Three companies have been prequalified for a Rs 3,000 million ($74.8 million) private road project, sources at the National Highway Authority (NHA) say. The three companies are South Korea's Daewoo Corporation, Athens- based Joannou & Paraskevaides (Overseas) and Malaysia's Antah.

The three companies will submit proposals to build, own and operate a 35-kilometre, four-lane expressway from Islamabad to Rawalpindi. The government will provide the right of way and the necessary relocation of gas, water and electricity lines free of charge, the sources say. The appointed developer will be expected to raise finance and recoup its investment costs by charging tolls. The evaluation of proposals will focus on the price of the tolls, the sources say.

The three prequalified companies attended a pre-bid meeting on 11 March. The deadline for proposals is 3 May. However, the NHA is considering an extension of the deadline, requested by the companies (MEED 11:10:96).