The Adani Group is in talks with the State Bank of India NSE 0.77 % (SBI NSE 0.77 %) to raise about Rs 12,000 crore in long-term project loans that would be utilised to build the Ganga Expressway, billed as the country’s longest and linking Meerut in the northwest of Uttar Pradesh to Prayagraj in the state’s east.
SBI is engaged in a road traffic survey before loan terms are finalised, three people familiar with the matter told ET. In December, Adani Enterprises NSE 3.95 % (AEL) won contracts from the Uttar Pradesh government to build three stretches of the 594-km Ganga Expressway. The fourth section was awarded to IRB Infrastructure NSE 1.35 %. AEL’s share of work is 80% of the total project. The loan will be of a longer maturity – anything between 10 and 30 years – although the terms are yet to be fixed.
