Project Overview
The Barwa Adda corridor on NH19, spanning West Bengal and Jharkhand, was taken up by Translink to conduct traffic due diligence for Bank of Baroda as part of their refinancing evaluation of a stressed toll road asset.
The assignment required an independent assessment of toll operations, validation of historic and current traffic performance, and long-term demand forecasting to support the lender’s appraisal of viability and recovery potential.
Scope of Work
Traffic Due Diligence
Corridor Length & Configuration
122.9 km & 6 lane
No of Toll Plaza
2
Client & Asset Owner
Bank of Baroda & National Highways Authority of India
Scope of Work
Traffic Due Diligence
Corridor Length & Configuration
124,4 km & 4 lane
No of Toll Plaza
2
Client & Asset Owner
IndInfravit Trust & National Highways Authority of India
Challenges
A key challenge stemmed from the asset’s stressed condition, where historical collections reflected operational disruptions, irregular demand behaviour, and periods of suboptimal tolling efficiency, complicating the extraction of a clean baseline for revenue assessment.
The diligence also required a realistic view of the recoverable traffic, separating long-term underlying demand from short-term disruptions and concession-specific issues to give lenders a clear picture of the asset’s true performance.
Solutions
Translink reconstituted the demand profile through meticulous normalisation of historical toll data, isolating stress-related distortions and benchmarking performance against comparable regional corridors. Field verification, and operational cross-checks were combined with macro-economic and freight-movement indicators to rebuild a reliable traffic base.
Scenario-based forecasting was then developed to reflect conservative, realistic, and recovery-aligned revenue outcomes, enabling an informed refinancing assessment.
Impact
The work provided client with a clear, evidence-based understanding of the asset’s underlying traffic strength and its realistic recovery trajectory, supporting prudent decision-making on refinancing terms.
The refined revenue viewpoint reduced uncertainty, enhanced risk visibility, and contributed to a more structured and defensible credit appraisal for the stressed corridor.
