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Citigroup arranges finance for L & T's road project

MUMBAI: L & T Interstate Road Corridor Limited and a consortium of banks, lead arranged by Citigroup, signed a Rs. 500 crore financing as a mix of domestic FCNR and ECP funds to finance L & T's Palanpur-Swaroopganj road project. In addition to Citigroup, other banks involved in the deal are India's Infrastructure Finance Company Limited, Bank of Baroda and Abu Dhabi Commercial Bank. Citigroup also acted as the Escrow agent.

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