IL&FS Trans Achieves Financial Tie-up For Srinagar Sonamarg Gumri Road Project.

IL&FS Transportation Networks Ltd. said it had achieved the financial tie-up of loans aggregating to Rs. 2,363 crore for the for the development of Srinagar Sonamarg Gumri road project of National Highway No.1 in the State of Jammu & Kashmir on DBFOT Annuity basis.

Srinagar Sonmarg Tunnelway Ltd. (SSTL), a special purpose vehicle promoted by Soma Enterprises Ltd., and the company with equity participation of 51:49 for undertaking the development, operation and maintenance of the above project had signed a Concession Agreement on April 30 last year with Border Road Organization, Government of India.

The project is on Annuity basis with a concession period of 20 years including construction period of 1,825 days and the estimated cost of the project is Rs. 3,289 crore.

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