IL&FS Transportation’s SPV achieves financial tie-up of loans worth Rs 2,363 crore

27 Aug 2014

IL&FS Transportation Networks’ Special Purpose Vehicle (SPV) - Srinagar Sonmarg Tunnelway (SSTL), has achieved the financial tie-up of loans aggregating to Rs 2,363 crore for Srinagar Sonamarg Gumri road project and the loan agreements have been executed with ICICI Bank on August 22, 2014. Srinagar Sonmarg Tunnelway is a SPV promoted by Soma Enterprises and the company with equity participation in the ratio of 51:49 respectively.

SSTL has been promoted for undertaking the development, operations & maintenance of Srinagar Sonamarg Gumri road section Km 69.000 to Km 81.300 (approximately 6.5 Km tunnel and 6 Km approaches) on the of National Highway No. 1 in the state of Jammu & Kashmir on DBFOT basis. It had signed a Concession Agreement on April 30, 2013 with Border Roads Organization, Government of India. The Project is on Annuity basis with a concession period of 20 years including construction period of 1,825 days and the estimated cost of the project is Rs 3,289 crore.

IL&FS Transportation Networks has been involved in the development, operation and maintenance of national and state highways, roads (including urban roads), flyovers and bridges in Andhra Pradesh, Delhi, Gujarat, Maharashtra, Karnataka, Uttar Pradesh, Kerala, Jharkhand and Rajasthan.

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