New Delhi: The National Highways Authority of India (NHAI) has finalised a plan to build 22 expressways with an investment of Rs 3.3 lakh crore. The authority has also decided to form Special Purpose Vehicles (SPVs) to meet this huge fund requirement, according to sources.
Under this mega plan, the NHAI board has approved the first SPV for Delhi-Mumbai Expressway, which will be wholly owned by the highways authority, said the sources, adding that it would be easier for the SPV to get lending from financial institutions, banks, insurance firms, and pension funds as NHAI is a sovereign entity.
Sources told Zee Media that NHAI may adopt two ways in making of SPVs.
1. The Expressway projects of shorter lengths, in the range of 50-150 km, will be clubbed as one and a single SPV will be formed for Expressway projects having shorter lengths.
2. For bigger length expressways of 300- 400 km and more will have dedicated SPV.
In the first SPV formed for Delhi-Mumbai Expressway worth Rs 45,000 crore, the NHAI will infuse Rs 5000 crore while the rest Rs 40,000 crore will be taken as loan from market.
Many nationalized banks, pension funding agencies, and even foreign investors have shown keen interest to invest in India's infrastructure sector, sources added.