Cyril Amarchand Mangaldas advised Neo Asset Management on India’s First Harmonious Substitution of an Operational Road Asset
Cyril Amarchand Mangaldas acted as legal counsel to Neo Asset Management (“Neo Asset”) in connection with a first-of-its-kind transaction involving the harmonious substitution of Himalayan Expressway Limited, which operates and maintains the project, with a substitute entity, CloundNeo Highways Private Limited, nominated by Neo Asset.
The substitution was carried out in accordance with the harmonious substitution circulars issued by the National Highways Authority of India (“NHAI”) and the concession agreement executed between the Project Company and NHAI. The Project Company was granted the concession for operation, maintenance, rehabilitation, and strengthening of the existing two-lane road and widening it to a four-lane divided carriageway facility highway from Km 39.860 to Km 67.000 of the Zirakpur to Parwanoo section, including the Pinjor–Kalka–Parwanoo Bypass section of National Highway number 22 in the states of Punjab, Haryana, and Himachal Pradesh on a build, operate and transfer (BOT) basis. This transaction marks the first seamless harmonious substitution of an operational road project in India.
The Cyril Amarchand Mangaldas transaction team was led by Ajay Sawhney (Partner, Head – Northern Region) and Aditi Misra (Partner), with support from Aditya Prakash (Principal Associate) and Vaibhav Shrivastav (Consultant).
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