The Jaypee Group of Industries on Tuesday announced that it would invest Rs. 70,000 crore in the next five years to build the ambitious 1,047 km long Noida-Ballia Ganga Expressway project. It also said that the Yamuna Expressway project would be completed two years ahead of schedule by March 2011.
Addressing a press conference here to announce the opening of the forthcoming initial public offering (IPO) of Jaypee Infratech Limited to raise Rs. 1,650 crore, group Chairman J. P. Gaur said the Ganga Expressway project was ready and all the alignment works had been approved.
Jaypee Group firm Jaypee Ganga Infrastructure Corp had signed an agreement with Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) in 2008 for constructing an eight-lane expressway connecting Greater Noida and Ballia. At present, Japyee Infratech was executing the Yamuna Expressway project connecting New Delhi with Agra. The project, originally scheduled for completion in April 2013, would be thrown open for traffic by April 2011, Jaypee Group Managing Director Manoj Gaur said.
Giving details of the Ganga Expressway project, Jaypee Infratech Director-in-Charge, Sameer Gaur, said “We have sorted out all the issues. We will acquire 33,000 acres for the project, of which the expressway will alone require 28,000 acres.”
He said the company would require about Rs. 70,000 crore for the entire project which will include land acquisition cost. Out of the total amount, the company would invest Rs. 35,000-38,000 crore in constructing the expressway, he added. Mr. Manoj Gaur said the firm would also develop 6,175 acres at five locations along the expressway for commercial, industrial, institutional, residential and amusement purposes.
The company will hit the capital market on April 29 with its IPO in which 6 crore shares would be issued by the existing promoters.
The IPO will be through 100 per cent book building process with the price band fixed at Rs. 102-117 per share.
