Synopsis
To fund its ambitious Bharatmala Project, the NHAI needs to monetise its assets. However, the government does not want it to take more debt. Hence, NHAI has to bank on leasing toll roads under TOT contracts or go for Infrastructure Investment Trusts. But that too has its own set of challenges.
The asset monetisation plan of the National Highways Authority of India (NHAI) is languishing. In its first two years, only a little over 10% of the INR1.6 lakh crore target has been achieved. “The asset monetisation program is crucial to execution and implementation of Bharatmala Project,” says Maulesh Desai, director at Care Ratings. According to Care Ratings, NHAI’s external borrowings have increased from INR75,385 crore (outstanding as of
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