Era Infra achieves financial closure of Rs 692 cr road project

Engineering firm Era Infra today said it has achieved the financial closure of a Rs 692 crore Uttarakhand road project, which was awarded to the company by the National Highway Authority of India (NHAI).

"We have tied-up with several public sector banks to fund the highway project. The financial closure documents have been submitted to NHAI for their final clearance," Era Infra Group CFO Joy Saxena said.

The Delhi-based firm had bagged Dehradun Highway project in January this year. The project entails four laning of about 39 kilometers of National Highway Section NH 58 in Uttarakhand from Haridwar to Dehradun.

Total cost of the project is about Rs 692 crore, out of which Rs 528.45 crore is funded through debt and rest would be through equity route, he added.

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

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

Shares of Era Infra were trading at Rs 220.55, down 0.02 per cent, in the afternoon trade on the Bombay Stock Exchange.