Ashoka and GVR Infra sign Chennai ring road DBFOT project
Ashoka Buildcon Ltd has informed that the Special Purpose Vehicle (SPV) GVR-Ashoka Chennai ORR Limited, formed by Ashoka Buildcon Ltd and GVR Infra Projects Ltd has executed a concession agreement with Government of Tamil Nadu, Highways and Minor Ports Department on September 18, 2013 for the Chennai Outer Ring Road Phase II project.
The road project was awarded on Design, Build, Finance, Operate and Transfer (DBFOT) annuity basis at Chennai, in the state of Tamil Nadu in early July.
The project has been awarded by the Tamil Nadu Road Development Company Ltd. (TNRDC) and it has a concession period of 20 years. The cost of the project is Rs. 985.44 Crores (US$161 million). The project will connect Nemilichery to Minjur over a distance of 32 km.
The 62-km ORR project links the peripheral areas of the city from Vandalur in the south, about 25 km from Chennai on NH 45, to Minjur to the north of Chennai.
The first phase of the project, 29.5 km linking Vandalur to Nazarathpet on NH 4 to Nemilichery on NH 205, is nearing completing in the public-private partnership mode at a cost of Rs 1,081.54 crore. The second phase of the project will connect Nemilichery to Minjur over a distance of 32 km.
Source: AshokaCountry news
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