GVK may seek recast of premium payment for 330 km project

17 Apr 2013 Editorial Team

GVK Power & Infrastructure may request National Highways Authority of India (NHAI) to reschedule its premium payment for a highway project in Madhya Pradesh.

Media reports suggest that the company may submit a proposal to the NHAI on the lines of infrastructure major GMR Infrastructure.

GVK withdrew from the project citing pending regulatory clearances and changes in regulatory regime. It is learnt that NHAI wants GVK to consider developing the project by seeking recast of premium schedule.

The project involves widening 330 km stretch of highways between Shivpuri and Dewas in Madhya Pradesh to four lanes in return for toll collection rights for 30 years.

Earlier, GMR requested NHAI to reschedule the premium payout over the 26-year period back-loading it for a 555-km highway project. The NHAI Board had approved the company's proposal.

Once rescheduled, the premium payment would be lighter in the initial years of concession period and would rise in the later years.

GVK offered to pay NHAI a premium of Rs 180.9 crore in the first year of operations, which would have gone up by 5 per cent every subsequent year over the 30-year concession period.

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