Ganga Expressway: Adani Enterprises secures ₹10,238 crore fund
Adani Enterprises Ltd (AEL) on Thursday (September 29) said its three wholly-owned subsidiaries have achieved financial closure for the access-controlled six-lane greenfield Ganga Expressway Project in Uttar Pradesh under public-private partnership mode.
The company in a statement said it has secured finances of ₹10,238 crore from lenders, and the concession period of the project shall be 30 years with traffic link extension provision of six years, including three years of construction period.
Also read: Bundelkhand Expressway will bring development to region: PM Modi
“Budaun Hardoi Road Private Ltd (BHRPL), Hardoi Unnao Road Private Ltd (HURPL) and Unnao Prayagraj Road Private Ltd (UPRPL) – wholly-owned subsidiaries of Adani Enterprises Ltd (AEL) – have achieved financial closure for the access-controlled six-lane (expandable to eight lane) greenfield Ganga Expressway Project (Group-II, III & IV) in Uttar Pradesh (UP) respectively on DBFOT (toll) basis under PPP mode,” it said.
The Ganga Expressway in Uttar Pradesh, which will connect Meerut with Prayagraj, will be India’s longest expressway to be implemented on Design, Build, Finance, Operate and Transfer (DBFOT) model.
Also read: Gautam Adani to invest $100 billion in new energy and data centres
In December 2021, PM Narendra Modi laid the foundation stone of Ganga Expressway in Shahjahanpur, Uttar Pradesh.
In line with the vision of #PMGatiShakti Master Plan, Prime Minister @narendramodi lays the foundation stone of #GangaExpressway in Shahjahanpur, Uttar Pradesh
It will not only increase connectivity in UP, but will also create many employment opportunities#गंगा_एक्सप्रेसवे pic.twitter.com/G0kVuAOCkc
— PIB India (@PIB_India) December 18, 2021
Adani Enterprises road business CEO KP Maheshwari said the State Bank of India has underwritten the entire debt requirement of ₹10,238 crore for the project.
“India is building at a record pace the road infrastructure it needs for its development, and we are delighted to be providing the much-needed road connectivity all across the nation,” said Maheshwari.
“The State Bank of India has underwritten the entire debt requirement of INR 10,238 Crore for the Ganga Expressway Projects (BHRPL, HURPL & UPRPL). With this facility from the SBI, we have moved a step closer to providing our country and the state of UP with another landmark infrastructure,” he added.
Also read: Gautam Adani’s brother Vinod is richest NRI with ₹1.69 lakh crore
AEL’s road portfolio has grown to 18 projects with more than 6,400 lane kilometres and an asset value exceeding ₹44,000 crore spread over 10 states – Uttar Pradesh, Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, Kerala, Gujarat, West Bengal and Odisha.
The portfolio has a mix of HAM (Hybrid Annuity Mode), TOT (Toll-Operate-Transfer) and BOT (Build-Operate-Transfer) type assets.
