New Delhi, June 22, 2016: IRB Infrastructure Developers Limited (‘IRB”), (BSE: 532947) one of the largest Road BOT developers in India, has announced that AE Tollway Pvt. Ltd. – wholly-owned Subsidiary of the Company, has achieved financial closure in terms of the Concession Agreement executed with NHAI, by tying up of Project finance of Rs. 1,650 Crore.
The total cost of this project is Rs. 2,523 Crore, out of which equity contribution by the Company will be. Rs. 873 Crore and remaining will be funded through Project finance of Rs. 1,650 Crore. The average cost of debt of this Project finance is approx. 11.25% p.a.
A Consortium of Lenders comprising of IDBI Bank Limited – Lead Institution, India Infrastructure Finance Company Ltd. (IIFCL), Bank of India, Bank of Maharashtra, UCO Bank, Andhra Bank and Punjab National Bank have financed this project.
With financial closure of this project, all projects awarded to the company are financially closed.
Key highlights of the Project are as under:
- The Project is on DBFOT Pattern
- The concession period of the project is 24 years
- Construction period is 910 days.
- The Company will get tolling rights on Agra – Etawah Bypass section of NH-2 from the Appointed Date
- The Company has offered premium of Rs. 81 Crores to NHAI, which will increase by 5% YoY.