NHAI RAISES SUBSTANTIAL RESOURCES FOR NHDP
The Union Minister of State (Independent
Charge) for Road Transport and Highways, Maj. Gen. (Retd.) B.C.
Khanduri today said that the good response to NHAI Capital Gains
Exemption Bonds reflects the confidence investors have in the
country’s road building programme. Addressing a press conference
here, he said that in the current financial year (upto 31st
July, 2002) NHAI has collected Rs.2232.43 crore which is almost
three times that of amount collected in the whole of last year.
The National Highway Authority of
India (NHAI) has been entrusted with the primary responsibility
of implementing the Prime Minister’s Dream Project- the National
Highways Development Project [NHDP]. The NHDP is the largest highway
project ever undertaken by the country. Under this project, about
13,146 km of National Highways are proposed to be 4/6 laned at
a total estimated cost of Rs.54,000 crore [at 1999 prices]. The
Government has approved the first phase of NHDP at a cost of Rs.
30,300 crore [at 2000 prices]. The Phase I of NHDP consists of
the Golden Quadrilateral and some portion of the North South and
East West Corridors.
In order to raise resources of this
magnitude, NHAI formulated a judicious strategy, combining market
borrowings, external assistance and oil cess receipts.
To support the programme, NHAI has
received part of cess on Petrol and Diesel amounting to Rs.5592
crore from 1999-2000 to 20002-2003 [up to 31/7/2002]. NHAI has
also received External Assistance [World Bank/ADB loans, etc.]
to the tune of Rs. crore during the period 1999-2000 to 2002-2003
[up to 31/7/2002].
NHAI launched its scheme for market
borrowings in the year 2000-2001 by way of issuing Capital Gains
Exemption Bonds under section 54 EC of IT Act and during the first
two years, the collection was as follows-
|
2000-2001
|
Rs. 656 crore
|
|
2001-2002
|
Rs. 804 crore
|
In the year 2002-2003, NHAI aggressively
opened its issue of Capital Gains Exemption Bonds [‘AAA’ rating
of CRISIL] under section 54EC of the IT Act on May 22, 2002. By
the end of 31st July, that is in approximately two
months’ time, NHAI collected Rs. 2232.43 crore.
The progression of collection figures
indicates the coming of age of NHAI as an attractive investment
avenue for investors. NHAI has concentrated on giving excellent
service to its investors and a separate customer service cell
is in operation in NHAI. NHAI desires to tap the retail investor
segment also in a large way and its policy is being attuned to
this end.
