GVK arm ties up funds for Gujarat road project

V. Rishi Kumar Updated - November 17, 2011 at 04:26 PM.

GVK Power & Infrastructure Ltd has informed the BSE that GVK Bagodara Vasad Expressway Pvt Ltd, a step-down subsidiary of the company, which is implementing the Gujarat road project, has closed funding by signing the financing documents with Axis Bank Ltd.

The project entails six-laning of the existing three lanes of Bagodara-Wataman-Tarapur-Vasad Road State Highway-8, between Km 0 to Km 101 in Gujarat on build, operate and transfer (BOT) basis. The Rs 1,189.03-crore project is being financed through equity of Rs 297.26 crore and debt of Rs 891.77 crore.

As per the agreement executed by GVK Bagodara with Gujarat State Road Development Corporation Ltd, the concession period for the project is 27 years including construction period of 30 months.

Director resigns:

Meanwhile, the company has informed that the board of directors of the company at its meeting recently approved the resignation of Mr Pradip Baijal, as an independent director from the company board.

Published on November 17, 2011 07:13