GMR Highways said on Thursday that the company has received a provisional certificate for completion of groupís Chennai Outer Ring Road project with effect from June 15 2013, from the government of Tamil Nadu and all concerned agencies. This marks the completion of phase I of the Chennai ORR project, it said.
GMR says that its 9th highway project will add Rs 118 crore as cash-flow every year for the next 17 and half years. The project added almost Rs 95 crore to the revenues of road project in the recently ended year on March 31, 2014, company said.
Completed on design, build, finance, operate and transfer basis, the GMR Chennai ORR project connects Vandalur on NH-45 to Nemillicheri on NH-205 via Nazaratpet on NH-4. GMR bagged this 29.65 kilometre project through international competitive bidding. The concession period of the project is 20 years including 30 months of construction. The Outer Ring Road connects the northern and southern suburbs of Chennai and is expected to be a catalyst for expansion of the city and help in growth of industrial hubs in this region.
GMR Infrastructure Ltd's share price closed down 0.39% at Rs 25.70, on BSE, on Thursday.