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Gadkari to lure investors for TOT initiative in Mumbai
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SME Times News Bureau | 01 Nov, 2018
In a bid to lure investors, Union Minister for Transport Nitin Gadkari
will flag off the second lot of Toll-Operate-Transfer models for
monetizing operational National Highway projects in the country, at a
roadshow here on November 15, an official said on Tuesday.
This
will be the fourth road show of its kind for TOT after similar
initiatives in New Delhi, New York and Toronto in August-September.
Under
TOT, investors can make a lump-sum payment in return for long-term toll
collection rights backed by a sound tolling system and the concession
period is 30 years.
While upto 49 per cent divestment is allowed
till two years of the concession period, upto 10 per cent change in
ownership is permitted after two years, the investor is delinked from
undertaking any construction which, if required the NHAI would conduct
capacity augmentation at its own cost.
The first lot of TOT
bundle comprising nine projects, totalling around 681 km of roads in
Andhra Pradesh and Gujarat was awarded earlier this year in which
foreign investors evinced keen interest.
The TOT's Bundle-I was
awarded to Macquarie for Rs 9,681 crore, coming to 1.5 times the NHAI's
estimates and the financial closure of the project was done in August in
New Delhi.
The second bundle of over 586 km is now announced for
four states -- Rajasthan, Gujarat, West Bengal and Bihar including 12
toll plazas with a proven tolling history of at least two years, across
four highways, said the official.
The last date for submission of bids for these TOT bundles is December 5.
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