https://www.taxtmi.com/news?id=11287 Substitution of Concessionaires in National Highway projects is permitted for ongoing and completed projects where the leading substituting entity must maintain a majority equity stake; substitution requires prior lender approval and Authority consent. The Concessionaire requests substitution via the Lender's Representative, who assesses the request and may nominate a substituting company for Authority credential verification. Upon Authority approval, the Lender's Representative, with the Concessionaire, will procure offers by private negotiation, auction, or tender for takeover, subject to the nominated company's assumption of all Concession Agreement and financing liabilities; NHAI will issue a Policy Circular to implement the mechanism. en-us Fri, 21 Jun 2013 17:15:05 +0530 Fri, 21 Jun 2013 17:15:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=11287 Substitution of Concessionaires in National Highway projects is permitted for ongoing and completed projects where the leading substituting entity must maintain a majority equity stake; substitution requires prior lender approval and Authority consent. The Concessionaire requests substitution via the Lender's Representative, who assesses the request and may nominate a substituting company for Authority credential verification. Upon Authority approval, the Lender's Representative, with the Concessionaire, will procure offers by private negotiation, auction, or tender for takeover, subject to the nominated company's assumption of all Concession Agreement and financing liabilities; NHAI will issue a Policy Circular to implement the mechanism. News - Fri, 21 Jun 2013 17:15:05 +0530 https://www.taxtmi.com/news?id=11287