Ramky to raise Rs 1,440 crore debt J&K highway project
http://news.in.msn.com/business/article.aspx?cp-documentid=5094062
Hyderabad, Mar 31 (PTI) City-based infra firm, Ramky Infrastructure Ltd today said it will raise Rs 1,440 crore debt for its Srinagar-Banihal Highway project in Jammu and Kashmir.
The total project is worth Rs 1,600 crore and the equity part will be Rs 160 crore, which would be raised from the company''s internal sources, Ramky''s Managing Director Y R Nagaraja said today.
The debt has been raised with ICICI as the lead bank.
An agreement to this effect was signed between the Srinagar�Banihal Expressway Ltd (SBEL) and ICICI Bank Ltd here today.
"The successful financial tie-up for the prestigious road project in Jammu and Kashmir is a reflection of the trust the market has placed in our company. The country needs a large, integrated road network to achieve overall progress. As a trusted partner in this growth journey, we are committed to going the extra mile not only in the road sector but also in all other areas of Indian economy," Nagaraja said.
SBEL, is a joint venture between Ramky, with 74 per cent share, and Jiangsu Provincial Transportation Engineering Group Co. Ltd, China (JTEG), with 26 per cent.
The project was awarded by the National Highways Authority of India (NHAI) for design, build, construction, development, operation and maintenance of the rehabilitation, strengthening and four-laning of Srinagar Banihal section of NH-1A from km 187 to km 189.350 (Banihal Bypass) and km 220.7 km to 286.110 km.
The concession agreement was signed on 28 October last year.
A Good move by the Govt of India's National High way Authority of India. India could retain its existing sovereignty only by its variety of communication infrastructure. Let us all hope that this project gets implemented as early as possible.
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