IL&FS and Ramky complete road PPP project in Andhra Pradesh

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IL&FS and Ramky complete road PPP project in Andhra Pradesh

IL&FS Transportation Networks Ltd has informed the Bombay Stock Exchange (BSE) that its concessionaire for the project "Four Laning of Narketpally - Addanki - Medarametla Road (SH-2) from km 0.000 to km 212.500 in the State of Andhra Pradesh" has obtained a Provisional Completion Certificate by the Andhra Pradesh Road Development Corporation effective January 02, 2014.

The project was awarded to the Joint Venture of Ramky Infrastructure Limited and IL&FS Transportation in the ratio of 50:50.

The project includes Design, Construction, Finance, Operation and Maintenance of Four-Laning of Narketpally - Addanki - Medarametla Road (SH-2) from Km 0.000 to 212.500 in the state of Andhra Pradesh under Public Private Partnership (PPP) on Build, Operate and Transfer (BOT) Basis.

The project is on toll basis with a concession period is 24 years including construction period of 2.5 years. The total cost of the project was Rs. 17,605.3 million (US$208 million).

The joint venture achieved financial close for the project on January 11th, 2011 and the concession agreement was signed on 23 July 2010.

IL&FS Transportation Networks had recently announced that the company had signed a concession agreement for a multi-level car parking facility at Gandhinagar in Gujarat, India.

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