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Our Bureau

Rs 596 cr to be raised for Tindivanam-Ulundurpet project

Bangalore , Oct. 18

GMR Infrastructure Ltd has achieved the financial closure for the 73 km, Tindivanam-Ulundurpet Road project in Tamil Nadu. The project costing Rs 795 crore had been awarded to the company on build-operate and transfer basis for a 20-year concession period.

The work on strengthening and widening of the existing two two-lane road to four-lane dual carriageway was scheduled to be completed in 18 months after the work is taken up. The concession agreement for the project was signed in April.

The company would be raising a debt of Rs 596.25 crore for the project while it would be contributing Rs 198.25 crore as equity. The debt has been syndicated by ICICI Bank Ltd with a tie-up of ten banks, which included Andhra Bank, Bank of India, Bank of Baroda, Central Bank of India, Canara Bank, IDBI Ltd, IIFCL, Punjab National Bank, Union Bank of India.

GMR Group entered the roads sector when the Government invited bids to develop India's roads under the Golden Quadrilateral Scheme in early 2000. It already completed the four laning of the highways between Tuni-Anakapalli on National Highway-5 in Andhra Pradesh for a distance of 60 km and between Tambaram-Tindivanam for a distance of 93 km in Tamil Nadu.

The group has achieved four financial closures in a row during the current fiscal.

More Stories on : Roadways | Infrastructure | Tamil Nadu

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