The National investment and Infrastructure Fund quoted Rs 4,230 crore while Mumbai-based IRB quoted Rs 3,510 crore
Cube Highways has emerged as the highest bidder for the third bundle of the toll-operate-transfer (TOT) projects offered by the National Highways Authority of India (NHAI) by quoting Rs 5,011-crore fee.
The National investment and Infrastructure Fund (NIIF) quoted Rs 4,230 crore while Mumbai-based IRB quoted Rs 3,510 crore. The authority had estimated around Rs 4,995 crore from monetisation of this tranche of 566 km of highways under the TOT model, sources said. The first bundle of the monetisation programme gave NHAI Rs 9,682 crore.
The second bundle was cancelled last year after the response was lukewarm and the bids were below the base price. The bids for the third bundle were invited on June 13 this year, and the last date for the submission of bids was September 11. Nine highway stretches of 566.27 km in Uttar Pradesh, Bihar, Jharkhand, and Tamil Nadu are on offer in the third bundle.
Several more bundles will be offered in the months to come, NHAI had said at the road show for the third bundle. Crisil Infrastructure Advisory were the transaction advisors for this tranche. The government is banking on the TOT model for monetisation of completed road stretches. These contracts requires private operators to manage and maintain roads while collecting toll on them. Since these are constructed projects, there is no construction or road acquisition risks involved the contracts...
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