The project-based funding model or the special purpose vehicle (SPV) model of the National Highways Authority of India (NHAI) will replace some projects the authority had earlier envisaged to set up on a build-operate-transfer (BOT) mode. It is learnt that the replacement is being done after several considerations, including keeping the financial aspect of the project in mind.

       For instance, if the project comes up on SPV mode, the funds would be raised by that SPV directly instead of the NHAI or the concessionaire. This arrangement provides relief to both the authority and the ...