Ramky Infra ties up funds for Agra-Etawah road project in UP

The company, however, did not disclose the debt-equity ratio of the project.

New Delhi: Ramky Infrastructure has secured finances worth Rs 1,225 crore for its Agra-Etawah road project in Uttar Pradesh, the company said on Monday.

"An agreement to this effect was signed between Agra Etawah Tollways Ltd, a special purpose vehicle (SPV) formed to undertake the project and consortium of bankers led by Oriental Bank of Commerce and other participating lenders ... on December 29, 2012," the company said in a statement.

The consortium of banks includes Union Bank of India, Bank of India, India Infrastructure Finance Company Ltd, Central Bank of India, State Bank of Patiala and Axis Bank, it added.

The company, however, did not disclose the debt-equity ratio of the project.

Ramky Infra was awarded the project by National Highways Authority of India (NHAI) for six laning of the Agra-Etawah bypass section of the National Highways 2 (NH 2) to be executed on design-build-finance-operate and transfer (DBFOT) basis. Concession period for the project is 30 years.

"The successful financial tie up signifies the reflection of trust the market has placed in our company," Ramky Infra's Managing Director Y R Nagaraja said in the statement.

Ramky Infra is a Hyderabad-based firm having operations in various infrastructure sectors including roads and highways, water, power transmission and distribution, buildings and irrigation. The company currently has an order book of around 13,000 crore.

The company's scrip was trading at Rs 100.05 on the BSE in the afternoon trade, up 2.99 percent from the previous close.