(1) If at any time after the pre-feasibility stage, the Board is of the prima facie opinion that a proposed infrastructure project is unlikely to succeed through private participation, the Board may refer that infrastructure project to the State Government to get the same executed through special purpose vehicle or vehicles by leveraging the funds available with the Board or the public infrastructure agencies.
(2) In case of private participation in the special purpose vehicles, which are granted concessions to implement the infrastructure projects referred to in subsection (1) those special purpose vehicles will be governed by the relevant provisions of this Act, rules and regulations framed thereunder.