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Tada-Nellore road project likely to be completed by Sept

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KOLKATA, April 3

THE Rs 755-crore Tada-Nellore expressway project is likely to be completed by September. The project is India's largest BOT project and involves foreign direct investment.

Stating this, sources at Srei International Finance Ltd said that IJM Corporation Berhad had met 23 per cent of the project cost. Srei had extended Rs 55 crore loan for the project, which is being implemented by Swarna Tollways Pvt Ltd.

He said that IJM, one of Malaysia's largest and most diversified construction groups, is also involved in the Rs 212.51-crore Rewa Tollways Pvt Ltd, which is promoting two expressway projects in Madhya Pradesh.

These projects - one linking Rewa with Amarkantak and the other linking Satna with Umaria - involve strengthening, widening, upgrading, operating and maintaining State expressway stretches in Madhya Pradesh.

Of the total project cost of these two stretches - measuring 388 km together - the State Government has given a Rs 82.6 crore grant with the balance funding coming in the form of a Rs 28-crore equity infusion by IJM and a debt finance of Rs 101.91 crore, of which Rs 34.9 crore is being given as a loan by Srei. The State Bank of India, State Bank of Indore and the State Bank of Hyderabad and the Dena Bank have also lent money for this project.

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