In March 2017, the chief executive officer of Uniquest Infra Ventures Pvt. Ltd (Uniquest) was facing several critical decisions. The National Highway Authority of India had terminated the concession agreement of a 30-year project for the upgrading the Jetpur Somnath highway in India. Uniquest was an equity partner of Jetpur Somnath Tollways Limited, the concessionaire for the project. Uniquest was risking losing its ?5 billion investment due to the termination of the concession agreement, which cited failure to commence construction on the Junagadh bypass. The National Highway Authority of India’s decision to terminate the concession agreement presented a major challenge for Uniquest and its lender partners. However, it also had broader implications for the Indian infrastructure sector. The termination risked undermining government efforts to attract foreign and domestic investments in future highway projects. The premature termination of the concession agreement could also lead to equity and debt write-offs, which could impact the development of India’s public-private partnerships landscape. The chief executive officer of Uniquest had to consider whether to challenge the termination of the project, whether independently or in partnership with the project’s lenders, or if the termination payment amount of just over ?2.2 billion should be contested instead. With a current debt of over ?6.4 billion for the project, Uniquest and the project’s debtors were facing major potential losses arising from the decision to terminate the project.
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