The government on Friday approved a Rs 1,479 crore project in Jharkhand under the National Highways Development Project (NHDP). "The Cabinet Committee on Infrastructure (CCI) approved the implementation of the project of four laning of Ranchi-Rargaon-Jamshedpur section of NH-33 from 113.73 km to 277.50 km in the state of Jharkhand under NHDP Phase III," an official statement said in New Delhi. The project will be built on design, build, finance, operate and transfer (DBFOT) basis. The construction period for the project will be 15 years and the government will meet the expenditure amounting to Rs 55.84 crore for land acquisition and other pre-construction activities, the statement said. The implementation of the project will reduce the time and cost of travel for the traffic plying between the capital city of Ranchi and the industrial township of Jamshedpur in Jharkhand.