National Highways Authority of India (NHAI) has invited bids for Second Bundle of national highways under the TOT(Toll Operate Transfer) model. The bundle consists of 8 stretches of national highways in the states of Rajasthan, Gujarat, Bihar and West Bengal. The total length of the project is 586.5 km. There are 12 Toll Plazas on these 8 road stretches. The Bid Due Date is 5th Nov 2018.
Concessionaires have to quote Bid Concession Fee against NHAI's estimated Initial Estimated Concession Value (IECV) of Rs. 5362 crore. TOT bundle-II also involves an initial construction cost of Rs 929 crore. The total contract period of TOT is for 30 years, which may increase/ decrease by 10/5 years based on an increase/ decrease in traffic. The concessionaire would be required to maintain and operate the stretch during this period. In Lieu of this, the concessionaire would get the rights to collect user fee for this period, in accordance with prescribed fee rates under NH Fee Rules.
As per Bharatmala, the Ministry of Road Transport and Highways plans to build 34,800km of highways from a budgetary outlay of Rs 5,35,000 crores. These will have 9 greenfield expressways projects including the ambitious Mumbai - Delhi Expressway.
National Highways Authority of India (NHAI) is borrowing from the market through the Internal Extra Budgetary Resources (IEBR) route. In 2017-18, NHAI has raised Rs 8,500 crore from LIC and Rs 10,000 crore from EPFO through taxable bonds. Further, NHAI issued rupee denominated Masala Bonds of Rs 3,000 crores through the London Stock Exchange.
In addition, NHAI is in the process of raising funds through monetization of operational National Highway assets through the Cabinet approved Toll-Operate-Transfer (TOT) model. It may be recalled that for TOT Bundle-I of 648 km, Macquarie had quoted highest as 1.5 times against the NHAI IECV of approx 1 billion USD (Rs. 6258 crores). The highest bid of Macquarie was approx 1.5 Billion USD (Rs. 9681 crores).
Source - PIB.
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