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WABAG secures financial closure of its second HAM project; partners with PTC India Financial Services

WABAG secures financial closure of its second HAM project; partners with PTC India Financial Services
outlookindia.com
1970-01-01T05:30:00+0530
Chennai, Mar 30 (PTI) Water treatment player VA Tech

WABAG Ltd has completed the financial closure for its Hybrid

Annuity Model project, received from the Bihar Urban

Infrastructure Development Corporation, officials said on

Tuesday.

The city-based company had secured a Rs 1,187 crore

contract from the Bihar Urban Infrastructure Development

Corporation under the National Mission for Clean Ganga scheme

to develop 150 MLD capacity sewage treatment plants, along

with sewerage network of over 453 km, in the Digha and

Kankarbagh zones of Patna.

WABAG, as per the project, will execute engineering,

procurement and construction portion of the sewage treatment

plant under the hybrid annuity model over 24 months, followed

by operation and maintenance of 15 years.

The project comprises a design, build and operate model

and the engineering, procurement and construction portion of

the Hybrid Annuity Scope is to be funded through a mix of

grant from the National Mission for Clean Ganga, equity and

debt.

About 40 per cent would be funded by NMCG grant in

construction phase and 60 per cent through a mix of debt and

equity.

To meet the project debt funding requirement, WABAG has

partnered with infrastructure finance company PTC India

Financial Services (PFS).

"It is yet another proud moment for WABAG to achieve

financial closure of second HAM project in succession under

the current context in the country.

We are happy to have PFS as our partner for financing the

debt portion of this project", WABAG, Head-Capital Projects,

Director, S Varadarajan.

"We are happy to start this long term partnership with

PFS, a leading financial institution in the infrastructure

space.

With this, WABAG has successfully achieved the financial

closure of its second HAM project within this financial year",

he said.

PTC India Financial Services Ltd, MD, Pawan Singh said,

"PFS, with this debt funding to the STP project of VA Tech

WABAG re-affirms its commitment to support upcoming

environment friendly green infrastructure projects in the

country". PTI VIJ APR

ADMINISTRATOR

APR

ADMINISTRATOR


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

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