ADB invests $23-mn in GR Infra road projects

The Asian Development Bank (ADB) has signed an agreement to invest $23 million with GR Infraprojects Limited (GRIL) to help the company scale up its speed of construction of roads and highways through purchase of new construction equipment. This increased operational capacity will enhance GRIL's ability to execute its existing order book and enable it to bid for more projects. The agreement was signed by the Director General of ADB's Private Sector Operations Department, Michael Barrow, and GRIL Chairman and Managing Director Vinod Kumar Agarwal in New Delhi recently. Supporting the growth of the transport sector is a key focus area of ADB's private sector strategy in India and the bank is pleased to provide long-term financing to GRIL, which currently has an order book of $2.78 billion - to be executed over the next three years. GRIL's CMD, said that the company is keen to play a more prominent role in the highway construction space with focus on quality and responsible construction.