Hyderabad Growth Corridor | Outer Ring Road Project

Status of Special Purpose Vehicle »

SPV is incorporated as " Hyderabad Growth Corridor Limited" under Companies Act 1956 on 26 th December 2005 with Registration No.01-48580 with the equity participation from INCAP(40%) and HUDA(60%). Subseqnently, the equity participation is restructured as to INCAP(26%) and HUDA(74%).The following are the first Director of the Company

	1.	Mr.L.V.Subramanyam IAS
	2.	Mr.Jayesh Ranjan IAS
	3.	Mr.Peeyush Kumar IAS
	Subsequently the following are appointed as additional directors on the Board of the Company
	4.	Mr. L.Shashidhar.IAS
	5.	Mr.G.Jagannadha Rao

The first Board of Director's meeting was convened on 27 th Dec 2005 and passed certain resolutions. The HGCL started functioning from the day it is incorporated at the HUDA complex, Tarnaka as per the resolution passed in first meeting of Board of Director's held on 27 th Dec 2005.

The company negotiated with Consortium of Banks (Bank of Baroda, Andhra Bank, Indian Overses Bank, Vijaya Bank, Central Bank of India ) and obtained long term loan of Rs.500 Cr by mortgaging the lands held by HUDA for executing the phase I of the ORR.

Regarding Phase II A of the project covering 62.30 kms from Narsingi to Patanchru and from Shamshabad to Pedda Amberpet, the tenders were floated undr ICB under BOT-Annuity Mdoel. The entire Tender process is expected to be completed by June 2007 and awarding of contract by July 2007.

In respect of the remaining length, it will be covered in Phase II B of the Project as it was already included under the Rolling Plan of JBIC(Japan Bank for International Cooperation) for 2007-08 and it is expected to obtain sanction under fast track by the endof 2007 and the works will be taken up in the early of 2008