Essel Highways gets loan of $85 mn from Goldman Sachs

The Dollar Business Bureau 

Essel Highways Ltd (EIL) on Friday said that it has secured a loan of $85 million from the investment banker Goldman Sachs for funding the new projects and planned acquisitions. 

“Essel Highways, a subsidiary of Essel Infraprojects Ltd, has secured the $85 million loan from the investment banker, which will be used to finance new projects and strategic acquisitions,” EIL said in a statement.

The fresh funds will enhance the Essel’s ability to grow its portfolio of road projects and allow for additional planned acquisitions, said Ashok Agarwal, CEO and Whole Time Director, EIL. 

“The debentures subscription from a globally renowned institution such as Goldman Sachs will further enhance our position in the market and support us in our endeavour to become the most valued company in the infrastructure sector in the country,” he said.

Since its establishment in 2007, Essel Highways Ltd has a wide portfolio in the road development comprising of 14 projects, out of which 10 are operational, making over 4,500 lane km of roads spread across six states. The company has assets worth around $1.8 billion.

In March 2016, EIL’s solar energy firm arm, Essel Green Energy, also got funding of $132 million from Mumbai-based Piramal Enterprises Ltd and investment management company APG Asset Management for developing the solar assets in India.