Pedestrians walk under an elevated highway shrouded in smog in New Delhi, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

NHAI To Raise Rs 10,000 Crore Through Bharatmala Bonds

The National Highways Authority of India plans to raise Rs 10,000 crore through Bharatmala Taxable Bonds in the ongoing financial year, Parliament was informed on Thursday.

The government approved raising of Rs 62,000 crore by NHAI in 2018-19.

“A draft self prospectus or offer document has been filed with the stock exchanges and the Securities and Exchange Board of India to raise Bharatmala Taxable Bonds through public issue with a shelf limit of Rs 10,000 crore,” Highways Minister Nitin Gadkari told Lok Sabha in a written reply.

Also read: Government Approves Rs 7 Lakh Crore Highway Projects Including Bharatmala 

The minister said as per the internal and extra budgetary resources approved for 2018-19 by the government, a sum of Rs 62,000 crore is to be raised by NHAI through various instruments/sources, including Bharatmala bonds. “The amount is being raised accordingly and till date a sum of Rs 41,170 crore has been raised by NHAI.”

Gadkari said the government conceptualised the Bharatmala Pariyojana for development of highways across the country which includes development of about 65,000 km of border roads, international connectivity roads, coastal roads, port connectivity roads and ring roads, among others.

“Under the phase 1 of Bharatmala Pariyojana, the government approved implementation of 24,800 km highways and 10,000 km balance National Highways Development Projects over a period of five years from 2017-18 to 2021-22,” he said.

Also read: NHAI Awarded Projects Worth Rs 1.22 Lakh Crore In FY18