Four-lane road project: NHIDCL says grip on cash flow has loosened
Our Reporter Dimapur, Feb. 24 (EMN): The National Highway Infrastructure Development Corporation Ltd. (NHIDCL) has maintained that the issue of shortage of fund leading to the delay of the four-lane road project between Dimapur and Kohima has been ‘relaxed’ after payment and clearing of “certain bills.”
On February 22, the lone Lok Sabha Member of Parliament from Nagaland, Tokheho Yepthomi had issued a statement saying that the delay in works of the four-lane road project between Dimapur and Kohima was due to “acute cash flow shortage.” The project is contracted to M/s Ramky-ECI (JV) and M/s Gayatari Projects Ltd.
Speaking to Eastern Mirror, the manager at NHIDCL, Rishinandan said that the issue of acute fund flow has been ‘relaxed a bit by clearing them in certain stages’.
He further informed that the NHIDCL retains a certain amount of money from the bill released to the contractors of the project.
“The retention money is released after the completion of the project,” said the manager of NHIDCL.
He further informed that certain oil companies like IOC, HP and others have also been directed to give the requirement to the contractors of diesel.
“If contractor, in any case, fails to pay the oil companies, then we can encash the retention money and pay the oil company,” said Rishinandan.
A reliable source from IOC also told Eastern Mirror that the contracting companies of various road projects take diesel from various depots in Dimapur.
“Sometimes the companies take on credit and it can amount to INR 1-2 crore depending on which petrol pumps they are taking from,” said the source and maintained that IOC has no issue with payments at the moment.