IRB Infra subsidiary ties up Rs 3,300 cr for NHAI project

IRB Infrastructure Developers today said its subsidiary has tied up the Rs 3,300 crore required to execute a project awarded by the National Highways Authority of India.

"IRB Ahmedabad-Vadodara Super Express Tollway... A wholly owned subsidiary of the company (IRB Infrastructure Developers), has achieved financial closure in terms of the concession agreement executed with NHAI by tying up of project finance of Rs 3,300 crore," the company said in a filing to the BSE.

The project is financed by a consortium of lenders— Infrastructure Development Finance Company, India Infrastructure Finance Company, Andhra Bank, Punjab National Bank, Indian Overseas Bank, Bank of India, Union Bank of India and ICICI Bank, it said.

"The total cost of this project is Rs 4,880 crore, out of which the equity contribution by the company will be approximately Rs 1,580 crore and the remaining will be funded through project finance of Rs 3,300 crore.

Out of this project finance, approximately Rs 1,100 crore can be drawn as ECB (External Commercial Borrowings) and the remaining Rs 2,200 crore as rupee loan," the statement said.