Kishangarh Gulabpura Tollway Private Limited, a special purpose vehicle incorporated by IRB Infrastructure Private Limited, has achieved financial closure for Package I of the Kishangarh-Gulabpura highway project. It involves the six-laning of the 90 km Kishangarh-Gulabpura stretch of National Highway (NH)-79 and NH-79A in Rajasthan. The project is being implemented by NHAI on a design-build-finance-operate-transfer basis under Phase V of the National Highways Development Programme. Of the project cost of Rs 15.26 billion, the equity contribution of the firm will be Rs 5.06 billion and the remaining amount of Rs 10.2 billion will be funded by a consortium of lenders led by the State Bank of India (SBI). The other participating banks are YES Bank, the Bank of Maharashtra and IFCI Limited. The average cost of debt for project finance is 10.2 per cent per annum.