Adani May Raise Rs 12,000 Crore Loan From SBI To Build Uttar Pradesh’s Ganga Expressway

Adani group is reportedly in talks with the State Bank of India to raise Rs 12,000 crore loan for the Ganga Expressway.

The 594 km long and six-lane Ganga expressway will be built at the cost of over Rs 36,200 crore. The project has been divided into four groups to expedite work, each consisting of three packages.

While IRB bagged group 1, Adani Enterprises Limited (AEL) has won contracts from UPEIDA to build three groups of the Ganga Expressway project in a deal worth Rs 17,085.16 crore.

According to The Economic Times, SBI is engaged in a road traffic survey before loan terms are finalised, and the loan will be of longer maturity, between 10 and 30 years, although the terms are yet to be fixed.

Presently, AEL’s roads portfolio includes 13 projects with more than 5,000 lane km and an asset value exceeding Rs 35,000 crore spread over nine states in India.

Of its 594-km length, the AEL will build 464 km from Badaun to Prayagraj, which comprises 80 per cent of the expressway. Adani Enterprises will be implementing the project on a DBFOT (Toll) basis over a concession period of 30 years.

With a project cost of more than Rs 17,000 crore, Ganga Expressway is India’s largest-ever expressway project awarded to a private company under the PPP framework.

The Ganga Expressway starts from NH-334 near the Bijauli village in the Meerut district and terminates at Prayagraj Bypass on NH-19 near Judapur Dandu village.

Traversing through 12 districts — Meerut, Hapur, Bulandshahr, Amroha, Sambhal, Badaun, Shahjahanpur, Hardoi, Unnao, Rae Bareilly, Pratapgarh and Prayagraj — the expressway would connect the eastern and western parts of the state.

Also, the state government has plans to extend the expressway at both ends — by 110 km from Meerut to Tigri on the Uttar Pradesh/Uttarakhand border and by 314 km from Prayagraj to Ballia, in the second phase of the project.