Nagpur Seoni Expressway Limited (NSEL), a wholly owned subsidiary of Sadbhav Infrastructure Project Limited, has refinanced its existing external commercial borrowing debt facilities by the issuance of AAA (SO) NCDs to investors with revised terms and conditions. The terms include an interest rate of 8.81 per cent per annum, extension of the repayment pattern covering the entire concession period and removal of foreign exchange risk. In 2007, NSEL was appointed to widen a 56.47 km section of National Highway-7 from km 596.75 to km 653.22 in Madhya Pradesh. The project has a concession period of 20 years. The project length was later reduced to 27.73 km due to land acquisition constraints. This project was completed in 2010. Currently, NSEL receives semi-annual annuities of Rs 191.98 million from NHAI. As on September 30, 2015, the total outstanding debt for the project stood at $28.48 million and the total equity (subordinated loan) stood at Rs 598.29 million.