Gayatri announces fin closure for Hyd ORR proj

Hyderabad Expressways Private (HEPL), promoted in consortium by Gayatri Projects as the lead technical member, has achieved the financial closure for its Hyderabad Outer Ring Road (ORR) project at an interest rate of 11% per annum.

HEPL achieved the financial closure of the project, valued at Rs 430.96 crore, ahead of the stipulated time given by the Hyderabad Urban Development Authority (Huda), according to a release issued by Gayatri to the BSE today.

HEPL, which holds 50% shareholding in the consortium, bid and won the ORR project - APIV - from Bongulur to Tukkuguda (from km 108 to km 121) involving design, construction, development, finance, operate and
maintenance of an eight-lane access-controlled expressway under phase II programme of the ORR.

A concession agreement to this effect was signed on August 17, 2007.

The total debt syndicated for this project is Rs 290.90 crore. IL&FS Financial Services has syndicated the entire debt, while United Bank of India is the leader of the consortium of lenders for HEPL.

Besides, Cyberabad Expressways Private (CEPL), also promoted in consortium by Gayatri Projects with 50% shareholding, won the road project - AP-II - AP II - from Kollur to Patancheru (from km 12 to km 23.70) to design, construction, development, finance, operate and maintain an eight-lane access-controlled expressway under phase-II programme of ORR.

CEPL achieved  financial closure of this project, total cost of which is Rs 501.75 crore. IL&FS has syndicated the entire debt and United Bank of India is the leader of the consortium of lenders for this special purpose vehicle.

The concession agreement for AP-II was signed on August 17, 2007, and the total debt syndicated for this project is Rs 376.31 crore.