IRB achieves financial closure for Kundapur project.

IRB Infrastructure Developers, a highway developer, has announced that its wholly-owned Subsidiary - IRB Westcoast Tollway Pvt. Ltd. - SPV for Goa/Karnataka Border to Kundapur Project, has tied up project finance of Rs. 1,406 crore for this project.

The total cost of this project is Rs. 2,639 crore, out of which viability gap funding from NHAI of Rs. 536 crore, equity contribution by the Company will be approximately Rs. 697 crore and remaining will be funded through project finance of Rs. 1,406 crore. The average cost of this project finance is approximately 11.75% p.a.

A consortium of lenders comprising IDBI Bank Limited (lead institution), Allahabad Bank, Bank of Baroda, Bank of India, Canara Bank and Union Bank of India have financed this project.

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