Victoria - one of the busiest and most congested London Underground stations - is set for a major £700m overhaul, after Transport for London (TfL) appointed a contractor for the scheme.

A joint venture between construction companies VINCI and BAM Nuttall has been awarded the contract for the project, which will include a new ticket hall and the expansion of the existing southern ticket hall. New entrances will also be provided as part of the scheme, which aims to provide quicker, easier and less congested journeys for residents and tourists using the London Underground.

London mayor Boris Johnson said: "Anyone that's ever been near Victoria Tube in the rush hour will know that these improvements cannot be made soon enough." Taylor Woodrow originally tendered for the contract as part of a joint venture with BAM Nuttall, but was acquired by VINCI Construction UK in September 2008.