Gayatri wraps up funds for ORR project

Hyderabad Expressways Private Limited (HEPL), promoted in consortium by Gayatri Projects Limited 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 cent a year.

HEPL achieved the financial closure for the project, valued at Rs 430.96 crore, ahead of the stipulated time set by the Hyderabad Urban Development Authority (Huda), the company informed the BSE on Wednesday.

HEPL, which holds 50 per cent shareholding in the consortium, bid and won the ORR project "� APIV "� from Bongulur to Tukkuguda (from 108 km to 121 km) involving design, construction, development, finance, operation 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 Limited has syndicated the entire debt, while United Bank of India is the leader of the consortium of lenders for HEPL.

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

CEPL achieved financial closure for 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.