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.

SOURCES:
Business Line