IVRCL achieves financial closure for road project

June 25, 2006

IVRCL Infrastructures & Projects Ltd has announced that it has achieved financial closure for its Jalandhar-Amritsar road project awarded by National Highways Authority of India (NHAI).

The company said the project involves improvement, operation and maintenance including strengthening and widening of the existing two-lane road to four-lane duel carriageway from km 407.100 to km 456.100 of NH-1 (Jalandhar-Amritsar section) in Punjab on build, operate and transfer (BOT) basis.

IVRCL is executing this project through special purpose vehicle (SPV) called Jalandhar Amritsar Tollways Ltd, a wholly owned subsidiary of the company.

The estimated project cost is Rs 237.75 crore, of which the loan component is Rs 157 crore. Canara Bank is financing it to the extent of Rs 60 crore, llahabad Bank Rs 50 crore and State Bank of Bikaner and Jaipur Rs 47 crore with Canara Bank as the lead lender of the consortium.

Written by ITW Editor · Filed Under Default, Investment and Finance

Elevated expressway to connect Bangalore to electronic hub

June 23, 2006

Bangalore, June 23 (IANS) A dedicated 10-km elevated expressway is being built from the Silicon hub of Bangalore to the electronics city to ferry thousands of techies to their workplace in top gear, non-stop.

Prime Minister Manmohan Singh is scheduled to kick-start the project by laying the foundation stone Saturday here in the presence of union Urban Development Minister S. Jaipal Reddy, Governor T.N. Chaturvedi, Chief Minister H.D. Kumaraswamy and top officials.

The brainchild of the National Highway Authority of India (NHAI) and the Karnataka government, the four-lane expressway will be raised above the six-lane national highway (NH-7), connecting Bangalore to Hosur across the state border in Tamil Nadu.

Written by ITW Editor · Filed Under Default, Investment and Finance