Vishwa Samudra Engineering (VSE), the Hyderabad-based company tasked to build, operate and maintain urban ropeway in Varanasi, has secured USD 40 million or over Rs 322 crore of funding from Switzerland's Xport Finance.

The 3.75 km ropeway will have a rider capacity of 10 per gondola and is expected to carry in excess of 90,000 passengers in a day.

The ropeway is being constructed with technical expertise from Bartholet Maschinenbau of Switzerland.

In the hybrid annuity model (HAM) project, 60 percent of the cost will be paid during the construction period and 40 percent during operation and maintenance period. The company will maintain the ropeway for 15 years.

The National Highways Logistics Management (NHLML), a 100 percent-owned company of the National Highways Authority of India (NHAI), has entered into a 60:40 joint venture with VSE to construct the ropeway, sharing 60 percent of the estimated Rs 807 crore cost of the project.

The project could be completed ahead of schedule by early next year, against the target of August 2025.