IVRCL Infrastructures achieves financial closure for its Jalandhar Amritsar Road Project

IVRCL Infrastructures & Projects Ltd has announced that the Company achieved Financial Closure for its Jalandhar Amritsar Road Project awarded by National Highways Authority of India (NHAI). The project involves Improvement, Operation and Maintenance including Strengthening and Widening of existing 2-lane road to 4-lane duel carriageway from Km 407.100 to Km 456.100 of NH-1 (Jalandhar-Amritsar Section) in the State of Punjab on Build, Operate and Transfer (BOT) basis. The project is being executed through Special Purpose Vehicle (SPV) viz., Jalandhar Amritsar Tollways Ltd, a wholly owned subsidiary of the Company.

The estimated project cost is Rs 2377.50 million of which the loan component is Rs 1570 million being financed by Canara Bank to the extent of Rs 600 million. Allahabad Bank to the extent of Rs 500 million and State Bank of Bikaner and Jaipur to the extent of Rs 470 million, Canara Bank being the lead lender of the Consortium. The balance project cost is being financed by way of equity from IVRCL Road Toll Holdings Ltd, another wholly owned subsidiary of the Company to the extent of Rs 413 million and grant from NHAI to the extent of Rs 394.50 million.

Source : Equity Bulls

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