The National Highways Authority of India (NHAI) has raised Rs 85 billion from the Life Insurance Corporation of India (LIC) for 30 years at an interest rate of 7.22 per cent per annum. The funds will be used to construct bypasses on national highways and for road expansion projects. NHAI is seeking over Rs 1 trillion from LIC to be disbursed in tranches over five years. Meanwhile, the Employees’ Provident Fund Organisation (EPFO) has subscribed to NHAI bonds worth Rs 100 billion for 25 years at an 8.03 per cent interest rate. The Ministry of Road Transport and Highways has also been in talks with LIC and the EPFO to raise funds for highway projects.