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Adani Enterprises achieves financial closure for India's largest greenfield expressway project

Stock Markets Sep 29, 2022 06:15
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© Reuters. Adani Enterprises achieves financial closure for India's largest greenfield expressway project
 
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Ahmedabad, Sep 29 (IANS) Budaun Hardoi Road Private Ltd (BHRPL), Hardoi Unnao Road Private Ltd (HURPL) and Unnao Prayagraj Road Private Ltd (UPRPL) -- wholly owned subsidiaries of Adani Enterprises Ltd (AEL) -- have achieved Financial Closure for the access-controlled six lane (expandable to eight lane) greenfield Ganga Expressway Project (Group-II, III & IV) in Uttar Pradesh (UP) respectively on DBFOT (Toll) basis under PPP mode.

The concession period shall be 30 years. The Ganga Expressway in Uttar Pradesh, which will connect Meerut with Prayagraj, will be India's longest expressway to be implemented on DBFOT basis. Of its 594-km length, AEL will build 464 km from Budaun to Prayagraj, which comprises 80 per cent of the expressway project.

"India is building at a record pace the road infrastructure it needs for its development, and we are delighted to be providing the much-needed road connectivity all across the nation," said K.P. Maheshwari, CEO, Road Business, Adani Enterprises Ltd. (NS:ADEL)

"The State Bank of India (NS:SBI) has underwritten the entire debt requirement of INR 10,238 Crore for the Ganga Expressway Projects (BHRPL, HURPL & UPRPL). With this facility from the SBI, we have moved a step closer to providing our country and the state of UP with another landmark infrastructure," said Maheshwari.

AEL's road portfolio has grown to 18 projects with more than 6,400 lane kms and an asset value exceeding Rs 44,000 crore spread over ten states in India -- Uttar Pradesh, Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, Kerala, Gujarat, West Bengal and Odisha. The portfolio has a mix of HAM (Hybrid Annuity Mode), TOT (Toll-Operate-Transfer) and BOT (Build-Operate-Transfer) type assets.

--IANS

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Adani Enterprises achieves financial closure for India's largest greenfield expressway project
 

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