Bhubaneswar: The National Highways Authority of India (NHAI) has finalised the tenders for the proposed 111-km Capital Region Ring Road project in Odisha.

The six-lane greenfield ring road from Rameshwar in Khurda district to Tangi in Cuttack would be executed under the hybrid annuity mode with an expenditure of Rs 8,307 crore.

The NHAI had earlier invited tenders in three packages for execution of the ring road project. Altogether 23 construction firms had submitted bids for Package-1, 25 firms for Package-2 and 16 for Package-3, reports said.

The NHAI has selected three lowest bidders for the three packages of the project.

The ring road likely to reduce traffic congestions on NH-16

Patel Infrastructure Limited is the lowest bidder (Rs 1,238.79 crore) for Package-1 of the ring road project while VRC Constructions (India) Limited (Rs 1,192.24 crore) for Package-2 and HG Infra Engineering Limited (Rs 1,582.11 crore) for Package-3, said the NHAI regional office in Odisha in a social media post today.

NHAI sources claimed that land acquisition for the project has been completed. Besides, the proposed project has also received forest, wildlife and environment clearances.

A target has been set to execute the project within a period of two and a half years. The ring road is expected to reduce traffic congestions on the National Highway (NH)-16 that passes through the capital city of Bhubaneswar.