The National Highway Authority of India (NHAI) allowed IDFC to pick up 74 per cent stake in the Delhi-Gurgaon expressway project from its original promoters.
Following the acquisition of the controlling stake, IDFC, which is the leading lender to the project, is expected to manage the project efficiently to recover its investment and that of the other financial institutions.
The project will now be run and managed by the financial institution. It may be noted that IDFC and other major PSU banks lent nearly Rs 1,600 crore to Delhi-Gurgaon Super Connectivity (DGSCL), a special purpose vehicle created to run the project.
The approval for stake acquisition by IDFC removed the risk that the project may be terminated, in which case the lenders would have lost a large sum of money.
The new operator will have the freedom to change the name of DGSCL.
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