Lucknow / Nov 9, 2020
Public sector Canara Bank has sanctioned a loan of Rs 500 crore for the 296 km Bundelkhand Expressway, which is one of the flagship infra projects of the Uttar Pradesh government.
So far, the state infra arm UP Expressway Industrial Development Authority (UPEIDA) has raised Rs 6,400 crore from a consortium of banks for the project, which is estimated to cost Rs 15,000 crore.
According to UPEIDA CEO and UP additional chief secretary Awanish Kumar Awasthi, nearly 22 per cent of the civil works had been completed in the mega project.
Last year, the state had awarded six packages of the Expressway to successful bidders viz. Apco Infratech, Ashoka Buildcon, Gawar Construction and Dilip Buildcon. It will link Chitrakoot, Banda, Mahoba, Hamirpur, Jalaun, Auraiya and Etawah districts.
With the fresh sanction of the Rs 500 crore loan, the consortium now comprises Bank of Baroda, Union Bank of India, Bank of Maharashtra, Indian Bank, Bank of India, Uco Bank and Canara Bank.
The project will connect arid Bundelkhand region with the national capital region (NCR) via Agra-Lucknow and Yamuna expressways. The project would commence at Bharatkoop near Jhansi-Allahabad National Highway (NH) 35 in Chitrakoot district and terminate at village Kudrail, Etawah on Agra-Lucknow Expressway.
“The project will not only boost the socioeconomic development in the region, but also create a large number of local jobs for the youth,” he said while lauding the support of the banks in providing ready funding for the Expressway even during the pandemic times.
So far, the state has raised over Rs 20,000 crore for various expressway projects in UP viz. 340 km Purvanchal Expressway, 296 km Bundelkhand Expressway, 91 km Gorakhpur Link Expressway and 628 km Ganga Expressway with total projected investment of nearly Rs 80,000 crore.
The civil works on these projects had come to a standstill during the initial phases of covid-19 lockdown imposed in March 2020. However, the work resumed from April in the non-containment zones, before going full steam in successive months.
The government has raised maximum Rs 11,300 crore for Purvanchal Expressway, which will link the backward Eastern UP districts with Central UP, thus offering faster connectivity to the NCR via existing expressways.
Besides, UPEIDA has planned to raise Rs 2,900 crore from the Housing and Urban Development Corporation Limited (HUDCO) for Ganga Expressway, which will cost more than Rs 36,000 crore.
The project will entail acquisition of 6,556 hectares of land and traverse Meerut, Amroha, Bulandshahar, Badaun, Shahjahanpur, Farrukhabad, Hardoi, Kannauj, Unnao, Rae Bareli, Pratagarh and Prayagraj districts. It is projected to be the world’s largest access controlled expressway when completed.
Meanwhile, the state is mulling to launch the Ganga Expressway in the public private partnership (PPP) mode to attract foreign investors considering the large capex needed for the project.
No comments:
Post a Comment