Bengaluru, 29 October 2024: Vishwa Samudra Engineering (VSE) has achieved a significant milestone by securing up to EUR 40 million from a renowned Swiss bank for the Varanasi Ropeway Project under the National Highway Logistics Management Ltd. (NHLML), a subsidiary of NHAI. This historic financing deal positions VSE as the first Indian infrastructure company to secure such funding for an NHAI project, marking a turning point in foreign investment in Indian infrastructure.
This milestone was celebrated at the Export Financing Conference held in New Delhi, where Mr. Shivdutt Das, Executive Director of VSE, joined an expert panel discussion on the benefits and strategies of ECA-backed financing for Indian clients. The panel, which showcased VSE’s financing journey for the Varanasi Ropeway Project, included SERV, the Swiss Export Credit Agency, as a vital partner in enabling the funding. Union Minister for Road Transport & Highways, Hon’ble Nitin Gadkari, delivered the keynote address, emphasizing the government’s focus on innovative financing mechanisms for transformative infrastructure projects.
The Varanasi Ropeway Project, located in the Hon’ble Prime Minister’s constituency, is India’s first urban ropeway and only the second globally, representing a major step in sustainable urban transport. With Bartholet Maschinenbau AG of Switzerland as the technology partner, the loan agreement will support payment for manufacturing and exporting equipment from Switzerland to India.
“This impressive financing underlines VSE’s strong European investment strategy and commitment to securing competitive funding terms, which are essential for pioneering projects like the Varanasi Ropeway,” said Mr. Shivdutt Das, Executive Director of VSE. “We are paving the way for future foreign investments, presenting a blueprint for other Indian infrastructure companies to explore international financing as a viable alternative to domestic sources, while strengthening India’s position in the global infrastructure landscape.”
