Infrastructure Development Financial Company (IDFC), which is one of the lenders for the Delhi-Gurgaon expressway project, is in the process of picking up stake in the project, reports suggest.
The concessionaire of the project– Delhi-Gurgaon Super Connectivity (DGSCL) –can reduce its share from 100 percent to 26 percent two years after tolling starts and has to report to NHAI in such case, according to an agreement with NHAI.
IDFC is the lead financial institution in a consortium of lenders for the project and other members include PSU banks such as Punjab National Bank (PNB) and Bank of India.
If the acquisition is allowed, all liabilities including the Rs 1,600 crore debt, will be passed on to the new party and the need for immediate measures to improve the traffic and road condition will be its responsibility. Secondly, the lenÂders face no threat of losing a large chunk of the debt amount which they would have lost in case the project was terminated.
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