Firm ABC is evaluating a two-year project entailing an investment of Rs. 60 Crores (CFo= (-)Rs. 60 crores). The project is expected to generate an EBIAT of Rs. 50 crores in each of the two years. The firm plans to finance the project with a two-year loan of Rs. 30 crores that has to be repaid in two equal instalments of Rs. 15 crores each at the end of the first and second years. The borrowing rate is 11% per annum on the outstanding amount. To raise the debt, ABC will have to spend Rs. 0.5 crores upfront. What is the APV of the project? Assume a discount rate of 15% to be appropriate for all-equity cash flows and a tax rate of 25%.