A new financial deal is sought for a key Indian tunnel link - image courtesy of © Raja Rc, Dreamstime.com
A new partner is being sought for India’s Chenani-Nashri Tunnel (CNTL) project in Jammu & Kashmir (J&K). The Indian firm IL&FS Transportation Networks manages CNTL link at present.
IL&FS previously had a share purchase arrangement with the Singapore firm Cube Highways & Infrastructure for the CNTL connection. This deal was worth some US$525.6 million, however it lapsed in the third quarter of 2020.
When the concession package for the CNTL was announced in the second quarter of 2017, it was worth $750.5 million and was to run until the second quarter of 2032. The value of the new package has been placed at around $700.1 million.
The CNTL link is of key importance for Jammu & Kashmir and is part of the 286km highway linking Jammu and Srinagar. The construction of the 9km CNTL link cut the distance between Jammu and Srinagar by 31km, boosting safety by providing an all-weather connection instead of the twisty and dangerous old route.
The CNTL link benefits from new traffic control technology as well as the latest fire control systems to help optimise safety for users.
