A consortium led by toll road giant Transurban today submitted a bid for a 51% interest in the $16.8 billion WestConnex motorway project.
The NSW Government is selling a stake in the assets associated with the 33-kilometre motorway under construction in Sydney.
Transurban’s bid is conditional on approvals from the Australian Competition and Consumer Commission and the Foreign Investment Review Board.
“We will continue to work constructively and collaboratively with both agencies to enable the NSW Government to conclude its process as expeditiously as possible and achieve the best outcome for NSW taxpayers and road users,” says Chief Executive Officer Scott Charlton.
Transurban runs 15 of Australia’s 19 toll roads.
NSW Treasurer Dominic Perrottet says the proceeds from the sale will be used to help complete the WestConnex motorway and significantly reduce congestion on Sydney roads.
“It will cut the average peak journey between Parramatta and Sydney Airport by up to 40 minutes saving commuters and tradies hours of travel time each week,” he says.
Final bids for WestConnex are due today.
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