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Highway developers to be allowed to exit projects: Road Ministry

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Highway developers will soon be allowed to exit projects as the Ministry of Road Transport and Highways is finalising a proposal that might enable them to leave "harmoniously", without attracting punitive measures.
"There is a clause of Substitution (Agreement) in the Model Concessionaire Agreement under which the developer can exit the project and the lender will decide how to go about it as it is their money," a Road Ministry official told PTI. Under the new norms, lenders of the project (bank, financial institution) will have a say in deciding the exit of the developer. The ministry may even do-away with the punitive measure clause proposed earlier if the developer wanted to leave, the official added. "Earlier, there was a talk of punitive measures if the concessionaire wants to exit the project. Now, we are looking at a more harmonious way for allowing concessionaire(s) to exit the project," the official said. That developer will be replaced by another firm which will be chosen by the lender. The proposal has been sent to the Finance Ministry by the ministry and it is with them, he added. The official said the proposal is likely to go to the Cabinet Committee on Economic Affairs once all the ministries send their comments. Substitution agreement is between NHAI, lenders and the Concessionaire (developer). As per the Substitution Agreement, NHAI and the Concessionaire have the right to seek substitution of the Concessionaire in accordance with the provisions of the agreement, he added. Prior to this, there was a proposal to allow developers to fully exit the projects or partially divest equity in the road project after approval from the stakeholders, but it could not go through. "Now we have decided on allowing the developer a harmonious exit," the official said.
Source: Economic Times

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