GVK Bagodara Vasad Expressway Pvt Ltd, a subsidiary of GVK Power & Infrastructure, has achieved financial closure for the funding for six-laning project in Gujarat. It has signed the financing documents with Axis Bank Ltd. The project estimated to cost Rs 1,189.03 crore is being financed by equity of Rs 297.26 crore and debt of Rs 891.77 crore.
The road project involves six-laning of the existing three lanes of Bagodara -Wataman - Tarapur - Vasad Road State Highway-8, on BOT mode. According to the agreement executed by the company with Gujarat State Road Development Corporation Ltd, the concession period for the project is 27 years, including construction period of 30 months.