Rs 765-crore Expressway financial closure achieved

Rs 765-crore Expressway financial closure achieved
Deccan Herald

The consortium of Soma Enterprise Ltd, with Nagarjuna Construction Company, and Maytas Infra Pvt Ltd, announced that financial closure on the Rs 765 crore Elevated Toll Expressway Project on Bangalore-Hosur Section of NH-7, was achieved, on Thursday.

The consortium of Soma Enterprise Ltd, with Nagarjuna Construction Company, and Maytas Infra Pvt Ltd, announced that financial closure on the Rs 765 crore Elevated Toll Expressway Project on Bangalore-Hosur Section of NH-7, was achieved, on Thursday.

Out of the Rs 765 crore, Rs 600 crore of debt has been raised from a consortium of banks, led by Canara Bank. The consortium will operate the expressway for 20 years.

In this regard, D V Raju, Vice President, Soma Enterprise Limited presented a cheque of Rs 16 crore towards negative grant to Vijay Singh, Secretary, Department of Road Transport and Highways and Pradeep Kumar, Chairman, National Highways Authority of India (NHAI), in New Delhi, on Thursday.


Speaking to Deccan Herald, Rajendra Prasad Maganti, CMD, Soma Enterprise Ltd, said that the companies had mobilised additional manpower, machinery and equipment to ensure that traffic was not affected during the work.

The stretch from Bangalore to the Electronic City, which is part of NH-7, is an important section of the National Highways network.

It is a part of the Golden Quadrilateral and the North-South corridor of NHAI.