GVK Power & Infrastructure Ltd has informed BSE that GVK Bagodara Vasad Expressway Private Ltd a step down subsidiary of the company, which is implementing the project for six laning in Gujarat has closed funding for the project. It has signed the necessary financing documents with AXIS Bank Ltd.

The road project entails taking up six laning of the existing three lanes of Bagodara -Wataman - Tarapur - Vasad Road State Highway-8, on build, operate and transfer basis mode.

The project cost is INR 1,189.03 crores is being financed by means of equity of INR 297.26 crore and debt of INR 891.77 crore. According to the agreement executed by GVKBVEPL with Gujarat State Road Development Corporation Ltd, the concession period for the project is 27 years including construction period of 30 months.

(Sourced from BL)