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CARE Ratings Research Report
Operational hybrid annuity model projects of National Highways Authority of India (NHAI, rated CARE AAA/ Stable) with low leverage have proved to be a safe investment proposition for the stakeholders.
Strong pipeline of HAM projects and reinforcement of contractual terms augur well in terms of business prospects for the developers despite surge in competition.
We have analysed HAM projects totalling to 25,700 lane kilometre, with bid project cost of around Rs 1,20,400 crore and debt of around Rs 50,000 crore.
These projects were awarded by NHAI between FY2016 to FY2019 and cover around 90% of the projects awarded in this period.
There are 13 unique sponsor-cum-engineering procurement construction contractors executing these projects.
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