MUMBAI: Hyderabad-based infrastructure firm Ramky Infrastructure has tied up debt worth 1,400 crore with ICICI Bank for financing its Srinagar-Banihal road project in Jammu and Kashmir, group Chief Financial Officer Sanjiv Iyer told ET.
Ramky Infrastructure, in a joint venture with China's Jiangshu Provincial Transportation Engineering Group Company is executing the Srinagar-Banihal road project in Jammu and Kashmir at a total cost of 1,625 crore. Ramky Infrastructure holds 74% in the joint venture which will design, build, finance, operate and transfer the project for National Highway Authority of India (NHAI).
"We will announce financial closure for the project before March-end and hope to start construction of the project around the same time," Iyer said.
The annuity based road project has a concession period of 20 years, including the construction period of three years.
Ramky Infrastructure has five road development projects in its portfolio, of which one is operational currently. With the financial closure of the Srinagar-Banihal road project, the company would have the entire road portfolio financially tied up. "We hope to commission our Gwalior bypass road project by March. We have already started construction on two other projects," Iyer said. Ramky has executed NHAI's Gwalior bypass at a total cost of 332.11 crore.
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