For toll operation rights on Mumbai-Pune Expressway, arguably the country’s busiest stretch, Adani Group and Anil Ambani’s Reliance Group are competing with a consortium of IRB Infrastructure and Government of Singapore Investment Corp (GIC). Cube Highways and Infrastructure, a road platform backed by I Squared Capital and a few other private equity firms, is also in the fray.
The Maharashtra State Road Development Corporation (MSRDC) and National Highways Authority of India (NHAI) are expecting at least Rs 8000 crore from sale of toll operation rights on Mumbai-Pune Expressway. SBI Capital Market has been mandated to find a new operator as IRB Infrastructure’s 15-year contract expired in August.
Mumbai-Pune Expressway, a build-operate-transfer project, contributed highest revenue of Rs 918 crore in FY19 to IRB. In revenue terms, the next was Ahmedabad-Vadodara Expressway at Rs 429 crore.
Global and domestic infrastructure developers such as Macquarie, Cube Highways and National Investment and Infrastructure Fund have also been approached. The winning bid is expected to be picked within a month. Reliance Infrastructure owns 11 road projects with a total length of about 1,000 km on build, operate and transfer (BOT) basis.