Business
NHAI to be flag-bearer of Centre’s asset monetisation plan

The National Highways Authority of India (NHAI) will be the flag-bearer of the government’s asset monetisation programme with a plan to raise about Rs 30-40,000 crore through monetisation of its operational stretches over the next two years.
The company officials indicated that the disruptions in wake of pandemic delayed some of its asset monetisation plan, but with traffic fast returning to near normal levels now, about Rs 10,000 crore of road assets would be monetised by NHAI in the current year (FY 22) and the exercise would kick up pace next year with doubling or tripling of the numbers in the next few years.
With the country in firm grip of the second wave of Covid pandemic in the months of April and May, and subsequent restrictions on mobility and partial lockdown, tolling at national highways nose-dived. In a report released earlier, rating agency ICRA had estimated that sequentially tolling had fallen by about 10 per cent in April and close to 30 per cent in May. Thereafter, there has been marked improvement in traffic on highways reaching 90 per cent of pre-Covid levels and has crossed that level too now.
An NHAI official said that the entity is in touch with a clutch of investors and soon bids would be invited for taking the operational NHAI project under the toll-operate-transfer (TOT) model.
Under the TOT model, highway projects which have been operational for at least two years, and which have been generating a steady stream of revenue, are to be leased out to large-cap investors for carrying out O&M (operation and maintenance) operations in consideration of the highest bid upfront concession fee. The investor recovers investment through tolls collected for a stretch over a period of concession spreading over 20-30 years. Once the cost with agreed return is achieved, the road returns back to NHAI.
“The national monetisation pipeline announced by the government has identified the road sector having the maximum potential for such exercise at Rs 1,60,000 crore over the next four financial years. This would be achievable given the tested model already available in the sector. Besides, InvIT model would also be used to pool resources and monetise projects,” said a road sector expert asking not to be named.
NHAI has planned an InvIT, the second one promoted by a public sector entity after power transmission utility PGCIL, but it has seen multiple deferments over the Covid disruptions. But a Rs 5,100 crore InvIT is now likely next month.
The InvIT trust will acquire 100 per cent of the equity shares of the project SPV from the sponsor NHAI. It is expected that NHAI may raise further funds, around Rs 5,000 crore, by transferring more assets to the InvIT later in the year.
But TOT may remain the most active model for monetisation. So far NHAI has raised around Rs 17,000 crore through the TOT model by granting on long-term lease three road bundles out of the five attempted so far. The sixth bundle will be out soon.
Another exercise for asset monetisation by NHAI will be through toll securitisation where the authority gets paid for investment in road construction and private investor gets to collect toll.
Proceeds from the asset monetisation programme are used to repay debt and develop highways. As on March, 2021, NHAI had around Rs 3 lakh crore debt. It is permitted to borrow Rs 65,000 crore in 2021-22, same as in 2020-21.
The expectation of asset monetisation (by NHAI and other developers including EPC developers) is also supported by the past performance of road EPC companies. Between fiscals 2016 and 2021, sale of assets to InvITs or to private equity funds helped unlock Rs 80,000 crore of enterprise value for the sector (Rs 50,000 crore for the road EPC companies analysed), according to a Crisil report. Around 60% of this was through four InvITs. The funds released strengthened their balance sheets.
The leverage (calculated as total outside liabilities to tangible net worth) of these companies is estimated to have improved to 1.25 times as on March 31, 2021, from 1.87 times as on March 31, 2016, largely supported by asset monetisation.
The Union Budget 2021-22, laid a lot of emphasis on asset monetisation as a means to raise innovative and alternative financing for infrastructure. In her Budget speech, Finance Minister Nirmala Sitharaman had said that monetising operating public infrastructure assets was a very important financing option for new infrastructure construction. Now a Rs 6 lakh crore monetisation pipeline has been announced for bringing in private investment in brownfield Central government projects in various sectors where assets are idling.
National
BJP worker murder case: SC declines Congress MLA’s plea seeking more time to surrender

New Delhi, June 13: The Supreme Court on Friday turned down the prayer of former Karnataka Minister and Congress MLA Vinay Kulkarni to grant him additional time to surrender before the concerned jail authorities in connection with the murder of BJP worker Yogesh Gowda.
A bench of Justices Prashant Kumar Mishra and Manmohan refused to grant seven more days to Kulkarni, who was ordered on June 6 to “surrender before the concerned trial court or jail authority within a period of one week”.
In an order passed last Friday, the top court had allowed the Central Bureau of Investigation (CBI)’s plea to cancel Kulkarni’s bail over allegations of witness tampering.
It had taken note of the Central agency’s submission that the accused, presently the Chairman of the Karnataka Urban Water Supply and Drainage Board, attempted to contact witnesses through their friends and known persons to depose against the prosecution.
A bench of Justices Sanjay Karol and Satish Chandra said that there was “sufficient material on record” to suggest that attempts were made by Kulkarni to “either contact witnesses or alternatively, influence such witnesses”.
Keeping in mind the totality of circumstances, the Justice Karol-led Bench was of the considered opinion that the bail granted to Kulkarni should be cancelled. However, it “consciously” refrained from making detailed observations in respect of the allegation of witness-tampering.
In its order, the Supreme Court asked the trial court to make an endeavour to conclude the trial expeditiously, without being influenced by any of its observations contained in the order cancelling the bail of Kulkarni.
Earlier, the trial court had taken the view that it did not have the jurisdiction to consider the CBI’s application seeking cancellation of regular bail since Kulkarni was enlarged on bail by the Supreme Court.
The apex court observed that the trial court’s view was not in consonance with its decision in Gurcharan Singh vs. State (Delhi Admn.) case, and the court below could have entertained an application seeking cancellation of bail on the grounds of violation of bail conditions notwithstanding the fact that bail was granted by the Supreme Court.
Kulkarni was accused of conspiring in the murder of the BJP Zilla Panchayat member Yogesh Gowda in 2016. He was then a Cabinet minister in the Siddaramaiah-led Congress government. Though his name came up, no action was initiated against him. The BJP made it an issue, and former Chief Minister B.S. Yediyurappa vowed at election rallies that he would send Kulkarni to jail if the BJP was voted to power. Later, the case was handed over to the CBI, and Kulkarni was arrested. He spent more than nine months in jail and finally obtained bail from the Supreme Court.
National
33 from Anand, 17 from Kheda perish in plane crash leaving Gujarat shell-shocked

