Road developer Cube Highways and Infrastructure Pte Ltd has emerged as the highest bidder in round three of road auctions under the toll-operate-transfer (TOT) model, although its price offer was marginally more than the reserve price set by the National Highways Authority of India (NHAI), said two people close to the development, requesting anonymity.
Cube Highways, which is backed by global infrastructure fund I Squared Capital and the International Finance Corp. (IFC), offered ₹5,011 crore to the government for a 30-year concession period. This is against the initial estimated concession value (IECV), or reserve price, of ₹4,995.48 crore set by the NHAI for the road bundle.
The state-run highway developer had put up nine stretches of roads, totaling 566.27km across Uttar Pradesh, Jharkhand, Bihar and Tamil Nadu, in the third round Read more
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