Delhi-Mumbai Expressway raises Rs 18,456 cr from bonds and loans

22 Nov 2021 CW Team

The company will launch its maiden local bond sale by December. It is also in talks with local and foreign lenders, including the State Bank of India (SBI), Employees' Provident Fund Organisation (EPFO), Citi, Barclays and Morgan Stanley.

DME has also received a letter of comfort from NHAI for the bond sale. The borrowers may hold up a meeting for the same.

The company is seeking to raise at least Rs 5,000 crore with 15 years of maturity. It has approached many domestic and institutional investors such as banks, mutual and pension funds and bond houses to show their project's strength.

As per the bond terms, the bond may have five to six years of a call option, an exit route for investors before the maturity date. The bond will be up for bidding on the National Stock Exchange's electronic trading platform. However, only qualified institutional borrowers can participate in the bidding process.

It is aiming to raise a Rs 4,000 crore loan from institutional centres, including India Infrastructure Finance Company, National Investment and Infrastructure Fund and EPFO.

The company is exploring offshore fundraising. It is also in talks with foreign investors to extend a dollar-denominated loan under an external commercial borrowing (ECB) interface.

According to a source, the Rs 4,000 crore loan could be a combination of ECB and domestic institutions or only ECB.

DME is negotiating with many local banks to raise Rs 9,000 crore. Earlier, it had raised Rs 2,700 crore from Bank of Baroda, Indian Bank and Bank of Maharashtra in FY22, with a maturity period of 18 years. It is also negotiating with SBI, seeking a 6.85% rate of interest against 7%.

The Delhi-Mumbai Expressway project is 1,380 km long, where SPV is to raise Rs 54,000 crore till the project completion date in October 2023.

In Delhi and Boroda, the project will be distributed in segments through engineering, procurement and construction (EPC) contracts. The remaining part of the project till Mumbai will be implemented through a hybrid annuity model.

Image Source

The Delhi-Mumbai Expressway (DME) Limited, a special purpose vehicle (SPV) owned by the National Highways Authority of India (NHAI), raised Rs 18,456 crore through bonds and loans to fund the project. The company will launch its maiden local bond sale by December. It is also in talks with local and foreign lenders, including the State Bank of India (SBI), Employees' Provident Fund Organisation (EPFO), Citi, Barclays and Morgan Stanley. DME has also received a letter of comfort from NHAI for the bond sale. The borrowers may hold up a meeting for the same. The company is seeking to raise at least Rs 5,000 crore with 15 years of maturity. It has approached many domestic and institutional investors such as banks, mutual and pension funds and bond houses to show their project's strength. As per the bond terms, the bond may have five to six years of a call option, an exit route for investors before the maturity date. The bond will be up for bidding on the National Stock Exchange's electronic trading platform. However, only qualified institutional borrowers can participate in the bidding process. It is aiming to raise a Rs 4,000 crore loan from institutional centres, including India Infrastructure Finance Company, National Investment and Infrastructure Fund and EPFO. The company is exploring offshore fundraising. It is also in talks with foreign investors to extend a dollar-denominated loan under an external commercial borrowing (ECB) interface. According to a source, the Rs 4,000 crore loan could be a combination of ECB and domestic institutions or only ECB. DME is negotiating with many local banks to raise Rs 9,000 crore. Earlier, it had raised Rs 2,700 crore from Bank of Baroda, Indian Bank and Bank of Maharashtra in FY22, with a maturity period of 18 years. It is also negotiating with SBI, seeking a 6.85% rate of interest against 7%. The Delhi-Mumbai Expressway project is 1,380 km long, where SPV is to raise Rs 54,000 crore till the project completion date in October 2023. In Delhi and Boroda, the project will be distributed in segments through engineering, procurement and construction (EPC) contracts. The remaining part of the project till Mumbai will be implemented through a hybrid annuity model. Image Source

Infrastructure Energy

19 Sep 2025

J&K CM Rules Out Power Privatisation, Focuses on Sector Reform

Jammu and Kashmir Chief Minister Omar Abdullah has dismissed speculation regarding privatisation of electricity in the Union Territory, emphasising that his priority is to strengthen and reform the power sector.“We are not discussing privatisation. By reducing losses, improving billing efficiency, and enhancing revenue, there will be no need for it. My vision is to strengthen and reform the power sector in J&K,” Abdullah stated.He addressed the gathering at the 58th Engineers’ Day at SKICC on Monday evening, an event honouring Bharat Ratna Sir M Visvesvaraya for his pioneering contri..

Infrastructure Urban

19 Sep 2025

Mumbai’s Sassoon Dock to Get Tech-Driven Modernisation with Finland

The Maharashtra government, in collaboration with Finland, will modernise Mumbai’s historic Sassoon Dock using advanced technology, state minister Nitesh Rane announced on Wednesday.Rane met a delegation of Finnish officials and representatives of Finnish companies at the dock to discuss strategic plans for upgrading the facility in south Mumbai, according to an official statement.Built in the 19th century, Sassoon Dock is one of Mumbai’s oldest and busiest fishing harbours. Operations currently exceed its original capacity, raising concerns over hygiene, odour, fish handling standards, an..

Infrastructure Energy

19 Sep 2025

Agarwal Industrial Wins Rs 3.3 Billion IOCL Bitumen Tender

Agarwal Industrial Corporation rose 3.84 per cent to Rs 945.65 after announcing it had secured a prestigious tender from Indian Oil Corporation (IOCL) worth Rs 3.3 billion.In a regulatory filing during market hours, the company confirmed it had won the tender to supply Bulk Bitumen (VG-30 and VG-40 grades) to IOCL’s Kakinada locations.The firm quantity under the award totals around 60,500 tonnes across 11 parcels, while the optional quantity is approximately 33,000 tonnes across six parcels. This brings the total awarded quantity to roughly 93,500 tonnes. At current market prices, the firm o..