Adani Enterprises subsidiaries achieves financial closure for greenfield Ganga Expressway project

Adani Enterprises (AEL) on Thursday announced that its wholly owned subsidiaries, Budaun Hardoi Road, Hardoi Unnao Road and Unnao Prayagraj Road have achieved financial closure for the greenfield Ganga Expressway project in Uttar Pradesh.

As per the regulatory filing, Budaun Hardoi Road (BHRPL), Hardoi Unnao Road (HURPL) and Unnao Prayagraj Road (UPRPL), wholly owned subsidiaries of Adani Enterprises, have achieved financial closure for the access-controlled six lane (expandable to eight lane) greenfield Ganga Expressway project (Group-II, III & IV) in Uttar Pradesh respectively on design, build, finance, operate, transfer (DBFOT) (Toll) basis under public private partnership (PPP) mode.

The project concession period is for 30 years with traffic link extension provision of 6 years, including three years construction period, the company stated.

The firm said that the Ganga Expressway in Uttar Pradesh, which will connect Meerut with Prayagraj, will be India's longest expressway to be implemented on DBFOT basis. Of its 594-km length, AEL will build 464 km from Budaun to Prayagraj, which comprises 80% of the expressway project.

Adani Enterprises has secured Rs 10,238 crore from the lenders to finance the construction of the Ganga Expressway.

K P Maheshwari, CEO, Road Business, Adani Enterprises, said, India is building at a record pace the road infrastructure it needs for its development, and we are delighted to be providing the much-needed road connectivity all across the nation.

Maheshwari further added, The State Bank of India (SBI) has underwritten the entire debt requirement of Rs 10,238 crore for the Ganga Expressway projects (BHRPL, HURPL & UPRPL). With this facility from the SBI, we have moved a step closer to providing our country and the state of UP with another landmark infrastructure.

AEL said that its road portfolio has grown to 18 projects with more than 6,400 lane kms and an asset value exceeding Rs 44,000 crore spread over ten states in India - Uttar Pradesh, Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, Kerala, Gujarat, West Bengal and Odisha. The portfolio has a mix of HAM (Hybrid Annuity Mode), TOT (Toll-OperateTransfer) and BOT (Build-Operate-Transfer) type assets, it added.

Adani Enterprises is the flagship company of Adani Group, one of India's largest business organisations. Over the years, Adani Enterprises has focused on building emerging infrastructure businesses. The next generation of its strategic business investments is centered around green hydrogen ecosystem, airport management, roads, data center and water infrastructure.

The company's consolidated net profit jumped 72.9% to Rs 469.46 crore in Q1 FY23 as against Rs 271.46 crore in Q1 FY22. Revenue from operations in the first quarter stood at Rs 40,844.25 crore, surged 224.7% from Rs 12,578.77 crore reported in the same period last year.

Shares of Adani Enterprises declined 0.53% to Rs 3,530.25 on the BSE.

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