The National Highways Authority of India (NHAI) has finalised a plan to build 22 expressways with an investment of Rs 3.3 lakh crore. The authority has also decided to form Special Purpose Vehicles (SPVs) to meet this huge fund requirement, according to sources.
Under this mega plan, the NHAI board has approved the first SPV for Delhi-Mumbai Expressway, which will be owned by the highways authority, said the sources, adding that it would be easier for the SPV to get lending from financial institutions, banks, insurance firms, and pension funds as NHAI is a sovereign entity.
a) In the range of 50-150 km, will be clubbed as single SPV will be formed for Expressway projects having shorter lengths.
b) 300- 400 km for bigger length expressways will have dedicated to SPV.