The National Highways Authority of India (NHAI) board could not take any decision on a GMR Infrastructure proposal seeking financial relief to help restart work on the Kishangarh-Udaipur-Ahmedabad project.
We have asked the board members to give their views on the issue and the decision on the proposal was deferred, said a senior NHAI official.
GMR Infrastructure,which had won the 555-km project in June 2011 on a premium,has sought discount in the payment of Rs 636 crore premium during the initial years in a way that the earnings of NHAI,in terms of net present value,remains the same.
GMR had in December,pulled out of the project after waiting 16 months for environmental clearance.
An official said that even as six members of the NHAI board (one official has a dual charge of member-administration and finance) were in support of the move,two members representative from the Planning Commission and finance ministry did not give their views.
The proposal has been put on hold for now but it is unlikely to be cleared even in the future, said another official in the know. This was a decision a lot of companies were looking for,as they are also seeking options to get out of problems that is due to delay in government approvals.
As of now,due to the delay in government approvals,GMR and GVK have pulled out of two large projects. GMR pulled out of a 555 km project and GVK pulled out of over 200 km project in Madhya Pradesh.
After the termination notices by the companies,the government has streamlined the environmental clearances and the Reserve Bank of India also instructed the banks to consider toll revenues as tangible assets making raising funds easier for road developing companies.