(FE)
Easing the way for the Purvanchal Expressway, the Uttar Pradesh government has approved a proposal to get bank loan of Rs 12,000 crore from Punjab National Bank (PNB) for construction of the project. Additional chief secretary, information, Awanish Awasthi said in the first phase, Rs 7,800 crore would be given by the bank at the rate of 8.30% interest for 15 years. “The loan would be repaid in 48 installments with three years moratorium and installments would be paid through funds collected from toll on the expressway,” he said, adding that the state government has also approved to give state guarantee for the project.
While the state government has set a target of 36 months for construction of the project, the Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) plans to complete it within 24-26 months, said Awasthi. Clearances from all the departments have been received for the construction and 93% of the land has also been acquired, the bureaucrat said. It may be mentioned that bids for the project were cancelled twice, the last time in June this year.
