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Business News/ News / Govt to approach capital market to raise funds for four road projects
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Govt to approach capital market to raise funds for four road projects

Union Minister Nitin Gadkari said the Central government will approach the capital market to raise funds for four road projects

Union Minister of Road Transport and Highways Nitin Gadkari (PTI)Premium
Union Minister of Road Transport and Highways Nitin Gadkari (PTI)

Road Transport Minister Nitin Gadkari said on Tuesday that the government will approach the capital market in September to raise funds for four road projects. Nitin Gadkari said that the money will be raised through Infrastructure Investment Trusts (InvITs). The Union minister said there will be an investment limit of 10 lakh for retail investors.

Addressing a FICCI event, Nitin Gadkari said, "We will be approaching the capital market to raise funds for the four road projects... there will be an assured return of 7-8 per cent."

Infrastructure Investment Trusts (InvITs) are instruments on the pattern of mutual funds, designed to pool money from investors and invest in assets that will provide cash flows over a period of time.

Nitin Gadkari said the road ministry will also be opening up projects under the build operate transfer (BOT) model once again. He said he has set a target to take the national highway network length to 2 lakh km by 2024. At the end of November 2021, the total length of national highways in India has increased from nearly 91,287 km in April 2014 to about 1,40,937 km.

Nitin Gadkari reiterated his aim of replacing the use of petrol and diesel with alternative fuels.

(With PTI inputs)

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Published: 23 Aug 2022, 05:30 PM IST
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