202800572022 226888459 2268884592023 233695112 2336951122024 240705966 240705966



2025 247927145 2479271452026 255364959 2553649592027 263025908 2630259082028 270916685 2709166852029 279044186 2790441862030 287415511 2874155112031 296037977 2960379772032 304919116 3049191162033 314066689 3140666892034 323488690 3234886902035 333193351 3331933512036 343189151 3431891512037 353484826 3534848262038 360125451 3601254512039 365421569 365421569

Periodic Maintenance Cost



Financial BenefitsRevenue with Maximum Toll

TollYear Truck Bus Car Total Revenue Discounted Revenue2006 2007 2008 804000 341700 1742100 176449500 1058697002009 844200 358700 1829200 185264500 1111587002010 886500 376720 1920600 194538700 1167232202011 930750 395590 2016700 204266400 1225598402012 977400 415310 2117500 214481350 1286888102013 1026150 436050 2223400 225195500 1351173002014 1077450 457810 2334500 236447600 1418685602015 1131450 480760 2451300 248288350 1489730102016 1176600 499970 2549300 258207450 1549244702017 1223700 520030 2651300 268545050 1611270302018 1272600 540770 2757300 279275450 1675652702019 1323600 562360 2867600 290450600 1742703602020 1376550 584970 2982300 302078700 1812472202021 1431600 608260 3101600 314152100 1884912602022 1488750 632740 3225700 326724150 1960344902023 1548450 657900 3354700 339790250 203874150



2024 1610250 684250 3488900 353375000 2120250002025 1674750 711620 3628500 367518950 2205113702026 1725000 733040 3737300 378548400 2271290402027 1776750 754970 3849400 389898700 2339392202028 1830000 777580 3964900 401589300 2409535802029 1884900 801040 4083900 413650900 2481905402030 1941450 825010 4206400 426054600 2556327602031 1999650 849830 4332600 438839300 2633035802032 2059650 875330 4462500 452001800 2712010802033 2121450 901510 4596400 465557100 2793342602034 2185200 928540 4734300 479530900 2877185402035 2250750 956420 4876300 493916950 2963501702036 2257050 959140 4890000 495305650 2971833902037 2310000 981580 5004800 506924300 3041545802038 2362950 1004190 5119600 518557400 3111344402039 2415900 1026630 5234300 530171050 318102630

Financial Appraisal

The annual stream of financial costs and benefits has been computed over the analysis periodNet Present ValueAll costs and benefits in future years are discounted to the year of analysis using the adopted discount rate The future stream of discounted costs is subtracted from the future stream of discounted benefits This can be represented by the following formula

NPV = PV(Benefits) ndash PV(Costs)If NPV gt 0 then the project is deemed to be financially justified

Financial Viability1048698 The financial viability of a project is assessed in terms of Financial Internal Rate of Return (FIRR) and the Net Present Value (NPV)1048698 For the Delhi Gurgaon Expresswayndash FIRR = 826ndash NPV = -22456 croresndash BC = -074



Sensitivity Analysis

Sensitivity Analysis is done for following three casesndash Case I Increase in project cost by 10 ndash Case II Decrease in revenues by 10 ndash Case III Increase in project cost and decrease in revenue by 10Results of three cases are as followndash Case I FIRR=948ndash Case II FIRR =894ndash Case III FIRR=883



Conclusions

Financial analysis of the project gave the FIRR to be 826 which is less than the discount rate of 10 and also the BC ratio came out to be less than 1

According to the acceptance criteria of a BOT the project is deemed to be financially non viable

As per sensitivity analysis results the increase in costs by 10 decrease in benefits by 10 and both these cases the IRR is nearly about 9 So project is very less sensitive to the increase in cost and decrease in benefits



BIBLIOGRAPHY

Books- ldquoProject Management-A Managerial Approachrdquo Meridith Jack R amp Mantel Jr

