NHAI approves IDFC buyout of Gurgaon expressway developer
Sources said IDFC will give the day-to-day management of the expressway to Feedback Brisa Highways OMT, a 60:40 JV between Feedback Infra and Brisa. IDFC, in turn, owns a 24% stake in Feedback Infra.
Sources said NHAI was keen that IDFC pick up the entire 100% stake in the project but it could not be done at this stage because of some policy restrictions in the model concession agreement. The issue would be taken up once the restrictions are lifted through suitable amendments. The ministry of road transport and highways is seeking Cabinet approval for an easier exit policy for road developers which would allow the concessionaire to make a complete exit immediately after commencement of commercial operations. Under the current policy, the original concessionaire has to keep at least a 26% stake for the entire concession period. A 100% exit is possible only once the new policy is in place.
“IDFC had earlier expressed interest to buy