‘Govt to sell road projects worth Rs 1L cr to foreign funds’

The government plans to sell highway projects worth Rs 1 lakh crore to foreign pension and insurance funds to attract overseas investment into the sector, Union Minister Nitin Gadkari said on Wednesday.

“We are trying to attract foreign investors. We have projects worth Rs 1 lakh crore. They are interested in buying out projects. We have gone to the Cabinet for these projects which we can sell to foreign pension and insurance funds,” he said.

The Minister said next month he will be visiting Japan and would urge the pension funds there to invest in infrastructure in India. “We will ensure that land acquisition and all clearances are there for projects,” he added. He said the government plans to bring investments worth Rs 5 lakh crore in road sector in five years and has already signed contracts for projects worth Rs 1 lakh crore in the first year.