Bank of Baroda inks Rs 2k cr loan pact with SRDC to repair roads in AP
ROADS & HIGHWAYS

Bank of Baroda inks Rs 2k cr loan pact with SRDC to repair roads in AP

Bank of Baroda (BOB) has partnered with the State Roads Development Corporation (SRDC) for a Rs 2,000 crore loan to expedite road repairing process in Andhra Pradesh.

Representatives of RDC and Bank of Baroda inked the loan deal on Monday. With these funds, RDC will facilitate road rehabilitation works in the state. The RDC has begun the tender process for the rehabilitation of 1,147 roads.

In the first phase, proposals were achieved for 328 works for Rs 604 crore. Proposals were recently invited for the development of 819 roads for Rs 1,601 crore in the second phase. With the recent signing of a Rs 2,000 crore loan deal with the Bank of Baroda for road restoration, the contractors were happy.

It is because RDC will put the loan amount in a separate account. Bill payments will be made right from that account to the contractors who have achieved the road works. As a result, work on the first phase tenders will now be facilitated, and more contractors are planning to take part in the second phase bids.

The Roads and Buildings are gearing up to begin work in the first week of December and achieve it by May 2022, as ordered by Chief Minister YS Jagan Mohan Reddy.

Image Source

Bank of Baroda (BOB) has partnered with the State Roads Development Corporation (SRDC) for a Rs 2,000 crore loan to expedite road repairing process in Andhra Pradesh. Representatives of RDC and Bank of Baroda inked the loan deal on Monday. With these funds, RDC will facilitate road rehabilitation works in the state. The RDC has begun the tender process for the rehabilitation of 1,147 roads. In the first phase, proposals were achieved for 328 works for Rs 604 crore. Proposals were recently invited for the development of 819 roads for Rs 1,601 crore in the second phase. With the recent signing of a Rs 2,000 crore loan deal with the Bank of Baroda for road restoration, the contractors were happy. It is because RDC will put the loan amount in a separate account. Bill payments will be made right from that account to the contractors who have achieved the road works. As a result, work on the first phase tenders will now be facilitated, and more contractors are planning to take part in the second phase bids. The Roads and Buildings are gearing up to begin work in the first week of December and achieve it by May 2022, as ordered by Chief Minister YS Jagan Mohan Reddy. Image Source

Next Story
Real Estate

Jharkhand to Allot 181 Flats via Online Lottery in February

The Jharkhand State Housing Board (JSHB) will allot 181 houses and flats through an online lottery system starting February. The process will be held for the first time entirely online, and interested applicants can apply from February 10 to March 10 via the JSHB's official website. Properties will be available under different categories, with the allotment based on a 90-year lease. Categories include Economically Weaker Section (EWS), Lower Income Group (LIG), Middle Income Group (MIG), and Higher Income Group (HIG), with varying sizes of houses and prices. For EWS, houses will have a super b..

Next Story
Infrastructure Urban

UP Cabinet Okays Municipal Bonds for Infrastructure

In a significant move aimed at bolstering infrastructure development in Uttar Pradesh, the state Cabinet approved the issuance of municipal bonds for the cities of Prayagraj, Varanasi, and Agra. The decision was made during a cabinet meeting chaired by Chief Minister Yogi Adityanath, which took place in the Maha Kumbh Mela area in Prayagraj. The new initiative will see the issuance of municipal bonds, enabling these cities to raise funds from the market for infrastructure projects. For every billion raised through these bonds, the state government will provide an additional Rs 130 million as ..

Next Story
Infrastructure Urban

Haryana Proposes New Policy on Tree Felling

The Haryana government has proposed a new policy on tree felling across non-forest land, which would remove the requirement for approval in urban areas on plots allocated by government bodies for residential, industrial, or infrastructure development. Currently, the forest department’s consent is mandatory for tree felling. The proposed policy seeks to replace all previous directives on tree felling outside forest areas, including those areas notified under Section 3 of the Punjab Land Preservation Act (PLPA), 1900. A committee is set to be formed to finalize the policy and revise compensat..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000