Samuel J

International Project Management Bennet Lientz amp Katherine Rea

Project Management for Business amp Technology-John M Nicholas

Websites- wwwtribuneindiacom200320031218sciencehtm

wwwgurgaonscoopcomstory2005661205996042


timesofindiaindiatimescomarticleshow1143201cms

wwwsreicommedia_delhtm



wwwfinancialexpresscomfe_full_storyphpcontent_id=114988 - 57k ndash

wwwprojectsmonitorcomdetailnewsaspnewsid=8346 - 18k

enwikipediaorgwikiGurgaon

wwwhinducom20060101stories2006010114090300htm

citiesexpressindiacomfullstoryphpnewsid=125359 - 43k

wwwfinancialexpresscomfe_full_storyphpcontent_id=114988 - 57k

wwwthehindubusinesslinecom20020420stories2002042002081700htm - 12k

timesofindiaindiatimescomarticleshowmsid-1327764curpg-3cms - 47k ndash

newsgurgaon-propertiescomdelhi-gurgaon-highway-zipping-into-2006 - 25k ndash

wwwroadtraffic-technologycomprojectsdelhi-gurgaondelhi-gurgaon1html -




Acknowledgement

We would like to take this opportunity to thanks Prof Vinay Auluck for her continuous help

and guidance during this completion of our group projectrdquoDelhi Gurgaon Expresswayrdquo

Without her encouragement and rich knowledge in the subject We would like not have been

successfully complete this project report

We would like to thank Kunal sir to provide us useful information to complete our project






network


a day



















Introduction
















































widened to 6 lanes







such as Dwarka







Less pollution

Less road mishaps




No intersections

Highway patrolling



2 Length 2770 Km






























and Noida

Project Parameters-











































Cost-

























Project Management











Consulting Services







Contractors







project



































fig1)



















Market Risk




Operating Risk













Force Majure Risks


policies







Commercial Risk





Concessionaire)



of the lenders


Political Risks



























organization-





















































itself

Financial Analysis












Financial Costs








2025 247927145 2479271452026 255364959 2553649592027 263025908 2630259082028 270916685 2709166852029 279044186 2790441862030 287415511 2874155112031 296037977 2960379772032 304919116 3049191162033 314066689 3140666892034 323488690 3234886902035 333193351 3331933512036 343189151 3431891512037 353484826 3534848262038 360125451 3601254512039 365421569 365421569








2024 1610250 684250 3488900 353375000 2120250002025 1674750 711620 3628500 367518950 2205113702026 1725000 733040 3737300 378548400 2271290402027 1776750 754970 3849400 389898700 2339392202028 1830000 777580 3964900 401589300 2409535802029 1884900 801040 4083900 413650900 2481905402030 1941450 825010 4206400 426054600 2556327602031 1999650 849830 4332600 438839300 2633035802032 2059650 875330 4462500 452001800 2712010802033 2121450 901510 4596400 465557100 2793342602034 2185200 928540 4734300 479530900 2877185402035 2250750 956420 4876300 493916950 2963501702036 2257050 959140 4890000 495305650 2971833902037 2310000 981580 5004800 506924300 3041545802038 2362950 1004190 5119600 518557400 3111344402039 2415900 1026630 5234300 530171050 318102630

Financial Appraisal










Conclusions






BIBLIOGRAPHY


Samuel J


























network


a day



















Introduction
















































widened to 6 lanes







such as Dwarka







Less pollution

Less road mishaps




No intersections

Highway patrolling



2 Length 2770 Km






























and Noida

Project Parameters-











































Cost-

























Project Management











Consulting Services







Contractors







project



































fig1)



















Market Risk




Operating Risk













Force Majure Risks


policies







Commercial Risk





Concessionaire)



of the lenders


Political Risks



























organization-





















































itself

Financial Analysis












Financial Costs








2025 247927145 2479271452026 255364959 2553649592027 263025908 2630259082028 270916685 2709166852029 279044186 2790441862030 287415511 2874155112031 296037977 2960379772032 304919116 3049191162033 314066689 3140666892034 323488690 3234886902035 333193351 3331933512036 343189151 3431891512037 353484826 3534848262038 360125451 3601254512039 365421569 365421569








