The committee, however decided to defer the decision on foreign exchange risk on the grounds that the 93-km Jaipur-Kishangarh six-laning project did not involve any foreign funding. The concession document for the project will act as a model for other projects.

In its recent meeting, the committee felt that the foreign risk issue can be addressed as and when it comes up.

A draft for projects less than Rs 100 crore also came up for discussion but no final decision was taken on it.

The committee instead decided to get the draft vetted by a consultant. Speaking to The Financial Express, R Vasudevan, secretary, ministry of surface transport, said, "This was being done in order to ascertain an independent view."

The Infrastructure Development Finance Corporation (IDFC) is likely to be appointed as a consultant.

Among other things, theconsultant would be required to bring the concession agreement on par with concession document for other projects.

Sources added that during the high-powered committee meeting, the ministry of finance wanted the forex risk clause to be included in the model document. However, the ministry of surface transport took the position that the Cabinet had already decided to keep the clause out of the model document.

Following confusion over the final position, the committee decided to refer back to the Cabinet papers.

According to Vasudevan, the consultant would also be required to recommend on the need for supervisory consultants. Among the options available for project supervision are assigning the job to independent consultants or state public works department (PWDs) or leaving it to the contractor to decide which one of the two he prefers.

With the finalisation of model document after a protracted bureaucratic wrangling, work on big road projects worth Rs 1,500 crore and 10 to 12 small projects worth Rs500 crore is expected to get started.

The finance ministry had earlier allowed full neutralisation to the wholesale prices for the Jaipur-Kishangarh project. For all other BOT projects, NHAI was granted a free hand to fix the indexation method.

Full neutralisation to the wholesale price index (WPI) implies that if WPI rises 10 per cent annually, the BOT operator is allowed to increase the toll rates proportionately.

Prior to this, a committee, under the chairmanship of State Bank of India chairman had suggested that 40 per cent indexation to WPI and 20 per cent to foreign exchange fluctuation.

With concession document for Jaipur-Kishangarh project in place, the National Highways Authority of India (NHAI) would be calling for fresh bids shortly.

The Cabinet had formed the high-powered committee under the chairmanship of secretary, ministry of surface transport, to decide on the model document. The committee comprises officials of ministries of surface transport, finance and law besides NHAI.

In itsearlier meeting in May, the committee had decided to exempt road projects from concession fees and extend construction period for the Jaipur-Kishangarh project to 30 months.