Developer Essel Highways has secured US$ 85 million from Goldman Sachs as part of a larger US$ 220 million structured financing.

According to Essel Infraprojects, Goldman has subscribed to debentures worth US$85 million. As new corporate milestones are achieved, the remaining balance of the debenture issuance is expected to be subscribed by other financial institutions and investors.

Essel declined to name the other potential investors. 

The transaction comes as India's government is procuring an increasing number of privately financed new roads.

Essel Highways, which constructs and operates BOT roads, will use the funds to finance new projects and strategic acquisitions. Its portfolio includes eight state highways and two national highways, and it has four further roads under construction.