New Delhi: The National Highways Authority of India (NHAI) has started the process for raising Rs 75,000 crore through market borrowings for this year. The proceeds will be used to for construction of roads and highways across the country.
Nagendra Nath Sinha, Chairman, NHAI gave today an indicative plan for such borrowings which will take place through multiple channels. These channels will include Debt Funds, LIC, pension funds and sovereign funds.
While speaking at the National Roads & Highways Summit 2019 organised by the PHD Chamber of Commerce and Industry (PHDCCI) here, Sinha also said that NHAI will also look at sourcing funds from Infrastructure Investment Trusts, National Investment and Infrastructure Fund and even Special Purpose Vehicle. The NHAI can also monetize its assets in order to raise enough funds.
He also said that the Authority will award projects for construction of roads and national highways only on the completion of the land acquisition process by the concessionaire. He explained this by citing the example of the Sate of Meghalaya, where some of the critical roads and highways projects have not been awarded on account of acquisition proper land.