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Road Holdco (IFC-34415)

  • 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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."
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Investment Amount (USD)
Not Disclosed
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.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Disclosed by Bank Sep 30, 2014

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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.
PROJECT DESCRIPTION An IFC equity investment is proposed for setting up the Road Holdco as an investment vehicle in collaboration with ISQ ("Project"). ISQ is an independent global infrastructure investment manager focusing on energy, utilities, and transport in North America, Europe, and select high growth economies. ISQ has a presence in New York, Houston, London, New Delhi, Singapore and Hong Kong. To complement its diversified portfolio of global infrastructure assets, ISQ is forming this Road Holdco, which will be based in Singapore, to acquire operational road assets in India. The company will acquire a diversified portfolio of operational road assets in India. In addition to operational road assets, which are expected to form a majority of the portfolio, it is expected that the company may also acquire other transportation and logistics assets like parking facilities, logistics infrastructure, etc. ISQ is currently in an advanced stage of evaluation of multiple operational toll road SPVs. These assets, if they meet the Road Holdco's selection criteria, may be acquired by it. In addition to the proposed equity, IFC is also considering providing debt for refinancing acquired roads.The SPVs are operating toll road companies with 4-lane road assets ranging roughly between 50 kms to over 100 kms. These 4-laned or 6-Laned toll roads have been in operation for approximately 3 to 5 years. Some of the SPVs were accorded provisional commercial operation clearance subject to completion of some pending work. Remaining works in most cases are primarily related to completion of parts where encumbrances have not yet been removed by the concessioning authority. OVERVIEW OF IFC'S SCOPE OF REVIEW IFC is considering an equity investment in a holding company ("Road Holdco" or the "Company") being developed by I Squared Capital ("ISQ") that will primarily acquire operating road assets in India. The company may also acquire other transportation and logistics assets like parking facilities, logistics infrastructure, and other such assets. While ISQ and IFC will be involved in identifying a pipeline of potentially attractive operational road assets, it is the company management that will be tasked with: (a) undertaking due diligence of each asset on commercial, environmental and social (E&S), and technical parameters as per defined criteria; (b) negotiating and acquiring private roads and putting in place necessary arrangements for operation and maintenance of the acquired assets; and (c) identifying and implementing various financial and operational efficiency measures to enhance the value of the acquired road assets. To date, IFC and ISQ have identified multiple operational toll road SPVs in India ("SPVs") as potentially attractive operating road assets that may be acquired by the Road Holdco. A third party environment and social due diligence ("ESDD") of one of the identified SPV, against predefined criteria, has been completed, and the findings have been discussed in more detail below.Accordingly, IFC's review of this corporate investment has focused on: (a) detailing the environment and social management system (ESMS) requirements, including prior due diligence and screening criteria, that the Road Holdco will be required to have in place to ensure that the operating road assets it acquires will be operated and maintained in accordance with the provisions of the Performance Standards (PSs); (b) ESDD of the identified operational toll road; and (c) ISQ's E&S policies and procedures.IFC will require that the Road Holdco, prior to acquisition of any operating road asset, adopt and implement the ESMS and framework outlined below. IFC will review at least the first three third party ESDD reports prepared by the company and if required, provide recommendations to strengthen the ESDD process. This ESRS will be updated in future to: (a) disclose details of operating road assets that are acquired by the company, as and when these assets are acquired; and (b) reflect the key observations and the corresponding improvement actions based on the findings of the annual third party audit of the Road Holdco's ESMS implementation. IDENTIFIED APPLICABLE PERFORMANCE STANDARDS** While all Performance Standards are applicable to this investment, IFC's environmental and social due diligence indicates that the investment will have impacts which must be managed in a manner consistent with the following Performance Standards.PS 1 - Assessment and Management of Environmental and Social Risks and ImpactsPS 2 - Labor and working conditionsPS 3 - Resource Efficiency and Pollution PreventionPS 4 - Community Health, Safety and SecurityPS 5 - Land Acquisition and Involuntary ResettlementPS 8 - Cultural HeritageIf IFC's investment proceeds, IFC will periodically review the the project's ongoing compliance with the Performance Standards ENVIRONMENTAL AND SOCIAL CATEGORIZATION AND RATIONALE This is an early stage corporate investment in a holding company that will acquire, own, operate and maintain operational road assets in India. However, at this stage the pipeline of road assets/projects that the Road Holdco will invest in is not known. In such investments, IFC