GVR-Ashoka Signs Chennai ORR Project Concession
News: GVR-Ashoka Chennai ORR, a joint venture formed by Indian companies Ashoka Buildcon and GVR Infra Projects, has signed a 20-year concession agreement with the state government of Tamil Nadu for the Chennai Outer Ring Road (ORR) Phase II project in India. The road project, which has been awarded by the Tamil Nadu Road Development Company, will be based on a design, build, finance, operate and transfer annuity basis. The estimated cost of the project is around INR9.85bn (US$161mn). The project's second phase stretching over 32km will connect Nemilichery to Minjur. Meanwhile, the project's first phase, which is 29.5km long, connecting Vandalur to Nazarathpet, is about to be completed via a public-private partnership mode at a cost of INR10.81bn (US$176.7mn).