NHAI to borrow Rs33k crore by 2013 for BOT road projects

It plans to complete the award process for construction of 36,000km of roads in the next three years

The National Highways Authority of India (NHAI) today said it needs to borrow up to Rs33,000 crore over the next three years to implement road projects on build, operate and transfer (BOT) basis, reports PTI.

The borrowing requirement for the current fiscal, in which the authority has set a target to award 12,000 km of road projects, is up to Rs7,000 crore.

"Our fund requirement in the next three years will be Rs32,000-Rs33,000 crore for BOT projects. We are looking to raise Rs5,000-Rs7,000 crore from various options this fiscal. We are discussing with the World Bank also, but this is at a preliminary state," NHAI member finance, JN Singh, told reporters on the sidelines of a meeting.

"We are planning to award 12,000 km of roads this financial year and investment required will be roughly Rs1.20 lakh crore," Mr Singh said.

The borrowing requirement for the next fiscal is Rs11,000 crore, while for 2012-13, the authority plans to raise Rs15,000 crore, he said.

At present, 54 EC tax exemption bonds are the main source of funding for the government's portion in the highways project.

The authority responsible for implementing the National Highways Development Project (NHDP) in seven phases, has already made it clear that it needs to borrow up to Rs20,000 crore per year for the next 15 years to implement Rs9 lakh crore worth of road projects in the public-private-partnership mode till 2031-32.

"NHAI would need Rs10,000-Rs20,000 crore annually as borrowing from the domestic and international market for a period of next 15 years," NHAI chairman Brijeshwar Singh said earlier this week.

As per the government's target of building 20 km road every day, NHAI plans to complete award process for construction for 36,000 km of roads in the next three years.
 

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MCA may order further probe into IPL franchisees

Corporate affairs minister Salman Khurshid has maintained that the ministry is not conducting any probe but is only doing due diligence

The ministry of corporate affairs (MCA) today said it may initiate a further probe into the Indian Premier League (IPL) franchisees caught in the middle of a controversy over ownership pattern and bidding process, reports PTI.

The ministry is analysing the reports submitted by the Registrar of Companies (RoCs) on 10 IPL franchisees. The reports include details on the bidding process, sweat equity, memoranda of association and also franchise agreements.

"Now a decision is to be taken whether there has to be an inspection. These reports don't mean anything. (But) based on these reports we can go for an inspection," corporate affairs secretary R Bandyopadhay told reporters on the sidelines of the All India Management Association (AIMA) business responsibility summit in New Delhi.

The RoCs have given their reports on 10 franchisees, including the Kochi and Pune teams, Kolkata Knight Riders, Rajasthan Royals, King XI Punjab, Mumbai Indians and Delhi Daredevils.

Asked if evidence of any wrongdoing has been found from the reports of the RoCs, Mr Bandyopadhay said that conclusions cannot be drawn as of now, as these were preliminary reports.

Following the controversy over ownership of the Kochi IPL franchise, where Rendezvous Sports World had given 19% of the 25% stake held as sweat equity to Sunanda Pushkar, a close friend of former Union minister Shashi Tharoor, the MCA had asked the RoCs to fetch details of all IPL franchisees.

Corporate affairs minister Salman Khurshid has maintained that the ministry is not conducting any probe but is only doing due diligence, as a lot of questions have been raised publicly about the ownership pattern of the franchise companies.
 

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Out of control

The Gulf of Mexico oil spill is much bigger than previous estimates, say scientists.

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