NHAI to monetise Odisha's Panikoili-Rimuli NH
26 Apr 2024
2 Min Read
CW Team
It was reported that the National Highways Authority of India (NHAI), encouraged by the funds raised by the National Highways Infra Trust (NHIT) during the previous fiscal year, had decided to monetise highway stretches covering a distance of 2,740 km in the ongoing fiscal year. NHIT, which serves as the infrastructure investment trust of NHAI, had successfully raised Rs 403.14 billion through various forms of asset monetization in the fiscal year 2023-24. According to NHAI sources, the 167 km Panikoili-Rimuli section of NH-20, constructed at a cost exceeding Rs 18 billion, was included in the asset monetisation plan and would be undertaken through either toll operate transfer (TOT) or infrastructure investment trust (InvIT) mode.
The expansion of the highway to four lanes had faced delays of more than ten years due to protests from local residents and difficulties in land acquisition. Progress on the project had come to a halt after a confrontation between local law enforcement and villagers in 2016 regarding the location and design of a bridge over the Kusei river at Belabahali in Keonjhar district.
To address the impasse, NHAI had engaged an expert team comprising technical professionals from IIT Kharagpur and former Works department secretary GC Mitra to reassess the location and design of the proposed bridge, which was subsequently confirmed. Presently, the Ministry of Road Transport and Highways (MoRTH) utilizes three modes - TOT, InvIT, and project-based financing - to monetize its assets, offering investment opportunities across all categories of investors in highways and related infrastructure. However, it remains unclear which highways will be included in TOT bundles and which will be transferred to InvIT.
NHAI had already released 14 bundles of national highways in TOT mode. An NHAI official stated that although the mode of monetization for the Panikoili-Rimuli section had yet to be determined, TOT might be chosen due to the economic significance of the highway, which traverses through the mineral-rich belt of the region.
It was reported that the National Highways Authority of India (NHAI), encouraged by the funds raised by the National Highways Infra Trust (NHIT) during the previous fiscal year, had decided to monetise highway stretches covering a distance of 2,740 km in the ongoing fiscal year. NHIT, which serves as the infrastructure investment trust of NHAI, had successfully raised Rs 403.14 billion through various forms of asset monetization in the fiscal year 2023-24. According to NHAI sources, the 167 km Panikoili-Rimuli section of NH-20, constructed at a cost exceeding Rs 18 billion, was included in the asset monetisation plan and would be undertaken through either toll operate transfer (TOT) or infrastructure investment trust (InvIT) mode.
The expansion of the highway to four lanes had faced delays of more than ten years due to protests from local residents and difficulties in land acquisition. Progress on the project had come to a halt after a confrontation between local law enforcement and villagers in 2016 regarding the location and design of a bridge over the Kusei river at Belabahali in Keonjhar district.
To address the impasse, NHAI had engaged an expert team comprising technical professionals from IIT Kharagpur and former Works department secretary GC Mitra to reassess the location and design of the proposed bridge, which was subsequently confirmed. Presently, the Ministry of Road Transport and Highways (MoRTH) utilizes three modes - TOT, InvIT, and project-based financing - to monetize its assets, offering investment opportunities across all categories of investors in highways and related infrastructure. However, it remains unclear which highways will be included in TOT bundles and which will be transferred to InvIT.
NHAI had already released 14 bundles of national highways in TOT mode. An NHAI official stated that although the mode of monetization for the Panikoili-Rimuli section had yet to be determined, TOT might be chosen due to the economic significance of the highway, which traverses through the mineral-rich belt of the region.
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