expects that the company will have in place an ESMS, including a screening procedure, to ensure that the portfolio of road assets that the Road Holdco acquires is operated, maintained, monitored and managed in accordance with IFC Performance Standards. While some of the individual operating road assets that the company will acquire may have limited risks and impacts, IFC is treating this investment as a category A project according to IFC's Procedure for Environmental and Social Review of Projects since: (a) the sector in which the Road Holdco will operate, roads and highways, is potentially high risk; (b) the company does not have a known pipeline of projects and the risks and/or impacts associated with them are not known at this stage. However, the assets to be acquired may have impacts of varying significance on one or more aspects that are contemplated in the PSs 2 through 8; and (c) some of the road assets to be acquired, particularly those that have been in operation for less than one year, may have residual/balance land and right of way (RoW) acquisition underway with potential for economic and/or physical displacement, or impacts on indigenous peoples (IPs), natural habitat, or cultural heritage.While all Performance Standards (PSs) are applicable to this Project, IFC's due diligence indicates that PS 6 'Biodiversity Conservation and Sustainable Management of Living Natural Resources and PS 7 'Indigenous Peoples' are not considered applicable to the first identified investment prospect and as such are not covered below, it is likely that one or more of these PSs will be applicable to future sub-projects. **Information on IFC's Policy and Performance Standards on Environmental and Social Sustainability can be found at ENVIRONMENTAL AND SOCIAL MITIGATION MEASURES IFC's appraisal considered the environmental and social management planning process and documentation for the project and gaps, if any, between these and IFC's requirements. Where necessary, corrective measures, intended to close these gaps within a reasonable period of time, are summarized in the paragraphs that follow and (if applicable) in an agreed Environmental and Social Action Plan (ESAP). Through the implementation of these measures, the project is expected to be designed and operated in accordance with Performance Standards objectives. PS 1: ASSESSMENT AND MANAGEMENT OF ENVIRONMENTAL AND SOCIAL RISKS AND IMPACTS ISQ is in the process of implementing policy guidelines and a risk management framework to assess and manage E&S aspects associated with its investments/investee company operations. ISQ's E&S policy and framework covers among other aspects: compliance with local laws; resource efficiency and adherence to good international practices; occupational health and safety for employees and contract workers; equal opportunity and non-discrimination; addressing impacts on affected communities; and assessing and managing adverse environmental and social impacts. In addition, the Road Holdco will adopt and implement an Environment, Health, Safety and Social (EHSS) Policy that is consistent with the IFC Performance Standards. To effectively implement this EHSS policy, the company will put in place an ESMS that will cover all of Road Holdco's operations, including all of its subsidiary companies. The ESMS will incorporate: IFC Performance Standards; national E&S requirements; and the applicable provisions of the World Bank Group (WBG) Environment, Health and Safety (EHS) General Guidelines as also the Toll Roads EHS Guidelines, 2007. Further, the ESMS will include procedures for: aspect, impact and risk identification; compliance with regulatory requirements; application of a set of defined screening and acceptance criteria to inform the asset acquisition decision process and outcome; third party ESDD of road assets to be acquired; development, implementation, monitoring and where required, quarterly third party audit of corrective action plans based on ESDD findings; development and implementation of management programs, including standard operating procedures for managing EHSS risks and impacts from operation and maintenance of each road asset; incident and accident handling, recording, reporting, investigation and analysis; emergency preparedness and response; responsibility and resource allocation; contractor oversight and contractor EHSS organization; training and awareness; communication and consultation; monitoring, recording, reporting and documentation of environmental and social performance; bi annual internal and annual external audit of the ESMS; management review; and EHSS reporting to the Board of Directors of the Road Holdco.The company will, as part of the ESMS, have in place formal procedures: to review projects it considers for acquisition against a set of defined criteria; for timely presentation of ESDD findings and recommendations to appropriate decision authorities in the company; defining the decision authority, decision processes and escalation mechanism linked to environment and social risks; and to screen out assets that do not meet the acceptance criteria. The company will, as part of the ESDD, carry out a review of EHSS risks to the road asset including from outstanding litigation, or notices from regulatory authorities, or stakeholder concerns, which will inform the acquisition decision process and outcome. In case of assets where risks are identified in the ESDD, the company will only consider those assets for acquisition in which it determines that the issues underlying the identified risks can be mitigated in accordance with the Performance Standards. To enable effective implementation of the ESMS, the Road Holdco will: employ a fulltime senior level appropriately qualified and experienced environmental and social professional; develop, maintain and update as necessary, a detailed terms of reference, scope and methodology for third party ESDD of assets to be considered for acquisition; have a panel of third party consulting firms for the ESDD; and complete an ESDD appropriately in advance of the decision authority's consideration of the acquisition proposal. The in-house EHSS professional will be responsible for: managing the ESDD; contributing to the acquisition decision process; completion of any impact assessments, ESIA updates or supplemental studies where required; ensuring implementation of any corrective action plan or environment and social management plan; and overall oversight of ESMS implementation.In instances where an asset to be acquired has been in operation for less than one year or where there is material land or RoW acquisition remaining/underway, the ESMS will include procedures that will require: (a) undertaking of an ESIA in accordance with the IFC Performance Standards or review of any existing ESIA for completeness and consistency with IFC's Performance Standards and applicable WBG EHS Guidelines; (b) determination of the need for any supplemental studies; and (c) completion of such supplemental studies, or as appropriate update of existing ESIAs. The ESIA or the ESIA update shall result in the development of an Environmental and Social Management Plan (ESMP) that meets the Performance Standards setting forth: (a) measures to mitigate adverse impacts; (b) monitoring requirements for ensuring the mitigation measures are implemented effectively and in a timely manner; (c) organizational and financial resources for carrying out the measures; (d) an implementation schedule for these activities; and (e) an appropriate incentive structure to ensure plans are implemented. In case of all other operating road assets that meet the acceptance criteria defined in the ESMS, and which have been in operation for more than one year, and where no material residual land/RoW acquisition remains, the ESMS will include procedures to ensure that the company: develops and implements a corrective action plan based on the ESDD findings; adheres to any EHSS management plan prepared at the time of or prior to the road's construction; and implements operation and maintenance procedures consistent with IFC Performance Standards, good international industry practice (GIIP) including applicable provisions of WBG EHS Guidelines.The Road Holdco will, as part of the ESDD of all target assets, undertake a review of potential impacts on biodiversity, particularly wherethe road development has resulted in diversion of forest land or the road is in the vicinity of coastal areas or large wet lands or any other eco-sensitive areas. The company will not acquire assets whose ESDD indicates adverse impact on critical habitat as defined in PS6. Further, in cases where there is impact on other natural habitat, the company will consider acquiring only those assets where the ESDD indicates that mitigation measures that have been implemented or proposed to be implemented meet the relevant and applicable provisions of PS6.Further, the company will, as part of the ESDD of all target assets, also identify potential for impacts on Indigenous Peoples (IPs). The company will not acquire operating road assets, where conditions or impacts triggering Free, Prior and Informed Consent (FPIC) exist or would have occurred during the road development phase. In case of other impacts on a significant scale on communities of IPs, the company will acquire only those road assets, where the ESDD indicates that mitigation measures in accordance with relevant and applicable provisions of PS7 have been implemented.With respect to the first potential investment by Road Holdco, while the SPV's parent company has a ISO 14001 and OHSAS 18001 certified management systems, there are no comprehensive documented ESMS or E&S policies implemented in the SPV covering the operation and maintenance (O&M) phase. Accordingly, post-acquisition, the Road Holdco will require the SPV to implement an ESMS including: E&S policy consistent with the Road Holdco's E&S policies; identification of project specific risks and impacts during the O&M phase; a management program for identified risks and impacts; an appropriate E&S organization; procedures for stakeholder engagement and grievance redress; emergency response procedures; a legal register and compliance monitoring procedure; EHSS training procedures; a monitoring plan aligned with the management program and incorporating GIIP provisions; internal as also external reporting plan; procedures for periodic internal and corporate audits; and management review. Further, the SPV will be required to ensure that permits and authorizations under all applicable laws are in place, current and valid. There are a limited number of pending litigations related to compensation on this operating toll road. The ESDD did not identify any significant outstanding stakeholder concerns against the SPV or the asset. However, the land for SPV's administrative building approximately 0.5 ha has not yet been acquired as the owners have filed a case against the acquisition. While the SPV's road has resulted in diversion of about 300 ha of forest land, the alignment is not through any critical habitat. The forest land is comprised mostly of social forestry areas, avenue plantations and a very limited tract of reserved forest. Further, the road alignment is not in a Schedule V area (i.e. tribal areas included in the 5th schedule ofthe Constitution of India where the Constitution of India provides for