Madhucon SPV achieves financial closure

The special purpose vehicle (SPV) set up by Madhucon Projects for undertaking the 129-km stretch of the National Highway between Madurai and Tuticorin achieved financial closure.

According to a press release, a consortium led by Canara Bank syndicated the debt for the project. The BOT (build-operate-transfer) project is being taken up at a cost of Rs 920 crore with a concession period of 20 years. "It is the longest stretch awarded by National Highway Authority of India".

The scope of the project includes design, engineering, finance, construction, operation and maintenance.