Highways England has selected the JV to widen a 10 mile stretch of the A14 between Swavesey and Milton.
Work will include expanding the existing road sections between Swavesey to Girton, including the Girton Junction with the M11 Motorway and the Cambridge Northern Bypass.
The project also involves major junction rebuilds and numerous services diversions.
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The Government has pledged a £1.5bn investment into the scheme, which is subject to statutory approval.
The Balfour JV is the second construction JV to be appointed to the project. It will work alongside a number of contractors JV's, designers and Highways England employees.
The initial construction phase is due to begin in 2016, with the new bypass and widened A14 opening to traffic in 2020.
Leo Quinn, Balfour Beatty Group Chief Executive, said: "This is a complex project and our joint venture brings proven expertise and experience in working as part of an integrated delivery model – something which is going to be crucial for the successful delivery of this project.
"The improvements the scheme will deliver will help to relieve congestion on one of the busiest parts of the strategic road network between the Midlands and East Anglia and support national and regional economic growth."
(LM)
