IL&FS-Punj Lyod’s project achieves fiscal closure

Our Infrastructure Bureau

New Delhi, Jan 3: The consortium of IL&FS and Punj Llyod has achieved financial closure for the Rs 525-crore project for four-laning the 77-km road stretch on National Highway-4 between Belgaum in Karnataka and the Maharashtra border.

North Karnataka Expressway Ltd (NKEPL), a joint venture of Consolidated Toll Network (the surface transport arm of IL&FS) and Punj Lloyd achieved financial closure of the toll-road project on December 31, 01, as per a company release on Thursday.

This is the first project under the annuity scheme of NHAI to achieve financial closure. The project is being financed at a debt equity ratio of 3:1 by a consortium of 12 leading PSU banks who have extended secure term loans worth Rs 406.4 crore for the project, the release said.