Meerut Budaun Expressway, an SPV and wholly-owned subsidiary of IRB Infrastructure Developers, has achieved financial closure for the Ganga Expressway Group 1 Greenfield BOT project in the state of Uttar Pradesh.

The project involves build, operate and transfer six-lane greenfield expressway corridor of 129.700 km expandable to eight-lanes between Meerut and Budaun in Uttar Pradesh.

The financial closure is achieved at the project cost of Rs 6,538 crore. The consortium of lenders has extended financial support of Rs 2,659 crore.

This is the largest greenfield BOT project in the company’s portfolio. The project entails equity infusion of Rs 2,133 crore by the company and/ or its associate, i.e., IRB Infrastructure Trust.

The project has concession period of 30 years with provision of traffic linked extension of six years including three years construction period. The company is set to start construction in full swing in next couple of months.

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