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    • highways: Australian investor Macquarie may hit gold on Golden Quadrilateral (TOT 1) roads; toll mop-up surges

    By on December 30, 2020

    Union minister for roads, transport, and highways Nitin Gadkari (centre, in the background) at an event to mark the handover of the first TOT bundle to Macquarie in August 2018; courtesy of Twitter

    Synopsis

    Competitors and analysts called the global investor “too aggressive” when it won the first toll-operate-transfer (TOT) bundle of highways — a large part of it on the Golden Quadrilateral — at a hefty premium to NHAI’s base auction price. A year and a half later, it seems Macquarie outwitted rivals and picked up NHAI’s best assets.

    In March 2018, an Australian institutional investor walked away with some prized toll-road assets on the Golden Quadrilateral in the first auction for toll-operate-transfer (TOT) bundles. Macquarie Infrastructure and Real Assets (MIRA) had bid aggressively, almost 55% over the base price, and many thought it was a flawed decision. But it may just have picked up some of National Highways Authority of India’s (NHAI) best assets. Toll collections

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