India-based Ramky Infrastructure (Ramky Infra) has announced the financial closure of its Agra-Etawah Road Tollway Project, which will be developed in the Indian state of Uttra Pradesh at an investment of INR12.25bn ($225.65m).

Agra Etawah Tollways, a special purpose vehicle (SPV) created to carry out the project, has signed a deal with a consortium of bankers led by Oriental Bank of Commerce and other participating lenders.

The consortium includes Union Bank of India, India Infrastructure Finance Company, Central Bank of India, State Bank of Patiala and Axis Bank.

"To be executed under design-build-finance-operate and transfer (DBFOT) mode, the project features six-laning of the bypass section connecting Agra and Etawah of the National Highway 2."

However, the debt-equity ratio of the scheme has not been revealed by the company.

Ramky Infrastructure managing director Y R Nagaraja said that the financial tie-up signifies the reflection of trust the market has placed in the company.

The road development project was awarded to Ramky Infrastructure by the National Highways Authority of India in December 2011.

To be executed under design-build-finance-operate and transfer (DBFOT) mode, the project features six-laning of the bypass section connecting Agra and Etawah of the National Highway 2 (NH 2).

The stretch forms part of Golden Quadrilateral which is network of highways linking India’s four top metropolitan cities, namely Delhi, Mumbai, Chennai and Kolkata, and passes through Uttar Pradesh.

The concession period for the project is about 30 years, including a construction period of over 2.5 years.

Ramky Infrastructure is a construction and infrastructure development company based in Andhra Pradesh, India with focus on the public-private-partnership (PPP) projects.

Currently, the company operates in a variety of sectors, including water and waste water, roads, bridges, buildings, irrigation, power transmission and distribution, across 23 states and two union territories in India as well as in West Africa.