The financing gap between Government funds and road requirements has sharply increased, following high levels of economic growth and consequential increase in demand for quality road capacity. To help bridge the gap in funding availability and transportation infrastructure needs, the Government elected to build the bridge using the PPP method of project delivery known as Build-Operate-Transfer or BOT.
The Government selected the Second Vivekananda Bridge Tollway Company Limited (SVBTC) as the preferred consortium from among a group of interested teams. The SVBTC is a special purpose vehicle led by the Asian Infrastructure Development Corporation (US), Stradic (Philippines), and L&T. The BOT contract is valued at US$148 million.
The Second Vivekananda Bridge is the first road project in India that is using foreign funds, both debt and equity, to finance construction of the facility.