New Delhi, March 15 (IANS): Union Minister for Road Transport and Highways Nitin Gadkari on Friday announced that an outlay of Rs 188.95 crore has been approved for the development, operation and maintenance of the existing ropeway between Ujjain Junction Railway Station and Mahakaleshwar Temple in Madhya Pradesh.

The minister said the proposed ropeway will facilitate the movement of pilgrims, especially during the peak season, and reduce the travel time to 7 minutes.

The ropeway will have the capacity to carry 64,000 pilgrims every day.

The Union Minister said the investment will promote tourism and provide eco-friendly means of transportation while creating new employment opportunities.

“The project will be implemented through the Hybrid Annuity Mode under which the National Highways Authority of India (NHAI) pays 40 per cent of the total project expenditure. This payment is released in instalments based on the completion of targeted project milestones,” the minister said.

He said that the remaining 60 per cent amount has to be arranged by the developer.

“The project concessionaire is selected through an open, transparent and competitive bidding process. While the concessionaire is responsible for the maintenance of the project, the toll collection is undertaken by the NHAI,” the minister said.

He said that the government is keen to promote such public-private partnerships as they help more investment to come into the infrastructure sector.

“Private companies on their own are reluctant to invest in these projects as they have a long gestation lag before they are completed and earnings start coming in,” the minister said.