Yes Bank to fund Rs. 156 crore for Namami Gange Project

Banking major Yes Bank signed Rs. 156 crore deal with Essel Infraprojects for the construction of Sewage Treatment Plant (STP) under Namami Gange Project at Varanasi under Hybrid Annuity-PPP Model.  

Essel Infraproject is an enterprise of Dr. Subhash Chandra-led Essel Group. The company has three SBUs and seven business verticals comprising of an order book worth USD 4.3 billion. It has a growing present in over 17 states and across over 100 cities in India.

The project marks India’s first STP project under PPP Model to treat sewage entering river Ganga. The agreement for the project was signed between Essel Infraprojects and National Mission for Clean Ganga (NMCG) on October 11 in Delhi for development of STP under Hybrid Annuity based PPP mode. Under the agreement, 40 per cent of the cost will be linked to construction, and the other 60 per cent on the performance of the operator.

Yes Bank closed at Rs. 367.50 per share, lower by 0.57 per cent on BSE on Monday. The stock hit an intraday high of Rs. 374 per share and an intraday low of Rs. 366 per share on BSE. The stock had hit its 52-week high of Rs. 383.25 per share on September 21, 2017 and its 52-week low of Rs. 218.25 per share on December 26, 2016.