Sekura, PATH emerges as highest bidders for new ToT packages

17 Mar 2022 CW Team

Sekura Roads submitted the highest bid of Rs 1107 crore for the ToT six bundle, while PATH offered Rs 1314 crore for the ToT eight bundle. CDPQ (Indian Highways Concessions Trust), a Canadian institutional investor, offered Rs1071 crore for the ToT 6 bundle, while Adani Group offered Rs 702 crore.

The lowest bidder for ToT six was IRB Infrastructure, which offered Rs 387 crore.

The 11 bids submitted for ToT six and eight bundles had revenue multiples of 7-7.5 times, which was lower than previous ToT bids. According to people familiar with the situation, the bids for ToT 5A-1 and 5A-2 were in the range of 10-11 times the revenue multiples.

Adani and DP Jain were the winners of the ToT Bundle five assets, which were split into two parts – 5A-1 and 5A-2 – and both companies quoted the highest prices.

ToT Project Bundle six consists of a 32.8 km Agra Bypass and a 75.3-km Shivpuri Jhansi Bypass. Bundle seven of the ToT Project is NCR's 135-km Eastern Peripheral Expressway, while Bundle eight is NH-7's 139 km Borkhedi-Wadner-Deodhari-Kelapur-Maharashtra and Telangana Border.

Adani is the second-highest bidder for the ToT eight bundle, with Rs 1032 crore.

In the next three years, the NHAI hopes to raise about Rs two lakh crore. It will also use infrastructure investment trusts (InvITs) to monetise existing assets. The funds will be used to construct new highways and reduce the NHAI's mounting debt, which stood at Rs 3.17 lakh crore at the end of 2020-21.

Macquarie won NHAI's first highway asset monetisation programme through the TOT model in 2018, paying Rs 9,681 crore, 1.5 times the NHAI's base price. The ToT bundle two monetisation programme was cancelled by NHAI because no bidders met the floor price of Rs 5,632 for the 586-km length.

Cube Highways was awarded TOT- Bundle three Projects, which included nine road segments totalling 2,265 lane km spread across four states, while the fourth bundle was cancelled.

Image Source

Also read: Adani, DP Jain Infra highest bidders for NHAI's TOT-5 auction

Edelweiss Infra's Sekura Roads and Prakash Asphalting and Toll Highways (PATH) emerged as the highest bidders for the National Highways Authority of India (NHAI) auction of the two bundles of Toll Operate Transfer (TOT). Sekura Roads submitted the highest bid of Rs 1107 crore for the ToT six bundle, while PATH offered Rs 1314 crore for the ToT eight bundle. CDPQ (Indian Highways Concessions Trust), a Canadian institutional investor, offered Rs1071 crore for the ToT 6 bundle, while Adani Group offered Rs 702 crore. The lowest bidder for ToT six was IRB Infrastructure, which offered Rs 387 crore. The 11 bids submitted for ToT six and eight bundles had revenue multiples of 7-7.5 times, which was lower than previous ToT bids. According to people familiar with the situation, the bids for ToT 5A-1 and 5A-2 were in the range of 10-11 times the revenue multiples. Adani and DP Jain were the winners of the ToT Bundle five assets, which were split into two parts – 5A-1 and 5A-2 – and both companies quoted the highest prices. ToT Project Bundle six consists of a 32.8 km Agra Bypass and a 75.3-km Shivpuri Jhansi Bypass. Bundle seven of the ToT Project is NCR's 135-km Eastern Peripheral Expressway, while Bundle eight is NH-7's 139 km Borkhedi-Wadner-Deodhari-Kelapur-Maharashtra and Telangana Border. Adani is the second-highest bidder for the ToT eight bundle, with Rs 1032 crore. In the next three years, the NHAI hopes to raise about Rs two lakh crore. It will also use infrastructure investment trusts (InvITs) to monetise existing assets. The funds will be used to construct new highways and reduce the NHAI's mounting debt, which stood at Rs 3.17 lakh crore at the end of 2020-21. Macquarie won NHAI's first highway asset monetisation programme through the TOT model in 2018, paying Rs 9,681 crore, 1.5 times the NHAI's base price. The ToT bundle two monetisation programme was cancelled by NHAI because no bidders met the floor price of Rs 5,632 for the 586-km length. Cube Highways was awarded TOT- Bundle three Projects, which included nine road segments totalling 2,265 lane km spread across four states, while the fourth bundle was cancelled. Image Source Also read: Adani, DP Jain Infra highest bidders for NHAI's TOT-5 auction

Infrastructure Urban

06 Apr 2026

CFI Appoints New National Council for FY27 and FY28

The Construction Federation of India (CFI) has announced its newly elected National Council and office bearers for a two-year term covering FY27 and FY28. M. V. Satish, Advisor to CMD and Lead Ambassador for Middle East, L&T, has been elected President; Priti Patel, Chief Strategy & Growth Officer, Tata Projects, has been appointed Vice President; and Ajit Bhate, Managing Director, Precast India Infrastructures, has taken charge as Treasurer.The newly formed National Council brings together senior leaders from major EPC and infrastructure companies, reflecting CFI’s continued focus o..

Infrastructure Urban

06 Apr 2026

India REIT Market Gains Momentum with Strong Returns

India’s Real Estate Investment Trust (REIT) market is witnessing strong growth, emerging as a competitive investment avenue both domestically and across Asia. According to a recent ANAROCK report released at EXCELERATE 2026 by NAREDCO Maharashtra NextGen, the sector is evolving into a mature asset class driven by solid fundamentals, regulatory backing and rising investor confidence.The introduction of Small and Medium REITs (SM REITs) in 2025 has further widened access through fractional ownership, unlocking a potential monetisation opportunity of Rs 670–710 billion. Indian REITs have deli..

Infrastructure Energy

06 Apr 2026

G R Infraprojects Secures Rs 4,130 Million BESS Contract From NTPC

G R Infraprojects said it has secured a contract from NTPC to supply and implement a battery energy storage system (BESS) valued at Rs 4,130 million (mn). The company reported the order was awarded as part of NTPC's ongoing efforts to enhance grid flexibility and energy storage capacity. The contract represents a notable addition to the firm's project pipeline and underscores demand for utility scale storage solutions. The award is expected to strengthen G R Infraprojects' presence in the energy infrastructure sector and to contribute to the firm's order book and future revenues, subject to st..