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Tuesday, Apr 02, 2002

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NHAI mops up Rs 797 cr thru bonds

P. Manoj

NEW DELHI, April 1

THE National Highways Authority of India (NHAI) has mopped up Rs 797 crore during 2001-2002 through bonds issued under Section 54 EC of the Income-Tax Act for part-funding the National Highways Development Project (NHDP).

During the current fiscal starting on Monday, NHAI has a market borrowing programme of Rs 6,200 crore. The authority proposes to raise this amount through a mix of 54 EC bonds, long-term loan from Life Insurance Corporation and annuity schemes, Government sources said.

Subscribers to the 54 EC bonds would be entitled to tax exemptions from long-term capital gains.

The NHAI had raised Rs 656 crore through 54 EC bonds during 2000-2001.

NHAI and LIC are close to finalising a 25-year loan worth Rs 6,000 crore at 100 basis points above Government securities rate. A final approval in this regard is expected from the Finance Ministry shortly.

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