Adani Enterprises Ltd. has secured finances worth Rs 10,238 crore from lenders for its greenfield Ganga Expressway Project in Uttar Pradesh.
Budaun Hardoi Road Pvt., Hardoi Unnao Road Pvt. and Unnao Prayagraj Road Pvt.—wholly owned subsidiaries of Adani Enterprises—have achieved “financial closure” for the access-controlled six-lane (expandable to eight lane) Ganga Expressway Project on toll basis under PPP mode, according to a company statement on Thursday.
“The State Bank of India has underwritten the entire debt requirement of Rs 10,238 crore for the Ganga Expressway Projects (BHRPL, HURPL and UPRPL),” the filing said.
The concession period shall be 30 years, with a traffic link extension provision of six years, including three years construction period.
The Ganga Expressway in Uttar Pradesh, which will connect Meerut with Prayagraj, will be “India's longest expressway” to be implemented on design, build, finance, operate and transfer basis, the filing stated. Of its 594-km length, Adani Enterprises will build 464 km from Budaun to Prayagraj, which comprises 80% of the expressway project.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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