IDAA Infrastructure signs pact
Prior tothis agreement, the highest negative grant received by NHAI was Rs 105.86 crore paid by GMR.
This isthe first project to be awarded under NHDP Phase V, which aims to widen about 6,500 km of national highways including the Golden Quadrilateral.
New Delhi, July 12
IDAA Infrastructure Private Ltd would pay the National Highways Authority of India (NHAI) a sum of Rs 504 crore to widen and maintain a 65-km road stretch in the Bharuch-Surat section.
The event also marks the launch of the fifth phase of the National Highway Development Project, said an official release.
Prior to this agreement, the highest negative grant received by NHAI was Rs 105.86 crore paid by GMR, for widening (to four lane) and maintaining a section of the Ambala-Chandigarh highway, said NHAI officials.
Recently, NHAI signed a concession agreement with a consortium of four firms IDAA Infrastructure, to widen from four-lane to six-lane the 65 km-long Bharuch-Surat section in Gujarat on an build-operate-transfer basis, it said. The consortium is led by Ideal Road Builders Ltd with Aryan Toll Road Company, DVJ Leasing and Finance Pvt Ltd and ATR Infrastructure being the other members.
The project involves six-laning of the high-traffic density four-lane corridor and is expected to be completed in 30 months at a cost of Rs 492 crore, said the release. The concession period including the construction period for this project is 15 years.
IDAA Infrastructure would shortly pay Rs 504 crore upfront, the largest negative grant received so far for any highway project under NHDP, added the release. This is the first project to be awarded under the NHDP Phase V, which aims to widen about 6,500 km of National Highways including the Golden Quadrilateral.
They would be widened from four to six lanes at a cost of Rs 41,210 crore. This would include development of corridors with high-density of traffic.
The agreement was signed in the presence of Mr Santosh Nautiyal, Chairman, NHAI, and Mr V.D. Mhaiskar, CMD, IDAA Infrastructure.