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IL&FS arm achieves financial closure for Gurgaon Metro Link project

Thursday, 28 Mar 2013

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IL&FS Rail, subsidiary of IL&FS Transportation Networks and its consortium has achieved financial closure for Phase II of Metro Link Extension in Gurgaon, Haryana.

IL&FS Transportation Networks achieved financial closure for 6.5 km rail Metro Link Extension from Sikanderpur Station to Sector 56, Gurgaon. Rapid MetroRail Gurgaon South (RMGSL), the SPV created for executing Phase II of the Metro Link Extension, signed a loan arrangement of Rs 1,500 crore with a consortium of three banks on 26 March 2013. The consortium, led by Canara Bank, will give RMGSL a loan of Rs 1,500 crore, while the company will invest Rs 643 crore as equity for the Rs 2,143-crore project.

Work on Phase-II will start shortly to connect Sikandarpur with Sector 55-56, a seven-km route with six stations. On completion of Phase I and II, the Rapid Metro network will be a 12-km long system with 12 stations.

RMGSL signed the concession agreement with the Haryana Urban Development Authority (HUDA) and the project is being implemented on PPP basis. HUDA on 1st October 2012 awarded the Rapid Metro Rail Gurgaon South Extension to a consortium of IL&FS Transportation Networks and its subsidiary IL&FS Rail for developing the rail Metro Link on a DBFOT basis.