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Adani Enterprises achieves financial closure for UP's Ganga Expressway Project

Adani Enterprises achieves financial closure for UP's Ganga Expressway Project

Adani Enterprises achieves financial closure for UP's Ganga Expressway Project
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By Asmita Pant  Sept 29, 2022 1:57:02 PM IST (Updated)

KP Maheshwari, CEO of road business at Adani Enterprises, said the State Bank of India had underwritten the entire debt requirement of Rs 10,238 crore for the Ganga Expressway Projects (BHRPL, HURPL & UPRPL). 

Three subsidiaries of Adani Enterprises — Budaun Hardoi Road Private Ltd (BHRPL), Hardoi Unnao Road Private Ltd (HURPL), and Unnao Prayagraj Road Private Ltd (UPRPL) — have achieved financial closure for the access-controlled six-lane greenfield Ganga Expressway Project (Group-II, III & IV) in Uttar Pradesh.

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The expressway, which is expandable to eight lanes, is India's largest greenfield project. The concession period for the project is 30 years with a traffic link extension provision of six years, including three years construction period.
The Ganga Expressway in Uttar Pradesh, connecting Meerut with Prayagraj, will also be India’s longest expressway to be implemented on a design-build-finance-operate-transfer (DBFOT) basis.
KP Maheshwari, CEO of road business at Adani Enterprises, said the State Bank of India had underwritten the entire debt requirement of Rs 10,238 crore for the Ganga Expressway Projects (BHRPL, HURPL & UPRPL).
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“India is building the road infrastructure it needs for its development at a record pace, and we are delighted to provide the much-needed road connectivity,” said Maheshwari.
The UP Ganga expressway will be 594 km long, of which 464 km, or 80 percent, from Budaun to Prayagraj will be constructed by Adani Enterprises.
Adani Enterprises' road portfolio has grown to 18 projects with more than 6,400 lane km and an asset value exceeding Rs 44,000 crore, spread over ten states in India — Uttar Pradesh, Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, Kerala, Gujarat, West Bengal and Odisha.
The portfolio has a mix of hybrid annuity m(HAM), toll-operate-transfer (TOT) and build-operate-transfer (BOT) type assets.
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