The project has been “awarded to Highway Infrastructure Trust for Rs 6,661 crores”, its said.
The concession period of TOT bundle is for 20 years in which Concessionaire will be required to maintain and operate the stretch.
In lieu of this, the statement said concessionaire will collect and retain user fee for the stretch in accordance with prescribed fee rates under NH Fee Rules.
Commenting on the award of the TOT Bundle-16, NHAI chairman Santosh Kumar Yadav said, “The success rate of TOT model in FY24 was 100 per cent and we have seen very encouraging response from the bidders.”
In line with the National Monetization Plan, NHAI’s total asset monetization program has crossed Rs 1 lakh crore which includes Rs 48,995 crore through TOT, Rs 25,900 crore through InvIT and Rs 42,000 crore through securitization.
The TOT model has been developed to encourage private participation in the Highway sector.
NHAI from time to time has awarded contracts for tolling, operation and maintenance of various National Highway stretches on a TOT basis.
In FY 2023-24, NHAI awarded four TOT bundles worth Rs 15,968 crores against the monetization target of Rs 10,000 crores for that fiscal.