NHAI to monetise 2 more roads, may fetch bids of ₹4,000 crore

Mumbai: The National Highways Authority of India (NHAI) is set to monetise two road assets through toll-operate-transfer (TOT) 9 and 10 auctions after cancellation of its ToT 6 and 8 bundle auctions due to poor response, said people in the know. NHAI has invited bids for two bundles of TOT, which consists of one road each.

Domestic developers including Adani Road Transport, IRB Infrastructure, Prakash Asphalting & Toll Highways (PATH), DP Jain and Sekura Roads are expected to bid for the assets, while global investors CDPQ, CPP Investments, Cube Highways, Macquarie and homegrown fund NIIF will also join the fray, people mentioned above added.

ToT 9 consists of a 73-km Allahabad-Varanasi stretch of NH-30 in Uttar Pradesh while ToT 10 offers the 125-km section of Gwalior-Shivpuri (NH-03) in Madhya Pradesh. The last date for bids is April 28.


Under the ToT model, the right to operate, maintain and collect tolls over 15-30 years on operational national highway assets is leased against a one-time, upfront concession fee paid to the government.

ToT 9 may fetch an enterprise value of ₹2,300-2,600 crore while ToT 10 may get a price of ₹1,100-1,500 crore, said one of the potential bidders for the assets.

Both assets will have a concession period of 15 years.