ORIENTAL INFRATRUST (IFC-39354)

Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 4, 2018
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
ORIENTAL STRUCTURAL ENGINEERS PRIVATE LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 101.15 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 72.25 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 101.15 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS May 13, 2020

Disclosed by Bank Feb 27, 2020

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank website, "IFC has provided financing to Oriental InfraTrust (the “InvIT”), an investment vehicle that has acquired 5 operating road assets developed by Oriental Structural Engineers (“OSE”). The transaction involves IFC investment of up to INR 6,825 million including up to 14 years tenor debt of up to INR 4,875 million and investment of up to INR 1,950 million in the units of the InvIT (the “Project”)."

All these road assets have been developed and are being operated by separate special purpose vehicles (SPVs) which are subsidiaries of Oriental. These road assets were bid out by the National Highways Authority of India (NHAI), the concessioning authority, on competitive bidding basis.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Loan US$ 72.25 million

Equity US$ 28.9 million

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

IFC is considering providing a senior loan and an investment in the units of the proposed Infrastructure Investment Trust (InvIT) of Oriental Structural Engineers Limited (OSEL or the Sponsor) and its wholly owned subsidiary, Oriental Tollways Private Limited (jointly referred to as Oriental or the Company) in India.

Oriental is one of the leading road operating companies in India having thirteen highway concession projects (nine operating and four under construction hybrid annuity model projects). All these road assets have been developed and are being operated by separate special purpose vehicles (SPVs) which are subsidiaries of Oriental.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Oriental Structural Engineers Private Limited Client -
- - - - Oriental Tollways Private Limited Subsidiary -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Oriental Structural Engineers Limited
Ashok Aggarwal
Director
011-46044604
ashokaggarwal@orientalindia.com
OSE Commercial Block, Asset 5B, Aerocity, Hospitality District, IGI Airport, New Delhi, Delhi 110037
www.orientalindia.com/

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ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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