Omaxe, GVK & NCCL applies for projects worth Rs 300 bn

December 8, 2007

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Omaxe, through a consortium comprising of GVK Power & Infrastructure and Nagarjuna Construction (NCCL), submitted an application with department of infrastructure development, government of Uttar Pradesh in regard to development of 8-lane access controlled expressway project from Greater Noida to Ghazipur Ballia (Contract Package nos. 1,2,3,& 4) to be executed as BOT (Toll) project on DBFO Pattern under `Ganga Expressway Project` in the state of Uttar Pradesh.

Brief details of the Ganga Expressway Project:

The 8-lane access controlled expressway would involve an estimated total construction cost of the order of Rs 300 billion and will cover a total of 1,047 kilometers. The project is proposed to be executed in special purpose vehicle (SPV) on design, build, finance and operate model by collection of toll in the concession period which is of 35 years and then transfer assets to government of state of Uttar Pradesh.

The construction of the project has been divided into four phases:

Greater Noida to Fatehgarh (Link-I) of total 253 kms with an indicative value of contract of Rs 76.31 billion.
Fatehgarh to Dalmau (Link-2) of total 305 kms with an indicative value of contract of Rs 80.12 billion.
Dalmau to Aurai (Link-3) of total 211 kms with an indicative value of contract of Rs 61.24 billion.
Aurai to Ballia of total 278 kms with an indicative value of contract of Rs 80.25 billion.

Shares of the company gained Rs 52.4, or 12.2%, to settle at Rs 482.05. The total volume of shares traded was 1,636,713 at the BSE. (Thursday)

Source: myiris.com