IRB Infrastructure Developers’ wholly-owned subsidiary - IRB Westcoast Tollway, has achieved financial closure in terms of the concession agreement executed with NHAI, by tying up of Project finance of Rs 1,406 crore. The total cost of this Solapur to Yedeshi section project is Rs 2,639 crore, out of which viability gap funding from NHAI of Rs 536 crore, equity contribution by the company will be approximately Rs 697 crore and remaining will be funded through Project finance of Rs 1,406 crore. The average cost of this Project finance is approximately 11.75% p.a.
A Consortium of Lenders comprising of IDBI Bank - Lead Institution, Allahabad Bank, Bank of Baroda, Bank of India, Canara Bank and Union Bank of India have financed this project.
Besides, the vompany has now received an official communication from the National Highways Authority of India (NHAI) by way of a Letter of Award (LoA) dated December 24, 2013 whereby NHAI has accepted its Price Bid and has declared it as the selected bidder for the project of four laning of Solapur to Yedeshi section of NH-211 from km 0.000 to km 100.000 (Design Length 98.717 km) in the State of Maharashtra under NHDP Phase IV on Design, Build, Finance, Operate and Transfer (DBFOT) (Toll) Basis.
A Consortium of Lenders comprising of IDBI Bank - Lead Institution, Allahabad Bank, Bank of Baroda, Bank of India, Canara Bank and Union Bank of India have financed this project.
Besides, the vompany has now received an official communication from the National Highways Authority of India (NHAI) by way of a Letter of Award (LoA) dated December 24, 2013 whereby NHAI has accepted its Price Bid and has declared it as the selected bidder for the project of four laning of Solapur to Yedeshi section of NH-211 from km 0.000 to km 100.000 (Design Length 98.717 km) in the State of Maharashtra under NHDP Phase IV on Design, Build, Finance, Operate and Transfer (DBFOT) (Toll) Basis.
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