Shimla, Oct 15 (PTI) The New Development Bank (NDB) has given a go-ahead to the Himachal Pradesh Ropeways Corporation to float advance tenders for the construction of Rs 1,734-crore Shimla ropeway project.
Once complete, the project is expected to decongest the state capital.
The tender process is expected to start soon and 50 per cent of the 13.79-km ropeway will be completed in two years, officials said here on Tuesday.
"A big success for state capital Shimla, NDB has given permission for floating advance tenders for the project, paving way for construction of the ropeway. The 13.79-km ropeway would be the longest ropeway in the country and second longest in the world," Himachal Pradesh Deputy Chief Minister Mukesh Agnihotri, who also holds the portfolio of transport and ropeways, said in a post on his social media account.
The contribution of the Himachal Pradesh government will be 20 per cent while NDB will fund the remaining 80 per cent, of which 90 per cent will be subsidy and 10 per cent loan.
The ropeway, which will connect Tara Devi and Shimla, will be executed on engineering, procurement, and construction (EPC) mode. The ticket prices are yet to be finalised.