New Delhi, Dec 6 (UNI) To improve traffic safety, increase faster movement of vehicles and cut fuel consumption, the government has approved a massive Rs 16,680 crore national highway development project entailing ringroads, fly-overs, elevated roads, tunnels and service roads.
Giving its nod, the Cabinet Committee on Economic Affairs (CCEA) has said that out of the total cost of Rs 16,680 crore; Rs 10,378 crore belongs to the private sector and the remaining Rs 6,302 crore of the government will be executed on a BOT basis for the National Highways Development Project Phase-VII.
An official spokesperson who briefed reporters after the CCEA said that Rs 10,500 crore will be spent on construction for 700 Km of ring roads and by-passes.
The remaining amount of Rs 6,180 crores will be used for stand alone grade separated intersections, road over bridges, elevated roads, tunnels, underpasses and service roads.
The work on stand alone ring roads and bypasses are likely to be awarded by March 2011 and is scheduled to be completed by December 2014.