Union minister Nitin Gadkari on Friday approved the development of a 32-kilometre highway from Chandrasekharapuram to Polavaram in Andhra Pradesh with an investment of Rs 1,292.65 crore under the Bharatmala project.
The six-lane greenfield highway project on the Bengaluru-Vijayawada economic corridor will be developed on hybrid annuity model (HAM), according to an official statement.
Under the hybrid annuity model, 40 per cent of the project cost is provided by the government during the construction period and the balance 60 per cent as annuity payments over the operations period along with interest thereon to the concessionaire.
