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India targets to build 15,000 km highways, NHAI looks to raise Rs 5k-10k crore through masala bonds
April 26, 2017
- In its maiden attempt to raise funds from overseas, National Highways Authority of India (NHAI) will raise Rs 5,000-10,000 crore via rupee-denominated (masala) bonds sold in the offshore market in the current fiscal year.
- The funds will come “way cheaper” than its average cost of borrowing of 7.44% from the domestic market. an official said.
- The highway development authority, which conducted a roadshow in Singapore on Monday to woo investors to subscribe to the masala bond, has got a tremendous response, including from the likes of GIC and Temasek, Rohit Kumar Singh, member (finance), NHAI, said.
- India targets to build 15,000-km highways in the current fiscal which translates into 41km/day.
