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RPP Infra gets in-principle funding approval for Gabon project

RPP Infra gets in-principle funding approval for Gabon project
PTI
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First Published: Mon, Aug 29 2011. 03 36 PM IST
Updated: Mon, Aug 29 2011. 03 36 PM IST
Mumbai: Infrastructure major RPP Infra Projects on Monday said it has received an in-principle approval from two international banks including ECOBANK of Libreville, Gabon and BDEAC Bank, Brazaville, Congo for funding its Gabon Mass Housing Project.
ECOBANK of Libreville Gabon has already sanctioned Rs170 crore for the Rs1,500 crore housing project, as funding for the first phase, the company said in a statement issued here.
The company is in negotiations with BDEAC and expects it to be completed within a month, it said.
RPP has bagged a contract from the ministry of housing of republic of Gabon for developing 10,000 houses over 36 months over various phases on design, build, finance and transfer (DBFT) model.
“This funding will help us in mobilising resources and to speed up the project and to complete it in time. The funding is sufficient to take care of phase I of the project,” RPP Infra chairman and managing director Arul Sundaram said.
The cost of phase I of the project is estimated to be Rs200 crore.
Meanwhile, the Gabon government has additionally offered the company various incentives such as tax SOPs, duty free import of machinery, tools, construction materials and plant, the company said.
RPP’s total order book on hand as on 1 August is around Rs2,150 crore, which it plans to execute over the next 36 months.
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First Published: Mon, Aug 29 2011. 03 36 PM IST