A Vinci/Ringway joint venture has secured a £800 million private finance initiative contract from the London Borough of Hounslow for the maintenance of the highways in the UK. Pursuant to the contract, the companies will undertake maintenance of the 259 miles of road and 458 miles of pavements of the borough for a term of 25 years. In the first five-year period, the companies will make an investment of £100 million ($ million) to upgrade the road networks.
The scope of the work involves upgrading and improving roads, pavements, street lights, street cleaning, signs, street furniture such as benches and bollards, as well as drains and gutters across the borough.
The start of work is subjected to the approval of Department for Transport, for which the associated parties will submit an application in April 2012. Once approved, the companies will sign the official contract and begin preparation in July 2012 and commence work on the project in January 2013.
