IL&FS Transportation Networks-Ramky Infrastructure consortium wins Rs824-crore NE highway project
22 Oct 2010
A consortium comprising IL&FS Transportation Networks-Ramky Infrastructure Ltd joint venture has won a Rs824-crore project for four-laning the Assam-Meghalaya highway on a design, build, finance, operate and transfer (DBFOT) basis.
The National Highways Authority of India has awarded the project for four-laning of an over 61-km stretch of the Jorabat-Shillong (Barapani) section of NH-40 between Assam and Meghalaya under the Special Accelerated Road Development Programme - North East (SARDP - NE), the company said in a filing with the Bombay Stock Exchange (BSE).
IL&FS Transportation Networks Ltd said the concession agreement for the project was signed on 16 July 2010.
The project, which is on an annuity basis, has a concession period of 20 years, including construction period of 3 years.
The cost of the project as per loan agreements is Rs824 crore and the semi-annual annuity for the project is Rs72.51 crore, the company said in its filing.
The company said it has tied up finances for the project and has signed loan agreements with a consortium of Indian Bank, Union Bank and Punjab & Sind Bank with Indian Bank acting as a lead bank.