Financial closure on Rs 765cr Bangalore Expressway achieved

November 1, 2006

The consortium of Soma Enterprise Ltd., a leading infrastructure developer with Nagarjuna Construction Co. and Maytas Infra Pvt. Ltd., today announced that financial closure on the Rs.765 crore Elevated Toll Expressway Project on Bangalore – Hosur Section of NH-7 (from Km 9.5 to Km 18.5) on BOT basis has been achieved. 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 a period of 20 years. The special purpose vehicle formed for this project is Bangalore Elevated Tollway Ltd.

Shri D. V. Raju, Vice President, Soma Enterprise Limited today presented the cheque of Rs.16 crores towards negative grant to Shri Vijay Singh, Secretary, Department of Road Transport and Highways in the presence of Shri Pradeep Kumar, Chairman, National Highways Authority of India and other senior NHAI officials. Prime Minister Dr. Manmohan Singh had laid the foundation stone for this project on 24 th June ’06 in Bangalore .

Speaking on the occasion, Mr. Rajendra Prasad Maganti, CMD, SOMA Enterprise Ltd, said, “We have successfully completed the financial closure on this prestigious project and are executing work in full swing. We have deployed the best expertise and technology to produce a world-class driving experience for commuters.

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