India News | UPEIDA Inks Deal with BoB-led Bank Consortium to Fund Bundelkhand Expressway Project

Lucknow, Aug 25 (PTI) The UP Expressway Industrial Development Authority on Tuesday inked a deal with a consortium of six banks, led by Bank of Baroda, for funding the construction of the Bundelkhand Expressway.

On the occasion, UPEIDA Chief Executive Officer Awanish Kumar Awasthi said there is no longer any problem in funding for the Purvanchal Expressway and that the project will be completed before the deadline fixed by the government.

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Awasthi, also the state's additional chief secretary (Home) said the UPEIDA, the organisation responsible for the construction of the expressway, has taken a loan of Rs 5,900 crore from six banks for the construction of the expressway.

These banks include Bank of Baroda, Union Bank of India, Bank of Maharashtra, Indian Bank, Bank of India and UCO Bank, he said, adding Bank of Baroda has accepted the leadership of this consortium, set up for funding the project.

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The move will accelerate the project funding and the construction work as well as creating jobs on local basis in villages in this time of crisis, he said.  

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)