Adani Enterprises Ltd on Thursday said it's three wholly-owned subsidiaries have achieved financial closure for the access-controlled six-lane greenfield Ganga Expressway Project in Uttar Pradesh under public-private partnership mode.
The company in a statement said it has secured finances of Rs 10,238 crore from lenders, and the concession period of the project shall be 30 years with traffic link extension provision of six years, including three years of construction period.
"Budaun Hardoi Road Private Ltd (BHRPL), Hardoi Unnao Road Private Ltd (HURPL) and Unnao Prayagraj Road Private Ltd (UPRPL) –- wholly-owned subsidiaries of Adani Enterprises Ltd (AEL) –- have achieved financial closure for the access-controlled six-lane (expandable to eight lane) greenfield Ganga Expressway Project (Group-II, III & IV) in Uttar Pradesh (UP) respectively on DBFOT (toll) basis under PPP mode," it said.
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 (DBFOT) model.
Adani Enterprises' road business CEO K P Maheshwari said the State Bank of India has underwritten the entire debt requirement of Rs 10,238 crore for the project.
AEL's road portfolio has grown to 18 projects with more than 6,400 lane kilometres and an asset value exceeding Rs 44,000 crore spread over ten states –- Uttar Pradesh, Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, Kerala, Gujarat, West Bengal and Odisha.