Delhi-Mumbai expressway: NHAI arm to raise Rs 46,000-crore debt in 2-3 years

A special purpose vehicle (SPV), fully owned by the National Highways Authority of India (NHAI), plans to raise Rs 46,000 crore in debt over the next two-three years to part-finance the Rs 93,000-crore Delhi-Mumbai expressway project.

NHAI chairman SS Sandhu told FE: “The entire Rs 46,000-crore debt will be raised at the SPV level and the borrowing will be off NHAI’s balancesheet. This fiscal, we (the SPV) need to borrow a little less than Rs 10,000 crore, but we already have got offers for Rs 29,000 crore from banks and financial institutions. It shows the success of the SPV model. We will see who offers the best rate and then decide accordingly.”