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GMR consortium achieves financial closure for road project in AP
Our Bureau
Hyderabad
,
Aug. 21
The Jadcharla-Farukhnagar road project in Andhra Pradesh, awarded to the GMR consortium comprising GMR Infrastructure Ltd and GMR Energy Ltd, achieved financial closure on Friday.
The capital cost of the project, totalling Rs 471 crore, was met by way of equity and debt in the ratio of 3:1. The debt component of Rs 353 crore has been tied up with Central Bank, Canara Bank, Bank of Baroda, Andhra Bank, Vijaya Bank, and Bank of India with ICICI Bank as the lead lender.
The equity component is Rs 118 crore and has an option to bring five per cent of project cost as subordinate debt in lieu of equity. Though the total term debt requirement for the project was Rs 353 crore, the consortium received excess sanction of Rs 625 crore from the participating banks. The tenure for repayment of loan is 12 years with a moratorium of 2 year.
The National Highways Authority of India (NHAI) invited bids from the empanelled short-listed road development agencies for the improvement, operations and maintenance of the NH-7 section between Jadcharla-Farukhnagar last year.
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