IRB achieves financial closure for the Agra-Etawah bypass project

IRB Infrastructure Developers Limited’s subsidiary – AE Tollway Private Limited – has achieved financial closure of the Agra-Etawah bypass section widening project. IRB has tied up Rs 16.5 billion as project finance. The total cost of the project is Rs 25.23 billion, of which equity contribution by the company will be Rs 8.73 billion and the remaining will be funded through project finance of Rs 16.5 billion. The average cost of debt of this finance is approximately 11.25 per cent per annum. A consortium of lenders comprising IDBI Bank Limited (lead), India Infrastructure Finance Company Limited, Bank of India, Bank of Maharashtra, UCO Bank, Andhra Bank and Punjab National Bank have financed the project.