Rel Infra raises funds for Delhi Airport Express railway line

Updated: Mar 26 2009, 04:50am hrs
Reliance Infrastructure (RelInfra) on Tuesday achieved the financial closure for the Rs 2,885-crore New Delhi Airport Express line project. Against the debt requirement of Rs 2,020 crore, the company has mobilised Rs 2,500 crore comprising $55 million from India Infrastructure Finance Company (IIFC) (UK). The company signed the loan agreement with the lenders which include lead manager Axis Bank, IIFC (UK), Bank of India, Canara bank, Central Bank of India, Andhra Bank, Allahabad Bank, Dena Bank, Punjab & Sind Bank and Uco Bank. The project will be implemented on 70:30 debt equity ratio.

The project, which entails setting up of a high-speed (130 kmph) airport express railway connecting New Delhi with IGI airport and further till Dwarka, was awarded by Delhi Metro Railway Corporation (DRMC) to a consortium comprising RelInfra (95%) and CAF Spain (5%). CAF Spain is the technical partner and also the supplier of rolling stock. A special purpose vehicle Delhi Airport Metro Express Pvt Ltd has been incorporated to set up the project.

According to sources, the SPV has already completed major portion of design and engineering and it has awarded all major contracts. Civil construction has begun at the Dwarka depot and for tunnel, viaduct and the stations. The concession agreement was signed in August last year and the concession period is 30 years. The entire project is to be developed, financed, constructed, operated and maintained by Delhi Airport Metro Express Pvt Ltd.

The project is to be completed in 30 months with commissioning scheduled for July 31, 2010 before the Commonwealth Games. RelInfra has appointed world renowned consultant from Hong Kong, MTR Group as the engineering and project management consultants for the project. Out of the six stations, five stations would be underground and only Dhaula Kuan station will be elevated.