Land acquisition for the project will begin this year, he added.
A large number of passenger and goods vehicles from Konkan, Marathwada, north Maharashtra and other parts go through Pune and in order to avoid this, the ring road will be built, he told the House.
He also said the Eastern Freeway in Mumbai is being renamed after Congress veteran and former CM late Vilasrao Deshmukh.
The deputy CM said a finance development corporation will be set up under the state PWD department to raise funds for timely improvement and regular maintenance of 3,03,842 kilometres of national highways, state highways, district and rural roads.
He said old diesel buses of MSRTC would be converted into CNG and electric ones, while bus stands will be modernised, for which Rs 1,400 crore has been earmarked.
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