Uttar Pradesh government takes toll securitisation route to finance Ganga Expressway project

The Uttar Pradesh cabinet has approved a proposal for Rs 44.8 billion loan from the Punjab National Bank to purchase land for the 594 km Ganga Expressway project. Loan for the Rs 360 billion project will be given based on toll revenue securitisation from the Agra-Lucknow expressway. This is the first attempt by a government institution to get resources on an asset securitisation basis in the infrastructure sector. The process of purchasing land for the Ganga Expressway, which is to be built from Meerut to Prayagraj, is going on in full swing. So far, 88 per cent of the land has been purchased.