Construction major Shapoorji Pallonji, which is eyeing opportunities in the smart city space, is looking to raise Rs 850 crore over the six months to fund its Bengaluru and Eluru smart city projects, a top company official has said. It is looking at raising a debt of Rs 450 crore for the Eluru project and Rs 400 crore for the Bengaluru project, the official added. We are trying to tie up funds for both the projects. Both are BOT projects and will be funded by debt. We are approaching multiple lenders, including IFC, Shapoorji Pallonji director Debasis Mitra told a select media group here.

He said they are looking to raise funds for the Bengaluru project in the next four months and within the next six months for the Eluru project. He said they are looking to raise funds for the Bengaluru project in the next four months and within the next six months for the Eluru project.

While the Eluru project is worth Rs 1,400 crore, Bengaluru its Rs 1,000 crore.

Eluru project is a suo moto proposal and it signed the relevant contract recently. It is a hybrid annuity model and the company will do seven different projects like road improvement, 19 traffic junction improvement, intelligent traffic management, smart grids and energy management, sewage treatment and storm-water drainage.

here is company details.

 

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