The National Highways Authority of India (NHAI) has got the Road Transport Ministry’s approval for its plan to raise up to Rs 55,000 crore on its own during this fiscal year. This has been done to ensure that NHAI does not go sort of money while expanding highways and building new expressways.
The ministry has also allowed the NHAI to keep the revenue of the completed highway projects that will be sold out for a healthier balance sheet.
This decision of ministry will help NHAI in raising more funds on its own and relieve it from depending on more budgetary support, the source said.
A list of 75 completed projects has been prepared by the ministry which can be sold to private players for about 15 years under a new model named Toll-Operate-Transfer. By selling these projects, it is expected that ministry could generate at least Rs 40,000-Rs 50,000 crore revenue in advance.
The present total toll revenue generation from these roadways is Rs 4,400 crore. “Earlier it was proposed that the entire proceeds would be transferred to Consolidated Fund of India. But in that case NHAI had to look forward for the budgetary support. We hope full support from all the departments for this proposal,” said an official.