Hyderabad-based infrastructure developer GVK Power & Infrastructure Limited (GVKPIL) has emerged as the preferred bidder for the six laning of the existing three lanes of the 101.9 km long Bagodara –Wataman – Tarapur – Vasad Road in Gujarat on a build, operate and transfer (BOT) basis.
According GVKPIL chief financial officer Isaac George, the project involves an investment of about Rs 1,000 crore. The concession period for the project is 27 years including a construction period of 2.5 years. The concessionaire will have the right to collect toll over the entire concession period starting from the commercial operations date of the project.
On the completion of the concession period, the project will be handed over to Gujarat State Road Development Corporation Limited ( GSRDC).
“The winning of this road project in Gujarat marks yet another milestone for us. The fact that GVK won the mandate in an intensely competitive bid reflects our capabilities and strong track record of on-time completion of projects in the roads sector. With this project, we are now poised to significantly grow our transportation business to meet the growing demand in India”, GVKPIL chairman, G V Krishna Reddy, stated in a press release.
GVKPIL said that a total of 18 parties were prequalified for bidding, out of which 5 parties submitted their financial bids to GSRDC. The company has so far invested over Rs 10,786 crore on infrastructure projects and has Rs 25,000 crore worth of projects in the pipeline.