CAM has acted as legal counsel to Neo Asset Management (“Neo Asset”) in connection with a first of its kind transaction i.e., the harmonious substitution of Himalayan Expressway Limited which is operating and maintaining the Project, a subsidiary of JaiPrakash Associates Limited (“Project Company”), with a substitute entity i.e., CloundNeo Highways Private Limited, nominated by the Neo Asset, in accordance with the harmonious substitution circulars issued by National Highways Authority of India (“NHAI”) and concession agreement executed between the Project Company and NHAI.
The Project Company was granted concession for operation and maintenance, rehabilitation and strengthening of the existing 2 (two) lane road and widening to 4 (four) lane divided carriageway facility highway from Km 39.860 to Km 67.000 of the Zirakpur to Parwanoo section including Pinjor—Kalka-Parwanoo Bypass section of National Highway number 22 in the states of Punjab, Haryana and Himachal Pradesh, India on build, operate and transfer (BOT) basis (“Project”).
This transaction marks the first seamless harmonious substitution of an operational road project in India.
The transaction team was led by Ajay Sawhney, Partner (Head – Northern Region); and Aditi Misra, Partner; with the support from Aditya Prakash, Principal Associate; and Vaibhav Shrivastav, Consultant.