PNB infuses funds in ₹2,300-cr Purvanchal expressway

The Punjab National Bank, heading the consortium of banks for funding the Gorakhpur link expressway with Purvanchal expressway, has delivered a sanction letter of ₹500 crore to the UP expressway development authority (UPEIDA). The cost of the link expressway is ₹2,300 crore and against the project cost the consortium has so far approved credit of ₹2,250 crore to the UPEIDA. The UP cabinet has already granted its approval for the creation of the bank consortium. The other member banks of the consortium are Bank of Maharashtra, Union Bank of India and Canara Bank. CEO of UPEIDA Awanish Awasthi informed that the total loan of ₹2,250 crore provided by the consortium of banks will be utilized by the authority in next three years as requirement arises. All the member banks of the consortium have also agreed to waive off the upfront and processing fee for the loan. Repayment of the loan will be made by the authority in next 15 years in 48 quarterly installments. The link expressway will connect Gorakhpur with the national capital Delhi through the Purvanchal expressway. The expressway is being constructed by the UP expressway industrial development authority (UPEIDA). The Gorakhpur link expressway project will start from NH 27 near Jaitpur village in Gorakhpur and passes through Sant Kabir Nagar and Ambedkar Nagar and will be linked with the Purvanchal expressway at Azamgarh. There will be two toll plazas, three ramp plaza, seven flyovers, 16 vehicular underpasses, 35 pedestrian underpasses, seven major bridges and 27 small bridges.