Mumbai, Feb 18 (PTI) Toll-road firm, IRBInfrastructure Developers, today said that it has successfullyachieved financial closure of its Tumkur-Chitradurga roadproject in Karnataka.
IRB Tumkur Chitradurga Tollway, a wholly-ownedsubsidiary of IRB, has tied-up for a debt of Rs 831-crore forexecuting the Rs 1,142-crore project, a press release issuedhere stated.
A consortium of lenders comprising InfrastructureDevelopment Finance Company (IDFC), Bank of Baroda, HDFC andIDBI Bank has financed this project, the release said.Out of the total project cost, the equity contributionof the company will be around Rs 311-crore, while IDFC, whichis the leading lender, will be financing up to Rs 500-croreand the remaining would be contributed by the other banks.
"With the financial closure (arranging funds fromlenders)of this project, the company has achieved financialclosure for all the projects awarded to it by NHAI," IRB''sChairman and Managing Director, Virendra Mhaiskar, said.
The project of six-laning of Tumkur-Chitradurgasection of NH-4 has to be completed over a period of910-days, the release said.
"We will commence work on the project in April thisyear," Mhaiskar said.
IRB has got a concession period of 26-years and thecompany will have to pay a premium of Rs 144.40-crore for theproject to the NHAI in the first year, the release said. PTIPSK JJ ABC