special provisions to protect tribal communities). Also, land acquired has not: adversely impacted lands and resources under traditional or customary use of IPs; resulted in relocation of IPs from land and resources under traditional or customary use; and resulted in adverse impact on critical cultural heritage of IPs. However some land was acquired from communities of a Scheduled Tribes, that as per the ESDD, is integrated with the larger community and is one of the dominant communities in the project area. Post-acquisition, the company will require the SPV to implement corporate social responsibility programs including community development programs for the communities of Scheduled Tribes from whom land was acquired. The company will, post-acquisition, require the SPV to implement a time bound corrective action plan based on the findings of the ESDD including additional measures as required to ensure that the SPV's operations are undertaken in accordance with the Performance Standards. The mitigation measures discussed in this document will be implemented post-acquisition of the SPV, and in consultation with the concessioning authority, relevant governmental bodies and stakeholders, in accordance with applicable laws and the Performance Standards. PS 2: LABOR AND WORKING CONDITIONS The SPV has 38 employees and more than 300 contract workers. The contract workers are employed through 10 different contractors for activities like security, RoW maintenance, road maintenance, emergency services and toll collection. The SPV has a human resource (HR) procedures manual, which is applicable to all the employees of the company. Post-acquisition, the SPV's HR policies and procedures need to be upgraded to meet PS2 particularly through: policy commitment to equal opportunity, workforce protection, retrenchment and compliance with legal requirements; implementation of an employee grievance redress mechanism and enabling contract workers to access an effective grievance mechanism; strengthening of procedures for obtaining assurance on contractor compliance; improving worker accommodation; and enhanced occupational health and safety oversight, including training as also accident/incident investigation and corrective action procedures.The Road Holdco is expected to have no more than 25 employees directly on its rolls. However, the company will have employees in the subsidiary companies in which the operating road assets will be housed. The toll collection and other operation and maintenance activities will likely be outsourced to specialized service providers. The company will develop and implement a human resource (HR) manual in accordance with PS2 provisions covering its employees and those in the subsidiary companies, including procedures relating to compliance with applicable labor laws, attendance and working hours, leaves, conduct and discipline, employee grievance redress, wage and compensation, training and development, equal opportunity and nondiscrimination, collective bargaining, avoidance of harassment, working age, management of contractor/service provider, contractor/service provider compliance with statutory labor requirements, ensuring service provider/contractors' employees access to a grievance mechanism and other terms of employment. The company will make available the HR manual through intranet to all employees. The company will also through provision of handbook and training programs communicate the HR policies to employees and workers that do not have access to intranet. The company will employ appropriately qualified HR professionals in the Road Holdco and each of the subsidiary companies. The company will implement appropriate audit procedures to obtain assurance on statutory compliance by subsidiary companies, including on compliance of the contractors/service providers with applicable labor laws.The company will, as part of the ESMS, put in place operational control procedures in line with GIIP for activities with identified OHS risks. The ESMS will also include asset specific procedures which will be developed based on the ESDD findings. In addition, the ESMS will have: a health and safety (H&S) Policy; H&S objectives; roles and responsibility allocation; safety committee composition and procedures; safety induction and training procedures; contractor/service provider safety evaluation and control; asset safety investigations (daily/weekly); audits; accident investigation, reporting and corrective action procedures; and safe work procedures for various activities that exposes employees and contract workers to hazardous conditions. The safe work procedures will be backed by corresponding check lists for onsite physical situation checks. The company will: monitor and promote accident and incident prevention though use of lead and lag indicators; use of safety risk mitigation hierarchy in risk evaluation and accident prevention; have a work permits system; undertake mock drills and have an emergency response plan; and have quarterly internal audits both by corporate and cross asset teams. The company will provide personal protective equipment (PPE) to all employees, including contractors' labor and will also have a program to undertake periodic medical examination of workers. The Road Holdco will ensure availability of doctors or para-medical staff or access to emergency medical facilities and ambulance together with facilities for administering first aid. In case the company decides to set up employee or worker accommodation, it will in accordance with IFC Performance Standards, set out a set of guideline specifications for such accommodation. PS 3: RESOURCE EFFICIENCY AND POLLUTION PREVENTION The SPV does not have in