Ring Road project: Two bids shortlisted for financial evaluation

[Salman]

Ring Road project: Two bids shortlisted for financial evaluation

LAHORE:
Two proposals for construction of three packages of southern loop of Lahore Ring Road in the public-private partnership mode have been selected for financial evaluation.
Four proposals were shortlisted earlier following the evaluation of technical proposals. China Works and Frontier Works Organisation had submitted their technical and financial bids for Rs50 billion on September 30.
The technical bids were evaluated by October 24. Financial bids were opened the same day. An agreement will be signed with the successful bidder on December 10.
Lahore Ring Road Authority Chairman Rashid Langrial said that authority had yet to decide on the new design of Package IV and Package V.
He said both the shortlisted companies had strong technical proposals. He said the financial proposals would determine the successful bidder. Lahore Ring Road Authority would give the winning company only two years to complete the project. The successful bidder will be paid Rs10 to 12 billion annually for 15 years. This will include the operation and maintenance cost. The company will also install an intelligent transport system and surveillance cameras along these packages.