IFIN achieves financial closure for five projects

IL&FS Financial Services (IFIN), the investment banking arm of the IL&FS Group, today announced financial closure for its five projects worth Rs 7,430 crore.

Of this, the debt component, at Rs 6,329 crore, has been arranged by IFIN, the company said here.

The projects are of MP Border Checkpost Development Company (MPBCDCL), Vandana Vidyut (VVL), Chenani Nashri Tunnelway (CNTL), Warora Chandrapur Ballarpur Tollroad (WCBTL) and Jorabat Shillong Expressway (JSEL), it said.

MPBCDCL project involves up-gradation, modernisation, construction, operation and maintenance of 24 Border Check Posts across Madhya Pradesh under a Build, Operate and Transfer (BOT) format with a total cost of Rs 1,350 crore.

The cost is to be financed through debt of Rs 945 crore and the balance as promoter contribution, it said.

VVL, promoted by the Vandana Group of Raipur, proposes to set up a 540 Mw coal-based thermal power plant in three phases at Korba. The total project cost is Rs 1,200 crore.

The project, scheduled to achieve commercial operations by June 2013, has been financed by a consortium of seven banks led by State Bank of India.

CNTL, wholly-owned by IL&FS Transportation Networks (ITNL), achieved a financial close of the senior and subordinate debt aggregating Rs 3,348 crore for financing the NHAI DBFOT Annuity project.