Nitin Gadkari invites US bizmen to invest in Indian highway projects

Union minister of road transport and highways Nitin Gadkari on Monday called on investors from the US to invest in Indian highway projects, adding that India's potential for public private partnership (PPP) has been globally recognised, and the sector is poised for growth.

Address the India-US Economic Summit, Gadkari said that the government has already set into motion the wheels of innovative joint venture instruments, such as the National Highways Authority of India (NHAI) Infrastructure Investment Trust (InvIT), which saw a Rs 6,100 crore investment from foreign institutional investors.

"We have a well-developed framework for PPP in the highway sector... The Asian Development Bank has designated India as a developed market for PPPs. All project documentations, approvals, and contractual decisions are done through a digital portal. I sincerely hope that more and more investors from the US will come forward and invest in highway projects in India," Gadkari said.

The minister recently announced that the NHAI InvIT will soon be open to retail investors, and will assure them a minimum return of 7-8 per cent. 

The minister also said that the Centre is looking at innovative solutions in all aspects of highway development, and there's a huge opportunity in technologies such as advanced traffic management system (ATMS).

ATMS will be installed on all national highways with the aim of facilitating smooth and seamless traffic movement, the minister said.