Gayatri Projects achieves financial closure for 2 SPVs

December 5, 2007

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Hyderabad-based leading infrastructure company, Gayatri Projects ltd, has achieved financial closure of Rs 932.71 crore ahead of the stipulated time for its two road projects, to be developed through special purpose vehicle (SPVs), at an interest rate of 11 %.

IL&FS has syndicated the entire debt and United Bank of India is the leader of the consortium of lenders for both the SPVs.

The projects undertaken by Gayatri Projects Ltd-led consortium are Hyderabad expressways pvt ltd (HEPL) and Cyberabad expressways pvt ltd (CEPL) with a project costs of Rs 430.96 crore and Rs 501.75 crore respectively.

While the total syndicated debt in case of HEPL is Rs 290.90 crore, it is Rs 376.31 crore for CEPL.

The infrastructure major-led consortium had won the bid for the HEPL and CEPL—the eight lane outer ring road projects— floated by Hyderabad Urban Development Authority (HUDA).

The construction period for both the HEPL & CEPL is 2 years and six months. HUDA will pay a semi-annual annuity of Rs 30.49 crore to HEPL during the annuity period of 12 years six months while the semi-annuity amount is pegged at Rs 39.50 crore in case of CEPL for the similar period.

Source: moneycontrol.com