Gmr Group’s Sixth Highway Project Begins Commercial Operations
Bangalore, 28th July, 2009 :
GMR Group’s sixth national highway project, Tindivanam to Ulundurpet measuring 73 km on NH-45 on the Chennai - Dindigul National Highway, has commenced commercial operation on July 23, 2009. This is the Group’s Second National Highway Project in Tamilnadu. With this project, it has developed and is operating 421 Kms of national highways, making it one of the top BOT concessionaires in the country. GMR Group had won this project through an international competitive bid from National Highways Authority of India in February 2006. More recently, the Group had won 181 kms long Hyderabad-Vijayawada stretch and 30 Kms Chennai Outer Ring Road project with a total investment outlay of Rs. 3,300 Crores.
The scope of the Tindivanam-Ulundurpet project included widening of the existing 2-lanes to 4-lanes and Design, Construction, Development, Finance, Operation and Maintenance of the existing road. The project has been executed on a BOT (Toll) model for a total cost of Rs. 828 crore approximately. The Concession Period for this project is 20 years and it took two and a half years to complete the project. The project has been completed within the time schedule agreed under the concession agreement and has also received its provisional completion certificate.
Commenting on the development, Mr. O Bangaru Raju, Managing Director of GMR Highways Private Limited and Director of GMR Infrastructure Limited said, “built to world-class standards, this project will ensure smooth flow of traffic and also provide a significant boost to trade and commerce in the region.”
GMR Group entered the highways business in 2001 by winning two projects with a benchmark annuity offer. It also received an early completion bonus from the NHAI for completing the Tambaram-Tindivanam project in Tamilnadu ahead of schedule. Today, the Group has a balanced portfolio of six operational road projects of which three are annuity and three are toll based projects totaling 421 kms across the length and breadth of the country.