October 25, 2017

 

Special purpose vehicle company for Mumbai-Nagpur Expressway approved in Tuesday's meeting

The ambitious Rs 46,000 crore Nagpur-Mumbai super communication expressway project is set to receive a fillip with the state cabinet's approval on Tuesday to set up a special purpose vehicle (SPV) company for the project.

The company will be registered as Nagpur-Mumbai Super Communication Expressway Limited, and the Maharashtra State Road Development Corporation (MSRDC) will own 51 per cent shares of this company since it will be a subsidiary of the MSRDC.

The super communication expressway also referred to as Maharashtra Prosperity Corridor, will involve the building of a 700-km long highway passing through 10 districts and benefitting 24 districts of the state. The proposed corridor is expected to reduce the travel time from Nagpur to Mumbai from 16 hours to 6-8 hours. The MMRDA Commissioner, SRA chief executive officer, MHADA CEO, MIDC managing director and CIDCO managing director will be the directors of this subsidiary company.

Minister for PWD (MSRDC) Eknath Shinde shared that the government is planning to start actual work for the prosperity corridor from December and this SPV would help in speeding up the process of various works related to this project.

The state government is planning to complete 75 per cent land acquisition by December end. Shinde also said that over 5,000 farmers have given their consent for acquisition of 2,750 hectares of land and the process of buying this land is already in full swing. He informed that setting up of SPV will also boost the process of availing Rs 1 billion as a loan from South Korea, whose government-owned Land and Housing Corporation in has shown a keen interest in this project.

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Source: dnaindia.com