The Union government, upset by several jammed highway projects, 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).
Tag: private developers
Post
Post
Proposal to stop toll collection on incomplete roads
A proposal has been made to the government to stop private developers from collecting toll on highway widening projects during the construction phase, if the project falls behind schedule. The proposal has been made by the National Highways Authority of India (NHAI) and it is being studied by the Union Ministry for Road Transport and Highways.