UP government approves Ganga Expressway project, costing Rs. 36,000+ croreLast updated on Nov 27, 2020, 01:17 am
The Uttar Pradesh government, led by BJP's Yogi Adityanath, on Wednesday, approved the ambitious Ganga Expressway project, whose expense is pegged at Rs. 36,402 crore.
The expressway will join Haridwar and Prayagraj (formerly Allahabad), along the riverbank.
It will pass through key UP towns like Meerut, Hapur, Bulandshahr, Amroha, Sambhal, Shahjahanpur, Hardoi, Unnao, and Raebareli.
Here are more details.
SBI Capital Markets could be financial adviser for this project
For one of the longest expressways in India, the state government is hoping to bring SBI Capital Markets on board as a financial adviser. It is also mulling to set up a special purpose vehicle (SPV) to generate funds for this mega project.
The government is also looking to exploit the Centre's decision to allow 100% FDI in construction projects via the automatic route.
Adityanath could inaugurate the project by June 2021
Further, the government is seeking to monetize the Agra-Lucknow Expressway to generate funds for this massive project. A high-powered committee to look into this could be formed.
For the expressway, the government would need a massive 7,800 hectares spread across 529 villages.
While the project is estimated to be completed by 2024, the foundation stone could be laid by Adityanath in June 2021.
State would seek loan from HUDCO
To execute the project smoothly, the state's cabinet has also approved a number of decisions.
These include accepting the proposal to give Gram Sabha land without any charges, fixing the yearly budget for the project, and taking a loan from Housing and Urban Development Corporation Limited (HUDCO).
The land acquisition is expected to cost Rs. 9,255cr and other expenses are pegged at Rs. 5,000cr.
Trees would be planted along the expressway
About the project, Awanish Kumar Awasthi, Additional Chief Secretary in UP government, said in August that the government would launch a massive plantation drive along the expressway.
"UP is one of the major importers of paper. In the coming years, it will turn into a major supplier of paper and other products," he told HT.
He revealed the traveling speed will be 100 kmph.
Awasthi claimed state government didn't let pandemic waylay development
"Along with fighting the COVID-19 pandemic, the state government is pushing the expressway project fast. We have been able to control the spread of the coronavirus infection and maintain the morale of personnel engaged in development projects," Awasthi had said.