The Delhi Mumbai Expressway (DME) Ltd, a special purpose vehicle owned by the National Highways Authority of India (NHAI), is raising as much as Rs 18,456 crore through a combination of bonds and loans to part fund the project, said three people familiar with the matter.
While it is set to launch its maiden local bond sale next month, the company is also in talks with a group of local and foreign lenders including the State Bank of India (SBI), Employees’ Provident Fund Organisation (EPFO), Barclays, Citi and Morgan Stanley to raise loans.
Individual lenders and investors could not be contacted immediately. The NHAI did not respond to queries emailed by ET.
DME has obtained a letter of comfort from the NHAI for the proposed bond sale. The borrower is likely to hold an investor meeting in Delhi soon. It is a triple-A rated entity.