India approves bidding of road PPP project
The Indian Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister Shri Narendra Modi, has approved the four laning of Cuttack - Angul section of National Highway NH - 42 in the State of Odisha.The 112 km road project will be developed under the National Highways Development Project (NHDP) Phase III in build, operate and transfer (BOT - Toll) mode on design, build, finance, operate and transfer (DBFOT) basis.
The total project investment is estimated at Rs15.75 billion (US$268.3 million). The maximum grant from the Government for Viability Gap Funding (VGF) would be 40 percent of the total project cost.
The main object of the project is to expedite the improvement of infrastructure in the State of Odisha, and also in reducing the time and cost of travel for traffic, particularly heavy traffic, plying between 'Cuttack-Angul' Section of NH-42 in Odisha. Development of this stretch will also help uplift the socio-economic condition of this region of the State.
The project was previously awarded to Ashoka Buildcon Ltd and the concession agreement was signed in March, 2012. However, due to non-fulfillment of condition precedents by the National Highways Authority of India (NHAI) the concession was terminated on mutual consent.
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