Giving a big push to infra, the National Highways Authority of India (NHAI) will be awarding projects worth Rs 1 lakh crore to construct about 6,500 km of highways during the current financial year.
NHAI Chairman Raghav Chandra said that the focus of NHAI is on development with a changed approach from output-based thinking to outcome-based thinking where Public Private Partnerships (PPP) projects will be not only for construction component but for service aspect in highways development.
The NHAI Chairman further said that though NHAI has not received the formal detailing from the contractors who have arbitral awards in their favour but NHAI has requisite funds for it. Chandra added that NHAI will be making payments for arbitral awards and likewise all other organisations for their respective place and we have certain operating procedures so that these can go through seamlessly and expeditiously.
The government in August allowed contractors to move to the new speedier arbitration process, approved release of 75 per cent of the amount in dispute against bank guarantee and provided for a conciliation board comprising independent domain experts in new contracts.
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