NHAI Current Affairs

NHAI ink MoU with SBI for Long Term, unsecured Loan of Rs 25,000 crore

National Highways Authority of India (NHAI) has singed Memorandum of Understanding (MoU) with country’s largest lender State Bank of India (SBI) for long term unsecured loan of Rs. 25,000 crore for 10 years with 3 years of moratorium on repayments. This is SBI’s highest long term unsecured loan to any entity and also largest loan ever sanctioned to NHAI in one stroke by any institution.

Key Facts

The loan sanctioned by SBI is unsecured. It has no principal repayment liability for initial three years. But after three years, repayment will be done in 14 equal half yearly installments. The total loan tenure is 10 years. NHAI can repay or prepay it at any time without any prepayment penalty. The rate of interest will be based on one month marginal cost of funds based lending rate (MCLR). Interest accrued on amount actually outstanding will be paid on monthly basis.

Background

NHAI traditionally relied on borrowing through long term bonds issued to various investors, including LIC, EPFO and other qualified investors and Tax Free bonds and Masala Bond issued in year 2017. But recently it had invited Expression of Interest (EoI) from Scheduled Commercial Banks (SCBs) to fund Rs. 25000 crore as unsecured loan for 10 years with 3 years of moratorium on repayments. In response to this EoI, SBI had offered to fund t entire requirement of Rs. 25000 crore based on one month MCLR.

National Highways Authority of India (NHAI)

NHAI is an autonomous statutory agency of Central Government, responsible for management of network of over 70,000 km of national highways in India. It was established through NHAI Act, 1988. In February 1995, it was formally made an autonomous body. It is nodal agency of Ministry of Road Transport and Highways. It is responsible for development, management, operation and maintenance of National Highways. It is headquartered in New Delhi.

Month: Categories: India Current Affairs 2018

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NHAI signs agreement for its first International project under IMT Trilateral Highway

The National Highways Authority of India (NHAI) has signed agreement for upgradation of Yagyi – Kalewa section of highway in Myanmar to two lane with earthen shoulder. This project is part of India-Myanmar-Thailand (IMT) Trilateral Highway and will be NHAI’s first international project.

Key Facts

The project aims to provide seamless vehicular movement for enhancing trade, business, health, education and tourism between Indian, Myanmar and Thailand. It is being funded by Ministry of External Affairs, India and will be executed on Engineering, Procurement and Construction (EPC) mode at a cost of Rs.1177 crores.

The project will have 3 new major bridges and 2 new minor bridges.  Its existing 4 major bridges and 9 minor bridges will be repaired and strengthened and  6 existing minor bridges will be reconstructed. The Yagyi – Kalewa  stretch will have 6 truck lay byes, 20 bus bays and passenger shelters and 1 rest area. The project will be executed and completed in three years.

India-Myanmar-Thailand (IMT) highway

The IMT Trilateral Highway is regional highway being constructed under India’s Act East policy to boost connectivity in the region. It will connect Moreh in India with Mae Sot, Thailand via Myanmar. The highway is expected to boost trade and commerce in ASEAN–India Free Trade Area, as well as with rest of Southeast Asia.

National Highways Authority of India (NHAI)

NHAI is an autonomous statutory agency of Central Government, responsible for management of network of over 70,000 km of national highways in India. It was established through NHAI Act, 1988. In February 1995, it was formally made an autonomous body. It is nodal agency of Ministry of Road Transport and Highways. It is responsible for the development, management, operation and maintenance of National Highways.

Month: Categories: India Current Affairs 2018

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