Calibrating Lenders’ Concerns and Performance Issues in Road Infrastructure Projects under Public Private Partnership

Puneet Koul, Piyush Verma and Lalit Arora

International Journal of Public Administration, 2024, vol. 47, issue 10, 635-645

Abstract: The study highlights lenders’ concerns in light of the challenges faced by special purpose vehicles (SPVs), executing road projects under public-private partnerships in India. In the process, it aims to strengthen the regulatory framework of project financing. While there have been a few studies that discussed some of the critical aspects in project financing before the projects are actually financed by lenders, this study conducts an ex-post facto examination of such aspects. We collated the lenders’ concerns through unstructured interviews. Then, we examined them using content analysis, and further validated them, using information contained in the financial statements and credit rating reports of the concerned SPVs. Lenders highlighted land acquisition challenges and project clearances from government agencies as key concerns. The results of this study are of help to the policymakers as these would enable them to strengthen the PPP framework for the development of road infrastructure.

Date: 2024
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DOI: 10.1080/01900692.2022.2159979

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