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Government Planning To Set Up Independent Financial Arm For Highways: Nitin Gadkari
Nitin Gadkari, Minister for Road Transport, Highways and Shipping
Minister for Road Transport, Highways and Shipping Nitin Gadkari has said in an interview that the government is actively considering setting up an independent financial institution to cater exclusively to the roads and highways sector along the lines of Power Finance Corporation Limited, Mint has reported.
“We are planning to set up a vehicle in National Highways Authority of India with on the lines of Power Finance Corp.,” Gadkari was quoted as saying.
He added that the proposal is still at an evaluation stage and the government looking to tie up with foreign investors.
“The power ministry has a finance arm. The road ministry has a much larger scope of work than power, but we don’t have such a financing arm. Investors from Japan and (South) Korea are keen on such structures,” he was quoted as saying.
According to the minister, National Highways Authority of India and foreign investors can put Rs 1,000 crore each to create this finance arm.
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