( file photo)

Speed Post News Network

New Delhi : The NHAI has awarded TOT 3 bundle (566 km in length) consisting of 9 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) ands received upfront consideration of Rs 5,011 crore on October 19, 2020.

The award ceremony was held through video conferencing and chaired by Union Minister for Road Transport and Highways Nitin Gadkari, MoS Road Transport and Highways General V K  Singh, and NHAI Chairman S S Sandhu. Member NHAI and representatives of M/s Cube Highways were also present.

The concession period is 30 years and the concessionaire shall operate, maintain and collect the toll during the concession period. This is the second award under TOT mode and the first award of length of 681 km consisting 10 toll plazas was awarded to M/s MAIF for an upfront consideration of Rs  9,681.5 crores in 2018. The NHAI is in the process of award of more stretches under TOT mode for monetisation of its completed public funded projects, according to a PIB release.