NHAI requires Rs 71,911 crore for highway projects

LIC agreed to subscribe to NHAI taxable bonds to the tune of Rs 25,000 crore

The government on Thursday said the National Highways Authority of India (NHAI) has estimated a total investment of Rs 71,911 crore for the execution of different highway projects during 2016-17.

"LIC (Life Insurance Corporation of India) has agreed in principle to subscribe to NHAI taxable bonds to the tune of Rs 25,000 crore subject to not more than Rs 8,500 crore in one financial year," Union Minister of State for Road Transport and Highways and Shipping Pon. Radhakrishnan informed Lok Sabha in a written reply.

According to the Minister, various steps are being taken by NHAI to complete the National Highways Development Project (NHDP) like: "Streamlining of land acquisition, disputes resolution mechanism revamped, no award without adequate preparation."

The Minister elaborated that no future project would be awarded unless 80 per cent of land is available with the authority with requisite forest clearance.