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

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.
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2 Dec 2019 5 Mins Read 0 comment
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
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
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
line While it was pointed out that the NHAI had set expectations too high for the TOT 2 bundle, with the subdued close of the third auction and doubts being raised about the asset quality of the next round, it seems Macquarie may have bagged the best assets on offer in the four auctions. ( Graphics by Sadhana Saxena)
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 line While it was pointed out that the NHAI had set expectations too high for the TOT 2 bundle, with the subdued close of the third auction and doubts being raised about the asset quality of the next round, it seems Macquarie may have bagged the best assets on offer in the four auctions. ( Graphics by Sadhana Saxena)

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