PNB extends credit line of Rs 750 cr for Gorakhpur Link Expressway
The government had arranged for Rs 2,250 crore loan
The Punjab National Bank (PNB) has extended a credit line of Rs 750 crore for Gorakhpur Link Expressway estimated to cost Rs 5,876 crore.
The 91 km expressway will connect Gorakhpur district with another expressway project, the 340 km Purvanchal Expressway.
The government had arranged for Rs 2,250 crore loan for Gorakhpur Link Expressway, including Rs 750 crore credit line from PNB.
The expressway is the fifth greenfield project in the state after Yamuna Expressway, Agra-Lucknow Expressway, Purvanchal Expressway and Bundelkhand Expressway.
Another mega Ganga Expressway project has also been proposed, for which the bidding process is likely to be initiated after the state cabinet nod.
Gorakhpur Link Expressway was divided into two packages and awarded to Apco Infratech and Dilip Buildcon for development.
Cutting across Gorakhpur, Sant Kabir Nagar, Ambedkar Nagar and Azamgarh districts, it is touted to benefit a population of nearly 50 million in the Gorakhpur and adjoining districts by providing fast connectivity for public and goods transport.
While PNB has provided a loan of Rs 750 crore for Gorakhpur Link Expressway, earlier Rs 2,300 crore had been extended as credit for Purvanchal Expressway, which is touted to cost Rs 23,000 crore.
Purvanchal Expressway was divided into eight packages and awarded to different companies for ensuring time-bound completion. It runs across nine districts viz Lucknow, Barabanki, Faizabad, Ambedkarnagar, Amethi, Sultanpur, Azamgarh, Mau and Ghazipur.
It will provide seamless connectivity between the eastern districts of the state to the National Capital Region (NCR) via Agra-Lucknow Expressway and Agra-Greater Noida Yamuna Expressway. It will comprise an emergency airstrip for the Indian Air Force (IAF) jets at Kurebhar (Sultanpur).
In May 2020, the Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) had estimated the civil work and land cost of the 628 km Ganga Expressway project at Rs 21,000 crore and Rs 9,000 crore, respectively, thus totalling Rs 30,000 crore.
Ganga Expressway will entail the acquisition of about 6,556 ha of land and traverse Meerut, Amroha, Bulandshahar, Badaun, Shahjahanpur, Farrukhabad, Hardoi, Kannauj, Unnao, Rae Bareli, Pratagarh and Prayagraj districts.