NHAI starts process of raising Rs 25,000 cr via medium-term notes

A provision to raise Rs 59,300 crore for the NHAI was made in the 2017-18 Union Budget

In line with government’s push for capital funding, the National Highways Authority of India (NHAI) has begun the process of raising funds through medium-term notes worth Rs 25,000 crore over the next five years to be listed either on the London Stock Exchange (LSE) or the Stock Exchange of Singapore. The authority is expected to soon receive sovereign ratings from international agencies Moody’s and Standard & Poor’s.

The authority plans to utilise the proceeds from the medium-term note (MTN), which usually matures in 5-10 years, for primarily financing EPC (engineering-procurement-construction) projects that it undertakes.

“Sovereign ratings from international agencies would ensure