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You are here: Home » National News » Infrastructure» IRB Infra reaches financial closure for INR 2,088 cr road project

IRB Infra reaches financial closure for INR 2,088 cr road project

06 July 2017 | New Delhi
 

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IRB Infrastructure Developers today said its SPV Udaipur Tollways has achieved financial closure for INR 2,088 crore highway project on Rajasthan- Gujarat border.

Udaipur Tollway Private Limited, a special purpose vehicle (SPV), has successfully achieved financial closure for its Udaipur- Gujarat border six-laning BOT (build, operate, transfer) project, IRB Infrastructure said in a BSE filing.

The company said that "The SPV, in terms of the concession agreement, executed with the National Highways Authority of India (NHAI) has tied up with the consortium of lenders for project finance to the tune of INR 1,461 crore.”

The project involves six-laning of 113.8 km length of NH-8 stretch between Udaipur to Gujarat border and the concession period is for 21 years including 910 days of construction period.

Chairman and Managing Director of the company, Virendra D Mhaiskar, said, "Now having achieved financial closure on one out of the three NHAI projects awarded last fiscal, the company can bid competitively for upcoming NHAI projects."

The company said its equity contribution to the INR 2,088 crore project will be INR 627 crore while the rest of the amount will be funded by project finance of INR 1,461 crore.

Project is financed by a consortium of lenders led by Canara Bank. The others include Bank of India, Bank of Maharashtra, Oriental Bank of Commerce, Indian Overseas Bank, Andhra Bank and Aditya Birla Finance Limited.

   
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