2024 1610250 684250 3488900 353375000 2120250002025 1674750 711620 3628500 367518950 2205113702026 1725000 733040 3737300 378548400 2271290402027 1776750 754970 3849400 389898700 2339392202028 1830000 777580 3964900 401589300 2409535802029 1884900 801040 4083900 413650900 2481905402030 1941450 825010 4206400 426054600 2556327602031 1999650 849830 4332600 438839300 2633035802032 2059650 875330 4462500 452001800 2712010802033 2121450 901510 4596400 465557100 2793342602034 2185200 928540 4734300 479530900 2877185402035 2250750 956420 4876300 493916950 2963501702036 2257050 959140 4890000 495305650 2971833902037 2310000 981580 5004800 506924300 3041545802038 2362950 1004190 5119600 518557400 3111344402039 2415900 1026630 5234300 530171050 318102630

Financial Appraisal










Conclusions






BIBLIOGRAPHY


Samuel J
























Introduction
















































widened to 6 lanes







such as Dwarka







Less pollution

Less road mishaps




No intersections

Highway patrolling



2 Length 2770 Km






























and Noida

Project Parameters-











































Cost-

























Project Management











Consulting Services







Contractors







project



































fig1)



















Market Risk




Operating Risk













Force Majure Risks


policies







Commercial Risk





Concessionaire)



of the lenders


Political Risks



























organization-





















































itself

Financial Analysis












Financial Costs








2025 247927145 2479271452026 255364959 2553649592027 263025908 2630259082028 270916685 2709166852029 279044186 2790441862030 287415511 2874155112031 296037977 2960379772032 304919116 3049191162033 314066689 3140666892034 323488690 3234886902035 333193351 3331933512036 343189151 3431891512037 353484826 3534848262038 360125451 3601254512039 365421569 365421569








2024 1610250 684250 3488900 353375000 2120250002025 1674750 711620 3628500 367518950 2205113702026 1725000 733040 3737300 378548400 2271290402027 1776750 754970 3849400 389898700 2339392202028 1830000 777580 3964900 401589300 2409535802029 1884900 801040 4083900 413650900 2481905402030 1941450 825010 4206400 426054600 2556327602031 1999650 849830 4332600 438839300 2633035802032 2059650 875330 4462500 452001800 2712010802033 2121450 901510 4596400 465557100 2793342602034 2185200 928540 4734300 479530900 2877185402035 2250750 956420 4876300 493916950 2963501702036 2257050 959140 4890000 495305650 2971833902037 2310000 981580 5004800 506924300 3041545802038 2362950 1004190 5119600 518557400 3111344402039 2415900 1026630 5234300 530171050 318102630

Financial Appraisal










Conclusions






BIBLIOGRAPHY


Samuel J










































widened to 6 lanes







such as Dwarka







Less pollution

Less road mishaps




No intersections

Highway patrolling



2 Length 2770 Km






























and Noida

Project Parameters-











































Cost-

























Project Management











Consulting Services







Contractors







project



































fig1)



















Market Risk




Operating Risk













Force Majure Risks


policies







Commercial Risk





Concessionaire)



of the lenders


Political Risks



























organization-





















































itself

Financial Analysis












Financial Costs








2025 247927145 2479271452026 255364959 2553649592027 263025908 2630259082028 270916685 2709166852029 279044186 2790441862030 287415511 2874155112031 296037977 2960379772032 304919116 3049191162033 314066689 3140666892034 323488690 3234886902035 333193351 3331933512036 343189151 3431891512037 353484826 3534848262038 360125451 3601254512039 365421569 365421569








