National Highways Authority of India (NHAI) on Friday signed a tripartite agreement for a road project worth R50 crore with an infrastructure debt fund and the Himalayan Expressway.
The infrastructure debt fund is backed by ICICI Bank, Bank of Baroda, Citibank and LIC. The agreement was signed in the finance ministry. Apart from finance ministry and NHAI officials, the signing was attended by ICICI Bank managing director Chanda Kochhar, Bank of Baroda managing director SS Munjal and Citibank India CEO Pramit Jhaveri. The 56-km expressway is operated by Larsen & Toubro on a build-operate-transfer annuity basis.