UP approves funding for ₹36,000-cr Ganga Expressway
The UP Government has approved a proposal for ₹4,480 crore loan from Punjab National Bank (PNB) for financing the 594-km long Ganga Expressway project, which involves an investment of ₹36,000 crore. This is the first attempt by a government institution to get resources on an asset securitization basis in the infrastructure sector. The process of purchasing land for the Ganga Expressway, which is to be built from Meerut to Prayagraj, is currently in full swing. The approved funds will largely be invested in the land acquisition, as of now 88% of the required land has been acquired. With the additional availability of financial resources, the purchase of land and other work will be accelerated as this is the first project in UP in which the state is moving towards monetization. Since toll revenues in the Agra-Lucknow expressway project have not reached the optimum levels because of Covid-19, the state has decided to first securitize its toll revenues and then pick up a loan against it. PNB has offered a loan at 7% interest rate and with this fund the state will first clear the ₹819 crore outstanding loan in Agra-Lucknow expressway, which was taken from the then Allahabad Bank (now Indian bank) and will use the rest of the amount for acquiring land for Ganga expressway project.
📅Published on:
30 July 2021
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