NHAI receives Rs5,011-cr upfront for Bundle 3 of toll highway projects
20 October 2020
The National Highway Authority of India (NHAI) has received upfront consideration of Rs5,011 crore towards projects awarded under Bundle 3 of toll-operate-transfer (TOT) highway lengths.
The NHAI has awarded TOT 3 bundle (566 Km in length) consisting of 9 toll plazas in the state of UP, Jharkhand, Bihar and Tamil Nadu under its ambitious Toll-Operate-Transfer (ToT) model to Cube Mobility Investment Pte Ltd (Cube Highways).
The award ceremony was held through video conferencing and chaired by union minister for road transport and highways Nitin Gadkari, MoS road transport and highways General VK Singh and NHAI chairman S S Sandhu. Member NHAI and representatives of Cube Highways were present.
The concession period is 30 years and the concessionaire shall operate, maintain and collect the toll during the concession period. This is the second award under TOT mode and the first award of length of 681 km consisting 10 toll plazas was awarded to MAIF for an upfront consideration of Rs9,681.5 crore in 2018.
The NHAI is in the process of award of more stretches under TOT mode for monetisation of its completed public funded projects.