The National Highways Authority of India (NHAI) has given a breather to four companies which are on the verge of losing their contracts. Several projects of NHAI have been facing failure to achieve financial closure.
This is probably the first time NHAI has taken such a lenient view, by extending the 300-day deadline for financial closure in a project after it was awarded. According to officials, 45 projects, many awarded on a premium last year, are yet to achieve closure. Half of these are already in the grace period of 120 days.
One reason for the extension is the highway authorityÂ’s admission that it has been unable to do the needful in these cases, said an official.
NHAI is required to facilitate a number of clearances for the projects, which in these cases have been pending. Four highway projects, two in Kerala and one each in Rajasthan and Odisha, comprising close to 400 km of highways, have been given the extension.
The four road projects that have got the breather are: Four-laning of Kannur Vengalem Kuttipuram
(Package -II) 81.50 km KMC Construction, 4-laning of
Kannur Vengalem Kuttipuram (Package -I) 83.20 km KMC Construction Panikholi-Rimoli 106.00 km Gayatri Projects and Kota-Jhalawar 88.09 km Keti
Constructions.
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