NHAI plans to raise funds from LIC and NSSF for Bharatmala Pariyojana

The National Highways Authority of India (NHAI) plans to raise Rs 85 billion from the Life Insurance Corporation [LIC] of India and Rs 100 billion from the National Small Savings Fund (NSSF) to finance the Bharatmala Pariyojana. Further, NHAI also plans to raise another Rs 50 billion through masala bonds. The funds will be raised for a tenor of 15 years, at an interest rate of less than 8 per cent. In the first quarter of 2018-19, it plans to borrow funds worth Rs 250 billion. In addition, NHAI also expects to receive Rs 96.81 billion from the Macquarie Group in May 2018. The group recently won the toll-operate-transfer (TOT) bid for nine national highways spanning a total length of around 700 km.