Picture used for representational purpose only

CHENNAI: The Centre has approved the state government’s proposal to obtain a $478.07 million loan from Asian Infrastructure Investment Bank (AIIB) and OFID ( OPEC Fund for International Development ) for phase II and III of the Chennai Peripheral Ring Road project. The phase for which approval was given will cover 57km — from Thatchur in North Chennai to Sriperumbudur — linking Kolkata, Tirupati and Bengaluru national highways. The total project is estimated to cost $827.43 million.

A screening committee of the department of economic affairs of the Union finance ministry had cleared the proposal recently. The state is expected to approach the banks next month. “The aim is to provide better connectivity, keeping in mind the future requirements and effective transportation of freight,” said a senior official. There is a need to bring down the travel time, decongest city roads and reduce pollution. The ring road will connect national highways and the Ennore and Kattupalli ports, said the official.

Officials plan to acquire 50% of land by October 2020

Tamil Nadu entered into a Rs 2,470-crore pact with JICA for the Ennore Port-Thatchur 24.52km phase I early this year.

The state informed the committee of its plan to explore intelligent transport system and automatic tolling complete with radio frequency system for better traffic management, besides improving accessibility for people of the area.

The service roads have been planned on both sides throughout the project road with entry and exit to main carriageway. It is proposed to generate direct revenue through tolls and indirect revenue from the improved economic activities in the area. TN informed the screening committee that it had obtained approval of the ministry of road transport and highways and NITI Aayog . “Upon detailed deliberations, the committee decided to approve the project proposal for posing it to AIIB and OFID for external assistance of $378.07 million and $100 million, which is tentative and can be revised while finalising the project,” the official said. The proposed 60-metre-wide road will be dotted with 200 grade separators, bridges and culverts. The highways department has proposed to acquire 395.71 hectares, including 296.44 hectares from private parties for both phases — between NH 16 (Chennai-Kolkata highway) and NH 48 (Chennai-Bengaluru highway). Land acquisition which is stuck in legal wrangles would begin after the clearance. The officials hope to complete 50% of the acquisition by October 2020 and begin the tender process in April.

