New Delhi: The National Highways Authority of India (NHAI) will go ahead with a plan to raise ₹50,000 crore through a special purpose vehicle (SPV) with the National Investment and Infrastructure Fund (NIIF) for the Delhi-Mumbai expressway project.
It will appoint a merchant banker soon, a government official told ET.
NHAI’s external financing route was approved at a recent meeting with the finance ministry, the official said, adding that the model would be finalised by July-end. “NIIF is now moving ahead...By and large, the Department of Economic Affairs in the finance ministry has shown willingness to support the model,” the official said.
“There are gaps in our requirement which we have to fill. The ₹50,000 crore we raise through NIIF will be spent over the next three years and once you establish a model, you can always replicate it (for other projects),” the official said.
