GMR Infrastructure has achieved financial closure of Rs 1,700 crore for the
Rs 2,190 crore Hyderabad-Vijayawada highway project in Andhra Pradesh.
IDBI Bank has underwritten the loan and the company has sent the sanction
letter and draft documents to NHAI.
Also, GMR is in the process of mopping up funds its 30-km stretch outside
Chennai. As per sources, ICICI Bank is underwriting that loan and GMR should
achieve closure in about 15 days. The project is worth Rs 1,200 crore and the
size of the debt component was being worked out.
The Hyderabad project is toll-based while the Chennai road project is
annuity-based. The projects have a concession period of 25 and 20 years,
respectively.
Also See:
GMR
Infra to raise funds for road projects by February (28-Nov-09)
Related Link:
Project profile