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Lenders want 100% land acquired before awarding highway projects

Jan 15 2013, 00:06 IST
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SummaryLong-term lenders like IIFCL and IDBI Bank are unlikely to fund road projects where land acquisition is incomplete, a move that could scuttle plans to award projects of 8,000 km this fiscal year.

credit availability and consequent difficulty in achieving financial closure.

“Raising equity through initial public offers or follow-on offers seems unlikely due to poor market conditions. Banks are reluctant to lend either,” Murali said. “Lenders who used to readily finance road projects have woken up to the non-availability of adequate equity and heightened risk perception in the road sector. Highway finance comes only with pre-conditions like 100% right of way and environmental, forest and wildlife clearances in place,” he added.

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