 "IRB achieves financial closure for Agra-Etawah project")
AE Tollway Pvt Ltd, wholly-owned subsidiary of IRB Infrastructure Developers, has achieved financial closure in terms of the Concession Agreement executed with NHAI for Agra Etawah project by tying up finance of Rs 1,650 crore.
The total cost of this project is Rs 2,523 crore, out of which equity contribution by the company will be Rs 873 crore and remaining will be funded through project finance of Rs 1,650 crore. The average cost of debt of the project finance is about 11.25% p.a.
A consortium of Lenders comprising of IDBI Bank Limited (Lead Institution), India Infrastructure Finance Company Ltd (IIFCL), Bank of India, Bank of Maharashtra, UCO Bank, Andhra Bank and Punjab National Bank have financed this project.
The project will be developed on Design-Build-Finance-Operate-Transfer (DBFOT) model. The concession period is 24 years while construction period is 910 days. The company will get tolling rights on Agra - Etawah Bypass section of NH-2 from the appointed date. It has offered premium of Rs 81 crore to NHAI, which will increase by 5% year-on-year.
