The National Highways Authority of India (NHAI) has attracted two bids each for two bundles of highways earmarked for monetisation through the Toll Operate Transfer (ToT) model, signalling a renewed effort to move forward after a previous tender process was scrapped in September due to low bids. For ToT Bundle 11, Cube Highways and Oriental Structural Engineers submitted their bids, while ToT Bundle 12 received offers from KKR's Highways Infrastructure Trust and IRB Infrastructure. Bundle 11 encompasses the 87 km long Allahabad bypass, whereas Bundle 12 includes a substantial stretch of 316.8 km from Lalitpur in Uttar Pradesh to Lakhnadon in Madhya Pradesh. Bundle 12 boasts the most extensive network of highways offered for monetisation. Under the ToT model, the winning bidder obtains the rights to collect tolls on NHAI-built highways for a specified duration in exchange for an upfront payment. The highest bid for Bundle 11 stands at Rs 18.50 billion, while Bundle 12 received a bid of Rs 41.81 billion, which NHAI found unacceptable. A senior official disclosed that the technical bids have been opened and that the financial bids will be unveiled in the first week of November. Both bundles solicited bids in a twin-envelope format, requiring the submission of both technical and financial bids together. Simultaneously, the process for monetising two more bundles of highways, ToT 13 and 14, is in progress, with the last date for bids on October 31. Bundle 13 includes the Kota Bypass, a cable-stay bridge on NH 76 in Rajasthan, the Gwalior-Jhansi section, and a portion of NH-75 (New NH 44) in Madhya Pradesh and Uttar Pradesh, totalling 110 km of highways. In Bundle 14, two of the most lucrative national highway sections are included: the Delhi-Meerut Expressway spanning 60 km and the Delhi-Hapur section covering 50 km. It also features a highway segment in Odisha on the Binjabahal-Teleibani route. NHAI plans to invite bids for ToT bundles 15 and 16 by the end of December. The monetisation process through ToT typically takes between six to eight months, so these bundles will likely be completed in the next financial year. The specific highway stretches for these bundles are currently being identified. For this fiscal year, only highways from ToT bundles 11, 12, 13, and 14 will be monetised, potentially generating between Rs 100 to Rs 150 billion. A similar amount is anticipated from monetization through the National Highways Infrastructure Trust. The rest of the Rs 450 billion target for monetisation in this fiscal year will be achieved through asset-backed securitisation.