Companies

IVRCL Assets closes funds for Sion-Panvel road project

Our Bureau Hyderabad | Updated on May 10, 2011 Published on May 10, 2011




IVRCL Assets & Holdings Ltd, an IVRCL Group company, has completed financial arrangement for the 10-lane Sion-Panvel road.

Mr S.V. Ramkumar, Chief Financial Officer of IVRCL Assets, said the project cost is estimated at Rs 1,705.67 crore.

This is proposed to be funded through senior debt of Rs 1,299 crore and the balance through sponsor equity and internal accruals.

For the debt component, the financial commitment has been given by nine banks and IIFCL.

The debt facility has been subscribed 1.53 times. The project has been appraised by IDFC and SBI Caps.

In an international competitive bidding floated by the Government, the consortium of IVRCL Ltd and Kakade Infrastructure Pvt Ltd was awarded the project.

Published on May 10, 2011
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