Yes Bank has committed to fund first Sewage Treatment Plant (STP) to be constructed at Varanasi under Hybrid Annuity-PPP Model. The Bank has signed a deal with Essel Infraprojects for the financial closure of Rs 156 crore that will fund the Sewage Treatment Plant (STP) under Namami Gange Project.
Speaking on the occasion, Rana Kapoor, MD & CEO, YES BANK and Chairman, YES Global Institute said, “NAMAMI GANGE Projects are a true manifestation of the Clean India initiative. YES BANK, given its Responsible Banking ethos, is committed to sustainable projects in Sewage Treatment Plants and other related segments, which have significant social and ecological impact.
Kamal Maheshwari, President, Business Strategy, Planning and Business Development, Essel Infraprojects appreciated the ground-breaking deal between Yes Bank and Essel Infraprojects. “We are extremely happy to close this deal and appreciate the commitment of Yes Bank towards Namami Gange and Swachch Bharat,” he said.
Essel Infra, an enterprise of Dr. Subhash Chandra led Essel Group recently bagged the contract for construction of the STP at Varanasi. A concession agreement was signed on October 11, 2017 between Essel Infraprojects and National Mission for Clean Ganga (NMCG) in Delhi for development of STP under Hybrid Annuity based PPP mode. Varanasi based 50 MLD STP is very first of the two such projects awarded under Namani Gange Program. Under HAM, 40% of the cost will be linked to construction, and rest 60 % on the performance of the operator.