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Our Bureau

Hyderabad , Sept. 26

GMR Group has announced that the Adloor Yellareddy-Pochanpalli road project in Andhra Pradesh, awarded to GMR consortium comprising GMR Infrastructure and GMR Energy, achieved its financial closure on September 25.

In a press release here on Tuesday, the group said the capital cost of the project totalling Rs 690 crore was met by way of equity and debt.

The project, with an equity component of Rs 138 crore, has a debt-equity ratio of 4:1.

ICICI Bank has syndicated the debt component of Rs 552 crore, which was tied-up with nine bankers - Central Bank of India, Punjab National Bank, Andhra Bank, Bank of India, SIDBI, United Bank of India, Bank of Baroda, Vijaya Bank and ICICI Bank. The debt repayment period is 15 and half years.

Though the total term debt requirement for the project was Rs 552 crore, the consortium received sanctions of Rs 780 crore from the participating banks, the group said.

More Stories on : Announcements | Infrastructure | Andhra Pradesh

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