The Centre's plans to re-bid stalled highway projects by investing funds generated by re-tendering of projects to global investors such as Macquarie, Brookfield and Cube Highways picking up equity in 10 highway projects of Rs. 4,150-cr from which private promoters have exited. These investments came to the sector after the Cabinet in May 2015, approved an exit policy that permitted concessionaires to divest 100% equity two years after completion of construction. In fact, the government was forced to take this step as banks remained reluctant to finance these contracts again, fearing non-performing assets (NPAs) on their books. According to a source, the Ministry of Road Transport and Highways (MoRTH) and National Highways Authority of India (NHAI) facing hurdles in arranging debt for at least half of the 10 chronic highway contracts. More than Rs. 8,600-cr worth of national highway projects turned chronic primarily due to various issues including land acquisition.
📅Published on:
12 January 2017
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