Era Infra achieves fin closure of Rs 1,100 cr road project

Engineering firm Era Infra today said it has achieved the financial closure of a Rs 1,100 crore highway project that involves four laning of a road stretch from Muzaffarnagar in UP to Haridwar in Uttrakhand.

"We have raised term-loan of Rs 691 crore from banks. There is a positive grant of Rs 210 crore from NHAI and rest of the amount will be brought in as equity," Era Infra Group CFO Joy Saxena said.

"The financial closure documents have been submitted to the National Highway Authority of India (NHAI) for their final clearance," he said.

The Delhi-based firm had bagged Haridwar Highway project from NHAI. The total cost of the project is approximately Rs 1,100 crore.

The road project is on design, build, finance, operate and transfer (DBFOT) annuity basis.

The work entails four laning of about 80 kilometers (from Muzaffarnagar to Haridwar) of National Highway Section NH 58.

"Construction work on the project will start as soon as we will get final clearance from NHAI," Saxena said.

Shares of Era Infra were trading at Rs 223.60 per piece, down 0.11 per cent, in the afternoon trade on the Bombay Stock Exchange.