The National Highways Authority of India has received upfront payment of Rs 5,011 crore from Cube Mobility Investment Ltd (Cube Highways) which won its third tranche of highway projects under toll-operate-transfer (TOT) mode, the government said on Monday.
Cube Highways had emerged as the highest bidder for TOT bundle three comprising nine toll plazas in Uttar Pradesh, Jharkhand, Bihar and Tamil Nadu.
"The NHAI has awarded TOT 3 bundle (566 Km in length) consisting of nine toll plazas in the state of UP, Jharkhand, Bihar and Tamil Nadu under its ambitious Toll-Operate-Transfer (ToT) model to M/s. Cube Mobility Investment Pte. Ltd. (Cube Highways) and has received upfront consideration of Rs 5,011 crore today," Ministry of Road Transport and Highways said in a statement.
The award ceremony was held through video conferencing and was chaired by Union Minister for Road Transport and Highways Nitin Gadkari while Minister of State for Road Transport and Highways VK Singh and NHAI Chairman S S were present on the occasion.
"The concession period is 30 years and the concessionaire shall operate, maintain and collect the toll during the concession period," the statement said.
The first award of length of 681 km consisting 10 toll plazas was awarded to MAIF for an upfront consideration of Rs 9,681.5 crore in 2018.
The NHAI is in the process of award of more stretches under TOT mode for monetisation of its completed public funded projects.