NHAI SPV raises Rs 9,731 cr for Delhi-Mumbai expressway

01 Apr 2021 CW Team

The funding came from four banks which includes Punjab National Bank, Bank of Maharashtra, Axis Bank and the State Bank of India which contributed the major share of the funding—Rs 5,000 crore in the SPV.

The total estimated cost of the Delhi-Mumbai expressway project is about Rs 87,453 crore, including the land acquisition cost of around Rs 20,589 crore. During the construction period, the total capital expenditure is estimated to be Rs 53,849 crore, and it will be a combination of debt and equity, with the total debt at Rs 48,464 crore.

The project will soon tie-up with other institutions for the balance debt requirement of Rs 38,733 crore. The expressway is scheduled to be completed by March 2023, NHAI told the media.

As we have reported earlier, DMEL recently received AAA rating from CRISIL, CARE and India Rating. Delhi Mumbai Expressways SPV debt repayment shall be made from the toll revenue generated from the expressway. To ensure the viability of the model, NHAI has decided to add five running toll plazas on the existing Delhi-Mumbai highway as a sweetener to the SPV According to Crisil, DMEL has monetisation potential between Rs 50,000-80,000 crore.

The SPV will repay the debt from the toll revenue that will be generated from the expressway. NHAI will add five operational toll plazas on the existing Delhi Mumbai highway as support to the SPV for the viability of the model.

The Delhi Mumbai expressway is a flagship greenfield project under the Bharatmala Pariyojna. The project is being executed under 48 sub-projects, out of which 17 are under the hybrid annuity model (HAM), and 31 are under the engineering procurement and construction (EPC) model. Out of the 48 sub projects, 24 are under construction, 17 have been awarded, and work is set to be started while the rest are under process for awarding.

Image Source

Also read: Two greenfield expressways to be ready by 2022

The National Highways Authority of India (NHAI) owned special purpose vehicle (SPV)—Delhi Mumbai Expressway Developers Ltd (DMEL) has raised Rs 9,731 crore from four banks to part-fund the 1,276 km greenfield Delhi-Mumbai expressway. The funding came from four banks which includes Punjab National Bank, Bank of Maharashtra, Axis Bank and the State Bank of India which contributed the major share of the funding—Rs 5,000 crore in the SPV. The total estimated cost of the Delhi-Mumbai expressway project is about Rs 87,453 crore, including the land acquisition cost of around Rs 20,589 crore. During the construction period, the total capital expenditure is estimated to be Rs 53,849 crore, and it will be a combination of debt and equity, with the total debt at Rs 48,464 crore. The project will soon tie-up with other institutions for the balance debt requirement of Rs 38,733 crore. The expressway is scheduled to be completed by March 2023, NHAI told the media. As we have reported earlier, DMEL recently received AAA rating from CRISIL, CARE and India Rating. Delhi Mumbai Expressways SPV debt repayment shall be made from the toll revenue generated from the expressway. To ensure the viability of the model, NHAI has decided to add five running toll plazas on the existing Delhi-Mumbai highway as a sweetener to the SPV According to Crisil, DMEL has monetisation potential between Rs 50,000-80,000 crore. The SPV will repay the debt from the toll revenue that will be generated from the expressway. NHAI will add five operational toll plazas on the existing Delhi Mumbai highway as support to the SPV for the viability of the model. The Delhi Mumbai expressway is a flagship greenfield project under the Bharatmala Pariyojna. The project is being executed under 48 sub-projects, out of which 17 are under the hybrid annuity model (HAM), and 31 are under the engineering procurement and construction (EPC) model. Out of the 48 sub projects, 24 are under construction, 17 have been awarded, and work is set to be started while the rest are under process for awarding. Image Source Also read: Two greenfield expressways to be ready by 2022

Infrastructure Urban

07 Oct 2025

India To Invest $37 Billion To Boost Petrochemical Capacity

India is set to become a major global player in the petrochemicals industry, driven by a planned capital expenditure of $37 billion (Rs 3.1 trillion) aimed at reducing import dependency and enhancing self-sufficiency, according to S&P Global Ratings.In its latest report titled “First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply”, S&P said India’s large-scale capacity expansion—mirroring China’s earlier push—will likely intensify oversupply pressures in Asia’s petrochemical markets.Currently the world’s third-largest petrochemical consumer a..

Infrastructure Transport

07 Oct 2025

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

Infrastructure Transport

07 Oct 2025

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..