Adani Enterprises announces financial closure for Ganga Expressway Project
Adani Enterprises Ltd (AEL) said that its fully-owned subsidiaries have achieved financial closure for executing a section of the Ganga Expressway Project in Uttar Pradesh.
According to Adani Enterprises, finances of INR 10,238 crores have been secured from lenders for the Ganga Expressway Project. The committed equity infusion of the company is INR 6,826 crores, while the viable gap funding (VGF) is INR 5,996 crores.
The company’s subsidiaries — Budaun Hardoi Road Private Ltd (BHRPL), Hardoi Unnao Road Private Ltd (HURPL) and Unnao Prayagraj Road Private Ltd (UPRPL) are executing an access-controlled six lane greenfield expressway project on design-build-finance-operate-transfer (DBFOT) (Toll) basis under PPP mode.
The duration of the concession period will be 30 years with traffic link extension provision of six years, which includes construction period of three years.
The Ganga Expressway Project is intended to connect Meerut with Prayagraj. It will be the longest expressway in India to be executed on DBFOT basis, said Adani Enterprises.
Out of the 594km length of the Ganga Expressway Project, Adani Enterprises will construct 464 km from Budaun to Prayagraj, which is 80% of the greenfield expressway project.
K P Maheshwari — Adani Enterprises Road Business CEO, commenting on the financial closure for the Ganga Expressway Project, said: “India is building at a record pace the road infrastructure it needs for its development, and we are delighted to be providing the much-needed road connectivity all across the nation.
“The State Bank of India has underwritten the entire debt requirement of INR 10,238 Crore for the Ganga Expressway Projects (BHRPL, HURPL & UPRPL). With this facility from the SBI, we have moved a step closer to providing our country and the state of UP with another landmark infrastructure.”