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VPT, NHAI form jt venture for road project

Our Bureau

VISAKHAPATNAM, Nov. 22

THE Visakhapatnam Port Trust and the National Highways Authority of India (NHAI) have formed a joint venture company, Vizag Port Road Company, to execute Rs 80-crore road project to link the port with National Highway 5.

The newly-formed company will float tenders for the execution of the project, soon after the detailed project report (DPR) is prepared.

The company is likely to float tenders shortly for selecting a consultancy for supervising the project execution. The Visakhapatnam Port Trust is planning to raise its share of Rs 40 crore through debenture route.

The NHAI plans to raise its share of the balance through a Rs 20-crore public issue and internal generation. The Vizag Port Road Company will look after the operations, maintenance and collection of toll fee for the proposed road.