KNR Shankarmpet Projects Pvt Ltd, a wholly owned subsidiary of KNR Constructions Ltd, has achieved financial closure for a hybrid annuity model highway project in Telangana.
The Hyderabad-based construction-cum-infrastructure company in a regulatory filing to the BSE has informed that its subsidiary KNR Shankarmpet Projects, which bagged a contract for four-laning of Ramsanpalle to Mangloor section of National Highway-161 in Telangana under Bharatmala Pariyojana, has received the sanction letter for bank finance.
The Rs 1,234-crore project has a construction period of two years and a concession period of 17 years. The sanction letter is well within the specified period of the concession agreement for financial closure of the project.