Business Daily from THE HINDU group of publications
Friday, February 1, 2008
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Business Daily from THE HINDU group of publications Friday, February 1, 2008 |
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News Update as at 19.00 hrs (IST)
Corporate Lanco Infratech ties with SBI for executing 2 NHAI projects MUMBAI: Lanco Infratech on Friday said it has tied up with the country's largest lender SBI for part funding its Rs 1,348 crore road projects in Karnataka, contracts for which were secured from National Highways Authority of India (NHAI). The company informed the Bombay Stock Exchange that these projects would be part funded by equity, debt and grant received from NHAI. "The debt requirement for these projects has been tied up with State Bank of India and its associate banks, with State Bank of India being at the lead," it said. The company would soon commence work on the projects, received through competitive bidding from the NHAI. The projects - the 81 km Bangalore-Hoskote-Mudbagal stretch on NH 4 and 82 km Neelamangla-Devihalli stretch on NH 48 - would be developed on build- operate-transfer basis for concession periods of 20 and 25 years respectively. The contract involves six-laning of 16 km stretch and four-laning of the remaining stretches. Lanco constructs, develops and operates power, roads and other infrastructure projects. Its power portfolio includes an operating capacity of 519 MW and additional capacities under construction aggregating to more than 3,400 MW. Its Engineering Procurement and Construction wing has an order book worth Rs 11,400 crore. Shares of Lanco were trading at Rs 455, down 5.81 per cent on the BSE. - PTI
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