NHAI eyes Rs. 10,000cr funds from LIC

    LIC FUND For NHAI
    In order to achieve the ambitious target of building 40 kms of roads per day, the Road Transport and Highways Ministry is roping in Life Insurance Corporation of India (LIC) to fund its ambitious road expansion plans, said sources, claiming that the LIC in turn is likely to subscribe NHAI bonds worth at least Rs. 10,000-cr and an agreement in this regard is expected to be signed very shortly. The ministry will use the money for four-laning of highway projects and the initiative will go a long way enabling the ministry to achieve its laid down road building targets. The finance ministry has allowed NHAI to raise bonds worth Rs. 50,000-cr other than Rs. 15,000-cr through tax-free bonds. In the current financial year, the government plans to undertake the construction of 15,000 kms of National Highways that would cost around Rs. 1.5 lakh-cr, while the ministry has received a budgetary allocation of Rs. 57,000cr. In addition, NHAI is also planning to raise at least Rs. 7,000-cr through masala bonds, sources added.
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