Mumbai: Toll road firm MEP Infrastructure Developers has achieved financial closure for two four laning of outer ring road projects in Nagpur valued at Rs 1,170 crore.
The two projects will be funded by IDBI and India Infrastructure Finance Company (IIFCL), a statement issued here said on Monday.
The projects include four laning of the Outer Ring Road from village Jamtha to village Fetri for Nagpur City (Package I) with a total length 33.50 km and four laning of the Outer Ring Road from village Fetri to village Dhargaon (Package II) of 28.05 km.
"The financial viability of such projects will ensure the speedy growth and expansion of our road infrastructure," company's Vice Chairman and Managing Director Jayant Mhaiskar said.
This project, awarded by the National Highways Authority of India (NHAI), will be developed under the new hybrid annuity model, which is a mix of engineering, procurement and construction (EPC) and build operate transfer (BOT) system.
The first package of the project includes widening and construction of cement concrete pavement for 33.50 km. This package consists one new railway overbridge and two new major bridges on river Vena and three flyovers. The alignment starts at Jamtha and ends at Fetri.
The second package is a greenfield alignment comprising four lane concrete road having four new rail overbridges, three flyovers and other structures. The new alignment starts at Fetri village and ends at village Kapsi.
Currently, MEP has a portfolio of six hybrid annuity projects across Maharashtra and Gujarat worth around Rs 3836.99 crore.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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