GMR Tambaram-Tindivanam Expressways Private Limited

Active

The GMR Group has formed a consortium with Messrs, United Engineers (Malaysia) Berhad (UEM) to construct and operate two projects, the Ankapalli-Tuni Expressway in Andhra Pradesh and the Tambaram-Tindivanam Expressway. Equity holdings for the GMR Group and UEM are 74% and 26%, respectively. The Tambaram-Tindivanam Expressway project involves the strengthening and widening to four lanes on 90 kilometers of the NH-45 in Tamil Nadu. Financial closure for both projects was obtained in June 2002. The project have a combined capital outlay of Rs7,430 million (USD152.3m) and will be funded with a debt/equity ratio of 3:1 with a total debt of Rs5, 570m. Tenure of the debt is 13.5 years including a construction period of 2.5 years. The group of nine lenders was lead by the ICICI Bank and includes the State Bank of India, Union Bank of India, Indian Overseas Bank, Jammu & Kashmir Bank, Bank of India, Punjab National Bank, Industrial Investment Bank of India and State Bank of Mysore.