Ramky Infra completes funds arrangement for Rs 1,102 cr project
New Delhi: Construction firm Ramky Infrastructure Thursday said it has achieved financial tie-up for Rs 1,102.81-crore road project in Karnataka.
"The financial tie-up for the debt syndication of Rs 830 crore to execute the prestigious Hospet-Chitradurga road project in the state of Karnataka has been achieved," Ramky Infrastructure, the flagship firm of Ramky Group, said in a statement.
An agreement to this effect was signed between the Hospet-Chitradurga Tollways (HCTL), a SPV formed to undertake the project and consortium of bankers, comprising Axis Bank, IDBI Bank, Bank of India, IIFCL, State Bank of Hyderabad, State Bank of Patiala, State Bank of Travancore, Central Bank of India and Oriental Bank of Commerce, it said.
"The successful financial tie-up for the prestigious road project in Karnataka is a reflection of the trust the market has placed in our company," Ramky Infra Managing Director Y R Nagaraja said.
The company was awarded Rs 1,102.81-crore project by NHAI in January this year for four-laning of Hospet-Chitradurga section of NH 13 under National Highways Development Project (NHDP) on design, build, finance, operate and transfer basis in build, operate, transfer (BOT) toll mode.
The project has a concession period of 25 years including construction period of 910 days.
The company has formed a special purpose vehicle (SPV) to undertake the project.