IRB Infra’s SPV Gets Rs. 6,538 Cr Financial Closure for Meerut-Badaun Expressway
IRB Infrastructure Developers Ltd.’s wholly-owned SPV, Meerut Badaun Expressway Pvt. Ltd., has attained financial closure for the Rs. 6,538 crore Meerut-Badaun Expressway. This project is a part of the 594 Km long Ganga Expressway.
Meerut-Badaun Expressway is a Build, Operate and Transfer (BOT) project in nature, and its scope entails the development of a 129.7 Km long, six-lane Greenfield Expressway corridor between Meerut and Badaun in Uttar Pradesh. The expressway shall be expandable to eight lanes.
Out of the project’s total outlay amount of Rs. 6,538 crore, Rs. 2,659 crore has been financed by a consortium of lenders, while Rs. 2,133 crore will be provided in terms of equity by IRB Infra and / or its associate, i-e, IRB Infrastructure Trust. The remaining Rs. 1,746 crore will be covered by Viability Gap Funding.