The work order for Prime Minister Narendra Modi's pet project 'Statue of Unity' - the world's tallest statue of India's first home minister Sardar Vallabhbhai Patel, was issued by the Gujarat government on Monday, to leading engineering company Larsen and Toubro (L&T).

Work on the 182-metre tall statue of Sardar Patel is to be completed at a cost of Rs 2,979 crore (Rs 29.79 billion), said Gujarat Chief Minister Anandi Patel who presided over the function of handing over the work order.

"This huge construction work will be completed in four years at a cost of Rs 2,979 crore. The contract has been given to the country's leading construction company Larsen and Toubro," Patel said in her address, while giving the contract order to L&T.

"Rs 1,347 crore will be spent on the main statue, Rs 235 crore (Rs 2.35 billion) will be spent on the exhibition hall and convention centre, while Rs 83 crore (Rs 830 million) will be spent on the bridge connecting the memorail to the main land and Rs 657 crore (Rs 6.57 billion) would be spent to maintain the structure until 15 years after it is completed," Patel said.

The 182-metre-tall 'Statue of Unity', which would be double the size of New York's 'Statue of Liberty' (93 metres), would inspire future generations, Patel said.

"The project will include an exhibition hall and audio-visual presentation on the life of Sardar Vallabhbhai Patel, which will become the centre of attraction for tourists from the all over the world," she said.