Mumbai: IVRCL Infrastructures & Projects Ltd has achieved financial closure for Jalandhar Amritsar Tollways Ltd, a special purpose vehicle set up for executing the Jalandhar Amritsar road project, a notice issued by the company to the BSE said.
The project, awarded by the National Highways Authority (NHAI), involves improvement, operation and maintenance, including strengthening and widening a 49-km Jalandhar-Amritsar Section of NH-1 from a two-lane road to four-lane duel carriageway on build, operate and transfer (BOT) basis. The project is being executed through special purpose vehicle (SPV).
The estimated project cost is Rs37.75 crore of which Rs157 crore is the loan component being financed by consortium of Canara Bank, AllahabadBank and the State Bank of Bikaner and Jaipur.
The balance project cost is being financed by way of equity from IVRCL Road Toll Holdings Ltd, another wholly owned subsidiary of the company to the extent of Rs41.3 crore and grant from NHAI to the extent of Rs39.45 crore.