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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

10 July 2017 | Mumbai
 

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The company said in the statement, Udaipur Tollway Private Limited, a Special Purpose Vehicle (SPV) of IRB Infrastructure Developers has achieved financial closure for its Udaipur – Gujarat Border 6 Laning BOT project that is had bagged last year by offering the premium of INR 163.80 crores to NHAI.

After achieving the financial closure, the SPV can commence construction soon.

The total project cost is INR 2,088 crore, out of which INR 627 crore will be an equity contribution by the road developer and remaining will be funded by the consortium of lenders led by Canara Bank with average cost of around 10.65per annum.

Other lenders of the project include Bank of India, Bank of Maharashtra, Oriental Bank of Commerce, Indian Overseas Bank, Andhra Bank and Aditya Birla Finance Limited.

Virendra D. Mhaiskar, Chairman and Managing Director of IRB Infrastructure said,“Having achieved financial closure on one out of the three NHAI Projects awarded last fiscal, the company can bid competitively for upcoming NHAI projects.”

IRB Infrastructure had bagged three projects in last fiscal, out of which only one so far has achieved financial closure.

Discussion with Lenders for financial closure on remaining two projects is in advance stage, the company said in the statement.

   
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