According to a company statement, the access controlled, six-lane Greenfield Ganga Expressway project in Uttar Pradesh has reached financial closure for Budaun Hardoi Road Private Ltd, Hardoi Unnao Road Private Ltd, and Unnao Prayagraj Road Private Ltd, all wholly owned subsidiaries of Adani Enterprises.
The 30-year concession term is required.
The Ganga expressway, the longest expressway in India to be built on a DBFOT basis in Uttar Pradesh, which will link Meerut and Prayagraj. AEL will develop 464 km of the expressway's total length, or 80% of its 594 km, from Budaun to Prayagraj.
“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.
“The State Bank of India has underwritten the entire debt requirement of Rs 102.38 billion 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,” he added.
AEL's road portfolio has grown to 18 projects totaling over 6,400 land kilometres and an asset value in excess of Rs 440 billion. Uttar Pradesh, Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, Kerala, Gujarat, West Bengal, and Odisha are among the ten Indian states. The portfolio contains a mix of HAM, TOT, and BOT assets.
See also:
Adani to raise Rs 12k cr debt from SBI for Ganga Expressway
Adani Enterprises bags Rs 17,000 cr expressway project in UP under PPP