Hyderabad|India|May'2009:
The consortium led by GMR Infrastructure Limited has won the prestigious
Hyderabad – Vijayawada highway project on a Build, Operate and Trasfer
(Toll) basis thorugh international competitive bidding route. The Group
has received Letter of Award from National Highways Authority of India (NHAI)
on 27th May 2009. This is seventh highway project of GMR Group after
successfully completing six projects as per schedule.
The project measuring 181 kms on NH-9 entails designing, engineering,
finance, procurement, construction, operation and maintainance of the
four-six laning of the Hyderabad – Vijayawada section in the state of
Andhra Pradesh. This will ease traffic congestion and provide a tremendous
boost to trade and commerce in the state. Apart from reduction in travel
time, this development is expected to improve safety levels for travelers
since it will be built as per world-class specifications.
Several national and international consortia participated in this bidding
process in which GMR Group was adjudged as a preferred bidder. The project
will be implemented through a Special Purpose Vehicle (SPV) set up by the
Group which will be signing the concession agreement with the NHAI for a
period 25 years. All activities leading to the concession agreement
signing have been initiated.
Commenting on the significance of the project, Mr. O Bangaru Raju,
Managing Director of GMR Highways Private Limited and Director of GMR
Infrastructure Limited said, “the project connects two major economic hubs
of Andhra Pradesh namely Vijayawada and Hyderabad which are witnessing
multi-fold growth. It is also a vital link in facilitating Kolkota –
Bangalore traffic movement. We are delighted to be a part of this
development and are keen in ensuring that the project caters to the needs
of multiple stakeholders”
GMR Group had entered the highways business in 2001 by winning two
projects with benchmark annuity offer. It has even 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 three annuity and three toll projects (toll operations for
two projects have already commenced) totaling 421 kms across length and
breadth of the country. All six projects have been complted as per
schedule including the Tindivanam – Ulundurpet project which will commence
toll operations shortly.
Elaborating on the future plans of the highways sector, Mr. Srinivas
Bommidala – Business Chairman (Urban Infrastructure & Highways) of GMR
Group said, “the Group will actively particpate in both the National
Highway Development Programme and select state road projects. Our endevour
is to maintain sustainable and robust portfolio which offers significant
value to all stakeholders ”.
Reachout's News Bureau
May' 2009