place a structured O&M phase environment management and monitoring plan. There is drain clogging and solid waste litter buildup in RoW and on the median. Post-acquisition, the company will require the SPV to put in place specific procedures in line with GIIP for: RoW and drain maintenance; management of storm water run-off; management of solid waste and litter; reuse of material in maintenance activities; management of hazardous and other waste; control of emissions from hot mix plant, spill control and management of pollution risk from resurfacing activities. While the SPV is not undertaking pest management and pesticide application, given that these herbicides/pesticides may have to be used for RoW maintenance, the SPV will be required to put in place procedures for pest management, and use of pesticides and herbicides that meets GIIP. Further, the SPV will need to commence monitoring ambient noise levels and ambient air quality at sensitive receptors post-acquisition.In case of Road Holdco assets where an ESMP is prepared pursuant to the ESDD findings, site specific pollution prevention and mitigation measures associated with such assets will be identified during the environmental assessment. However, for all other assets, the company will include in its ESMS procedures, practices aligned with GIIP, including WBG EHS Guidelines, for: equipment/material selection and operation to meet emission and energy efficiency norms; recycling and reuse of material in resurfacing; timing of maintenance activities to minimize pollution risk; management of emissions and discharges to air, water and soil from maintenance and rest areas; fugitive dust suppression and sweeping; provision of oil water separators as required; management of hazardous materials and wastes; storm water runoff and drainage management; minimization of noise impact on communities resident in the vicinity; erosion control; sediment control measures in natural watercourse/river/stream; collection, treatment and disposal of wastes and wastewater from maintenance facilities, rest areas, food parks, parking lots and offices; collection, segregation and sale of recyclable solid waste; use of pesticides and herbicides; management of pest, weed and RoW maintenance; ambient condition norms; emissions norms for hot mix plants; and overall housekeeping. The company will contractually require and ensure that its contractors also adhere to the Road Holdco's standards. The company will implement an appropriate monthly monitoring and reporting program, including monitoring of ambient air quality and noise levels, particularly at sensitive receptors. PS 4: COMMUNITY HEALTH, SAFETY AND SECURITY The SPV's stretch of road has since 2008 seen a significant increase in accidents both fatal and non-fatal. The ESDD has identified some potential risks that may be contributing to the increasing accident rate. These include: parking of several multi-axle vehicles in the carriageway even though a hard shoulder and truck laybye areas have been provided; wrong-side driving; inadequate signage at potential conflict points; and inadequate patrolling. While this list is only indicative, to comprehensively understand the root causes for the increasing accident rate, post-acquisition, the Road Holdco will require the SPV to undertake a detailed analysis of the entire stretch and implement appropriate measures based on the findings in consultation with the concessioning authority. The ESDD has also identified en masse cattle movement across the carriage way at some locations at specified times of the day as a risk. Post-acquisition, the company will require the SPV to implement an Emergency Response Plan and an automated information system like Highway Traffic Management System (HTMS). SOS services are not provided along the entire corridor except for emergency contact numbers are displayed at various locations. The number of underpasses provided is as per the Concession Agreement. Post-acquisition, the company will ensure that appropriate cross over provisions are made at crossing points in line with objectives of the permits. . Safety signage and infrastructure related to cattle movement areas, pedestrian crossing areas, and in school children movement areas is currently inadequate. In addition to addressing the above identified areas for improvement, the SPV will be required to implement a community safety awareness campaign for the nearby communities. There are 60 security personnel deployed, some of them armed but formal procedures to screen security personnel at the time of their selection, their training and procedures to redress grievances/complaints against security personnel is not in place at the SPV. These will be put in place.The company will, as part of the ESMS, implement procedures to minimize community health and safety risks, including among other measures, ensuring safe corridors and crossings for pedestrian movement, other accident prevention measures like appropriate speed limits, speed control devices near crossings, appropriate signage, access controls, roadside lay byes, rest areas, real time warning systems and other good international industry practices. The company will deploy security personnel and will develop and implement procedures for ensuring that: past records of security personnel employed are screened; security personnel have clear objectives and permissible actions laid out; security personnel are trained in avoidance of abusive conduct and the use of fire arms; security incidents are recorded, investigated and corrective action implemented; bona fide complaints against security personnel are investigated and appropriate disciplinary actions are implemented; and there