Financial Daily from THE HINDU group of publications
Tuesday, Feb 08, 2005
Financial Daily from THE HINDU group of publications Tuesday, Feb 08, 2005 |
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Logistics
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Roadways Rajasthan scheme to improve highways Our Bureau
Mumbai , Feb. 7 THE Rajasthan Government, in a partnership with Infrastructure Leasing and Financial Services (IL&FS), plans to invest Rs 1,200 crore in Transformational Road Project. The State Government has conceptualised a programme titled "Mega Highways Project" envisaging improvement to four important North-South road corridors of total length of about 1,200 km. The identified roads include Hanumangarh to Kishangarh, Phalodi to Ramji Ki Gol, Alwar to Sikandara/Gangapur City and Bharatpur to Baran/Jhalawar roads. "The development of these roads is expected to significantly enhance Rajasthan's attractiveness as a investment destination and could serve as a blueprint for similar road development projects across the country," a joint press release said. The State Government and IL&FS have incorporated a 50:50 special purpose vehicle, Road Infrastructure Development Company of Rajasthan (RIDCOR) for this purpose. The funding of this project is innovative, the release said. The plan is to develop long stretches of road under the public private partnership model for the first time, wherein the projected revenue stream is essentially predicated on diverted traffic. RIDCOR has an authorised Share Capital of Rs 50 crore and an initial Paid Up Capital of Rs 10 crore. The Rajasthan Government and IL&FS have already released their initial contribution of Rs 5 crore each to the company.
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