NEW DELHI: The government today said it has set a target to award road projects worth Rs 1.26 lakh crore during the current fiscal."It is targeted to award 273 road projects covering a length of 12,900 km (approx) amounting to about Rs 1,26,700 crore during 2015-16 under various schemes of the Ministry," Minister of State for Road Transport and Highways Pon Radhakrishnan told Rajya Sabha in a written reply.As per the reply, National Highways Authority of India (NHAI) will spend the highest, about Rs 72,000 crore, followed by about Rs 24,000 crore by National Highways Development Project ( NHDP ).In another reply, Radhakrishnan said the NHAI is implementing development projects on 48,648 km of National Highways under different phases of NHDP.Out of this, work on 33,351 km have already been awarded and balance 15,297 km is yet to be awarded, he said.In a reply to a separate query the Minister said a new mode of delivery under Public-Private Partnership (PPP) mode, namely Hybrid Annuity Model, is being considered for awarding road projects for implementation.Under the Hybrid Annuity Model, 40 per cent of project cost is being provided by the government to the concessionaire during the construction period in five equal instalments while remaining 60 per cent is to be arranged in form of debt and equity to be compensated over 15 years as bi-annual annuities.