Jamshedpur, April 4: Acceding to the demand of Tata Steel, the Adityapur Toll Bridge Company Limited (ATBCL) has decided to allot the post of the chief executive officer to the steel major.

At a meeting held today, the promoters of the ATBCL unanimously decided to allow Tata Steel to appoint the CEO of the company, who shall oversee the day-to-day functioning of the company and finalise the nitty-gritty of the project.

The ATBCL was formed to oversee the construction and operation of the sophisticated four-lane toll bridge on Kharkai linking the steel city and Adityapur.

Apart from Tata Steel, the other promoters of the ATBCL include Adityapur Industrial Area Development Authority (Aiada), Tata Motors, Tata Rolls, Ashiana, Usha Martin, Adityapur Small Industries Association (Asia) and Singhbhum Chamber of Commerce and Industry (SCCI).

The managing director of Aiada, Vandana Dadel, is the chairperson of the ATBCL.

Tata Steel had recently declared that it would invest about Rs 7 crore in the project provided ATBCL allows it to allot the post of the CEO to the company.

Dadel said the ATBCL would send a formal request letter to Tata Steel to finalise the CEO for the ATBCL within a week so that the concerned person could assume charge. She added that the appointment of the CEO is essential to hasten the speed of the work for the project.

Sources in the company said the offer to Tata Steel to appoint a CEO for the company was made since the steel major has offered to buy the highest equity to the tune of about Rs 7 crore. ?It is obvious that the company buying the highest equity should be allowed to have its CEO. Other promoters of the company readily agreed to it,? sources added.

The promoters would invest about 25 per cent of the cost estimated to be about Rs 60 crore. The rest of the funds would be raised through borrowings from financial institutions. The state government has also agreed to provide financial support to the tune of about Rs 8 crore.

The toll bridge, considered to be an ambitious project, would go a long way to ease the heavy traffic congestion of the twin industrial hubs.

The existing bridge on River Kharkai linking the twin cities is not only narrow but also in a dilapidated condition.

ATBCL sources said a notice has been issued for acquiring about 20 acres of land on the Adityapur side of the bridge.

Although the company was formed in late 1990s for the construction of the bridge, nothing much was done on the issue.