New Delhi: As part of innovative modes of financing to meet India's huge infrastructure appetite, insurance giant LIC has agreed to offer ₹1.25 lakh crore line of credit by 2024, to fund highway projects, Union Minister Nitin Gadkari said. "LIC has offered us ₹25,000 crore in a year and ₹1.25 lakh crore in five years… They have agreed in principle. The Minister said that the line of credit will be used to fund the ambitious Bharatmala project, the revised cost of which has reached ₹8.41 lakh crore. Bhartmala was approved initially at a cost of ₹5.35 lakh crore, which was risen later on account of land acquisition costs. "Over 57,000 km of highway projects were awarded and over 40,000 km of roads were constructed in the last five years," he said.

Source: Mint July 21, 2019 08:26 UTC