Rescue plan for defaulters

The Union Government, plans to re-negotiate contracts worth Rs 99,000 crore with some of the private developers to give them payment concessions, instead of imposing penalties. The government’s grand rescue plan, billed as a one-time measure, is in the final stages of approval and involves 23 concessionaires (the private parties) and a total project cost of Rs 34,000 crore ($5.2 billion). Union Finance Minister P Chidambaram and Road Transport and Highways Minister Oscar Fernandes have approved a moratorium of
6-10 years on the premia due from them.