Ashoka Buildcon achieves financial closure for Chennai ORR project

Ashoka Buildcon has received letter from Government of Tamil Nadu, Highways and Minor Ports Department regarding declaration of achievement of financial closure for development of Chennai Outer Ring Road Phase II from Nemilicheri in NH 205 To Minjur in Thiruvottiyur - Ponneri - Panchetti (TPP) Road on design, build, finance, operate and transfer (DBFOT) annuity basis at Chennai, in the state of Tamil Nadu. The said project will be executed by Special Purpose Vehicle (SPV) GVR Ashoka Chennai ORR at a total project cost of Rs 1,440 crore and having a concession period of 20 years. Ashoka Buildcon builds and operates roads and bridges in India on a build, operate and transfer (BOT) basis. It currently operates one of the highest numbers of toll-based BOT projects in India.