2024 1610250 684250 3488900 353375000 2120250002025 1674750 711620 3628500 367518950 2205113702026 1725000 733040 3737300 378548400 2271290402027 1776750 754970 3849400 389898700 2339392202028 1830000 777580 3964900 401589300 2409535802029 1884900 801040 4083900 413650900 2481905402030 1941450 825010 4206400 426054600 2556327602031 1999650 849830 4332600 438839300 2633035802032 2059650 875330 4462500 452001800 2712010802033 2121450 901510 4596400 465557100 2793342602034 2185200 928540 4734300 479530900 2877185402035 2250750 956420 4876300 493916950 2963501702036 2257050 959140 4890000 495305650 2971833902037 2310000 981580 5004800 506924300 3041545802038 2362950 1004190 5119600 518557400 3111344402039 2415900 1026630 5234300 530171050 318102630

Financial Appraisal










Conclusions






BIBLIOGRAPHY


Samuel J



























Less pollution

Less road mishaps




No intersections

Highway patrolling



2 Length 2770 Km






























and Noida

Project Parameters-











































Cost-

























Project Management











Consulting Services







Contractors







project



































fig1)



















Market Risk




Operating Risk













Force Majure Risks


policies







Commercial Risk





Concessionaire)



of the lenders


Political Risks



























organization-





















































itself

Financial Analysis












Financial Costs








2025 247927145 2479271452026 255364959 2553649592027 263025908 2630259082028 270916685 2709166852029 279044186 2790441862030 287415511 2874155112031 296037977 2960379772032 304919116 3049191162033 314066689 3140666892034 323488690 3234886902035 333193351 3331933512036 343189151 3431891512037 353484826 3534848262038 360125451 3601254512039 365421569 365421569








2024 1610250 684250 3488900 353375000 2120250002025 1674750 711620 3628500 367518950 2205113702026 1725000 733040 3737300 378548400 2271290402027 1776750 754970 3849400 389898700 2339392202028 1830000 777580 3964900 401589300 2409535802029 1884900 801040 4083900 413650900 2481905402030 1941450 825010 4206400 426054600 2556327602031 1999650 849830 4332600 438839300 2633035802032 2059650 875330 4462500 452001800 2712010802033 2121450 901510 4596400 465557100 2793342602034 2185200 928540 4734300 479530900 2877185402035 2250750 956420 4876300 493916950 2963501702036 2257050 959140 4890000 495305650 2971833902037 2310000 981580 5004800 506924300 3041545802038 2362950 1004190 5119600 518557400 3111344402039 2415900 1026630 5234300 530171050 318102630

Financial Appraisal










Conclusions






BIBLIOGRAPHY


Samuel J










































and Noida

Project Parameters-











































Cost-

























Project Management











Consulting Services







Contractors







project



































fig1)



















Market Risk




Operating Risk













Force Majure Risks


policies







Commercial Risk





Concessionaire)



of the lenders


Political Risks



























organization-





















































itself

Financial Analysis












Financial Costs








2025 247927145 2479271452026 255364959 2553649592027 263025908 2630259082028 270916685 2709166852029 279044186 2790441862030 287415511 2874155112031 296037977 2960379772032 304919116 3049191162033 314066689 3140666892034 323488690 3234886902035 333193351 3331933512036 343189151 3431891512037 353484826 3534848262038 360125451 3601254512039 365421569 365421569








2024 1610250 684250 3488900 353375000 2120250002025 1674750 711620 3628500 367518950 2205113702026 1725000 733040 3737300 378548400 2271290402027 1776750 754970 3849400 389898700 2339392202028 1830000 777580 3964900 401589300 2409535802029 1884900 801040 4083900 413650900 2481905402030 1941450 825010 4206400 426054600 2556327602031 1999650 849830 4332600 438839300 2633035802032 2059650 875330 4462500 452001800 2712010802033 2121450 901510 4596400 465557100 2793342602034 2185200 928540 4734300 479530900 2877185402035 2250750 956420 4876300 493916950 2963501702036 2257050 959140 4890000 495305650 2971833902037 2310000 981580 5004800 506924300 3041545802038 2362950 1004190 5119600 518557400 3111344402039 2415900 1026630 5234300 530171050 318102630

