MoRTH moots infra finance fund for highway builders
Union Minister Nitin Gadkari has called upon major highway builders and private companies to look into the option of floating an infrastructure finance fund or non-banking financial company to fund road projects. According to him, only big and financially strong contractors with a sound relationship with banks should take the lead. The minister said that each of them should put ₹100 crore to form an infrastructure finance company and the ministry will also ask NHAI to put equity and then tie up with a foreign fund. The banks will behave only when they come to know that they have some other option. The minister emphasized that the government wants to support the industry as builders who are competent but banks are not supporting them, they are not in a position to bid for highway projects. He also pointed out that the Indian Railways has got the Indian Railway Finance Corporation (IRFC), the power ministry has the Power Finance Corporation (PFC) but the highways ministry does not have a financial arm to provide support to the road and highway contractors.
📅Published on:
27 April 2021
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