Business Line
The consortium led by GMR Infrastructure Ltd has won the 181 km
Hyderabad–Vijayawada highway project to be executed on a Build,
Operate and Transfer (Toll) basis through international competitive
bidding process.
The Group received the Letter of Award from National Highways
Authority of India (NHAI) on May 27. This is the seventh highway
project of GMR Group.
The project is aimed at easing traffic congestion and also boosting
trade and commerce. Apart from reduction in travel time, this
development is expected to improve safety levels.
The project will be implemented through a Special Purpose Vehicle
(SPV) set up by the Group after signing the concession agreement with
the NHAI for a period of 25 years.
The Managing Director of GMR Highways and Director GMR Infrastructure,
Mr O. Bangaru Raju, in a statement said “the project connects two
major economic hubs of Andhra Pradesh which are witnessing multi-fold
growth. It is also a vital link in facilitating Kolkata – Bangalore
traffic movement.”
According to Government sources, the project is estimated to be valued
at Rs 1,200 crore.
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