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The National Highways Authority of India (NHAI) has awarded the four-laning contract for the Lucknow–Sultanpur highway section in Uttar Pradesh to Dilip Buildcon.
The Rs 2,845 crore contract awarded under the fourth phase of the National Highways Development Project will cover the 127-km stretch on National Highway (NH)-56.
“The project shall be executed on hybrid annuity mode and completed in 30 months from the date of commencement of the project. Development of this section would reduce the travel time from Lucknow to the holy city of Varanasi and promote tourism in the region,” the government said in a statement. Under the hybrid annuity model, risks are split between the developer and the government where it’s the private partner who bears construction and maintenance risks. In return, the project financing risk is shared between the government and the road developer in the ratio of 40:60. Also, the developer is protected from any revenue or inflation risk.