Tracks & Towers Infratech Private Limited-Rail Vikas Nigam Limited Joint Venture (TTIPL-RVNL JV) has been declared as the lowest bidder (L1) for Varanasi – Kolkata expressway project’s package 8. The estimated cost for development of this package is Rs. 1,186 crore. This information was given by RVNL in its stock filing dated 20th March 2023.
Scope of work in this package includes the construction of a 37.3 Km span of highway from Sonepurbigha village to NH-22 near Chatra, Jharkhand under Hybrid Annuity Model (HAM)*. The Completion period of this package is 2 years.
*Hybrid Annuity Model (HAM) refers to a mode of Public-Private-Partnership (PPP) wherein the government and the private player share the project expenses in a 40:60 ratio respectively. After the private player develops the project, it is handed over to the government. The government pays a fixed annuity to the private player for a certain amount of time as defined in the contract.