IRB Infrastructure Developers’ wholly-owned Subsidiary IRB Ahmedabad Vadodara Super Express Tollway has achieved financial closure in terms of the concession agreement executed with NHAI, by tying up of Project finance of Rs 3,300 crore. The total cost of this project is Rs 4,880 crore, out of which equity contribution by the company will be about Rs 1,580 crore and remaining will be funded through project finance of Rs 3,300 crore. Out of this Project finance, about Rs 1,100 crore can be drawn as ECB and remaining Rs 2,200 crore as Rupee Term Loan. The weighted average blended cost of this Project finance is approx 10.5% p.a.
A consortium of lenders comprising of Infrastructure Development Finance Company (IDFC) -Lead Institution, India Infrastructure Finance Company (IIFCL), Andhra Bank, Punjab National Bank, Indian Overseas Bank, Bank of India, Union Bank of India and ICICI Bank have financed this project.
With this, the company has achieved financial closure for all the projects awarded to it by NHAI and there is no project pending financial closure.