Ashoka and L&T start full operations of Maharashtra road PPP
Ashoka Buildcon announced that full operations of Pimpalgaon-Nasik-Gonde Road PPP project of National Highways Authority of India (NHAI), has been started from 23 May 2014.
The project was launched on 15 January 2009. The concession agreement between NHAI and Pimpalgaon Nashik Gonde Tollway Private Limited (PNGTL) was signed on 3 July 2009 (see concession agreement). The road was expected to start operations in October 2012 but was delayed because political parties pressed for no toll-collection until the project was complete.
PNGTL is an special purpose vehicle (SPV) with 48 % shareholding of L&T IDPL, 26% shareholding of L&T and 26% shareholding of Ashoka Buildcon. PNGTL has executed the six lane, 60 km stretch on design, build, finance, operation, maintenance and transfer (DBFOMT) basis for a period of 20 years, inclusive of the construction period.
The total investment is estimated at about Rs16 billion (US$270 million).
The Pimpalgaon - Nashik - Gonde road project is a six lane, 60 kms route that connects the financial capital of India - Mumbai to states like UP, MP, West Bengal and Orissa among others. The road is part of the NH-3 From Km 380.000 to Km 440.000 in the State of Maharashtra.
The road has a 6.1 kms long elevated corridor, seven flyovers, two major bridges, six vehicular under passes, six pedestrian under passes and a subway. The flyover passing through Nashik city at Pathardi is India's longest integrated flyover.
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