IRB achieves financial closure for Agra-Etawah road project

Toll road firm IRB Infrastructure today said it has achieved financial closure for its Agra-Etawah project by tying up project finance of Rs 1,650 crore.
The total cost of this project is Rs 2,523 crore, out of which equity contribution by the company will be Rs 873 crore and remaining will be funded through project finance of Rs 1,650 crore, IRB said in a statement issued here.
The average cost of debt of this project finance is around 11.25 per cent per annum.
A consortium of lenders led by IDBI Bank and comprising India Infrastructure Finance Company, Bank of India, Bank of Maharashtra, UCO Bank, Andhra Bank and Punjab National Bank have financed this project.

The project, awarded by the National Highways Authority of India (NHAI), will be developed on design, build, finance, operate and transfer basis and the concession period is 24 years.
IRB has offered premium of Rs 81 crore to NHAI, which will increase by 5 per cent year-on-year.
The company has a portfolio of 20 road BOT projects, out of which 13 are operational.