IRB Infrastructure is planning to raise funds for a highway project in Gujarat.
The company is planning to mobilise Rs 3,300 crore for the Ahmedabad-Vadodara highway development project. The Ahmedabad-Vadodara project involves six-laning of 102-km stretch between the two cities and operating it for 25 years. It also involves value addition to the existing Ahmedabad and Vadodara Expressway. The project construction cost is about Rs 3,600 crore.
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Addendum:
IRB Infrastructure Developers through the subsidiary IRB Ahmedabad Vadodara Super Express Tollway tied up the debt of Rs 3,300 crore for the highway development project in Gujarat. Bajaj Consultants was the sole adviser for the transaction. The banks that have lent funds to IRB include IDFC, PNB, ICICI Bank, BOI, Andhra Bank, IOB, Union Bank and IIFCL.