 "Nitin Gadkari")
The rupee-denominated offshore bond offered by National Highways Authority of India (NHAI) on the exchange is targeted at raising capital for India's infrastructure projects.
"India gives the highest priority for infrastructure development. Our economy is the fastest growing in the world. NHAI is a flagship organisation, with AAA rating and we have many big projects to offer," Gadkari said at the London Stock Exchange market opening ceremony.
In reference to the progress already made, Gadkari pointed to a hike in road construction figures from just 2 kilometres per day,when he took charge of the transport ministry,to 23 kilometres a day at the end of March this year.
The government's target is to increase the length of the national highway from 96,000 kilometres to 2 lakh kilometres, he said.
The ceremony was attended by Indian High Commissioner to the UK Yashvardhan Kumar Singh, deputy High Commissioner Dinesh K Patnaik and the NHAI chairman Yudhvir Singh Malik, among others.
"This is a symbolic transaction for a number of reasons. We are hoping it would be the world's largest-ever Masala Bond. This bond will support the largest road building and transport infrastructure programme in the world. There is a huge appetite for investments in Indian infrastructure and confidence in the Indian economy," said Nikhil Rathi, CEO of London Stock Exchange , who described Gadkari as a "reformer and innovator."
According to the London Stock Exchange, there are 38 Masala Bonds currently in the market, raising around 5 billion dollars.
During his visit to the UK this week, Gadkari has meetings scheduled with Transport for London (TfL) authorities on road safety and other issues and will also be addressing a UK-India Conclave on the theme of'A New Era in UK-India Relations' before he leaves for India on Saturday.
