Essel Infraprojects Raises Rs 600 Crore via NCDs

New Delhi: Essel Infraprojects Ltd (EIL) has raised Rs 600 crore through non-convertible debentures (NCDs) for four-laning of a road project.

"EIL has successfully raised Rs 600 crore through NCDs at the semiannual coupon rate of 9.05 per cent per annum for Lucknow-Raebareli four laning project", Subhash Chandra Goel-led Essel Group company said in a statement.

The project awarded by National Highway Authority of India (NHAI) was recently completed by the Essel Lucknow Raebareli Toll Roads Ltd (ELRTRL), a fully-owned subsidiary of EIL.

It is annuity based project with fixed income of Rs 100.40 crore per annum from the highways authority (NHAI). The concession period for the project is 17 years, the statement added.

"We are participating in the growth story of our nation by upgrading the infrastructure and utility across the country, thereby propelling the nation's economy to superior height," EIL CEO Ashok Agarwal said.

"The company is ideally placed to provide integrated solutions to support the Indian government's vision to build smart cities across the country," Mr Agarwal said.

EIL has completed around 2,100 kms of roads and is constructing another 2,500 kms i.e. total 4,600 kms of roads in various states such as Madhya Pradesh, Gujarat, Punjab, Haryana, Uttar Pradesh, Maharashtra and Tamil Nadu, the statement said.