NHAI to raise Rs 3000 crore in FY09-10

The National Highways Authority of India (NHAI) plans to raise Rs 3,000 crore in 2009-10 through tax-free bonds to fund the road projects.

According to sources, the bonds are expected to hit the market very soon.

It should be noted that the company has earlier raised Rs 1,700 crore in the last fiscal (2008-09) to strengthen the sector.

In addition, the highways regulator was reported in talks with the Asian Development Bank for a loan of $400 million (about Rs 2,000 crore) to fund road projects.

Last year the highways' regulator had planned to bid out 60 projects worth Rs 70,000 crore but, most of these projects failed to generate any response in the wake of the economic slowdown.