Sadbhav Engineering has stated that step down subsidiary of the company Ahmedabad Ring Road Infrastructure (ARRIL), the Special Purpose Vehicle incorporated for undertaking of improvement and widening of then existing 2 Lane Sardar Patel Ring Road around Ahmedabad City to 4 lane carriageway, has received sanction of Rs 6,329.0 mn (FACILIY) including existing debt of Rs 3,799.0 mn towards securitisation of the project.
In other words, the company has received sanction of additional FACILITY over and above existing FACILITY to the tune of Rs 2,530.0 mn out of securitisation proceeds of surplus toll revenue of the project, the company told the Bombay Stock Exchange in filing.
Door to Door tenure of the total FACILITY including existing FACILITY shall be for a period of 11 years and 9 months at Interest rate of 11 per cent per annum linked to Base rate of Senior Lenders of the Project FACILITY. These proceeds will be used for part funding of on – going BOT Projects of the Company. ARRIL is in the process of executing the financing documents with the lenders.
The project is on DBFOT (toll) basis with a concession period of 20 years including the construction period of 18 months w.e.f. January 01, 2007. Commercial Operation Date of the project was achieved on May 31, 2008.
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