Supreme Infrastructure has completed half of four-laning work for Panvel-Indapur road -- a part of the Mumbai-Goa highway – and expects it to be ready this year.
With other firms too working on their sections, the four-laned Mumbai-Goa Highway is likely to be completed by 2019.
Supreme Infrastructure in a regulatory filing said, "Last four months have seen a progress of around 7% on the ground." The initial work has been done as per Build-Operate-Transfer basis. Thereafter, the project had got stuck due to delays in getting clearances.
The Engineering, Procurement and Construction work for rest of the Panvel-Indapur road is being financed by National Highways Authority of India (NHAI), for which all the required formalities is completed. NHAI will be spending Rs 559 crore from its funds to revive the project.
As per the arrangement, Supreme Infrastructure will have to share initial toll collection with NHAI.
Awarded in 2010-11, the concession period for the project is 21 years.
The company has spent around Rs 450 crore and State Bank of India-led bankers had suspended subsequent funding, affecting the progress of the project. Bankers wanted to avoid further increase in company's liabilities including interest costs.
While Supreme Infrastructure said it is expected to achieve full completion of the project by March 2018, Chandrakant Patil, Maharashtra's Public Works Department minister, kept the deadline at 2017-end.
"Four-laning of the Mumbai-Goa Highway would be ready in 2019," said Patil. The Maharashtra public works department is the implementing agency for 366.17 km-long Indapur-Zarap section of the larger Mumbai-Goa Highway, or National Highway 66.
There are also plans to construction Mumbai-Goa coastal road. A detailed project report has been prepared and the bids will be floated by May.
IN FAST LANE
- The four-lane Mumbai-Goa Highway may be completed by 2019
- The initial work has been done as per BOT basis
- Thereafter, the project got stuck due to delay in getting clearance
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