Vishwa Samudra Engineering Secures Swiss Bank Loan for Varanasi Ropeway Project

New Delhi / October 29, 2024: Vishwa Samudra Engineering (VSE) has secured 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, VSE said in a statement. 

This milestone was celebrated at the Export Financing Conference held in New Delhi, where Shivdutt Das, Executive Director of VSE, joined an expert panel discussion on the benefits and strategies of ECA-backed financing for Indian clients. SERV, the Swiss Export Credit Agency, was a key partner in this endeavor. Union Minister Nitin Gadkari emphasized the government’s support for innovative financing solutions for infrastructure projects during his keynote address, the statement added. “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 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.”