VSE Secures $40M for Varanasi Urban Ropeway Project

28 Oct 2024 CW Team

Hyderabad-based Vishwa Samudra Engineering (VSE) has secured $40 million (over Rs 322 crore) in funding from Switzerland's Xport Finance for the construction of an urban ropeway in Varanasi, PM Narendra Modi's constituency.

In collaboration with the National Highways and Logistics Management Limited (NHLML), a subsidiary of the National Highways Authority of India, VSE is undertaking the project through a 60:40 joint venture, with NHLML covering 60% of the estimated project cost.

The 3.75 km ropeway will be constructed with technical expertise from Switzerland's Bartholet Maschinenbau. It will operate under a hybrid annuity model, where 60% of the costs will be paid during construction and 40% during the operation and maintenance period. VSE will maintain the ropeway for 15 years and expects it to carry over 90,000 passengers daily, with a capacity of 10 riders per gondola.

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