GMR Group achieves financial closure for Ulundurpet project

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GMR Group achieves financial closure for Ulundurpet project

GMR Group achieves financial closure for The Tindivanam - Ulundurpet Road Project

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GMR Group Consortium comprising of GMR Infrastructure Limited and GMR Energy Limited has achieved the financial closure for the 73 km, Tindivanam - Ulundurpet Road project in Tamil Nadu.

The capital cost of the project totaling to Rs. 795 crores has been met by way of equity and debt. The debt component of Rs. 596.25 crore, syndicated by ICICI Bank Limited, has been tied up with ten bankers namely, Andhra Bank, Bank of India, Bank of Baroda, Central Bank of India, Canara Bank, IDBI Ltd, IIFCL, Punjab National Bank, Union Bank of India and ICICI Bank as lead lender. The equity component is Rs. 198.75 crores.

It is significant to note that the consortium received sanction of Rs. 850 crore from the participating banks against debt requirement of Rs. 596.25 crore. The door to door tenure of loan is 16 years against the concession period of 20 years.

The National Highways Authority of India (NHAI) invited bids from the empanelled short-listed road development agencies for the improvement, operations and maintenance of the NH-45 section between Tindivanam and Ulundurpet in Tamil Nadu.

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