In a strategic move to unlock the value of national highway assets and attract long-term private investment, the National Highways Authority of India (NHAI) has floated fresh bids under a revised Toll-Operate-Transfer (ToT) model. The new bidding round aims to monetise over 1,400 kilometers of completed national highways across multiple states, as part of the government’s broader infrastructure monetisation plan.
The revamped approach under ToT is designed to be more flexible and investor-friendly, allowing private players to operate and maintain selected highway stretches for a concession period, typically ranging from 15 to 30 years. In return, concessionaires will pay an upfront lump sum to NHAI and recover their investment through toll collection over the contract duration.
According to NHAI officials, this round of bidding includes high-traffic corridors with stable revenue potential, offering attractive investment opportunities for infrastructure developers, sovereign funds, and institutional investors. The highways have been operational for at least a year and are equipped with tolling infrastructure, making them suitable for immediate handover.
The latest bid round is part of NHAI’s goal to generate ?39,000 crore in revenue through asset monetisation in the financial year 2025-26. This initiative falls under the umbrella of the National Monetisation Pipeline (NMP), which aims to raise funds for new infrastructure projects by leveraging existing public assets.
NHAI has already witnessed success in previous ToT rounds, with participation from prominent domestic and global players. The new model incorporates learnings from earlier rounds and includes enhanced due diligence processes, improved asset packaging, and provisions for dispute resolution to ensure smoother operations for bidders.
With this move, NHAI reinforces its commitment to build, operate, and maintain high-quality road infrastructure while reducing dependence on government funding. The funds raised will be reinvested in expanding the national highway network, including greenfield expressways, economic corridors, and logistics parks. As India pushes forward with its infrastructure development agenda, this renewed focus on monetisation through ToT is expected to play a critical role in bridging investment gaps, improving asset efficiency, and creating a sustainable funding model for the road sector.
