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GMR Infra to raise funds for road projects by February

Saturday, 28 Nov 2009
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GMR Infrastructure is likely to raise funds for its two BOT road projects worth Rs 3,500 crore by February 2010.

One of the projects is a 181-km national highway stretch between Hyderabad and Vijayawada (Andhra Pradesh) worth Rs 2,300 crore. The other one is a 30-km state highway stretch in Chennai costing about Rs 1,200 crore.

The company had signed the concession agreement for the Hyderabad project in October 2009 and is likely to sign the same for the Chennai outer ring road project in December 2009.

The Hyderabad-Vijayawada stretch is a toll project with a concession period of 25 years and the Chennai one is an annuity project with a concession period of 20 years

The company has already begun pre-development work including soil investigation and quarry testing on the projects. Work on both the projects is expected to begin immediately after the financial closure, as per sources.

Also See:

GMR-NAPC conglomerate to develop Phase I of outer ring road in Chennai (12-Aug-09)

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