Ahmedabad, June 13: As India grapples with the devastating Air India plane crash in Ahmedabad, the Charotar region comprising Anand and Kheda districts has emerged as one of the most affected areas. A sense of disbelief hangs heavy in the villages and towns across the two districts, as reports confirm that at least 50 people from the region were on board the ill-fated London-bound flight.
The flight AI171, which crashed just minutes after takeoff from Ahmedabad airport, had 242 people on board. Of these, 33 were from Anand district, and 17 from Kheda, according to initial reports. Many families have been left shattered, with multiple members perishing in the tragedy.
Among those killed were students, homemakers, doctors, and people who were going to reunite with their loved ones in the UK. One such family is the Halani family from Anand, who had received visitor visas and were travelling to meet relatives. Tragically, all three members lost their lives.
The Anand District BJP released a list of 33 known passengers from villages like Borsad, Phangni, Chikhodara, Karamsad, Sojitra, Ramnagar, Khambholj, Umreth, Kasumbad, Gana, Tarapur, and Anand city. The list includes 15 women and at least one medical doctor. Crowds of grieving relatives rushed to Ahmedabad Civil Hospital, where government teams are carrying out DNA identification and helping families through the nightmare.
In Kheda district, the toll remains uncertain. However, it is confirmed that Prashant Patel, former president of Kathlal Municipality, who recently joined the BJP, was also among the passengers. People from Nadiad, Mehmadabad, Thasra, and Kathlal were also headed to London.
There are stories that pierce the heart.
Nikhil Patel, a bright student from Fogani village in Petlad, was travelling to the UK for higher studies on a student visa. It was his first international trip — one filled with dreams and hope. His life ended before it could begin anew.
Parth Sharma (22), from Tarapur in Anand, had also just secured his student visa to London.
After being dropped off at the airport by family and friends, the same group had only just reached Kheda when they heard the crushing news of the crash. They turned around, now engulfed in shock.
Manjula Patel, a mother from Borsad, had spent ten years trying to get a visa to visit her son and grandchildren in the UK. After 20 visa rejections, her wish was finally granted.
But fate was cruel — this long-awaited reunion never happened. Her family says she boarded the flight full of joy. She never made it.
Dirgh Prafulbhai Patel, the younger son of a family from Vadali in Kapadvanj, had come home on a visit barely 25 days ago. A London resident, Dirgh was returning abroad when the crash took his life. His father, an ITI employee, is inconsolable.
National
Air India plane crash: 14-year-old boy among victims as fire engulfs tea stall near crash site

New Delhi, June 13: The tragedy of the Air India Flight AI-171 crash continues to unfold in sorrowful stories emerging from across India. Apart from the 241 people aboard the ill-fated aircraft who perished in the crash, many innocent people on the ground were feared killed as the Boeing plane crashed into a residential building and burst into a ball of flames. Among those killed on the ground was 14-year-old Akash, who became a victim of the crash’s fiery aftermath.
Akash was sitting near a tea stall next to the BJ Medical College, close to the crash site, when part of the aircraft struck the area. His mother, who ran a shop below the hospital, witnessed the horrific scene.
“He was sitting there near the shop when a part of the plane landed, hitting his head, and then fire engulfed him,” said his aunt. “His mother tried to save him, but the flames spread so quickly. She was almost caught in the fire herself.”
Locals say the crash site turned into a scene of chaos and terror as debris and fire scattered through the area, killing not only those on board but also innocent people on the ground like Akash.
Another family devastated by the tragedy is that of Neeraj Lavania and Aparna Lavania, a couple from Akola village near Agra, Uttar Pradesh. Both were on board Flight AI-171 and lost their lives.
The Lavania family’s ancestral home in Akola is now engulfed in mourning. Mahendra Kumar Sharma, a cousin, said: “They were the sons of my uncle. The entire area is in deep shock. Everyone is devastated.”
Their nephew, Shubham Lavania, shared the emotional toll the news has taken: “We learnt about the crash through the news. There’s nothing but grief in the family. We’re still hoping somehow it’s not true, that maybe they’re injured and getting treatment. We got the news as soon as the flight crashed.”
The Air India Boeing 787-8 Dreamliner, bound for London-Gatwick, crashed shortly after takeoff from Ahmedabad airport on June 12, killing 241 of the 242 people on board. One passenger survived.
Rescue and identification operations are still underway at BJ Medical College, where DNA sampling continues to help identify charred remains.
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