Cube Highways acquires TOT Bundle 3 Project in India
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) and has received upfront consideration of Rs. 5,011 crore (USD 681.85 million).
The award ceremony was held through video conferencing and chaired by Union Minister for Road Transport and Highways Shri Nitin Gadkari, MoS Road Transport and Highways General V.K. Singh and NHAI Chairman Shri SS Sandhu. Member NHAI and representatives of M/s 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 winning bidder Macquarie for an upfront consideration of Rs. 9,681.5 crores (USD 1.31 million) in 2018. However, NHAI cancelled the second bundle that was spread over 584 km over four states as the bids that were received were far below the expectation.
The NHAI is in the process of award of more stretches under TOT mode for monetization of its completed public funded projects.
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