REL bags 3 road projects worth Rs 2,320 cr

Anil Dhirubhai Ambani Group company Reliance Energy Ltd on Thursday announced it has bagged three road projects valued at Rs 2,320 crore (Rs 23.2 billion) from National Highways Authority of India.

The projects include four-laning work of high-traffic density corridor from Salem to Ulundurpet, Trichy to Dindigul and Trichy to Karur in Tamil Nadu. The projects are scheduled for completion by 2010, REL said in a statement.

The orders would be executed through REL-promoted special purpose vehicles - SU Tollways Pvt Ltd, TU Tollways Pvt Ltd and TK Tollways Pvt Ltd. NHAI awarded the contract through a competitive bidding process.

The company has signed concession agreeements for four- laning of three national highways, totaling 400 km on Build-Operate-Transfer basis. The four-laning is a part of Phase IIIA of National Highway Development Project, REL said.

The concession agreements for 25-year and 30-year periods were signed by vice-president of REL's road projects Sudhir R Hoshing and NHAI general manager Rajesh Poonia in the presence of NHAI chairman Pradeep Kumar.

These new orders would take REL's road portfolio to 400 kms worth Rs 3,100 crore (Rs 31 billion) in two years, the statement said.