Financial Appraisal










Conclusions






BIBLIOGRAPHY


Samuel J
























































Cost-

























Project Management











Consulting Services







Contractors







project



































fig1)



















Market Risk




Operating Risk













Force Majure Risks


policies







Commercial Risk





Concessionaire)



of the lenders


Political Risks



























organization-





















































itself

Financial Analysis












Financial Costs








2025 247927145 2479271452026 255364959 2553649592027 263025908 2630259082028 270916685 2709166852029 279044186 2790441862030 287415511 2874155112031 296037977 2960379772032 304919116 3049191162033 314066689 3140666892034 323488690 3234886902035 333193351 3331933512036 343189151 3431891512037 353484826 3534848262038 360125451 3601254512039 365421569 365421569








2024 1610250 684250 3488900 353375000 2120250002025 1674750 711620 3628500 367518950 2205113702026 1725000 733040 3737300 378548400 2271290402027 1776750 754970 3849400 389898700 2339392202028 1830000 777580 3964900 401589300 2409535802029 1884900 801040 4083900 413650900 2481905402030 1941450 825010 4206400 426054600 2556327602031 1999650 849830 4332600 438839300 2633035802032 2059650 875330 4462500 452001800 2712010802033 2121450 901510 4596400 465557100 2793342602034 2185200 928540 4734300 479530900 2877185402035 2250750 956420 4876300 493916950 2963501702036 2257050 959140 4890000 495305650 2971833902037 2310000 981580 5004800 506924300 3041545802038 2362950 1004190 5119600 518557400 3111344402039 2415900 1026630 5234300 530171050 318102630

Financial Appraisal










Conclusions






BIBLIOGRAPHY


Samuel J
























Project Management











Consulting Services







Contractors







project



































fig1)



















Market Risk




Operating Risk













Force Majure Risks


policies







Commercial Risk





Concessionaire)



of the lenders


Political Risks



























organization-





















































itself

Financial Analysis












Financial Costs








2025 247927145 2479271452026 255364959 2553649592027 263025908 2630259082028 270916685 2709166852029 279044186 2790441862030 287415511 2874155112031 296037977 2960379772032 304919116 3049191162033 314066689 3140666892034 323488690 3234886902035 333193351 3331933512036 343189151 3431891512037 353484826 3534848262038 360125451 3601254512039 365421569 365421569








2024 1610250 684250 3488900 353375000 2120250002025 1674750 711620 3628500 367518950 2205113702026 1725000 733040 3737300 378548400 2271290402027 1776750 754970 3849400 389898700 2339392202028 1830000 777580 3964900 401589300 2409535802029 1884900 801040 4083900 413650900 2481905402030 1941450 825010 4206400 426054600 2556327602031 1999650 849830 4332600 438839300 2633035802032 2059650 875330 4462500 452001800 2712010802033 2121450 901510 4596400 465557100 2793342602034 2185200 928540 4734300 479530900 2877185402035 2250750 956420 4876300 493916950 2963501702036 2257050 959140 4890000 495305650 2971833902037 2310000 981580 5004800 506924300 3041545802038 2362950 1004190 5119600 518557400 3111344402039 2415900 1026630 5234300 530171050 318102630

Financial Appraisal










Conclusions






BIBLIOGRAPHY


Samuel J






















































fig1)



















Market Risk




Operating Risk













Force Majure Risks


policies







Commercial Risk





Concessionaire)



of the lenders


Political Risks



























organization-





















































itself

Financial Analysis












Financial Costs








2025 247927145 2479271452026 255364959 2553649592027 263025908 2630259082028 270916685 2709166852029 279044186 2790441862030 287415511 2874155112031 296037977 2960379772032 304919116 3049191162033 314066689 3140666892034 323488690 3234886902035 333193351 3331933512036 343189151 3431891512037 353484826 3534848262038 360125451 3601254512039 365421569 365421569








