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December 03, 2008


NHAI projects INR 28,000 crore expenditure in 2008-09

It is reported that National Highways Authority of India has projected an expenditure of INR 28,000 crore for 2008-09 to complete its ongoing projects and the new projects announced under the National Highways Development Project.

Some ongoing projects that are expected to be completed in 2008-09 include
1) 56.25 kilometer long Garhmukteshwar Muradabad expressway
2) 32 kilometer long Chennai bypass
3) 15 kilometer long Chennai Ennore expressway
4) 14.35 kilometer long Jawaharlal Nehru Port phase-II project

To meet this projected expenditure, NHAI is in advanced stages of talks with the Asian Development Bank for a loan of INR 400 crore. This is in addition to the INR 1,900 crore it is expecting from multilateral institutions through the central government’s budgetary allocation. INR 14,000 crore is expected to be contributed by the private sector through public private partnerships while INR 7,000 crore is projected to come from fuel surcharge. Besides, NHAI is planning to re float the 54 EC tax free capital gains bond for 2008-09 with a ceiling of INR 3,700 crore. NHAI officials say the new 54 EC tax free bonds will be launched once the Finance Act is passed in Parliament. In the current financial year, the NHAI has managed to mop up more than INR 200 crore through the 54 EC bonds. Officials expect it to mop up nearly INR 300 crore by the end of the current financial year.

Mr Didar Singh member of finance committee at NHAI said that "We are quite comfortable with our financial position to meet all the requirements of the various projects under implementation."

In 2005, the committee on infrastructure had prepared a comprehensive plan envisaging a mammoth investment of INR 220,000 crore under the NHDP on concessions or contracts to be awarded by 2012. According to the plan, projects under second, third and fifth phases of the NHDP are expected to be completed by December 2012, while concessions or contracts for fourth, sixth and seventh phases would be awarded by December 2012 and work completed by December 2015.