NHAI secures Rs.8,500-cr for road projects

    NHAI Road Projects
    After protracted negotiations with the Life Insurance Corporation (LIC), the National Highway Authority of India (NHAI) has finally managed to secure funds of Rs. 8,500-cr for a period of 30 years at an interest rate of 7.22 percent per annum, said official sources, adding that the sum is a part of the market borrowings permitted by ministry of finance for the current financial year. The sources added that to finance various highway projects, NHAI had to raise Rs.55,000-cr in the current financial year of which funds of Rs. 10,000-cr have already been generated through EPFO. The remaining Rs. 5,000-cr each through masala bonds and Rs. 16,500-cr from the market, is currently under process. As per available stats, NHAI has already managed to raise additional Rs. 11,929-cr through investors availing capital gains exemption. The road minister had decided to award 25,000 km of national highways in FY17 compared with 10,000 km in the last finical year, and raised the construction target to 15,000 km as against the 6,000 km constructed in the preceding year.
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