The Adani Group is in talks with the State Bank of India (SBI) to raise about Rs 12,000 crore in long-term project loans for the development of the Ganga Expressway, which will connect Meerut in northwestern Uttar Pradesh to Prayagraj in the east.

In December, Adani Enterprises Limited (AEL) won contracts from the UP government to construct three sections of the 594km Ganga Expressway, while IRB Infrastructure took over the fourth section. The work share of AEL is 80% of the total project. The loan has a longer term, between 10 and 30 years, but the terms have yet to be determined.

The loan can be offered in high single digits, between 7-9%.