Vishvaraj Environment achieves financial closure for National Mission for Clean Ganga project at Mahesthala, Kolkata

Secures INR 1 Billion (Euro 13 million) debt from Austrian DFI

Vishvaraj Environment Pvt. Ltd. (VEPL), has achieved the Financial Closure for its Hybrid Annuity Model (HAM) project at Maheshtala, Kolkata under the Namami Gange programme administered by the National Mission for Clean Ganga (NMCG). The project involves constructing 35 MLD STP and associated infrastructure through PPP HAM model. The total project cost is INR 2.3 Billion and shall be funded by a mix of NMCG Grant, VEPL Equity and entire project debt of over IRN 1 Billion to be funded by Oesterreichische Entwicklungsbank AG, the Development Bank of Austria (“OeEB”). This transaction marks the first direct lending by a European DFI in NMCG’s HAM projects.

The signing event was conducted at NMCG office on May 25, 2022 in the presence of the Honourable Ambassador?of the Republic of Austria to India, Her Excellency Katharina Wieser and Mr. Hans-J?rg H?rtnagl, Austrian Trade Commissioner to India, Shri. G Asok Kumar, DG NMCG, Shri. Sidhaartha Lakhanee, Executive Director VEPL, ?and other dignitaries from Austrian Embassy and bank, NMCG, KMDA and VEPL. Commenting on this milestone achievement, Mr. Arun Lakhani, CMD, VEPL said, "VEPL is proud to contribute to our Prime Minister's flagship Clean Ganga project. This is a landmark achievement which also marks the first direct lending by a European DFI in a NMCG HAM project.”?