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India : L&T IDPL secured a contract worth Rs. 1293-cr in ODISHA for a road project
Publish Date : 26-Nov-2013
The Odisha Government has granted a road project worth around Rs. 1,293 crore based on PPP model to L&T Infrastructure Development Projects Ltd (L&T IDPL).
Odisha Works Department has released the road project, which will be developed under the Public-Private-Partnership format.
For four-laning work, which comprises part of state highway of 161.73-km between Sambalpur and Rourkela, L&T IDPL has proposed for a Rs. 465.30 crore grant.
The Sambalpur-Rourkela section has been delivered for a concession period of 22 years, together with three-year construction phase. The project is L&T IDPL's maiden build-operate-transfer (BOT) based road project in the State.
The State Government has signed the concession agreement for the project with L&T Sambalpur Rourkela Tollways Limited, a special purpose vehicle (SPV) set up by L&T IDPL for the project.
The road has two lanes now, which will be made four, along with establishment of other supporting infrastructures like flyovers, underpasses, bridges, bus bays, rest areas and service roads.
The planned project will be equipped with sophisticated services like advanced Highway Traffic Management Systems, Highway Patrolling Service and Accident Vehicle Recovery Service.
The Odisha Government will present a pre-set toll policy which will govern the concessionaire to collect proper tolls subsequent to accomplishment of project.
Rourkela Steel Plant, L&T Kansbahal Works, UltraTech Cement, Vedanta Aluminum, Bhushan Power and Steel and Coal India Limited’s huge span of coal mines are some of the leading businesses operating nearby the road.
L&T shares stood at Rs.964 during the closure of day’s trading in the BSE. The stock hit intraday high and low of Rs.970.75 and of Rs.948.35 respectively on Friday.
The overall 1.95 lakhs shares were traded in comparison with the two-week average volume of 2.54 lakhs.
