IL&FS signs MOU with Japanese firm to invest in PPPs in India
IL&FS TransportationNetworks inked last week a pact with East Nippon Expressway Company for implementation of highways projects jointly under public private partnership (PPP) mode.
IL&FS Transportation Networks is a subsidiary of leading infrastructure developer IL&FS while Nippon Expressway Company (NEXCO East) is a Japanese expressway construction and operation firm.
According to the statement released by IL&FS, the partners to the MoU believe that the market for expressways in the country is on verge of take off and will become a large programme and hence wish to work together through a strategic alliance for implementation of PPP road projects.
"The alliance aims at utilising Japanese technology as well as Japanese finance; both companies will jointly carry out technical and pre-feasibility studies, and other related works, of potential road projects in India for implementation," the statement added.
This cooperation was signed during their recent summit meeting in May to strengthen the strategic and global partnership between India and Japan, Minister (Economic and Commercial), from the Indian Embassy in Japan.
ITNL currently manages over 34,000 km of highways of which about 12,000 km are in India.
NEXCO East manages about 3,720 km of expressways, which are used by approximately 2.7 million customers every day with toll revenue of close to $ 7 billion per annum, the statement said.
Source: IL&FS
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