Bharatmala to hike NHAI's total market borrowings to Rs 2 trn by 2022: Icra

Over the years, NHAI's expenses have spiraled due to sharp increase in land acquisition costs, while budgetary support has shrunk, leading it to fall back on internal resources and debt

The Bharatmala Pariyojana progamme is set to raise the dependence of National Highways Authority of India (NHAI) on market borrowings.

Overall market borrowings for the Bharatmala Project are estimated at Rs 2.09 trillion till 2021-22. The total capital base comprising cess fund, toll collections and TOT (toll-operate-transfer) proceeds are pegged at Rs 3.77 trillion.

“At around Rs 60,000 crore per annum, the annual debt requirement is in line with that raised in the recent past. A major part of this is likely to be sourced from LIC and the EPFO,” Icra Research noted in its annual sectoral outlook report on