The government may look to add three highway stretches from Gujarat to the asset monetisation pipeline after they were handed back to the National Highways Authority of India after end of the 15-year concession period.
The Centre’s target to mop up Rs 45,000 crore from monetisation of highway projects is expected to get a boost during the next financial year as the roads are high toll earners, sources told TOI.
The three projects in Gujarat, with a cumulative length of 377 km, can be monetised to generate Rs 18,000-20,000 crore, the sources said.
The current toll revenue of these six-laned highway projects — Vadodara-Baruch, Baruch-Surat and Surat-Dahisar — is around Rs 1,700 crore. The NHAI has been monetising projects for 20 years to get upfront payment from successful bidders. These were among the first few projects, which were bid out by the NHAI under the build, operate and transfer (BOT-Toll) model of public-private-partnership (PPP). The first stretch had gone to Larsen & Toubro (L&T) and it had made upfront one-time payment of around Rs 475 crore and the other two projects were bagged by the IRB — one with payment and another on revenue-sharing model.
“We have amicably completed the process of getting back the projects with no claims or counterclaims. This is also a successful example of how BOT-Toll projects can be managed well, protecting interests of the government agency and private players. These are completed operational projects and the tolling has stabilised over years,” said an official.
He added that this is also the first case where an entire corridor will be back to NHAI at the end of the stipulated concession (contract) period after settling all issues amicably.
