IRB Infra secures funds for ₹6,538-cr road project

IRB Infrastructure’s wholly owned special purpose vehicle and subsidiary, Meerut Budaun Expressway, has achieved the financial closure for the ₹6,538-crore road project in Uttar Pradesh. The contract pertains to the Ganga Expressway Group 1, which is a greenfield road project. It is to be executed under Build, Operate and Transfer (BOT) model.

A consortium of lenders extended financial support of ₹2,659 crore for the six-lane greenfield expressway corridor of 129.700 km (expandable to eight lanes) between Meerut and Budaun in the state. The project requires a concession period of 30 years with a traffic link extension provision of six years, including three years construction period, and it will start the construction work shortly.