The project is expected to add Rs 118 crore every year to the Group's cash flows for the next 17 and half years. It added almost Rs 95 crore to the revenue in the year ended on March 31, the release said.
GMR Urban Infrastructure & Highways today announced the completion of Phase 1 of Chennai Outer Ring Road project, which is expected to significantly ease traffic congestion along the western periphery of the capital city.
Commissioning of the project will significantly ease traffic congestion along Chennai's western periphery. The 30km ring road connects the northern and southern suburbs of Chennai and will be a catalyst for expansion of the city and help in growth of industrial hubs in this region via better connectivity, the GMR Group company said in a release.
The project is expected to add Rs 118 crore every year to the Group's cash flows for the next 17 and half years. It added almost Rs 95 crore to the revenue in the year ended on March 31, the release said.
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Completed on design, build, finance, operate and transfer basis, the road venture connects Vandalur on NH-45 to Nemillicheri on NH-205 via Nazaratpet on NH-4. BVN Rao, Business Chairman, GMR Urban Infrastructure, said this was the Group's ninth highway project.
"Over the years we have developed significant expertise in design, construction and operation of highway projects. With growing urbanisation and more cities planning ring roads and peripheral roads to enable better connectivity, GMR Group is ideally placed to partner with state governments in similar projects," Rao said.
GMR had won the project through international competitive bidding.
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