Keangnam bags $ 43.9 m highway project

Friday, 14 June 2013 00:00 - - {{hitsCtrl.values.hits}}

The Korean construction company Keangnam Enterprises Ltd. has bagged a contract worth Rs. 55 billion (US$ 43.9 million) to develop highways in Sri Lanka.

Keangnam on Wednesday announced that it has received the order from the Road Development Authority of Sri Lanka to develop four highway routes in the country.

Two of the highways are in the Central Province while the other two are on the A02 Galle Road from Maliban Junction to Cross Junction 15 kilometres south of Colombo.

In the Central Province the 11-km road section from Katugastota to Alawathugoda on the Kandy-Jaffna Road (A9) will be improved at a cost of Rs. 767 million and the 17-km section from Alawathugoda to Palapathwela on the same road at a cost of Rs. 949 million.

The construction is funded by the World Bank and the Saudi Fund for Development.

The Korean company is expected to receive 16% of the payment prior to taking on the project, the Korean Herald reported.

The project will take about a year to finish, the company said.

The Korean firm has been engaged in 45 infrastructure projects in Sri Lanka since 1978.