India's HUDCO to provide up to $10.50 billion loan for Bihar infrastructure projects
India's HUDCO to provide up to $10.50 billion loan for Bihar infrastructure projects July 3 (Reuters) - India's Housing and Urban Development Corporation (HUDCO) HUDC.NS on Friday signed a preliminary agreement with Bihar to provide up to 1 trillion rupees ($10.50 billion) in loans for urban infrastructure projects, in one of the country's largest state-level infrastructure financing deals.
Here are some details:
The loans will be extended to the eastern state over a five-year period
HUDCO will provide the loan in tranches to the statutory authority of Bihar, and it will be used for urban infrastructure projects, including land acquisition
The memorandum of understanding also enables HUDCO to plan, develop, and finance greenfield satellite cities in the state
The funds will be provided to the state with a flexible repayment schedule of up to 25 years
($1 = 95.2100 Indian rupees)
(Reporting by Anuran Sadhu in Bengaluru; Editing by Eileen Soreng)
((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))
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India's HUDCO to provide up to $10.50 billion loan for Bihar infrastructure projects