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

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Infrastructure Energy

05 Nov 2025

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Infrastructure Urban

05 Nov 2025

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..