TIL Desk/Business/New Delhi/ As part of innovative modes of financing to meet India’s huge infrastructure appetite, insurance giant LIC has agreed to offer Rs 1.25 lakh crore line of credit by 2024, to fund highway projects, Union Minister Nitin Gadkari said.
Keen on timely execution of the Rs 8.41 lakh crore ambitious Bharatmala project that aims to lay a grid of highways pan-India, the Road Transport and Highways Ministry has been looking to harness various sources of finances including pension and insurance funds.
“LIC has offered us Rs 25,000 crore in a year and Rs 1.25 lakh crore in five years They have agreed in principle. We will rope in these funds in highways construction,” Gadkari told.
Life Insurance Corporation of India (LIC) Chairman R Kumar had called on Gadkari last week. The Minister said that the line of credit will be used to fund the ambitious Bharatmala project, the revised cost of which has reached Rs 8.41 lakh crore.
