The special purpose vehicle (SPV) set up by Madhucon Projects for undertaking the 129-km stretch of the National Highway between Madurai and Tuticorin achieved financial closure.

According to a press release, a consortium led by Canara Bank syndicated the debt for the project. The BOT (build-operate-transfer) project is being taken up at a cost of Rs 920 crore with a concession period of 20 years. "It is the longest stretch awarded by National Highway Authority of India.

The scope of the project includes design, engineering, finance, construction, operation and maintenance," it said.