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| Status of Special Purpose Vehicle » |
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| The Government of Andhra Pradesh formed a Special Purpose Vehicle (SPV) for development of Outer Ring Road (ORR) named as “Hyderabad Growth Corridor Limited" under Companies Act 1956 on 26th 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 Board of Directors of the Company. |
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Mr. Jawahar Reddy, IAS |
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Chairman |
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2. |
Mr. Rahul Bojja, IAS |
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Managing Director |
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Mr. K.V Reddy |
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Director |
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Mr. G. Jagannatha Rao |
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Director |
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5. |
Mr. Yousuf Ali |
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Director |
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The first Board of Director's meeting was convened on 27th 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 27th 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 under ICB under BOT-Annuity Mdoel. The work divided in to Five(5) contract packages and agreements concluded in August 2007. The work commenced in all five packages during Nov/Dec'2007. |
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