The financial tie-up for the debt syndication of Rs 1,440 crore to execute the prestigious Srinagar-Banihal Highway project in Jammu and Kashmir has been achieved. An agreement to this effect was signed between the Srinagar–Banihal Expressway Ltd (SBEL) and ICICI Bank Ltd in Hyderabad on 30 March 2011.
Commenting on the development, Mr YR Nagaraja, the Managing Director of Ramky Infrastructure Ltd (RIL), said, “The successful financial tie-up for the prestigious road project in Jammu and Kashmir is a reflection of the trust the market has placed in our Company. The country needs a large, integrated road network to achieve overall progress. As a trusted partner in this growth journey, we are committed to going the extra mile not only in the road sector but also in all other areas of Indian economy.”
SBEL comprising RIL with 74% and Jiangsu Provincial Transportation Engineering Group Co. Ltd, China (JTEG) with 26% was awarded the project by the National Highways Authority of India (NHAI) for Design, Build, Construction, Development, Operation and Maintenance of the Rehabilitation, Strengthening and Four-laning of Srinagar Banihal section of NH-1A from km 187.000 to km 189.350 (Banihal Bypass) & km 220.700 to km 286.110 in Jammu and Kashmir, for which the Concession Agreement was signed on 28 October 2010.
The project is on DBFOT (Annuity) basis with a concession period of 20 years, including the construction period of 1095 days. The estimated cost of the project is Rs 1600 crore.
RIL has five road development projects in its portfolio. With the successful financial tie-up for the Srinagar-Banihal road project, RIL has the entire road portfolio financially tied up.
About Ramky:
RIL, the flagship of Ramky Group, is an integrated infrastructure, construction and development management company in India with strategic emphasis on the PPP approach.
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RIL is currently executing projects in various sectors viz. Water and Waste Water, Roads & Bridges, Buildings, Irrigation, Power Transmission & Distribution and Industrial with an order book value of Rs 11,500 crore across 22 States and two Union Territories in India and West Africa making it a diversified player.
Core competence of RIL comes from its deep technical knowledge, management bandwidth, skilled workforce, early entrant advantage and value engineering the Company provides.