Adani Enterprises (AEL), the flagship company of the Adani Group, on Thursday said its subsidiaries have achieved financial closure for India’s largest greenfield expressway.
The company has secured a financing of Rs 10,238 crore from its lenders for the access-controlled Ganga Expressway.
The expressway in Uttar Pradesh, which will connect Meerut with Prayagraj, will be India’s longest expressway to be implemented on DBFOT (toll) basis. Of its 594-km length, AEL will build 464 km from Budaun to Prayagraj, which comprises 80% of the expressway project.
Budaun Hardoi Road, Hardoi Unnao Road, and Unnao Prayagraj Road are the wholly owned subsidiaries of AEL that have achieved the financial closure.
AEL’s road portfolio has grown to 18 projects with more than 6,400 lane km and an asset value exceeding Rs 44,000 crore. These are spread over 10 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-Operate and Transfer) and BOT (Build-Operate-Transfer) type assets.