Financial closures for two road projects in K'taka achieved

Hyderabad, Feb 1 (UNI) The financial closures for the two road projects awarded by the National Highways Authority of India (NHAI) to LANCO in Karnataka to be developed on Build-Operate-Transfer (BOT) basis has been successfully achieved.

The debt requirement for these projects has been tied up with State Bank of India and its Associate Banks with State Bank of India being the lead, a release here said.

The two road projects are the 81-km Bangalore-Hoskote-Mudbagal stretch on National Highway 4 and 82-km Neelamangla-Devihalli stretch on National Highway 48.

The project involves six laning of 16 km stretch and four laning of the remaining stretches. The total project cost is estimated at Rs 13,480 million. The concession periods are 20 and 25 years for the two projects respectively, including 30 months of construction period.

The contracts were awarded through a competitive bidding process.

The projects would be financed through a mix of equity, debt and grant from NHAI.

UNI VA ROY 1742