Adani Group to seek funds for purchasing road projects from Macquarie
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Adani Group to seek funds for purchasing road projects from Macquarie

The Adani company will raise money from the market to purchase road projects from Macquarie Asia Infrastructure Fund after negotiating funding for the Ganga Expressway in Uttar Pradesh (MAIF).

Adani Road GRICL (ARGL) and Adani Road STPL, two Adani Enterprises subsidiaries, would issue non-convertible debentures to raise up to Rs 8 billion (NCDs). By issuing debentures, each of them will be able to raise up to Rs 4 billion.

A 56.8% interest in Gujarat Road Infrastructure Company will be purchased by ARGL (GRICL). Additionally, ARGL is considering whether to eventually buy IL&FS's 26.8% interest in GRICL so that it will ultimately own 83.6% of the company.

From Macquarie, ARSL will buy a 100% stake in Swarna Tollway (STPL).

The GRICL is a special purpose vehicle (SPV) established on June 2, 1999, to build the Ahmedabad-Mehsana and Vadodara-Halol state roads in Gujarat. Build, own, operate, and transfer (BOOT) was the basis for the project.

Founded in 2001, STPL is an SPV for the build-operate-transfer (BOT) implementation of a road project in Andhra Pradesh.

The greenfield Ganga Expressway Project in Uttar Pradesh was funded last week by loans from the State Bank of India (SBI) totaling Rs 10.238 billion. It will be implemented using a develop, build, finance, operate, and transfer model to link Meerut and Prayagraj, both in the state of Uttar Pradesh.

Also read:
Adani gets financial closure for India's largest greenfield expressway
Mumbai Coastal road development work in full swing


The Adani company will raise money from the market to purchase road projects from Macquarie Asia Infrastructure Fund after negotiating funding for the Ganga Expressway in Uttar Pradesh (MAIF). Adani Road GRICL (ARGL) and Adani Road STPL, two Adani Enterprises subsidiaries, would issue non-convertible debentures to raise up to Rs 8 billion (NCDs). By issuing debentures, each of them will be able to raise up to Rs 4 billion. A 56.8% interest in Gujarat Road Infrastructure Company will be purchased by ARGL (GRICL). Additionally, ARGL is considering whether to eventually buy IL&FS's 26.8% interest in GRICL so that it will ultimately own 83.6% of the company. From Macquarie, ARSL will buy a 100% stake in Swarna Tollway (STPL). The GRICL is a special purpose vehicle (SPV) established on June 2, 1999, to build the Ahmedabad-Mehsana and Vadodara-Halol state roads in Gujarat. Build, own, operate, and transfer (BOOT) was the basis for the project. Founded in 2001, STPL is an SPV for the build-operate-transfer (BOT) implementation of a road project in Andhra Pradesh. The greenfield Ganga Expressway Project in Uttar Pradesh was funded last week by loans from the State Bank of India (SBI) totaling Rs 10.238 billion. It will be implemented using a develop, build, finance, operate, and transfer model to link Meerut and Prayagraj, both in the state of Uttar Pradesh. Also read: Adani gets financial closure for India's largest greenfield expressway Mumbai Coastal road development work in full swing

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