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Force majeure or not, NHAI’s intent to help toll operators will shape its future monetisation plans

Road-construction companies and toll operators are disappointed with the measures announced by the finance minister recently. Force majeure is one clause in contracts that could help them. While NHAI may be stretched right now to give immediate financial relief, the intention to resolve the private partners’ woes is all that matters.
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priyanka
19 May 2020 6 Mins Read 1 comments
Finance minister Nirmala Sitharaman with minister of state for finance and corporate affairs Anurag Thakur, finance secretary Ajay Bhushan Pandey and other officials during a press conference on May 13 in New Delhi. Getty Images
Finance minister Nirmala Sitharaman with minister of state for finance and corporate affairs Anurag Thakur, finance secretary Ajay Bhushan Pandey and other officials during a press conference on May 13 in New Delhi.
Last Wednesday, as finance minister Nirmala Sitharaman went about spelling out who got lucky with the INR20 lakh crore stimulus, the road-construction industry was waiting with bated breath to hear two words — force majeure. One hour into her press conference, Sitharaman did utter the magic words but with reference to the real-estate sector. The measures announced for road-construction companies
an industry source managing toll-road assets on behalf of a foreign-infrastructure fund. NHAI would need more private-sector participation if it finds it difficult to finance future plans. While it may be stretched right now to give immediate financial relief, the intention to resolve the private partners’ woes is all that matters. ( Graphics by Mohammad Arshad)
Last Wednesday, as finance minister Nirmala Sitharaman went about spelling out who got lucky with the INR20 lakh crore stimulus, the road-construction industry was waiting with bated breath to hear two words — force majeure. One hour into her press conference, Sitharaman did utter the magic words but with reference to the real-estate sector. The measures announced for road-construction companies an industry source managing toll-road assets on behalf of a foreign-infrastructure fund. NHAI would need more private-sector participation if it finds it difficult to finance future plans. While it may be stretched right now to give immediate financial relief, the intention to resolve the private partners’ woes is all that matters. ( Graphics by Mohammad Arshad)

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