In a recent development to the problems surrounding the Delhi-Gurgaon expressway, NHAI has now said that it wants the lead banker of the project, IDFC to takeover the project completely.
This is in response to IDFC’s proposal of buying 74 per cent stake. Last month IDFC had intended to buy the stake by writing to NHAI with the other 24.8 per cent lying with Delhi-Gurgaon Super Connectivity (DGSCL), the concessionaire of the project, and 1.2 per cent with Jaypee.
One challenge in this case which needs to be overcome is NHAI board’s approval for complete takeover as the current provisions demand the original concessionaire to keep a minimum 26 per cent stake for the entire concession period.
The Delhi-Gurgaon expressway is a 28 km (17 miles) long access-controlled toll expressway connecting Delhi and Gurgaon, the satellite city of Haryana. It also forms part of the Golden Quadrilateral project.
At present, the developer collects around Rs 160 crore annually from toll and there is about 12-15 per cent increase every year. The expressway has been facing a lot of commuter woes owing to the traffic mismanagement due to tolls and high density flow on the route. Also the toll is charged on a road which actually serves the purpose as an intra-city road.