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Road Transport Minister Nitin Gadkari announced the approval of several highway development projects, including six laning a part of Amritsar-Jamnagar economic corridor on hybrid annuity model in Punjab with a budget ₹2,029.17 crore, according to the Minister's tweet.
A hybrid annuity model is a method of project funding in which the amount is paid to the road developer over several years.
One more six laning project in Punjab approved was Jalandhar bypass from Kahiwan to Kang Sahbu via Sarmastpur as a part of North-South Corridor decongestion on hybrid annuity model with a budget ₹1,754.84 crore.
Another project approved was Chittoor-Thatchur Highway (Veera Kaveri Rajapuram to Pondavakkam) on hybrid annuity model in Andhra Pradesh and Tamil Nadu with a budget ₹1,102.63 crore, tweeted the Minister.
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