Project due diligence and cost vetting for greenfield expressway

We supported a lender and a state road development authority by performing comprehensive due diligence and a cost vetting study for an upcoming greenfield expressway designed to enhance regional connectivity and reduce urban congestion. The study involved a detailed review and critical analysis of project agreements - including draft concession agreement as well as engineering, procurement, construction (EPC) agreement - with respect to scope, technical configurations and key contractual elements. The study also included engineering assessments covering review of design reports, structural specifications, geotechnical reports and material investigation to validate feasibility and adherence to standards. A thorough cost assessment was undertaken, benchmarking EPC estimates against industry norms, while reviewing the financial model’s inputs and assumptions for operations and MM. Additionally, the status of land acquisition, utility shifting and regulatory approvals was reviewed to identify potential challenges. Our independent evaluation provided the lender and the state authority with critical insights that highlighted key risks, enabling informed decision-making.

Enhancing operational efficiency and cost optimisation in highway asset management

We were engaged by a leading private sector asset reconstruction company, in partnership with a United States-based hedge fund, to provide project management services for an operational highway project. Through a structured review of site operations, asset maintenance, and procurement processes, we identified key inefficiencies and provided actionable recommendations to enhance asset performance.By streamlining quality assurance processes, reconciling material usage and strengthening documentation in the management information system (MIS) - including safety reporting and incident tracking - we improved governance and risk mitigation. Through transaction reviews and bill verifications, we enhanced financial transparency by assessing high-value procurements, contractor payments and monthly running account (RA) bills. The in-depth contract reviews and cost benchmarking enabled the client to optimise expenditures across routine maintenance, special repairs and tolling operations. These interventions led to improved operational control, cost savings and enhanced long-term asset sustainability, ensuring greater value realisation for the client.

Enhancing lender confidence: Technical due diligence for highway asset acquisition

We conducted technical due diligence for a leading public sector bank to support the financing of a global infrastructure investment firm's acquisition of a portfolio of operational highway assets. The review encompassed a detailed assessment of project documents - including concession agreements and design reports - to evaluate the concessionaire's obligations for O&M and major maintenance (MM) throughout the concession period. The due diligence included review of engineering test reports, including network survey vehicle, falling weight deflectometer tests and axle load assessments to assess pavement conditions. Additionally, the team conducted a visual distress survey to validate the concessionaire’s internal pavement condition assessment and reviewed raw material quality parameters, test reports and historical maintenance records to assess MM costs. Our expertise extended to validating the sufficiency and reasonableness of O&M and MM budgets proposed for the concession period, providing insights into pavement life, renewal cycles and realistic cost estimations.

Project management consultancy services to a lender for under-construction national highway

We provided project management consultancy services to a leading NBFC for an under-construction national highway. Our team’s continuous presence at the site enabled real-time tracking of the project's physical and financial progress, which helped track alignment with planned milestones and contractual commitments. We monitored construction activities, resource deployment and compliance with quality and safety standards, while regularly reviewing debt disbursements and fund utilisation to maintain financial transparency.

Through structured MIS reporting, including daily updates and monthly progress reviews, we provided the client with critical insights into project risks, stakeholder coordination and operational challenges. Additionally, we analysed cost overruns due to material price escalations. Our engagement helped the lender maintain oversight and make informed decisions.