New Delhi: NHAI Board has given its approval for 74 percent equity takeover by IDFC in the Delhi-Gurgaon expressway project from its present developer DSC Ltd.
"National Highway Authority of India (NHAI) Board has cleared the proposal of allowing IDFC, the lead banker in the lender consortium, to buy 74 percent stake in the Delhi-Gurgaon Expressway," a Road Ministry official said.
IDFC will pick up 74 percent stake and the remaining will be with DSC (24.8 percent) and Jaypee Group (1.2 percent), the official said.
Last year, DSC Ltd had approached High Court against NHAI's termination notice to them alleging operational incompetence.
The High Court had stayed the implementation of the NHAI notice.
Meanwhile, Ministry of Road Transport and Highways is seeking Cabinet approval for a policy for road developers which would permit the concessionaire or the project developer to make a complete exit immediately after commencement of commercial operations.
Under the current policy, the developer has to keep at least a 26 percent stake for the entire concession period.
PTI
First Published: Thursday, January 31, 2013, 14:43