SBI Underwrites Rs. 10,238 Cr. Debt for Adani’s Ganga Expressway Project
Adani Enterprises Limited (AEL) stated in a press release dated 29th September 2022 that State Bank of India has underwritten a debt requirement of Rs. 10,238 crore for its Ganga Expressway project. Apart from this, AEL will be making a capital investment of Rs. 6,826 crore for this project.
AEL’s three wholly-owned subsidiaries namely Budaun Hardoi Road Private Ltd (BHRPL), Hardoi Unnao Road Private Ltd (HURPL) and Unnao Prayagraj Road Private Ltd (UPRPL) will be developing the 464 Km segment (Groups 2,3 and 4 of the Expressway) from Budaun to Prayagraj of the 594 Km long Ganga Expressway.
Scope of work in this project entails the development of a six-lane, access-controlled highway, which will be expandable to eight lanes. This project will be developed on a Design-Build-Finance-Operate-Transfer (DBFOT) basis, with a concession period of 30 years.
Adani emerged as the L1 bidder in December 2021 for developing the Budaun-Prayagraj section of the Ganga Expressway with a bid of Rs. 5,996 crore under Viable Gap Funding (VGF). Adani will therefore develop this project at a total cost of Rs. 23,060 crore.