Atlanta-Essar JV ties up fund for Rs 1,395 crore road project

MUMBAI: Atlanta announced the financial closure of its Rs 1,395.54 crore road project in Uttar Pradesh, the infrastructure developer said Wednesday.

The company said that Punjab National Bank has agreed to underwrite a term loan for Rs 976.88 crore for its special purpose vehicle, Lucknow Varanasi Tollways Private, which is the company is executing in joint venture with Essar Projects. The balance funds would be through equity.

The Atlanta-Essar joint venture bagged National Highway Authority of India's the project to build-operate-transfer a part of the highway between Lucknow-Sultanpur. The project has a concession period of 23 years, which includes two-and-a-half years of construction time.