Sydney-based capital fund manager Macquarie has bagged 9 completed highway projects for a bid of Rs 9,681.5 crores ($1.4b) winning the rights to manage 648 kms through auction, in a first of its kind initiative by the government to monetize its assets under the toll-operate-transfer (TOT) model, reported The Economic Times and Mint. The Macquarie Group who participated in the auction along with Brookfield, IRB-Autostrade and Roadis-NIIF, quoted 1.5 times higher than NHAI’s expectations of Rs 6,258 crores.

HSA Advocates acted as the legal advisor to National Highways Authority of India and was led by head of finance & projects practice and senior partner Anjan Dasgupta along with partner Deepak Kumar Thakur.

KPMG represented the financial advisors in the transaction.

The highway projects covering nine stretches – five highways running across Andhra Pradesh and four in Gujarat, will be handed over to Macquarie for toll collection, operation and maintenance for 30 years. NHAI has also started preparing the detailed project reports of another 1,700 km of completed stretches, which it plans to bid out through the ToT mode.

2018-03-01

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