Kaithal Tollway ties up project finance of Rs 1400 crore
IRB Infrastructure Developers announced that Kaithal Tollway, wholly-owned Subsidiary of the Company, has achieved financial closure in terms of the Concession Agreement executed with NHAI, by tying up of Project finance of Rs. 1,400 crore.The total cost of this project is Rs. 2290 crore, out of which Viability Gap Funding from NHAI will be Rs. 234 crore, equity contribution by the Company will be approx. Rs. 656 crore and remaining will be funded through Project finance of Rs. 1,400 crore. The average cost of debt of this Project finance is approx. 11.75% p.a. The concession period for the project is 27 years.
A Consortium of Lenders comprising of IDBI Bank - Lead Institution, India Infrastructure Finance Company (IIFCL), IDFC, Indian Overseas Bank, Union Bank of India, Bank of Baroda, Canara Bank and Bank of Maharashtra have financed this project.
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