On 29 September, Adani Enterprises (AEL) announced that wholly owned subsidiaries Hardoi Unnao Road and Unnao Prayagraj Road, and Budaun Hardoi Road had achieved financial closure for the greenfield Ganga Expressway project in UP.

As per the regulatory filing, Budaun Hardoi Road (BHRPL), Unnao Prayagraj Road (UPRPL), and Hardoi Unnao Road (HURPL), wholly owned subsidiaries of Adani Enterprises, have achieved financial closure of six-lane (expandable to eight lanes) greenfield Ganga Expressway project (Group-II, III & IV) in Uttar Pradesh on design, build, design, finance, transfer and operate(DBFOT).

K P Maheshwari, CEO, Road Business, Adani Enterprises, said, “India is building at a record pace the road infrastructure it needs for its development, and we are delighted to be providing the much-needed road connectivity all across the nation”. “The State Bank of India (SBI) has underwritten the entire debt requirement of Rs 10,238 crore for the Ganga Expressway projects (BHRPL, HURPL & UPRPL). With this facility from the SBI, we have moved closer to providing our country and the state of UP with another landmark infrastructure,” he added.

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More than 6400 lane km has grown by AEL to 18 projects, and the asset value is more than Rs 44,000 crore over ten states in India such as Chhattisgarh, Uttar Pradesh, Andhra Pradesh, Kerala,  Telangana, Gujarat, Odisha, Madhya Pradesh and West Bengal. The portfolio has a mix of BOT (Build-Operate-Transfer), HAM (Hybrid Annuity Mode) and (Toll-OperateTransfer) type assets.

On a consolidated basis, the net profit of AEL jumped 72.9 per cent to Rs 469.46 crore in the first quarter of FY23 compared with Rs 271.46 crore in the first quarter of FY22. Also, Revenue from operations in the first quarter stood at Rs 40,844.25 crore, which surged 224.7 per cent from Rs 12,578.77 crore reported in the Q1 FY22. On BSE, Adani Enterprises declined 0.53 per cent to Rs 3,530.25.