Reliance Infra seeks FIPB approval

Reliance Infrastructure has approached the Foreign Investment Promotion Board (FIPB) seeking permission for raising overseas funds for investments in the road sector. The firm is presently implementing road projects worth Rs12,000-crore.

The proposal is for design, finance, construction and maintenance related work.

After winning the Rs2,960-crore Delhi-Agra project spanning 180 km from the National Highways Authority of India last month, the company emerged as the largest developer of six-laning highway projects in the country. The company plans to more than double its road portfolio to over Rs25,000-crore by 2012-13.

The eleven road projects comprise a total length of 970 km having an investment outlay of over Rs11,900-crore.

The company hopes to achieve financial closure in case of the Delhi-Agra project within the next six months. The project will be executed on design, build, finance, operate and transfer (Toll) basis with a concession period of 26 years, including the construction period.