New Delhi, Nov 16: The Uttar Pradesh government has finally cleared the Rs 335 crore Noida-Maharani Bagh bridge project after a long wait of seven years. A gazette notification is expected to be announced soon.

The state government has instructed the New Okhla Industrial Development Authority to finalise concession agreement regarding the prestigeous project with Infrasructure Leasing and Financial Services, and Noida Toll Bridge Company Limited which will authorise builders to collect toll tax.

The eight-lane bridge which is the first pure Build, Operate and Transfer (BOT) project in the country would be financed through Rs 235 crore debt and an equity of Rs 100 crore, according to sources.

This is also the first project in which Asian Development Bank (ADB) was participating as an equity partner without government guarantee, has agreed to provide financial assistance to the tune of Rs 67 crore.

IL and FS which is implementing the project has received a World Bank line of credit of $ 200 million for funding the infrastructure projects, will contribute an amount of Rs 84 crore for funding the project.

The remaining amount would be raised through a deep discount bond scheme with a coupon rate of 17 to 18 per cent to be announced shortly.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.