RIL, ICICI Bank and L&T Finance among big names rolling out FASTag

There are big names among shareholders of Indian Highway Management Company (IHMCL) tasked with rolling out FASTags or, universal e-tolling, on Indian roads. It includes Reliance Industries (RIL), ICICI Bank, and L&T Finance. They are among entities to have picked up stakes, albeit puny, in the company floated by the National Highways Authority of India (NHAI) in 2012 as a joint venture.

As India plans to migrate toll payments on highways to an electronic platform, the interest shown by these firms highlights the business potential. IHMCL was established as a three-way collaboration between NHAI with banks and leading road concessionaires in December 2012. Its principle line of business —management of FASTag business — has, however, taken seven years to come through.