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| Exchange Disseminated Time | R P P Infra Projects Ltd has informed BSE regarding a Press Release dated August 29, 2011 titled "RPP Infra's Gabon Mass Housing Project bags Funding Support".
Press Release:
"RPP Infra Projects Ltd, one of India's leading and fast growing Non Metro / Rural based Company engaged in the business of infrastructure development such as highways, roadways, bridges, civil construction works, irrigation, water supply projects and power plants has won a mass housing contract in "Republic of Gabon" (RG) awarded by the Ministry of Housing. The contract is awarded to RPP Infra on 'Design, Build Finance and Transfer ' (DBFT) model. The objective of the contract would be to construct and deliver 10,000 houses over 36 months over various phases. The total contract is valued at Euro 250 million which is Rs. 1500 Cr.
RPP Infra has been in the process of negotiating with Financial Institutions for the funding support. In Phase I, 1500 out of 10000 dwelling units would be constructed across 70 hectares and handed over to RG. RPP Infra. The Value of the Phase I is estimated at Rs. 200 Cr, other phases are to follow subsequently.
ECOBANK of Libreville, Gabon and BDEAC Bank, Brazaville, Congo have principally approved the funding for the Gabon Housing project. Out of which ECOBANK of Libreville Gabon has already sanctioned Rs. 170 Cr for the project, as funding for the first phase. Negotiations are on with BDEAC Bank, Brazaville, Congo and the same is expected to be completed in a month's time.
The Government of Gabon has additionally offered RPP Infra various incentives such as TAX SOPs, duty free import of Machinery, Tools, Construction materials and plant.
As on August 01, 2011, the total order book on hand is around Rs. 2150 Cr which is to be executed over 36 months.
Commenting on this funding sanction, Mr. Ami Sundaram, Chairman and Managing Director of RPP Infra Projects Limited said that "We are happy that this funding will help us in mobilising resources and to speed up the project and to complete the project in time. The funding is sufficient to take care of the Phase I of the project." |
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