IRB Infrastructure Developers Ltd said that IRB Tumkur Chitradurga Tollway Pvt Ltd, a wholly owned subsidiary of the company, has achieved financial closure for the six-lane, 114 km stretch between Tumkur and Chitradurga on NH4 — estimated at Rs 1,142 crore.
The equity contribution by the company is Rs 311 crore and the debt is Rs 831 crore. IRB said a consortium of lenders led by Infrastructure Development Finance Company Ltd (IDFC), Bank of Baroda, HDFC Ltd and IDBI Bank have financed the project. IDFC has financed Rs 500 crore and the balance has come from the rest.
The concession period is 26 years and the company has to pay a premium of Rs 140.40 crore to the National Highways Authority of India in the first year.