New Delhi: Singapore-based Cube Highways has emerged as the winning bidder for the government’s third round of road monetisation programme, quoting a price bid of Rs 5,011 crore. Financial bids for the third bundle of toll-operate-transfer(TOT) auctions were opened on Wednesday. TOT was introduced in 2016 to monetise publicly-funded highways. Under the model, investors make a one-time payment in return for long-term toll collection rights.
The National Highways Authority of India (NHAI) had in June invited bids for the third bundle of TOT auctions, looking to raise a minimum of Rs 4,995 crore. Besides Cube Highways, National Investment and Infrastructure Fund (NIIF) quoted a value of Rs 4,230 crore and IRB Infrastructure quoted Rs 3,510 crore, a person familiar with the development told ET. A senior official at NHAI confirmed the development. “Cube Highways has emerged as the winning bidder, and has quoted a higher price than NHAI’s initial estimated concession value (IECV),” the official said. Cube Highways is a toll road operator backed by I Squared Capital and International Finance Corporation.
