JV for Panvel project set

NEW DELHI, July 29: The Ministry of Surface Transport (MoST) has proposed to set up a special purpose vehicle (SPV) to implement the long-p...

NEW DELHI, July 29: The Ministry of Surface Transport (MoST) has proposed to set up a special purpose vehicle (SPV) to implement the long-pending Panvel by-pass project in Maharashtra.

While 30 per cent of the equity will be given to the National Highways Authority of India (NHAI), the remaining 70 per cent going to Infrastructure Leasing & Financial Services (IL&FS) and a private sector partner. The project, estimated to cost over Rs 200 crore, comprises construction of Panvel Bypass (including a road-over-bridge) and four-laning of road to Jawaharlal Nehru Port Trust (JNPT).

The move to form an SPV follows the scrapping of the four-year old memorandum of understanding (MoU) between the MoST and ILFS the MoU was scrapped as there was little progress on the project since the two parties failed to reach an agreement on financial estimates. IL&FS had negotiated with select firms but the ministry declined to accept their cost projections. The project dragged on until the ministry decided to form a new company for this purpose. Though the project initially involved construction of the 11-km-long bypass, the scope of work is being revised to include widening of the JNPT link road.

Rajnath Singh warned Pakistan that every inch of its land is within BrahMos’ range as India rolled out its first missiles from Lucknow.

Every inch of Pakistan’s territory now within BrahMos reach: Rajnath Singh

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Rajnath Singh warns Pakistan about the reach of the BrahMos missile, praises ‘Operation Sindoor’ and the missile’s technological superiority. He and CM Yogi Adityanath flag off the first batch of BrahMos missiles made in Lucknow, emphasizing their economic impact and thanking Adityanath for his support.

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