Ramky achieves financial closure for Hospet road project

For the Rs 1,103-crore Hospet-Chitradurga tollway road project in Karnataka, Ramky Infrastructure has achieved financial closure. The company closed finances through debt syndication of Rs 830 crore to execute the road project.

To this effect, an agreement was signed between the Hospet-Chitradurga Tollways, a special purpose vehicle formed to undertake the project and consortium of bankers, led by Axis Bank. YR Nagaraja, Managing Director, Ramky Infrastructure said that the financial tie-up for Karnataka road project reflects the trust the market places on the company.

Other participating lenders include IDBI Bank, Bank of India, India Infrastructure Finance Company, State Bank of Hyderabad, State Bank of Patiala, State Bank of Travancore, Central Bank of India and Oriental Bank of Commerce. The agreement was signed on November 9.