Seeks over 75% reduction in annual premium payments for 10 years for the 555km project.
GMR Infrastructure, which had withdrawn from the Rs 5,700 crore Kishangarh-Udaipur-Ahmedabad highway project owing to inconsistencies on environment clearance, says it is ready to take up the over 555-km project again if there is a cut in the initial premium it owes the government.
GMR bagged the contract in 2011 by offering a Rs 636 crore annual premium to the National Highways Authority of India – with a 5% increase in the premium every successive year.
Sources in NHAI said GMR has in a letter said it will pay a premium of Rs 100-150 crore in the first few years of the concession period.
“After ten years, when the debt is cleared, they will pay three times the premium due beginning that period,” said a senior NHAI official.
The total amount paid to the government over the concession period will remain same, as per the GMR’s offer.
The official said as per the Delhi High Court’s ruling, NHAI will have to respond to GMR’s offer by April 30.
A highly-placed source in the transport ministry said, “We have to get the highway built. It is a matter of deliberation. The point here is that GMR quoted the highest premium to the government.”
After the company withdrew from the project in January this year, the NHAI went to the Delhi High Court challenging the fact that the company did not give cure period to NHAI. It was after the Court’s directive to government to look into the matter that the company wrote offering restructuring the premium scheme.
Another player, GVK Infrastructure, which also withdrew from another project on same grounds, however, has not evinced any interest in taking it up again, as per NHAI sources.
Both the companies cancelled the contract due to delays caused by linking of environment and forest clearance.
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