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GMR achieves financial closure for AP road project

HYDERABAD: GMR Consortium has achieved financial closure for the Adloor Yellareddy-Pochanpalli road project in Andhra Pradesh, the 112 km project awarded to it by the National Highways Authority of India. The capital cost of the Rs. 690 crore project comprises debt of Rs. 552 crore and equity of Rs. 138 crore. The debt component had been tied up with nine major banks. Though the debt requirement of the project was Rs. 552 crore, the consortium — GMR Infrastructure and GMR Energy Limited — received sanctions for Rs. 780 crore from the participating banks.

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