Varanasi-Aurangabad Highway Raises $316 Million via Dollar Bonds
ROADS & HIGHWAYS

Varanasi-Aurangabad Highway Raises $316 Million via Dollar Bonds

Varanasi-Aurangabad NH-2 Tollway Private Limited (VAH) has raised $316.3 million through a dollar-denominated bond issuance, becoming the first Indian road concession company to secure US dollar debt with an investment-grade rating from Moody’s and Fitch. 

The bonds, maturing in nearly nine years with a 5.9% interest rate, will be used for refinancing and capital expenditure. The issuance saw strong global investor interest, with the order book reaching Rs 275 billion, oversubscribed by 10.4 times, attracting 144 investors worldwide. 

Deutsche Bank acted as the sole global coordinator for the transaction. VAH is fully owned by the ROADIS Group, the road investment platform of PSP Investments, a Canadian pension fund manager. The company is responsible for the six-lane expansion, operations, and maintenance of the 192 km Varanasi-Aurangabad highway under the DBFOT toll model as part of NHDP Phase-V. 

(The Indian Express)        

Varanasi-Aurangabad NH-2 Tollway Private Limited (VAH) has raised $316.3 million through a dollar-denominated bond issuance, becoming the first Indian road concession company to secure US dollar debt with an investment-grade rating from Moody’s and Fitch. The bonds, maturing in nearly nine years with a 5.9% interest rate, will be used for refinancing and capital expenditure. The issuance saw strong global investor interest, with the order book reaching Rs 275 billion, oversubscribed by 10.4 times, attracting 144 investors worldwide. Deutsche Bank acted as the sole global coordinator for the transaction. VAH is fully owned by the ROADIS Group, the road investment platform of PSP Investments, a Canadian pension fund manager. The company is responsible for the six-lane expansion, operations, and maintenance of the 192 km Varanasi-Aurangabad highway under the DBFOT toll model as part of NHDP Phase-V. (The Indian Express)        

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code