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Ramky Infrastructure Ltd has announced it has concluded the financial tie-up of Rs 1,440-crore debt syndication to execute the Srinagar-Banihal Highway project in Jammu and Kashmir.
An agreement to this effect was signed between the Srinagar–Banihal Expressway Ltd (SBEL), the consortium, and ICICI Bank Ltd in Hyderabad on Wednesday.
Mr Y.R. Nagaraja, Managing Director of the Hyderabad-based Ramky, in a statement said, “the successful financial tie-up for the prestigious road project in Jammu and Kashmir augers well. The country needs a large, integrated road network to achieve overall progress.”
The SBEL consortium, which is implementing the road project comprises RIL with 74 per cent and Jiangsu Provincial Transportation Engineering Group Co Ltd, China (JTEG) with 26 per cent stake respectively, was awarded the project by the National Highways Authority of India for design and development and maintenance of the project.
The road project, with a concession period of 20 years, includes the construction period of 1095 days. The project cost is estimated at Rs 1,600 crore.
Ramky has five road development projects in its portfolio, all of them have closed funding.
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