The National Highways Authority of India (NHAI) has signed an agreement with Welspun Enterprises for development of the first phase of the Delhi-Meerut Expressway.

Under the concession agreement, Welspun Delhi-Meerut Expressway will develop package I of the Delhi-Meerut Expressway at a bid project cost of Rs 841.50 crore and operate it for a period of 15 years.

Welspun Delhi-Meerut Expressway, a wholly-owned subsidiary of Welspun Enterprises, stated that during construction, 40 per cent of the bridge project cost will be funded by NHAI while the concessionaire will arrange the balance 60 per cent.

The construction of the project is scheduled to be completed in 2.5 years and the project is to be maintained for 15 years after which it will be transferred to NHAI.

The concession is for development of 8.7 km of the existing road up to Delhi-UP border section of National Highway No 24 in Delhi by six-laning expressway and four-laning either side of the expressway on design, build, operate and transfer annuity or hybrid annuity basis.