Varanasi Ropeway Project Secures ₹322 Crore Funding from Swiss Firm.

Vishwa Samudra Engineering (VSE), a Hyderabad-based firm responsible for constructing, operating, and maintaining an urban ropeway in Prime Minister Narendra Modi's constituency of Varanasi, has secured funding of $40 million (over ₹322 crore) from Switzerland's Xport Finance, according to Executive Director Shivdutt Das.

The National Highways and Logistics Management Limited (NHLML), a wholly-owned subsidiary of the National Highways Authority of India, has formed a 60:40 joint venture with VSE to undertake the ropeway project, with NHLML covering 60% of the estimated ₹807 crore project cost.

Das noted that the project could be completed ahead of schedule, with a target finish date of early next year instead of the previously planned August 2025. "At the current pace of work, we should complete it before time," he stated.

With an order book exceeding ₹20,000 crore for the current fiscal year, VSE anticipates revenue growth of over 55% in 2024-25, projecting earnings of ₹5,000 crore compared to ₹3,200 crore in 2023-24.

The 3.75 km ropeway will be constructed with technical expertise from Bartholet Maschinenbau of Switzerland under a hybrid annuity model, where 60% of the costs are paid during construction and 40% during the operation and maintenance phase. VSE will oversee the maintenance of the ropeway for 15 years.

Designed to accommodate 10 passengers per gondola, the ropeway is expected to transport more than 90,000 passengers daily.

ET