Lucknow / Oct 22, 2020
Uttar Pradesh government will acquire 7,800 hectares of land costing Rs 9,255 crore for its flagship 600 km Ganga Expressway project.
Besides, the state is mulling to tap foreign investment/funding for the mega infra project, which is estimated to cost more than Rs 36,000 crore.
Earlier, the government had allocated Rs 1,855 crore in the Budget for the project, besides Rs 2,900 crore will be raised from the Housing and Urban Development Corporation Limited (HUDCO) to fund land acquisition of the proposed project.
In recent months, the Yogi Adityanath government had tapped the public sector banks to raise funds for the different expressway projects viz. Ganga Expressway, Purvanchal Expressway, Bundelkhand Expressway and Gorakhpur Link Expressway.
The land for Ganga Expressway will be acquired by UP Expressway Industrial Development Authority (UPEIDA) across 529 villages spanning 12 districts viz. Meerut, Amroha, Bulandshahar, Badaun, Shahjahanpur, Farrukhabad, Hardoi, Kannauj, Unnao, Rae Bareli, Pratagarh and Prayagraj (Allahabad) districts.
According to UP industrial development minister Satish Mahana, the expressway will also provide emergency landing facility for Indian Air Force (IAF) aircraft near Shahjahanpur district.
According to UPEIDA CEO and UP additional chief secretary Awanish Kumar Awasthi, some proposals related to the mega project are yet to be cleared by the cabinet. However, the agency had already prepared the draft documents to invite proposals (expression of interest) for investment or for raising more financial resources.
The agency was working out the modalities to get foreign investors/funding agencies on board for Ganga Expressway, which is projected to be the world’s longest access controlled expressway when completed.
Last month, the UPEIDA Board had decided to tap loans from the Reserve Bank of India (RBI) licensed private banking entities as well to expand the financing pool for the project.
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