Adani Enterprises (AEL) which will construct a part of the Meerut-Prayagraj Ganga Expressway has secured finances for the project nine months after bagging the contract.
The company has secured debt worth Rs 10,238 crore. It will make a capital infusion of Rs 6,826 crore.
The company emerged as the lowest bidder for 464 km stretch of the expressway, quoting Rs 5,996 crore in viable gap funding (VGF) for the work. Altogether, the project will be constructed for Rs 23,060 crore.
The State Bank of India (SBI) has underwritten the entire debt requirement of Rs 10,238 crore for the Ganga Expressway Projects (BHRPL, HURPL and UPRPL).
AEL has set up three special purpose vehicles (SPVs) for the project --Budaun Hardoi Road (BHRPL), Hardoi Unnao Road (HURPL) and Unnao Prayagraj Road (UPRPL) for three separate stretches, comprising 80 percent of 594 km expressway.
The projects were awarded to AEL in December 2021 on a design, build, finance, operate and transfer (DBFOT) basis, with a concession period of 30 years.