YEIDA directs Jaypee to deposit 25% of daily toll collection

Greater Noida: In a bid to improve safety and maintenance of the 165-km long Yamuna Expressway, the Yamuna Expressway Industrial Development Authority (YEIDA) has directed concessionaire of the e-way, Jaypee group, to deposit one fourth of the money collected from daily toll payments into an escrow account which will be spend by the authority towards improving facilities and road safety of the Yamuna Expressway.

As per senior YEIDA officials, Jaypee Infratech Limited (JIL) was supposed to make an expense of nearly Rs 138 crores on road safety and maintenance of the Yamuna Expressway but the concessionaire has only spend Rs 9 crores till now which had led to several road fatalities in past. The group also didn't pay heed to the directions given by state government and suggestions made by IIT Delhi to improve road, following which, YEIDA decided to come to front and take charge.

"In order to curb recurring road accidents at the Yamuna Expressway and improve road safety, several directions were given to Jaypee group which were never addressed. Now, we have instructed Jaypee group to deposit 25 per cent of the toll collection into an escrow account which will be used by YEIDA to improve road safety including installation of street lights on the 165-km long corridor and other measures," said Arun Vir Singh, CEO, YEIDA.

The officer further informed that around Rs 28 to 30 crores monthly are collected by JIL in terms of toll tax paid by the commuters travelling on Yamuna Expressway.

Apart from this, in a major set back to Jaypee group, the YEIDA board has cancelled the lease deed of around 1, 000 acres of the Jaypee sports city of which the country's only Formula 1 track is a part of.

"Several notices were issued to Jaypee to clear financial dues worth Rs 864 crores but they failed to clear. The authority has now decided to cancel lease deed and take the possession of land, and auction it to recover our dues," added Singh.

The complex not only have Formula one track, cricket stadium but also have 11 residential townships where thousand of investors have spent their lifetime savings.

The CEO assured that the Investors and buyers need not worry as the authority will safeguard their rights and take suitable action to protect their interests.

The decisions were taken in 66th board meeting of YEIDA held on Saturday. Among the other major decisions were that the board has also approved four projects along the Yamuna Expressway which includes Expo Mart, Apparel park, MSME park and skill development sector to attract more investment.