GRICL Rail Bridge Development, a wholly-owned subsidiary of IL&FS Transportation Networks, today said it will build eight railway over-bridges in Gujarat at an estimated cost of Rs 250.85 crore.
GRICL Rail Bridge Development Company Ltd, a special purpose vehicle, is mandated for undertaking the development of eight railway over-bridges (ROBs) under PPP mode on annuity basis by the R&B Department, Gujarat, it said in a BSE filing.
IL&FS Transportation Networks said the financial tie up of loans aggregating to Rs 188 crore has been achieved for the project and the loan agreements were executed with consortium of banks on December 15.
"The project is on annuity basis with a concession period of 17.5 years and the estimated cost of the project is Rs 250.85 crore. The semi-annual annuity payable will be Rs 21.99 crore for a period of 15 years," it said.
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