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Gayatri Projects announces financial closure of projects
Posted On : 2007-05-17 07:16:42( TIMEZONE : IST )
Gayatri Projects Ltd has announced about the financial closure of projects launched by SPV Gayatri-Jhansi Roadways Ltd (GJRL). The details are as follows:
1. Financial Closure of Gayatri-Jhansi Roadways Ltd (GJRL) - Total cost of the Project Rs 421 crores:
The Gayatri-Jhansi Roadways Ltd (GJRL) (the "Company") a Special Purpose Vehicle (SPV), promoted by the Company to design, develop, construct, operate and maintain a 50 km stretch between Jhansi and Lalitpur on National Highway no. 25/26 (NH-25/26) as part of the North - South Corridor in Uttar Pradesh at a cost of Rs 421 crores on BOT annuity basis has achieved the financial closure.
IDFC (Infrastructure Development Finance Corporation) has syndicated entire debt and also is the Leader of the Consortium of Lenders for the SPV.
The project ("UP2") involves strengthening and widening of the existing 2 lane highway, construction of additional 2 lanes and provision of service roads in specific urban and semi-urban areas to cater to local traffic. It was awarded under National Highways Development Program Phase II (NHDP-II) on annuity basis by National Highways Authority of India (NHAI) to the consortium of IDFC and GPL. NHAI has entered into a 20 year Concession Agreement (CA) with GJRL as the Concessionaire for implementation, operation and maintenance of the Project. The CA was signed on the September 30, 2006. NHAI will pay a semi-annual annuity of Rs 29.95 crore to GJRL over the concession period.
2. Financial Closure of Gayatri-Lalitpur Roadways Ltd (GLRL) - Total cost of the Project Rs 312.57 crores.
Gayatri-Lalitpur Roadways Ltd (GLRL) (the "Company") the Special Purpose Vehicle (SPV), promoted by the Company to design, develop, construct, operate and maintain 50 km stretch between Jhansi and Lalitpur on National Highway no 26 (NH-26) as part of the North - South Corridor in Uttar Pradesh at a cost of Rs 312.57 crores on BOT annuity basis has achieved the financial closure.
IDFC (Infrastructure Development Finance Corporation) has syndicated entire debt and also is the Leader of the Consortium of Lenders for the SPV.
The project involves strengthening and widening of the existing 2 lane highway, construction of additional 2 lanes and provision of service roads on specific urban and semi-urban areas to cater to local traffic. The project was awarded under National Highways Development Program Phase II (NHDP-II) on annuity basis by National Highways Authority of India (NHAI) to the consortium of IDFC and GPL. NHAI has entered into a 20 year Concession Agreement (CA) with GLRL as the Concessionaire for implementation, operation and maintenance of the Project. The CA was signed on September 30, 2006. NHAI will pay semi-annual annuity of Rs 23.95 crore to GLRL over the concession period.
The Company is a pioneer in construction of National Highways, Dams, Canals, Aqueducts, Flyovers, Coal handling plants, Bridges, Railway Projects, Airport Runways, BOT Toll and Annuity Road Projects as developers and Industrial Constructions.
