IVRCL Infrastructure & Projects, in a joint venture with another company, has emerged as the lowest bidder for the 25 km Sion-Panvel expressway. The project cost has been pegged at around Rs 2,000 crore and has a concession period of 18 years and nine months. IVRCL beat Reliance Infrastructure to bag the project.
The project envisages expanding the existing bitumen road into a 10-lane concrete expressway between the BARC junction at Sion and the Kalamboli junction at Panvel with three flyovers and 10 underpasses. The project would be executed on a build-operate-transfer (toll) basis, the report added.
The Sion-Panvel expressway project will be the fourth BOT one for the Hyderabad-based infrastructure construction major. The company has one annuity and three toll projects, with revenues from all of them accruing from the December quarter onwards, the media report stated.