Cube Highways’ Rs 5,000-cr bid the highest for third lot of TOT projects

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...

Jet Airways stares at shutdown, board meets today as lenders refuse funds

Lenders fail to infuse emergency fund after a crucial meeting on Monday

Companies News: India’s first private aircraft Jet Airways is going towards an all out establishing and a choice could be taken as right on time as Tuesday after a gathering of its top managerial staff. Left with no money, a seven-plane armada and fuel to run tasks just till Tuesday evening, the end is unavoidable, said sources near the improvement. “Fly can’t be spared now. It’s on the ground,” another source aware of everything said.

This pursues Monday’s no-agreement crisis meeting of the loan specialists’ consortium, driven by State Bank of India, to settle on implantation of Rs 1,000 crore right away. Before long, the suspension of the global tasks was stretched out till in any event April 18. As banks neglected to inject the required assets, the Jet administration will illuminate the board on Tuesday morning about the “basic improvements” before a call is assumed the eventual fate of the carrier, as indicated by Chief Executive Officer (CEO) Vinay Dube.

SBI, which has been at the front line of the goals plan, said late on Monday evening that the declarations of enthusiasm for purchasing stake in Jet were being confirmed by a lawful group and imminent bidders would be shortlisted by SBI Caps soon. “The proposed value change by banks, assuming any, will be embraced as a temporary system to encourage the offering cum deal process,” the SBI said. 

In a harm control work out, the bank said that important help to encourage the procedure was being reached out by the loan specialists in the consortium. “Participation by and support from the various partners will be the way to the achievement of the procedure,” it said. On the off chance that Jet goes down, it will be the second dish Indian administrator to go tummy up. Kingfisher Airlines was grounded in 2013…