GMR Chennai Outer Ring Road Phase I Commissioned
Bangalore, 10th April, 2014: GMR Highways is pleased to announce the completion of Chennai Outer Ring Road Phase I Project.
Government of Tamil Nadu and all concerned agencies issued a provisional Certificate for Completion with effect from 15th June 2013 for Group’s Chennai Outer Ring Road project. This milestone will add to the cash-flow of GMR by Rs. 118 Crore every year for the next 17 and half years. It adds almost Rs.95 Crore to the revenues of Road Project in the year just ended on 31st March 2014.
Completed on Design, Build, Finance, Operate and Transfer basis, the GMR Chennai Outer Ring Road project connects Vandalur on NH-45 to Nemillicheri on NH-205 via Nazaratpet on NH-4. GMR won this prestigious 29.65 Km project through international competitive bidding. The Concession Period of the project is 20 years including 30 months of construction. Commissioning of the project will significantly ease traffic congestion along the western periphery of Chennai city The Outer Ring Road connects the northern and southern suburbs of Chennai and will be a catalyst for expansion of the city and help growth of the industrial hubs in this region through better connectivity.
Commenting on the commissioning of the project Mr. BVN Rao, Business Chairman of GMR Urban Infrastructure & Highways said: “The Chennai Outer Ring Road is GMR Group’s 9th highway project. Over the years we have developed significant expertise in design, construction and operation of Highway projects. With growing urbanization 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.”
About GMR Infrastructure Limited:
GMR Infrastructure Ltd. is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors. It has successfully employed the public-private partnership model to build a portfolio of high quality assets. The Company has 15 power generation assets of which 8 are operational and 7 are under various stages of development and 8 Road assets, of which 7 are operational and one is under construction. In the Airports sector, the Company operates India’s busiest airport, the Indira Gandhi International Airport in New Delhi, where it has built a brand new integrated terminal T3. It has also developed and commissioned the Greenfield international airport at Hyderabad as a gateway to south and central India. It has been part of a consortium that has upgraded and is operating the Istanbul Sabiha Gökçen International Airport. GMR Group is also committed to social development initiatives and executes these through its Corporate Social Responsibility arm, the GMR Varalakshmi Foundation which is present in 24 locations.
For further information about GMR Group, visit www.gmrgroup.in
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