An ICICI Bank-led consortium has agreed to fund two of Larsen & Toubro’s (L&T) projects in Maharashtra which will have a total investment of Rs.4,506 crore.
L&T Infrastructure Development Projects (L&T IDPL), a subsidiary of L&T, on Friday, said that the two road projects in Maharashtra had achieved financial closure and would be completed in 30 months. The projects involve development of contiguous stretches on NH-6 from Amravati to Jalgaon and Jalgaon to the Gujarat-Maharashtra border.
The turnkey Engineering Procurement Construction (EPC) contracts for these projects were awarded by National Highways Authority of India (NHAI) to L&T.
The concession period is 19 years and 20 years respectively.
This includes the construction period.
“These are among the longest road projects in the country bid out on design, build, finance, operate, transfer (DBFOT) basis,” L&T said in a statement.
As per NHAI’s estimates the Amravati-Jalgaon stretch would cost Rs.2,537.81 crore while the Jalgaon to Gujarat border stretch would cost Rs.1,968.37 crore. Both these road projects are part of the East-West connector linking hubs of economic activity in Gujarat and Maharashtra to the mineral-rich Odisha and Chattishgarh.
L&T IDPL has one of the largest road project portfolios in India comprising about 9,200 lane km with a project cost of Rs.22,000 crore. The company’s road projects include some of the most economically significant and high traffic corridors connecting important industrial towns in India, L&T said.
