The National Highways Authority of India (NHAI) has raised Rs 9384 crore through monetisation of two bundles of highway stretches of total length of 273 km using Toll Operate Transfer (ToT) model in the just concluded round.
The highways in the Bundle 13 have been awarded to IRB Infrastructure which had put in a bid of Rs 1683 crore while stretches in Bundle 14 have gone to Cube Highways and Infrastructure with a bid of Rs 7701 crore, a statement by NHAI said.
In October the NHAI had raised Rs 6584 crore by monetising highways in Bundle 11 and 12. Cube Highways had won the bid for Bundle 11 and IRB Infrastructure for Bundle 12. In all the highway builder will end up raising Rs 15968 crore by monetisation through ToT this year as against the target of Rs 10,000 crore set in the budget. However, internally NHAI was aiming for higher proceeds of around Rs 10,000 to Rs 15000 through this route.
While NHAI is planning to come out with another tender for monetisation of highway stretches through ToT this financial year, the transaction is expected to be completed by next financial year.
In all there were five bidders for ToT Bundle 13 including Adani Road Transport, Cube Highways and National Investment and Infrastructure Fund (NIIF). For bundle 14 there were six bidders which also included Adani, NIIF and private equity firm KKR backed Highways Infrastructure Trust.