Nitin Gadkari asks banks to find ways to fund stalled road projects

Union transport minister Nitin Gadkari has asked bankers to find ways to finance 56 large road projects which are stalled for want of financial closure. These hybrid annuity model (HAM) projects are worth thousands of crores. The National Highway Authority of India (NHAI) has awarded 104 HAM projects including some during the previous government’s term, but as many as 56 of them are stuck as developers are unable to secure financial closure, Gadkari said after a closed-door meeting with bankers, LIC, an RBI deputy governor and NHAI brass.

Bankers who attended the meeting include SBI chairman Rajnish Kumar, LIC chairman VK Sharma, Bank of Baroda managing director BS Jayakumar, Union Bank managing director Rajkiran Rai and private sector lenders.