New Delhi: Welspun Enterprises Ltd on Tuesday became the first company to achieve financial closure under the hybrid annuity model for highway construction in which the government will share 40% of the project cost.

The company has managed funding of around 400 crore from a consortium of banks including Punjab National Bank (PNB), State Bank of Hyderabad and Union Bank of India where PNB is lending 200 crore and the rest are giving loans of 100 crore each.

The company will construct a small stretch on the 14-lane Delhi-Meerut expressway at a cost of 841.50 crore in a span of 2.5 years.

The expressway will have a six-lane access control road flanked by two four-lane highways, including a lane dedicated to a cycling track. The stretch is part of 96-km expressway for smooth transit between Delhi and Meerut.

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