The JV will deliver two of the three sections of the A14 Cambridge to Huntingdon Improvement Scheme.
The initiative is required to enhance the capacity and reliability of the UK's road network to ensure better journeys for road users.
The two packages awarded to the partnership total approximately £600 million of work and cover 25 miles of road.
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Package One covers the A1 junction at Alconbury to the East Coast Mainline while Package Two covers East of the East Coast Mainline to Swavesey.
Andrew Wyllie, CBE, Chief Executive of Costain, said: "The A14 is a strategically vital transport corridor in East Anglia and we are delighted to have been appointed to this major improvement project by Highways England.
"This appointment reflects our reputation for delivering solutions to national infrastructure needs in long-term, strategic partnerships with our customers."
Initial design work will now begin with development of detailed plans for the delivery phase commencing in late 2016.
The road is scheduled to be open to traffic in 2020 with the works in Huntingdon town being completed after.
(LM)
