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IRB Infrastructure Developers said its wholly-owned subsidiary Solapur Yedeshi Tollway has tied up Rs 910 crore for the concession agreement (project) it had signed with the National Highways Authority of India.
The total cost of the project is Rs 1,492 crore. The viability gap funding from NHAI is Rs 189 crore and the company’s equity contribution is Rs 393 crore, IRB said in a filing to the stock exchange.
A consortium of lenders with IDBI Bank Ltd as the lead Institution, India Infrastructure Finance Company, Canara Bank, Union Bank of India, Corporation Bank and Indian Overseas Bank has financed the project. The average cost of funding is about 11.75 per cent, IRB added.
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