Adani Enterprises (AEL), which will build part of the Meerut-Prayagraj Ganga Expressway, has secured finances for the project nine months after winning the contract, it said on Thursday.
The company has secured debt worth Rs 10,238 crore and will make a capital infusion of Rs 6,826 crore. The company was the lowest bidder for the 464-km stretch of the expressway, quoting Rs 5,996 crore in viable gap funding (VGF) for the work. Altogether, the project will be built for Rs 23,060 crore.
“The State Bank of India has underwritten the entire debt requirement of INR 10,238 Crore for the Ganga Expressway Projects (BHRPL, HURPL and UPRPL). With this facility from the SBI, we have moved a step closer to providing our country and the state of UP with another landmark infrastructure,” said K P Maheshwari, chief executive officer of AEL’s road business.
