bankers are becoming reluctant to restructure debt though foreign funds and will also bargain for better valuations. Much of the weaker valuations are reflected in the market capitalisation of road builders. Data show that the market value of a dozen firms in the space has more than halved to 1.05 lakh crore from Rs 2.2 lakh crore, three years back. According to market estimates, between 2009 and 2012 about 15 road assets, worth $1 billion, were traded. In early 2012, PE firm 3i invested Rs 300 crore ($61 million) for a 49% stake in Supreme Infrastructure India's portfolio of road projects, SBI Macquarie invested $150 million in a portfolio of seven roads of Ashoka Buildcon. IVRCL, which wants to exit many projects, is still awaiting clearance from the National Highway Authority of India and a no objection certificate from the lenders.