AEL secures funds for ₹23,060-cr Ganga Expressway

Adani Enterprises (AEL), which will build a part of the Meerut-Prayagraj Ganga Expressway with a length of 464-km, has secured finances for the project. It has secured a debt of ₹10,238 crore and will make a capital infusion of ₹6,826 crore for the project involving ₹23,060 crore investment. With this facility from the SBI, AEL has moved a step closer to providing the country and UP another landmark infrastructure.

The company has set up three special purpose vehicles (SPV) for the project--Budaun Hardoi Road Private Ltd (BHRPL), Hardoi Unnao Road Private Ltd (HURPL) and Unnao Prayagraj Road Private Ltd (UPRPL)--for three separate stretches, comprising 80 per cent of the 594-km expressway. The projects were awarded to AEL on a design-build-finance operate-transfer (DBFOT) model with a concession period of 30 years. Ganga Expressway will have six lanes (expandable to eight-lane), access controlled and is going to be one of India’s most expensive road projects. It consists of four stretches of which AEL is building three and IRB Infrastructure has won the contract for the remaining 129-km long stretch.