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KNR Constructions Ltd has achieved financial closure for the Rs 359-crore road project coming up in Bihar with a lenders’ consortium. The company has inducted JKM Infra Projects Ltd, a Delhi-based company, as a strategic partner for the special purpose vehicle (subsidiary) executing the road project wherein the latter has picked up 49 per cent stake. In a statement to the stock exchanges, the company informed that KNR Muzaffarpur-Barauni Tollway Pvt Ltd, a subsidiary of the company, is implementing the road project in the Mzaffarpur-Barauni section of National Highway 28 between 519 km and 627 km. The Hyderabad-based infrastructure company has signed up for financial documents with Punjab National Bank, State Bank of Bikaner and Jaipur, State Bank of Patiala and Corporation Bank. In a statement, Mr M.V. Venkata Rao, Company Secretary of KNR, said that the road project is being financed with equity of Rs 109 crore and a debt component of Rs 250 crore. The concession period is for 21 years including the construction phase of 710 days. The project located in Bihar comes under the National Highway Development Programme and is being implemented in the public-private partnership mode. KNR shares closed the day’s trade up 2.8 per cent at Rs 121.
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