By Abha Manakatala - Tue Aug 11, 12:25 pm
The Jharkhand government has signed an agreement with the subsidiary of IL&FS Transportation Networks for the development of six-lane Ranchi Ring Road at an estimated cost of Rs 587.60 crore.
“The agreement for development of six-laning of Ranchi Ring Road, section VII from Kathitanr to Karma comprising 23.575 kms, has been signed by Jharkhand Infrastructure Implementation Co, a subsidiary of the company, with the Jharkhand government on a build-operate-transfer (BOT) basis on August 7, 2015,” the company said today.
Reportedly It further said: “The estimated cost of the project is Rs 587.60 crore. The company shall receive annuity of Rs 111.64 crore per annum upon completion of the project.”
IL&FS Transportation Networks said the project is on an annuity basis with a concession period of 17.5 years, including construction period of 2.5 years.