Hyderabad: Ramky Infrastructure Ltd has achieved financial closure for its Agra Etawah Road Tollway Project to be developed in Uttar Pradesh.
A consortium of bankers lead by Oriental Bank of Commerce and other participants including Union Bank of India, India Infrastructure Finance Company Ltd, Central Bank of India, State Bank of Patiala and Axis Bank have agreed to meet the debt syndication of Rs 1,225 crore to execute the project.
The project awarded by the National Highways Authority of India entails six-laning of the road on the NH-2 between 199 km and 323 km stretch. The road project was awarded under the National Highway Development Project Phase V. It is to be executed on build, operate and transfer (BOT) mode.
The project has a concession period of 30 years including construction phase of 910 days. After securing the mandate to develop the tollway, the company has formed a special purpose vehicle to execute the project.
According to a statement to the stock exchanges, the company now commands an order book of Rs 13,000 crore.
Y.R. Nagaraja, Managing Director of Ramky Infrastructure, said that the stretch forms part of Golden Quadrilateral. The Delhi-Kolkata link passes through Uttar Pradesh wherein the network is being widened to six-lane.
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