New Delhi, Feb 14 (PTI) IRB Infra today said its SPV KG Tollway Pvt Ltd has achieved financial closure for Rs 1,526 crore highway project in Rajasthan.

KG Tollway Pvt Ltd, a Special Purpose Vehicle (SPV) of IRB Infrastructure Developers Ltd, has successfully achieved financial closure for its Rs 1,526 crore BOT (build, operate, transfer) project of 6 laning of Kishangarh-Gulabpura stretch on NH-79,” IRB Infrastructure said in a statement.

“Rs 1,020 crore has been tied up at a cost of 10.20 per cent per annum, with consortium of lenders led by State Bank of India, along with Yes Bank Limited, Bank of Maharashtra and IFCI Limited. IRB Infra will support the balance funding of Rs 506 crore through equity in the project,” the statement said.

Virendra D Mhaiskar, Chairman and Managing Director, IRB Infra, while commenting on the development said, “This is the third consecutive financial closure in FY18. It validates lenders’ trust in project merits and IRB’s domain expertise and execution capabilities demonstrated over last 20 years. We are grateful to our lenders for the trust shown and financing the project.” The project involves 6 laning of 90 km stretch on NH-79 between Kishangarh and Gulabpura in Rajasthan.

NH 79 connects Ajmer to Ghat Bilod, traversing through major settlement stretches such as Nasirabad, Gulabpura, Bhilwara, Chittorgarh, Mangalwara and finally Udaipur.

The company said the project entails annual premium payment of Rs 186.30 crore to NHAI, payment of which would commence after three years from the appointed date.

It said out of the three projects bagged in Rajasthan, the construction and tolling has been started on Udaipur-Gujarat border project as well as Chittorgarh-Gulabpura project.

This is published unedited from the PTI feed.