Isaac George , CFO, GVK Power and Infrastructure

The take out financing which was proposed yesterday in the budget is a very positive thing that has happened and what will happen here is that most of the banks have already reached their sectoral cap, so they will find it difficult to lend money to infrastructure projects. With this take out financing that would be eventually done by this IIFCL to the extent of 60% loans given by banks, it will put back some more liquidity in the hands by which they will be in a position to finance more infrastructure projects and that I thought was the most positive feature as far as the budget affecting the infrastructure sector.

On the other issue with respect to roads, I think since last five years nothing much has happened and they want to prove a point during this five years and that’s why there are certain ambitious targets that have been put forward. But as you rightly said one has to wait and watch whether all this will materialize eventually. There are issues with right of way that still continues, we are plagued with that and even the model concession agreement has to be relooked at because there are a lot of factors which are not very comforting, so a lot has to be done before actually we will see some rollouts on the road sector