IDFC to seek a major share in Delhi-Gurgaon e-way
New Delhi- The Infrastructure Development Financial Company (IDFC) is geared up to hold a whooping share of about 74 percent in the project of Delhi-Gurgaon Expressway, by relieving the project concessionaire.
Despite the IDFC holding a greater share, there has not yet been any clarity about the IDFC’s move fetching benefit to the commuters. However IDFC refuses to reveal about their deal.
As per the NHAI officials, the efficiency will be improved if a new operator would get more pro active on the project. According to the model concession agreement (MCA) which rules the PPP projects, it lets the contractor reduce its share from 100 percent to 26 percent after two years of the tolling start. However, the NHAI will be reported in case of any changes pertaining the shareholding.
There were rumors that the concessionaire Delhi-Gurgaon Super Connectivity Ltd (DGSCL) will be out of the project completely. Since the project is involved in quite many controversies, it will in either case be placed before the NHAI. It was after a long time that the project deal has been accepted by all the parties of the contractors, NHAI and the lenders. The other major lenders for highway projects are Punjab National Bank (PNB) and Bank of India (BoI).
The consequences of the deal being passed is that all the liabilities of the project along with Rs. 1,600 crore debt, will be transferred to the new party. Also the lenders will not have to fear of losing a large amount of money from the debt even if the project is terminated, as they can collect the toll until 2013 and get their debts back.
Reports suggest that the deal is likely to be finalized in the next 15 days with the highway authority getting lenient with the memorandum of understanding (MoU) conditions to upgrade the expressway project.
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Delhi, Delhi-Gurgaon expressway, Delhi-Gurgaon Super Connectivity Ltd (DGSCL), Infrastructure Development Financial Company (IDFC), model concession agreement (MCA), NHAI officials, PPP projects, Punjab National Bank (PNB) and Bank of India (BoI)
