IRB achieves financial closure for Solapur - Yedeshi Project - infrabuddy.com

IRB achieves financial closure for Solapur – Yedeshi Project

IRB Infrastructure Developers Limited (‘IRB”), (BSE: 532947) one of the largest Road BOT developers in India, has announced that Solapur Yedeshi Tollway Pvt. Ltd. – SPV for Solapur to Yedeshi Project has tied up Project finance of Rs. 910 Crore. The total cost of this project is Rs. 1,492 Crore, out of which viability gap funding from NHAI of Rs.189 crores, equity contribution by the Company will be approx. Rs. 393 Crore and remaining will be funded through Project finance of Rs. 910 Crore. The average cost of this Project finance is approx. 11.75% p.a.

A Consortium of Lenders comprising of IDBI Bank Limited – Lead Institution, India Infrastructure Finance Company Ltd. (IIFCL), Canara Bank, Union Bank of India, Corporation Bank and Indian Overseas Bank have financed this project.

About IRB

IRB is an integrated infrastructure development and construction company in India with significant experience in the toll roads and highways sector. IRB is one of the largest private developers in India with 21 Road BOT Projects out of which 16 Projects are under operation. IRB’s order-book is approximately Rs. 11,348 crores. IRB has been listed on the NSE and BSE since February 25, 2008.

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