2024 1610250 684250 3488900 353375000 2120250002025 1674750 711620 3628500 367518950 2205113702026 1725000 733040 3737300 378548400 2271290402027 1776750 754970 3849400 389898700 2339392202028 1830000 777580 3964900 401589300 2409535802029 1884900 801040 4083900 413650900 2481905402030 1941450 825010 4206400 426054600 2556327602031 1999650 849830 4332600 438839300 2633035802032 2059650 875330 4462500 452001800 2712010802033 2121450 901510 4596400 465557100 2793342602034 2185200 928540 4734300 479530900 2877185402035 2250750 956420 4876300 493916950 2963501702036 2257050 959140 4890000 495305650 2971833902037 2310000 981580 5004800 506924300 3041545802038 2362950 1004190 5119600 518557400 3111344402039 2415900 1026630 5234300 530171050 318102630

Financial Appraisal










Conclusions






BIBLIOGRAPHY


Samuel J







































Market Risk




Operating Risk













Force Majure Risks


policies







Commercial Risk





Concessionaire)



of the lenders


Political Risks



























organization-





















































itself

Financial Analysis












Financial Costs








2025 247927145 2479271452026 255364959 2553649592027 263025908 2630259082028 270916685 2709166852029 279044186 2790441862030 287415511 2874155112031 296037977 2960379772032 304919116 3049191162033 314066689 3140666892034 323488690 3234886902035 333193351 3331933512036 343189151 3431891512037 353484826 3534848262038 360125451 3601254512039 365421569 365421569








2024 1610250 684250 3488900 353375000 2120250002025 1674750 711620 3628500 367518950 2205113702026 1725000 733040 3737300 378548400 2271290402027 1776750 754970 3849400 389898700 2339392202028 1830000 777580 3964900 401589300 2409535802029 1884900 801040 4083900 413650900 2481905402030 1941450 825010 4206400 426054600 2556327602031 1999650 849830 4332600 438839300 2633035802032 2059650 875330 4462500 452001800 2712010802033 2121450 901510 4596400 465557100 2793342602034 2185200 928540 4734300 479530900 2877185402035 2250750 956420 4876300 493916950 2963501702036 2257050 959140 4890000 495305650 2971833902037 2310000 981580 5004800 506924300 3041545802038 2362950 1004190 5119600 518557400 3111344402039 2415900 1026630 5234300 530171050 318102630

Financial Appraisal










Conclusions






BIBLIOGRAPHY


Samuel J

































Force Majure Risks


policies







Commercial Risk





Concessionaire)



of the lenders


Political Risks



























organization-





















































itself

Financial Analysis












Financial Costs








2025 247927145 2479271452026 255364959 2553649592027 263025908 2630259082028 270916685 2709166852029 279044186 2790441862030 287415511 2874155112031 296037977 2960379772032 304919116 3049191162033 314066689 3140666892034 323488690 3234886902035 333193351 3331933512036 343189151 3431891512037 353484826 3534848262038 360125451 3601254512039 365421569 365421569








2024 1610250 684250 3488900 353375000 2120250002025 1674750 711620 3628500 367518950 2205113702026 1725000 733040 3737300 378548400 2271290402027 1776750 754970 3849400 389898700 2339392202028 1830000 777580 3964900 401589300 2409535802029 1884900 801040 4083900 413650900 2481905402030 1941450 825010 4206400 426054600 2556327602031 1999650 849830 4332600 438839300 2633035802032 2059650 875330 4462500 452001800 2712010802033 2121450 901510 4596400 465557100 2793342602034 2185200 928540 4734300 479530900 2877185402035 2250750 956420 4876300 493916950 2963501702036 2257050 959140 4890000 495305650 2971833902037 2310000 981580 5004800 506924300 3041545802038 2362950 1004190 5119600 518557400 3111344402039 2415900 1026630 5234300 530171050 318102630

