“If we were to look at our monetisation plans, all the greenfield projects we are making could be potentially monetised,” the official told ET.
These projects, which are mostly greenfield expressways and access-controlled highways, will be completed by 2024-25, and are likely to be monetised through different models.
The authority plans to raise Rs 20,000-25,000 crore through the SPV model, and Rs 10,000 crore through the toll-operate-transfer (TOT) model in 2021-22, the official said. A second infrastructure investment trust (InvIT) worth around Rs 6,000 crore is also in the pipeline for the next financial year.
“In terms of the model of monetisation, we are open. Depending on the mode which gets better response from the market, we will take a call on how we monetise the majority of our projects,” the official said.
A second official ET spoke with said the national highways building authority is ready with a pipeline of projects to be monetised in FY22, but the exercise will depend largely on market response to certain models.
NHAI has been keen on special purpose vehicle (SPV) as a model for monetisation. The SPV shall raise debt on its balance sheet, while NHAI will retain the operational control during construction and operation and maintenance periods. The toll on the projects housed in SPV shall be collected by NHAI and SPV shall get the annuity payments without any construction and tolling risks.
The authority had last year formed an SPV for financing the Delhi-Mumbai Expressway. “We are also planning to form an SPV for financing the Delhi-Katra expressway,” said the first official.