A consortium of private investors has submitted an application to Avtodor SC to take part in the tender for the construction of a section of the M11 toll road, which will run between Moscow and St. Petersburg.
The consortium comprises the Russian Direct Investment Fund (RDIF), Macquarie Russia and CIS Infrastructure Fund (MRIF), Lider CJSC and Gazprombank OJSC.
Members of the consortium have high profile expertise in execution of infrastructure projects including the construction of roads in Russia.
The M11 highway will run parallel to the existing M10 road and will significantly increase the speed of road traffic between Russia’s major cities.
The consortium will be responsible for financing, building and operating the M11 section from 543km to 684km which is next to the ring road around St-Petersburg. The section will consist of four to six lanes with the traffic capacity of more than 20 thousand vehicles per day. The initial cost of the project amounts to RUB83.1bn, 25 per cent of which will be financed by private investors.
Avtodor SC will consider applications until mid-October 2013, before inviting final bids. The tender winner will be announced in April 2014 and construction completed in 2017.
