Japan International Cooperation Agency (JICA) signed a loan agreement amounting to 49,847 million Japanese Yen (Rs 2,809 crore) for the construction of the Chennai Peripheral Ring Road Project (Phase 2) in the state of Tamil Nadu.
The Chennai Peripheral Ring Road is placed as one of the priority projects in the “Comprehensive Integrated Master Plan for Chennai-Bengaluru Industrial Corridor (2015)” based on the agreement between the government of Japan and the government of India. The objective of the project is to meet the rapidly increasing traffic demand in the Chennai metropolitan area, ease congestion, reduce transportation time by about 40 minutes from/to Chennai and Ennore ports (through the phase 1 and 2 project),