Financial Appraisal










Conclusions






BIBLIOGRAPHY


Samuel J

























Concessionaire)



of the lenders


Political Risks



























organization-





















































itself

Financial Analysis












Financial Costs








2025 247927145 2479271452026 255364959 2553649592027 263025908 2630259082028 270916685 2709166852029 279044186 2790441862030 287415511 2874155112031 296037977 2960379772032 304919116 3049191162033 314066689 3140666892034 323488690 3234886902035 333193351 3331933512036 343189151 3431891512037 353484826 3534848262038 360125451 3601254512039 365421569 365421569








2024 1610250 684250 3488900 353375000 2120250002025 1674750 711620 3628500 367518950 2205113702026 1725000 733040 3737300 378548400 2271290402027 1776750 754970 3849400 389898700 2339392202028 1830000 777580 3964900 401589300 2409535802029 1884900 801040 4083900 413650900 2481905402030 1941450 825010 4206400 426054600 2556327602031 1999650 849830 4332600 438839300 2633035802032 2059650 875330 4462500 452001800 2712010802033 2121450 901510 4596400 465557100 2793342602034 2185200 928540 4734300 479530900 2877185402035 2250750 956420 4876300 493916950 2963501702036 2257050 959140 4890000 495305650 2971833902037 2310000 981580 5004800 506924300 3041545802038 2362950 1004190 5119600 518557400 3111344402039 2415900 1026630 5234300 530171050 318102630

Financial Appraisal










Conclusions






BIBLIOGRAPHY


Samuel J
































organization-





















































itself

Financial Analysis












Financial Costs








2025 247927145 2479271452026 255364959 2553649592027 263025908 2630259082028 270916685 2709166852029 279044186 2790441862030 287415511 2874155112031 296037977 2960379772032 304919116 3049191162033 314066689 3140666892034 323488690 3234886902035 333193351 3331933512036 343189151 3431891512037 353484826 3534848262038 360125451 3601254512039 365421569 365421569








2024 1610250 684250 3488900 353375000 2120250002025 1674750 711620 3628500 367518950 2205113702026 1725000 733040 3737300 378548400 2271290402027 1776750 754970 3849400 389898700 2339392202028 1830000 777580 3964900 401589300 2409535802029 1884900 801040 4083900 413650900 2481905402030 1941450 825010 4206400 426054600 2556327602031 1999650 849830 4332600 438839300 2633035802032 2059650 875330 4462500 452001800 2712010802033 2121450 901510 4596400 465557100 2793342602034 2185200 928540 4734300 479530900 2877185402035 2250750 956420 4876300 493916950 2963501702036 2257050 959140 4890000 495305650 2971833902037 2310000 981580 5004800 506924300 3041545802038 2362950 1004190 5119600 518557400 3111344402039 2415900 1026630 5234300 530171050 318102630

Financial Appraisal










Conclusions






BIBLIOGRAPHY


Samuel J























































itself

Financial Analysis












Financial Costs








2025 247927145 2479271452026 255364959 2553649592027 263025908 2630259082028 270916685 2709166852029 279044186 2790441862030 287415511 2874155112031 296037977 2960379772032 304919116 3049191162033 314066689 3140666892034 323488690 3234886902035 333193351 3331933512036 343189151 3431891512037 353484826 3534848262038 360125451 3601254512039 365421569 365421569








2024 1610250 684250 3488900 353375000 2120250002025 1674750 711620 3628500 367518950 2205113702026 1725000 733040 3737300 378548400 2271290402027 1776750 754970 3849400 389898700 2339392202028 1830000 777580 3964900 401589300 2409535802029 1884900 801040 4083900 413650900 2481905402030 1941450 825010 4206400 426054600 2556327602031 1999650 849830 4332600 438839300 2633035802032 2059650 875330 4462500 452001800 2712010802033 2121450 901510 4596400 465557100 2793342602034 2185200 928540 4734300 479530900 2877185402035 2250750 956420 4876300 493916950 2963501702036 2257050 959140 4890000 495305650 2971833902037 2310000 981580 5004800 506924300 3041545802038 2362950 1004190 5119600 518557400 3111344402039 2415900 1026630 5234300 530171050 318102630

