GMR Infrastructure ties up Rs 540-cr loan for Kishangarh-Ahmedabad project

MUMBAI: GMR Infrastructure on Thursday said it has secured loans of Rs 540 crore for widening the 555-km long Kishangarh-Udaipur-Ahmedabad highway into 6-lanes.

"GMR Kishangarh Udaipur Ahmedabad Expressways Ltd, a subsidiary of GMR Infrastructure, has announced the financial closure, of its flagship Mega Highway Project, the first of its kind awarded by NHAI," the company said in a statement.

It added that "the debt component of Rs 540 crore required for the project has been financially closed. The company will start earning revenues, from first day of operation, being a 6 laning project." However, the company did not give other details, including the lender's name.

The Bangalore-based firm had won the project in September, 2011, through the international competitive bidding route. It is to be implemented through the Public Private Partnership (PPP) model on Design, Build, Finance, Operate and Transfer basis.

The infrastructure major currently has 4 annuity projects and 6 toll projects totaling 6685 lane kms cross under its Highways business segment.

Shares of the company closed today at Rs 20.20 apiece on the BSE, down 0.49 per cent from the previous close.