NHAI (National Highways Authority of India) has raised INR 10,000 crore from retirement fund body EPFO’s bonds so far this financial year, while LIC has agreed to subscribe to its taxable bonds worth INR 8,500 crore till March-end.
In the current financial year, NHAI has raised INR 10,000 crore through taxable bonds of EPFO (Employees Provident Fund Organisation), data presented by Minister of State for Road Transport and Highways P Radhakrishnan in Lok Sabha showed.
“LIC (Life Insurance Corporation) has agreed in principle to subscribe to NHAI taxable bonds to the tune of INR 25,000 crore subject to not more than INR 8,500 crore in one financial year. The terms and conditions are under negotiations,” said P Radhakrishnan, Minister of State for Road Transport and Highways.
Also, it has raised additional INR 11,929 crore through investors availing capital gains exemption, the data showed.
Apart from that, the government has raised INR 10,000 crore, INR 5,000 crore and INR 19,000 crore through tax-free bonds during 2011-12, 2013-14 and 2015-16, respectively, showed the data.
Radhakarishnan said, “The estimated total investment required by NHAI for execution of different highway projects is INR 71,911 crore (Budget Estimate 2016-17).”