Common use of Formation of Special Purpose Company and Shareholding in case of consortium Clause in Contracts

Formation of Special Purpose Company and Shareholding in case of consortium. The Successful Bidder in case is a Consortium, for the Project, shall be required to incorporate a limited liability company under Indian Companies Act, 1956 before signing of the Concession Agreement. The Lead Member of the Consortium shall commit to hold a minimum equity stake equal to 51% and the other member of the Consortium shall individually, commit to hold a minimum equity stake equal to 5% of SPC for atleast 3 years from date of singing of Concession Agreement or date of commissioning of all BQS, whichever is later. REVENUE ARTICLE 4

Formation of Special Purpose Company and Shareholding in case of consortium. The Successful Bidder in case is a Consortium, for the Project, shall be required to incorporate a limited liability company under Indian Companies Act, 1956 before signing of the Concession Agreement. The Lead Member of the Consortium shall commit to hold a minimum equity stake equal to 51% and the other member of the Consortium shall individually, commit to hold a minimum equity stake equal to 5% of SPC for atleast 3 years one (1) year from date of singing of Concession Agreement or date of commissioning of all BQS, whichever is later. REVENUE ARTICLE 4.

Formation of Special Purpose Company and Shareholding in case of consortium. The Successful Bidder in case is a Consortium, for the Project, shall be required to incorporate a limited liability company under Indian Companies Act, 1956 before signing of the Concession Agreement. The Lead Member of the Consortium shall commit to hold a minimum equity stake equal to 51% and the other member of the Consortium shall individually, commit to hold a minimum equity stake equal to 5% of SPC for atleast 3 years one (1) year from date of singing of Concession Agreement or date of commissioning of all BQS, whichever is later. REVENUE ARTICLE 4