Works on the Madukkarai-Walayar stretch, which has almost come to a standstill for the last few months, is expected to take off again as banks will lend the required amount to the concessionaire soon, according to a source who is familiar with the project.
About Rs. 60 crore is required for the project to be completed and a consortium of banks have agreed to lend the amount. Once the concessionaire gets the funds, it will take about four months to complete the project, the source said.
National Highways Authority of India took up a project in 2010 to widen Chengapalli to Neelambur stretch into a six-lane one and Madukkarai to Walayar stretch into a four-lane one as a Build-Operate-Transfer proposal. The total project cost was estimated to be Rs. 850 crore. While most of the works have been completed on the Chengapalli-Neelambur stretch and toll collection started at Arasur last October, works remain on the Madukkarai-Walayar road. The stretch is the main road used for transport of goods to Kerala and the delay in completing the road widening work causes hardships to daily commuters, container trucks, and goods carriers.
The main challenge was availability of funds and the NHAI had conducted talks with the concessionaire and the banks. The lenders have agreed to release the required funds and it is expected shortly, the source said.
