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The cost of fund raising for National Highways Authority of India (NHAI) is expected to go down with the proposal to allow NHAI to raise Rs 10,000 crore through tax-free bonds. “The average cost of long-term funds for us was about 9 per cent. Now, we hope to mobilise Rs 10,000 crore at about 7 per cent,” Mr J.N. Singh, Member-Finance, NHAI, said. The funds will be used for land acquisition and utilities shifting, viability gap funding outgo, committed annuity payments and expenditure due to change in scope of projects. Mr Singh added that six projects in Jammu and Kashmir are likely to benefit significantly from the customs duty exemption on import of tunnel boring machines.
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