FinMin concerned over NHAI’s inability to use bond funds

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SummaryThe highways agency forced to park about Rs 8,500 crore of such funds in fixed deposits.

development agency has raised close to Rs 22,000 crore through tax-free bonds, 54 EC bonds and their share of oil cess. Of this, it raised Rs 5,000 crore through 54 EC bonds in the last two fiscals and another Rs 10,000 crore through tax free bonds. It also received Rs 7,000 crore as its share in the oil cess.

Of the total road project award target of 9,500 km for the current fiscal, the government had set a target of awarding over 7,000 km for NHAI. On the contrary, the highways authority has been able to award only 1,000 km of road projects in the current fiscal. NHAI’s plan to award 2,000 km of road projects on engineering, procurement and construction (EPC) mode is awaiting approvals.

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