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Our Corporate Bureau
NEW DELHI, DEC 16: Foreign players will not be allowed to invest in smaller highway projects, Prafulla Kumar, director general, Road Development said on Wednesday.Speaking at the International Congress on Express Development Kumar clarified that the government had decided not to allow foreign equity participation in projects below Rs 100 crore of the size 22-30 km.
According to him, the underlying rationale for not allowing foreign participation in such projects was that they were time consuming.
Kumar, however, said that the government had decided to allow foreign participation in bigger projects. "The decision on foreign participation will be taken on a case-to-case basis and would depend on technology transfer", he added.
Speaking at the valedictory session the union minister for surface transport M Thambi Durai said that the economy could not be lifted up without high speed roads and if this was an expensive proposition, the nation must be ready to pay the price for benefits of higher economicgrowth.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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