is a grievance mechanism for aggrieved members of community or employees or contract labor, in the event of a violation of the code for security personnel. PS 5: LAND ACQUISITION AND INVOLUNTARY RESETTLEMENT In case of assets that have been in operation for less than one year or where there is material residual land and/or RoW acquisition remaining, the company will undertake a social impact assessment (SIA) or audit, as relevant, and prepare resettlement action plan (RAP), livelihood restoration plan and implement other measures to mitigate impacts in accordance with the PSs. Any land/RoW acquisition subsequent to Road Holdco involvement, will be in accordance with the Performance Standards 1 and 5. However, due to the fact that most of the land related with the road development would have been acquired several years before this SIA/audit and RAP preparation, residual gaps with Performance standards 1 and 5 provisions may remain for land/RoW acquired prior to Road Holdco involvement. Further, in the RAP, the company will include provisions in accordance with Performance Standard 5 for informal settlers and make reasonable efforts to ensure its retroactive implementation in consultation with the concessioning authority. In case of road assets that have been in operation for less than two years, if the ESDD indicates risks on account of ongoing litigation or stakeholder concerns, the company will review evidence of informed consultation and participation. Further, for all assets with less than two years of operation, the ESDD will also include a review of status of RAP implementation, and may in some cases consider a resettlement completion audit.The SPV has in all about 0.7 ha of land, spread across 10 locations in the service lane alignment, which has not been made available free of encumbrances by the concessioning authority. Consequently, the service lane is not constructed at these 10 locations. The service road alignment is obstructed at one location by a settlement of about 25-30 households of informal settlers who have been resident at the location for more than 20 years. The SPV is currently in discussions with the concessioning authority for the service road stretch obstructed by this settlement be carved out of the road asset. Post-acquisition, if the informal settlers have to be resettled, the company and the SPV shall undertake this in accordance with PSs in consultation with the concessioning authority and other government bodies. In addition, there are several encroachments, mostly temporary opportunistic but also several permanent, that continue to extend into the RoW of the road at various locations along the road length. While these are within the RoW, they are typically well away from the carriageway. In most cases, these structures are extension of commercial establishments that intrude into the RoW. Conversations with the owners of these establishments indicate that most are aware that these are within the government/concessioning authority owned RoW and most are willing to remove the intrusions into the RoW when required. In several cases compensation for structures have been received but there are a limited number of cases where compensation is awaited and there are also some cases with pending litigation related to inadequacy of compensation. At several locations residential structures or parts of residential structures (e.g. boundary wall, platform, water tank, borewell etc.) also are falling within the RoW. In some cases compensation has been received or is awaited. There are some cases where there is pending litigation either seeking compensation or increase in compensation. There are also parts of some government structures like village administrative building, school building or boundary walls of these government structures that fall within the RoW. Post-acquisition, the Company will, in consultation with the concessioning authority and other governmental bodies, implement measures to: (a) facilitate payment of compensation where award has been made and compensation is awaited; (b) await final outcome of the pending litigation and facilitate implementation of the final order; and (c) ensure that removal of any encroachments in the RoW is in accordance with the PSs. PS 8: CULTURAL HERITAGE The Road Holdco ESMS will include procedures in accordance with PS 8 provisions to mitigate any negative impacts on cultural heritage. In cases where an ESMP is developed, it will include a chance find procedure, including for finds of archaeological (prehistoric), paleontological, historical, cultural, artistic, and religious values, as well as unique natural environmental features that embody cultural values, such as sacred groves.There are two religious structures that lie along the alignment of the SPV service road at two separate locations. These have as yet not been relocated. Consequently, the service road has not been completed at these two locations. The SPV is in discussions with the concessioning authority for the service road stretch obstructed by these two religious structures be carved out of the road asset. Post-acquisition, if these two structures have to be relocated, these will be relocated in consultation with the affected communities or their representatives and the concessioning authority, in accordance with PS8. Further, there are also several other religious structures and an archaeologically important structure, parts of which lie within the RoW though well away from the carriageway. The Company will, in consultation with the concessioning authority, ensure that impacts if any on these are also mitigated in accordance with the PS8 provisions.
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