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National Asset Reconstruction Company Limited has submitted a bid of around INR 345 crore to acquire the stressed debt of the Kurukshetra Expressway project in Haryana. The total outstanding debt linked to the project is estimated at approximately INR 1,500 crore, and the bid represents a significant discount to the overall exposure. The expressway's concession agreement was terminated earlier following operational and financial challenges, leading lenders to initiate recovery proceedings. The proposed acquisition aligns with NARCL's mandate to resolve large non-performing infrastructure assets and support the clean-up of stressed loans in the banking system through asset reconstruction and recovery mechanisms.
National Asset Reconstruction Company Limited has placed a bid of about INR 345 crore to acquire the debt associated with the Kurukshetra Expressway project, which carries outstanding liabilities of nearly INR 1,500 crore. The bid has been submitted as part of ongoing efforts to resolve stressed infrastructure assets under the asset reconstruction framework. Advertisement
The Kurukshetra Expressway is part of the Rohtak-Bawal section of National Highway-71 in Haryana. The project encountered prolonged financial and operational difficulties, which ultimately led to the termination of its concession agreement. Following the termination, toll operations were halted and lenders initiated debt recovery proceedings.
NARCL's proposal is aimed at taking over the stressed exposure from existing lenders at a discounted value. Under its operating model, the company acquires large non-performing loans and works towards resolution through revival, restructuring or monetisation of the underlying assets.
The transaction is expected to be structured through a combination of upfront cash payment and the issuance of security receipts, in line with the framework approved for handling large stressed assets. Lenders are currently evaluating the bid as part of their efforts to address legacy non-performing infrastructure loans.
If accepted, the acquisition could facilitate a structured resolution process for the Kurukshetra Expressway debt and support broader efforts to reduce stress in the infrastructure lending segment.
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