.
Transurban Group (ASX:TCL) has reached an in-principle agreement with the Victorian government for an $850 million roads upgrade.
The company says the proposed work is for the western section of CityLink, the Bolte Bridge-West Gate Freeway interchange and the Tullamarine Freeway.
Transurban Group says the project is aimed at addressing congestion, improving safety on the road and relieving pressure on surrounding non-arterial routes.
While the project remains subject to Transurban reaching final agreement with the state the current agreement outlines the expected scope and funding sources.
The company says its annual distribution guidance of 39 cents in the 2015 financial year will be unaffected by the project.
Transurban reported a net profit of $81 million in the first half of the 2014 financial year.
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