The scheme aims to enhance the protection of Sheffield's Lower Don Valley from major flooding.
Works will take place over an eight kilometre stretch between the Wicker and the M1 motorway.
Channel maintenance works are already underway and design work, planning approvals and site preparation are close to completion for the physical defences.
Sheffield City Council is leading the project, working in partnership with Sheffield Chamber of Commerce, local businesses, and the Environment Agency.
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The project is funded by public sector from DEFRA and the Environment Agency, plus an annual contribution from over 250 organisations through a Business Improvement District (BID).
The Chamber of Commerce is chairing a BID steering group and will keep all stakeholders regularly updated about the programme of works.
The programme is one of the largest flood defence schemes in the UK and is the first project to incorporate a BID as a means of funding a capital scheme.
In addition, it is the first BID in the UK to be used to fund any type of capital construction project.
Martin Black, Carillion Project Manager, said: "Carillion is delighted to have been appointed to carry out this high profile and important project. This is a complex programme of work and once complete it will provide protection from flooding for hundreds of businesses which employ around 5,000 people in the area."
Councillor Terry Fox said: "The new flood defences will raise the standard of protection to a 'one in 100 year' event, which exceeds the insurance industry's minimum requirements of protection."
Work on the Lower Don Valley scheme will begin later this summer and will take around 18 months to complete.
(LM)
