IVRCL achieves financial closure for Jalandhar-Amritsar road project

IVRCL Infrastructures & Projects Ltd has informed that it has achieved financial closure for its Jalandhar- Amritsar road project awarded by the National Highways Authority of India (NHAI).

The estimated project cost is Rs 237.75 crore of which the loan component is Rs 157 crore being financed by Canara Bank to the extent of Rs 60 crore, Allahabad Bank to the extent of Rs 50 crore and State Bank of Bikaner and Jaipur to the extent of Rs 47 crore.

The balance project cost is being financed by way of equity from IVRCL Road Toll Holdings Ltd, another wholly-owned subsidiary of the company, to the extent of Rs 41.3 crore and grant from NHAI to the extent of Rs 39.45 crore.

The project involves improvement, operation and maintenance including strengthening and widening of the existing 2-lane road to 4-lane duel carriageway for a stretch of 49 km in the Jalandhar-Amritsar section in Punjab on build, operate, transfer (BOT) basis.

The project is being executed through a special purpose vehicle (SPV) "� Jalandhar Amritsar Tollways Limited, a wholly-owned subsidiary of the company.