NHAI receives Rs 5,011 crore from Cube Highways towards 3rd tranche of TOT Bundle

New Delhi: National Highways Authority of India (NHAI) has received Rs 5,011 crore from Cube Mobility Investment Private Limited (Cube Highways) on Monday. In a statement, the highways regulatory body said that it has awarded Toll-Operate-Transfer (TOT) third bundle (566 Km in length) consisting of nine toll plazas in the state of Uttar Pradesh, Jharkhand, Bihar and Tamil Nadu under its ambitious ToT model to Cube Highways and has received upfront consideration of Rs 5,011 crore.

The award ceremony was held through video conferencing and chaired by Union Minister for Road Transport and Highways Nitin Gadkari, Minister of State for Road Transport and Highways General VK Singh and NHAI Chairman SS Sandhu. On the occasion, NHAI's Member and representatives of Cube Highways were also 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 the length of 681 km consisting 10 toll plazas was awarded to M/s MAIF for an upfront consideration of Rs. 9,681.5 crores in 2018. The NHAI is in the process of award of more stretches under TOT model for monetization of its completed public-funded projects.

ALSO READ: Govt focused on reducing road construction costs without lowering quality: Gadkari

National Highways Authority of India (NHAI)

The National Highways Authority of India (NHAI) is an autonomous agency of the government, set up in 1988 and is responsible for the management of a network of over 50,000 km of National Highways out of 1,15,000 km in India. It is a nodal agency of the Ministry of Road Transport and Highways. 

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)