DME Development Limited to raise Rs 460 billion debt in two to three years

DME Development Limited, a special purpose vehicle (SPV) fully owned by NHAI, is planning to raise Rs 460 billion in debt over the next two to three years to part finance the Delhi-Mumbai expressway project. The entire Rs 460 billion debt will be raised at the SPV level and the borrowing will be off NHAI’s balance sheet. While the SPV needs to borrow only a little less than Rs 100 billion this fiscal, it has already secured offers for Rs 290 billion from banks and financial institutions.