New Delhi, Jan 12 (Agencies): Engineering firm Era Infra on Wednesday said it has achieved financial closure for Rs 1,951 crore Bareilly-Sitapur road project in Uttar Pradesh, awarded to it by the National Highways Authority of India (NHAI).

"The 151-km highways project has achieved commitments for the entire debt component of Rs 1,350 crore - Rs 675 crore each by State Bank of India and Union Bank of India," Era Group Chief Financial Officer Joy Saxena said.

The financial closure documents have been submitted to NHAI for their final clearance, Saxena said.

The Delhi-based company had bagged the project for upgrading National Highways no 24 section last year.

The Rs 290-crore equity for the project on engineering, procurement and construction (EPC) basis would be infused by the company, while the NHAI will be contributing Rs 290 crore as grant, he said.

Construction on the project has commenced and it is likely to be completed by 2013, he added.
The company had received the contract for four laning (widening) of Bareilly-Sitapur section under National Highways Development Project Phase-III on Design, Build, Finance, Operate and Transfer (DBFOT) toll basis.

Apart from Rs 1,350-crore projects in the road sector, including Gwalior bypass that are scheduled for completion by June this year, the company has recently bagged Rs 1,659 crore order from NHAI for four laning of Muzaffarnagar-Haridwar and Haridwar-Dehradun sections of National Highway.

Shares of Era Infra were trading at Rs 200.40, up 0.02 per cent from the previous close, in the afternoon trade on the Bombay Stock Exchange.

Era Infra Engineering Ltd is the flagship company of Era Group, engaged in construction of highways, railways, airports, power and industrial projects, institutions and universities, residential and commercial complexes.