The government on Friday announced for the first time, a public issue to raise funds to the tune of 10 thousand crore rupees for the National Highway Authority of India, NHAI for expanding roads in the country.

Minister of Road Transport and Highways C.P Joshi announced this at a press conference in New Delhi on Friday.

Speaking on the occasion the minister said the target of adding 20 kilometer to the existing roads per day will be achieved during the 12th five year plan.

Emphasizing on the need of more national highways in the country, the Minister of State for Road Transport and Highways Tushar Choudhary said that for the robust economic growth it is important to expand national highways.

The proposed NHAI bonds will be tax free and exempted from the income tax act. The face value of the bonds will be one thousand rupees and available for the public from 28th of this month to 11th of next month.

The bonds will carry 8.2 percent coupon rate for 10 years and 8.3 percent for 15 years. The bonds are fully secured and listed in the stock exchanges including BSE, NSE and SEBI.