The National Highways Authority of India has awarded Toll-Operate-Transfer Bundle 19 to EAAA Alternatives, an investment platform backed by Edelweiss Alternatives, at an enterprise value of Rs 22,590 million (Rs 22.59 bn). The transaction is the first successful highway monetisation under the TOT programme in the current financial year and reflects continued investor interest in operational road assets. The award followed a competitive bidding process in which EAAA emerged as the highest bidder. The deal supports NHAI's asset recycling strategy by unlocking capital from completed projects.

The bundle comprises two operational stretches in Tamil Nadu with a combined length of approximately 161 km. These will remain public assets while the concessionaire assumes responsibility for operation, maintenance and toll collection for the concession period. The concessionaire will manage revenue streams and provide an upfront payment to NHAI that can be redeployed into new infrastructure projects.

The TOT model unlocks capital tied up in completed projects, enabling redeploy of funds into new highway development and network expansion and reducing reliance on conventional budgetary support. Proceeds are intended to accelerate national road construction and support wider modernisation of the transport network. EAAA focuses on infrastructure and real assets backed by stable operational cash flows and seeks long term returns.

The award underlines sustained investor appetite for mature transport infrastructure, with operational toll roads attracting institutional investors seeking predictable returns over long concession periods. Monetisation broadens private sector participation in infrastructure management and places responsibility for service quality and operational efficiency with the concessionaire, while public ownership of the assets is maintained. With Bundle 19, NHAI is expected to pursue further monetisation under its asset recycling programme to mobilise private capital for expansion and modernisation of the transport network, reinforcing investor confidence in operational road assets.