CG Tollway Pvt. Ltd., a Special Purpose Vehicle (SPV) of India’s IRB Infrastructure Developers, has achieved financial close for another BOT project in the State of Rajasthan.

The SPV, basis the Concession Agreement signed and executed with National Highway Authority of India (NHAI) for this INR20.9 billion (US$322 million) project, has tied up with the consortium of lenders led by State Bank of India. Other members include Bank of India, Bank of Maharashtra, Canara Bank, Indian Overseas Bank, Andhra Bank and Aditya Birla Finance Ltd.

The project involves 6 Laning of 124.87 Km bypass on NH-79 between Chittorgarh and Gulabpura. NH 79 connects Ajmer to Ghat Bilod, traversing through major settlement stretches such as Nasirabad, Gulabpura, Bhilwara, Chittorgarh, Mangalwara and finally Udaipur.

The concession period is 20 years including construction period of 910 days.

While commenting on the development, Mr. Virendra D. Mhaiskar, Chairman & Managing Director said:

“Achieving financial closures for two projects successively within a short span of few  months validates lenders’ trust in credentials of the project, our domain expertise and execution capabilities in developing large highway infrastructure, well demonstrated over almost a decade and half. We are grateful to our lenders for the trust shown and financing the project.” He further added, “Achieving financial closure for this project will give an upper hand to Company for bidding upcoming NHAI projects.”