Modi driving record highway debt binge despite obstacles

Mumbai

WHILE India's Prime Minister Narendra Modi is running into obstacles in his plan to build 30 kilometres of highway every day, construction companies are still binging on debt.

IL&FS Transportation Networks and IRB Infrastructure Developers are among the top seven road builders by market value in India that have raised 107 billion rupees (S$2.28 billion) in bonds and loans since Mr Modi took office in May last year, increasing their debt burden sixfold. When the opposition was in power, their average annual borrowings totalled 16.5 billion rupees.