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India : ATLANTA-ESSAR JV announces financial closure for INR 1395 crore road project
Publish Date : 17-Jul-2012
The infrastructure developer Atlanta has announced the financial closure of its road project in Uttar Pradesh worth INR 1,395.54 crore.
According to the company, Punjab National Bank has agreed to underwrite a term loan for INR 976.88 crore facilitating its special purpose vehicle, Lucknow Varanasi Tollways Private, which is executed by the company in joint venture with Essar Projects. Remaining finance is to be arranged through equity.
The Atlanta-Essar joint venture won National Highway Authority of India\'s project to build-operate-transfer a part of the highway between Lucknow-Sultanpur.
The project comes with a concession period of 23 years, including two and a half years of construction time.
