IRB Infra arm ties-up Rs.910 cr. for NHAI project.

IRB Infrastructure Developers Ltd. said its wholly-owned subsidiary Solapur Yedeshi Tollway Pvt. Ltd. had achieved financial closure as per the concession agreement executed with National Highways Authority of India (NHAI), by tying up of project finance of Rs.910 crore.

The total cost of the project is Rs.1,492 crore, out of which viability gap funding from NHAI is Rs.189 crore and the company's equity contribution is Rs.393 crore. The remaining will be funded through project finance of Rs.910 crore. IRB said.

A consortium of lenders with IDBI Bank Ltd. (Lead Institution), India Infrastructure Finance Co. Ltd., Canara Bank, Union Bank of India, Corporation Bank and Indian Overseas Bank has financed the project. The average cost of funding is around 11.75 per cent, IRB added.

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