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Korea Expressway Corporation Concludes MOU on $7B Deal for Indian Highways
Highway Tech Export
Korea Expressway Corporation Concludes MOU on $7B Deal for Indian Highways
  • By Jung Min-hee
  • February 21, 2018, 03:30
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Hong Doo-pyo (fifth from left), head of the Business Division at Korea Expressway Corporation is posing with the chief minister of Maharashtra State (fourth from left). (Photo courtesy of Korea Expressway Corporation)
Hong Doo-pyo (fifth from left), head of the Business Division at Korea Expressway Corporation is posing with the chief minister of Maharashtra State (fourth from left). (Photo courtesy of Korea Expressway Corporation)

 

Korea Expressway Corporation will provide technological support for roads to a local government in India.

On February 19, Korea Expressway Corporation announced that the road construction company signed a memorandum of understanding (MOU) with the Maharashtra State Road Development Corporation in Mumbai on February 18 to promote technological cooperation and exchanges in road transportation between the two.

The MOU was signed for the implementation of the 70-km Nagpur-Mumbai Expressway project between Nagpur and Mumbai, two major eastern and western cities in Maharashtra, India, with a total budget of US$7 billion.

According to the MOU, Korea Expressway Corporation will review traffic volume and the appropriateness of the construction budget for the Nagpur-Mumbai Expressway, and provide technical support for an optimal project implementation plan, such as completion of phases and section-by-section order planning. In addition, the corporation is planning to expand information and human exchanges with respect to construction, operation and maintenance, and research and development among others.

Earlier, the two governments of Korea and India signed an agreement to give financial support of US$ 10 billion to infrastructure construction at the Finance Ministers' Meeting in June of last year. Padnabis, chief minister of Maharashtra, India asked for support for the Nagpur-Mumbai Highway project, a long-cherished project of his state. 

As a result, an MOU on cooperation between Korea Expressway Corporation and the related organizations of Maharashtra State was signed between the Korean Ministry of Land, Transport and Maritime Affairs and Maharashtra State in September of last year.