UP Raises Rs 5,900 Crore Bank Loans For Bundelkhand Highway
In a major boost to the 296 km Bundelkhand mega highway, the government of Uttar Pradesh has raised bank loans worth Rs 5,900 crore for the ongoing project.
The new loans were raised from a consortium of public sector lenders including Bank of Baroda, Union Bank of India, Bank of Maharashtra, Indian Bank, Bank of India and Uco Bank.
An agreement for loans totaling Rs 5,900 crore for Bunelkhand Expressway, which is expected to cost Rs 15,000 crore, was signed on Tuesday between these banks and the node state agency UP Expressway Industrial Development Authority (UPEIDA). Last month, the UPEIDA board approved the proposal to increase the banking highway by 5,900 crore.
The Bundelkhand Highway will connect the districts of Chitrakoot, Banda, Mahoba, Hamirpur, Jalaun, Auraiya and Etawah. Last year, the state awarded the six lots of the highway to successful bidders, including Apco Infratech, Ashoka Buildcon, Gawar Construction and Dilip Buildcon.
It will connect Bundelkhand to the National Capital Region (NCR) via the Agra-Lucknow and Yamuna highways. The project would start at Bharatkoop near the Jhansi-Allahabad (NH) 35 national road in Chitrakoot district and end at Kudrail village, Etawah on the Agra-Lucknow highway.
Meanwhile, Uco Bank further sanctioned Rs 500 crore for another mega project, 340 km Purvanchal Expressway, estimated to cost Rs 23,000 crore. With the acquisition of 4,332 hectares, it will cross 9 districts namely. Lucknow, Barabanki, Faizabad, Ambedkarnagar, Amethi, Sultanpur, Azamgarh, Mau and Ghazipur.
So far, the state government has raised 11,300 crore rupees for the Purvanchal highway, which will connect the backward districts of eastern UP with Central UP, providing faster connectivity to the NCR. via existing highways.
According to UPEIDA CEO and UP Additional Chief Secretary Awanish Kumar Awasthi, the new loans would not only help the completion of these large infrastructure projects over time, but also generate employment opportunities. and stimulate the local economy.
Work on the state expressways was at a standstill during the initial covid-19 containment phases imposed in March 2020. However, work began to resume from April in the non-containment zones.
In addition, the Authority is also raising funds for two other highway projects, namely the 91 km Gorakhpur Link highway and the 628 km Ganga highway, which are estimated to cost Rs 4,600 crore and Rs 36,000. Rs crores, respectively.
UPEIDA has planned to raise Rs 2,900 crore from Housing and Urban Development Corporation Limited (Hudco) for the Ganga highway for land acquisition. HUDCO is a central public enterprise under the control of the Union Ministry of Housing and Urban Affairs.
Ganga Expressway will involve the acquisition of 6,556 hectares of land and will pass through the districts of Meerut, Amroha, Bulandshahar, Badaun, Shahjahanpur, Farrukhabad, Hardoi, Kannauj, Unnao, Rae Bareli, Pratagarh and Prayagraj.
Gorakhpur Link Expressway will span the districts of Gorakhpur, Sant Kabir Nagar, Ambedkar Nagar and Azamgarh.