Financial Appraisal










Conclusions






BIBLIOGRAPHY


Samuel J
























Financial Costs








2025 247927145 2479271452026 255364959 2553649592027 263025908 2630259082028 270916685 2709166852029 279044186 2790441862030 287415511 2874155112031 296037977 2960379772032 304919116 3049191162033 314066689 3140666892034 323488690 3234886902035 333193351 3331933512036 343189151 3431891512037 353484826 3534848262038 360125451 3601254512039 365421569 365421569








2024 1610250 684250 3488900 353375000 2120250002025 1674750 711620 3628500 367518950 2205113702026 1725000 733040 3737300 378548400 2271290402027 1776750 754970 3849400 389898700 2339392202028 1830000 777580 3964900 401589300 2409535802029 1884900 801040 4083900 413650900 2481905402030 1941450 825010 4206400 426054600 2556327602031 1999650 849830 4332600 438839300 2633035802032 2059650 875330 4462500 452001800 2712010802033 2121450 901510 4596400 465557100 2793342602034 2185200 928540 4734300 479530900 2877185402035 2250750 956420 4876300 493916950 2963501702036 2257050 959140 4890000 495305650 2971833902037 2310000 981580 5004800 506924300 3041545802038 2362950 1004190 5119600 518557400 3111344402039 2415900 1026630 5234300 530171050 318102630

Financial Appraisal










Conclusions






BIBLIOGRAPHY


Samuel J


























2025 247927145 2479271452026 255364959 2553649592027 263025908 2630259082028 270916685 2709166852029 279044186 2790441862030 287415511 2874155112031 296037977 2960379772032 304919116 3049191162033 314066689 3140666892034 323488690 3234886902035 333193351 3331933512036 343189151 3431891512037 353484826 3534848262038 360125451 3601254512039 365421569 365421569








2024 1610250 684250 3488900 353375000 2120250002025 1674750 711620 3628500 367518950 2205113702026 1725000 733040 3737300 378548400 2271290402027 1776750 754970 3849400 389898700 2339392202028 1830000 777580 3964900 401589300 2409535802029 1884900 801040 4083900 413650900 2481905402030 1941450 825010 4206400 426054600 2556327602031 1999650 849830 4332600 438839300 2633035802032 2059650 875330 4462500 452001800 2712010802033 2121450 901510 4596400 465557100 2793342602034 2185200 928540 4734300 479530900 2877185402035 2250750 956420 4876300 493916950 2963501702036 2257050 959140 4890000 495305650 2971833902037 2310000 981580 5004800 506924300 3041545802038 2362950 1004190 5119600 518557400 3111344402039 2415900 1026630 5234300 530171050 318102630

Financial Appraisal










Conclusions






BIBLIOGRAPHY


Samuel J



























2024 1610250 684250 3488900 353375000 2120250002025 1674750 711620 3628500 367518950 2205113702026 1725000 733040 3737300 378548400 2271290402027 1776750 754970 3849400 389898700 2339392202028 1830000 777580 3964900 401589300 2409535802029 1884900 801040 4083900 413650900 2481905402030 1941450 825010 4206400 426054600 2556327602031 1999650 849830 4332600 438839300 2633035802032 2059650 875330 4462500 452001800 2712010802033 2121450 901510 4596400 465557100 2793342602034 2185200 928540 4734300 479530900 2877185402035 2250750 956420 4876300 493916950 2963501702036 2257050 959140 4890000 495305650 2971833902037 2310000 981580 5004800 506924300 3041545802038 2362950 1004190 5119600 518557400 3111344402039 2415900 1026630 5234300 530171050 318102630

Financial Appraisal










Conclusions






BIBLIOGRAPHY


Samuel J



























Conclusions






BIBLIOGRAPHY


Samuel J























BIBLIOGRAPHY


Samuel J






















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