MUMBAI, DEC 12
The Maharashtra government has decided to name the under-construction Mumbai-Nagpur super communication expressway after Shiv Sena founder late Bal Thackeray.
A decision in this regard was approved at the Cabinet meeting on Wednesday.
The Cabinet approved additional share capital of Rs. 3,500 crore to reduce the burden of loan the State will raise for this project, which will in turn bring down the interest amount by Rs. 2,500 crore.
The total cost of the project is estimated to be around Rs. 55,335 crore and the road construction will be completed within the next three years, Minister Eknath Shinde said after the Cabinet meeting.
In his press briefing, Shinde said that existing share capital in the project of the state is Rs. 27,335 crore, which includes Rs. 3,500 crore from the Maharashtra State Road Development Corporation, Rs. 5,500 crore from public undertakings, Rs. 2,414 crore in the form of royalty waived on minerals, Rs. 6,396 crore to pay the interest on loan during the construction period, and Rs. 9,525 crore in the form of land price, which includes compensation.
The 700-km super expressway, which is scheduled to be completed in 2021, is estimated to cut down travel time between Mumbai and Nagpur to less than nine hours. The road is likely to boost connectivity and help trade grow along the route.
Addressing the media after the cabinet meeting, Shinde said he moved the proposal to name the expressway after the Sena founder. He said, “It was readily accepted by all ministers.”
The previous BJP government had planned to name the expressway after late Atal Bihari Vajpayee.
