For speedy completion of the project, the state government and Infrastructure Leasing & Financial Service Ltd (ILFS) have floated a company named Gujarat Toll Road Company LTD (GTRL). While ILFL will provide finance for the project, Punj Llyod Ltd will be the construction contractor and Ircon International Ltd will be the operation and maintenance contractor.

The existing Vadodara-Halol road will be four-laned with service roads on either side. Ramchandran of GTRL said construction would begin this February. The World Bank through ILFS will provide the project with debt funds of about 18 years.

Ramchandran saidsome 20,000 vehicles pass through the road, adding that toll for cars would be Rs 19.20 and Rs 40 for heavy vehicles. Recovery period is estimated to be 30 years.

Speaking on the occasion, H P Jamdar, secretary (road and buildings), said as per Vision 2010, a forecast project for road sector, Rs 10,000 crore would be required to improve Gujarat's road network. Outlining the astronomical project costs, he emphasised the crucial role of private sector participation.

The equity participation of the state government in the Vadodara-Halol project is Rs 5 crore. While the Infrastructure Leasing & Financial Services will chip in Rs 15 crore, financial institutions will give Rs 22 crore. Punj Llyods will contribute Rs 11.5 crore.