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IL&FS Transportation's Park Line achieves financial closure for project worth $80 million

IL&FS Transportation Networks' Park Line LLC has achieved financial closure for development of the Dubai Supreme Court and Automated Car Park facility. Park Line LLC is a company incorporated by the consortium of ITNL International, Singapore, a wholly owned subsidiary of the company and Next Generation Parking.

The project involves development of existing surface car park area into an integrated multi-use development to house the Supreme Courts Offices, its ancillary services and a state-of-the-art Robotic Car Park for 1232 spaces at a cost of $80 million (approximately Rs 530 crore). The concession provides right to develop, construct and maintain the project and to collect revenue from the project assets over a period of 30 years.

IL&FS Transportation Networks is an India-based surface transportation infrastructure company. The company is a developer, operator and facilitator of surface transportation infrastructure projects, taking projects from conceptualization through commissioning to operations and maintenance under public to private partnership on build-operate-transfer (BOT) basis.

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