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    NHAI-SBI inks pact to start stalled projects

    NHAI SBI Road Projects
    In order to kick-start the stalled projects across Bihar, Maharashtra, Goa, and West Bengal, the National Highways Authority of India(NHAI) has inked a deal with the State Bank of India (SBI) for fresh fund infusion in these road projects. Under the arrangement, the government would put in about Rs. 1,100-cr and the banks would pitch over Rs. 200cr.

    While the promoters of the three projects would give around Rs. 100-cr and that the SBI has to give up its first claim on the projects and its revenue stream; NHAI will be allowed to first recover money as the banks already have exposure of about Rs. 2,000-cr in the three projects. In two cases, the disbursed sum is more than the originally estimated cost. Now, the banks will specify a standard operating procedure for each and NHAI would recover the funds by charging the developers an interest rate of 2 per cent above the bank rate, chairman of NHAI, Raghav Chandra, said.
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