IRB Infrastructure achieves FC for Maharashtra road project
IRB Infrastructure, through its subsidiary Yedeshi Aurangabad Tollway Pvt. Ltd., has achieved financial closure for the project of Four Laning of Yedeshi - Aurangabad section of NH-211 in the state of Maharashtra, India.
The total cost of this project is Rs31.77 billion (US$505.2 million), out of which Viability Gap Funding from NHAI will be Rs5,580 million (US$88.7 million), equity contribution by the company will be approx. Rs8,630 million (US$137.2 million) and remaining will be funded through project finance of Rs17.56 billion(US$279.2 million). The average cost of debt is approx. 11.75% p.a.
A consortium of lenders comprising of IDBI Bank Limited - Lead Institution, India Infrastructure Finance Company Ltd. (IIFCL), IDFC Limited, Indian Overseas Bank, Union Bank of India and Andhra Bank have financed the project.
The project will expedite improvement of infrastructure in Maharashtra and also reduce the time and cost of travel for traffic, particularly heavy traffic, plying between Aurangabad-Yedeshi section of National Highway-211. This stretch is a link between NH-3 and NH-4 in Maharashtra and shall be giving feeder traffic to 'Yedeshi-Solapur' meeting Golden Quadrilateral NH-4 at solapur city.
The project will be developed as BOT (Toll) on design, build, finance, operate and transfer (DBFOT) pattern under the National Highways Development Program (NHDP) Phase - IV. The project involves the section from km 100.000 to km 290.200 (design length 190 km).
IRB Infrastructure will be responsible for the contract for a period of 26 years.
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