GRICL to build 8 Railway Over-bridges for Rs.251 crore.

Gujarat Road and Infrastructure Company Ltd. (GRICL) Rail Bridge Development, a wholly-owned subsidiary of IL&FS Transportation Networks, recently said it will build eight railway over-bridges in Gujarat at an estimated cost of Rs. 250.85 crore.

GRICL Rail Bridge Development Company Ltd., a special purpose vehicle, is mandated for undertaking the development of eight railway over-bridges (ROBs) under PPP mode on annuity basis by the R&B Department, Gujarat, it said in a BSE filing.

IL&FS Transportation Networks said the financial tie up of loans aggregating to Rs 188 crore has been achieved for the project and the loan agreements were executed with consortium of banks on December 15.

“The project is on annuity basis with a concession period of 17.5 years and the estimated cost of the project is Rs. 250.85 crore. The semi-annual annuity payable will be Rs. 21.99 crore for a period of 15 years,” it said.

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