An Adani highway project
An Adani highway project

Adani Enterprises Ltd achieves financial closure for India’s largest greenfield expressway project

Ahmedabad, September 29, 2022

Adani Enterprises Limited (AEL), the flagship company of the Adani Group, today said three of its wholly owned subsidiaries had achieved financial closure for the access-controlled six-laned (expandable to eight lanes) greenfield Ganga Expressway Project (Group-II, III & IV) in Uttar Pradesh.

The expressway, which will be expandable to eight lanes, is being built on DBFOT (Toll) basis under PPP mode.

The subsidiaries are Budaun Hardoi Road Private Ltd (BHRPL), Hardoi Unnao Road Private Ltd (HURPL) and Unnao Prayagraj Road Private Ltd (UPRPL).

AEL said it had secured finances of Rs 10,238 crore from the lenders and committed equity infusion of Rs 6,826 crore. There will be viability gap funding (VGF) of Rs 5,6996 crore, it said.

The concession period shall be 30 years, with traffic link extension provision of six years, including three years construction period, a press release from AEL said.

The Ganga Expressway, which will connect Meerut with Prayagraj, will be India’s longest expressway to be implemented on DBFOT basis. Of its 594-km length, AEL will build 464 km from Budaun to Prayagraj, which comprises 80% of the expressway project.

“India is building at a record pace the road infrastructure it needs for its development, and we are delighted to be providing the much-needed road connectivity all across the nation,” said K P Maheshwari, CEO, Road Business, Adani Enterprises Ltd.

“The State Bank of India has underwritten the entire debt requirement of INR 10,238 crore for the Ganga Expressway Projects (BHRPL, HURPL & UPRPL). With this facility from the SBI, we have moved a step closer to providing our country and the state of UP with another landmark infrastructure," he said.

The release said AEL’s road portfolio has grown to 18 projects with more than 6,400 lane kms 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 HAM (Hybrid Annuity Mode), TOT (Toll-OperateTransfer) and BOT (Build-Operate-Transfer) type assets.

NNN

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