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

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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.

Crime

Andhra Police begin questioning terror suspects after bomb plot detected

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Visakhapatnam, May 23: The Vizianagaram police in Andhra Pradesh on Friday took into custody two men, arrested last week in connection with an alleged terror plot, and were being questioned.

A day after the Vizianagaram District Court remanded Siraj-ur-Rehman and Sayeed Sameer to police custody for a week, the police took them into their custody from Visakhapatnam Central Jail and shifted them to Vizianagaram for questioning.

Senior officials, including the in-charge Superintendent of Police Madhava Reddy, were questioning the accused to probe further the alleged terror plot.

The National Investigation Agency (NIA), which is also investigating the case, may also interrogate the accused about their links with terror groups in India and abroad.

The duo is likely to be questioned about the plot and the activities of Al-Hind Ittehadul Muslimeen floated by them. The investigating officials will be trying to gather information about their contacts in Andhra Pradesh, Telangana and other states.

Siraj was arrested by Vizianagaram police following the recovery of explosives at his residence on May 17. The subsequent investigation led to the arrest of a second suspect, Sayeed Sameer, in Hyderabad.

Sameer was brought to Vizianagaram, and the duo were sent to judicial custody for 14 days.

They have been booked under the Unlawful Activities (Prevention) Act, 1967, and also under the Explosive Substances Act of 1908.

The two suspects had allegedly procured explosives online and were planning a trial of explosions near Vizianagaram.

According to police, Siraj is an engineering graduate from Vizianagaram while Sameer is a lift operator and is a resident of Bhoiguda in Secunderabad.

The two suspects had allegedly formed a group by the name Al-Hind Ittehadul Muslimeen to carry out their activities. The organisation reportedly has 12 members in cities like Delhi, Mumbai, Bengaluru, Hyderabad and Warangal.

Meanwhile, NIA and intelligence officials carried out searches late Thursday night at Tadigadapa in the Krishna district of Andhra Pradesh. They reportedly searched a house in which seven people were staying.

The officials reportedly picked up a few suspects and whisked them away. Their identity was not known. It was also immediately not clear if the search was related to a terror plot busted by the Vizianagaram police.

Following the Pahalgam terror attack and its aftermath, police and intelligence agencies are maintaining a tight vigil on suspects.

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National

Op Sindoor, a result of PM Modi’s political will, intel inputs and Army’s striking potential: Amit Shah at BSF event

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New Delhi, May 23: Union Home Minister Amit Shah on Friday said that the Operation Sindoor has completely exposed Pakistan before the world and proved that the terrorism in India is Pakistan-sponsored.

Speaking at the 22nd Border Security Force (BSF) Investiture Ceremony and the Rustamji Memorial Lecture, he praised the Indian Armed Forces and also credited Prime Minister Narendra Modi’s leadership for transforming India’s counter-terrorism strategy and enabling decisive actions like Operation Sindoor.

Highlighting India’s restraint and precision, he said, “We neither destroyed any Pakistani military installation nor did we ever target an airbase. We only and only destroyed terrorist camps, those who committed crimes on our land.”

Shah credited the success of Operation Sindoor to a combination of leadership, intelligence, and military capability.

“Operation Sindoor is the result of our Prime Minister’s firm political will, the precise intelligence from our information-gathering agencies, and the Army’s remarkable display of striking capability. When these three come together, we get Operation Sindoor,” he said.

Shah stated that Pakistan stands completely exposed after Operation Sindoor.

“Due to Operation Sindoor and the events that followed, Pakistan now stands completely exposed. The terrorism in India is Pakistan-sponsored. When the terror camps in Pakistan were targeted, it was the Pakistani army that responded. The world witnessed that when the funerals of the killed terrorist leaders were held, senior officers of the Pakistan Army were not only present but were also seen carrying their coffins and participating in the prayers,” the Home Minister told the BSF gathering.

Reflecting on India’s evolving security doctrine post-2014, Shah said, “For decades, the country has been facing terrorism. Pakistan carried out several attacks, but there was no appropriate response. In 2014, when Narendra Modi became the Prime Minister, the first major attack happened in Uri, targeting our soldiers, and we responded with a surgical strike. When the Pulwama attack occurred, the Indian Army gave a strong response through an airstrike. Once again, we eliminated terrorist hideouts.”

The Home Minister praised the Indian Armed Forces for their swift and strategic response following the terror attack in Pahalgam.

“All over the world, many places have responded to terrorist attacks. But the response that India has given is, in a way, different. When the attack on Pahalgam happened, we launched Operation Sindoor. In just few minutes of the operation, we destroyed 9 terrorist bases, of which 2 were their headquarters,” Shah said.

Further, acknowledging BSF’s contribution, HM Shah said, “When it was decided that one force will provide security on one border, BSF was given the responsibility of guarding the two most difficult borders – Bangladesh and Pakistan – and given your capabilities, you have secured it very well.”

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Crime

Female artist sexual exploitation & blackmail case: Karnataka Police arrest accused

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Bengaluru, May 23: The Karnataka Police have arrested the accused actor in connection with the alleged sexual exploitation and blackmail of a female artist in Bengaluru on Friday.

The accused is identified as Madenuru Manu, a resident of Nagarabhavi in Bengaluru.

The Annapurneshwari Nagar Police have arrested Manu and will produce him before the court.

The police have taken the accused for the medical test.

During the preliminary investigation, Manu admitted that he knew the victim. However, he denied all charges against him, claiming that it was a conspiracy.

The Karnataka Police have lodged an FIR in connection with the alleged sexual exploitation and blackmail of a female artist over a private video after the 33-year-old victim filed the complaint.

The accused is said to have been selected as the lead actor in an upcoming Kannada movie, and police are currently investigating the matter.

The FIR has been registered under various sections of the Bharatiya Nyaya Sanhita (BNS), including Section 64(2) (rape), Section 69 (sexual intercourse by employing deceitful means), Section 89 (causing miscarriage without the woman’s consent), Section 318(4) (cheating), Section 351(2) (criminal intimidation), and Section 352 (intentional insult).

According to the complainant, she met the accused during the shoot of the Kannada television programme ‘Comedy Kiladi’ in 2018, after which they became friends. She stated that the accused had arranged a rented house in Nagarabhavi.

On November 29, 2022, the victim accompanied the accused and other comedy artists to a programme in Shikaripura, Shivamogga district.

After the performance, while she was in a hotel room in Shikaripura, the accused allegedly entered the room under the pretext of paying her remuneration and sexually assaulted her, the FIR said.

Later, on December 3, 2022, the accused reportedly came to her residence and forcefully tied a mangalsutra around her neck against her will. Following this, he allegedly continued to sexually assault her at the same residence.

The victim stated that she became pregnant during this period. Upon learning of the pregnancy, the accused allegedly gave her pills to induce an abortion. She became pregnant again later, and he once again forced her to undergo an abortion, according to the FIR.

The accused then rented another house for the victim, where he continued to sexually assault her. He is also accused of recording her private videos on his phone, physically assaulting her, and threatening her not to reveal the incidents to anyone.

Claiming to be the lead actor in an upcoming film, the accused allegedly took several lakhs of rupees from the victim. She has stated that he pretended to marry her while subjecting her to repeated assaults, forced abortions, and threats to her life. When she confronted him, the accused reportedly assaulted and threatened her again.

The victim has also alleged that the accused, Manu, is a married man.

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