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Construction : Web Exclusive | December 2013 | Source : Construction Update

IRB achieves fiscal closure for its Goa- Karnataka road project

Infrastructure major IRB Infrastructure Developers on December 26 said it has achieved financial closure of Rs 1,406 crore for its road project in Karnataka, the company said in a statement. The company's subsidiary IRB Westcoast Tollway has tied up project finance of Rs 1,406 crore for the Goa- Karnataka border road project in Karnataka. The total cost of the project is Rs 2,639 crore, out of which viability gap funding from the National Highways Authority of India (NHAI) is to the extent of Rs 536 crore, while equity contribution by the company will be around Rs 697 crore. The average cost of project finance is around 11.75 per cent per annum. A consortium of lenders, led by IDBI Bank 0.69 per cent and comprising of Allahabad Bank 1.37 per cent, Bank of Baroda 0.96 per cent, Bank of India, Canara Bank 1.11 per cent and Union Bank of India 2.01 per cent have financed the project, the release said.
 
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