NHAI cancels second round of TOT bidding

The National Highways Authority of India (NHAI) has cancelled the second round of the toll-operate-transfer (TOT) bidding process on account of a tepid response from investors. The central government had offered eight stretches of highways under this round in August 2018. Bids for the same were opened in December 2018. Cube Highways had emerged as the highest bidder by quoting a value Rs 46.12 billion, which was much below the base price of Rs 53.62 billion set by NHAI. The NHAI might merge the stretches bid out under the second round with other subsequent rounds of TOT bidding.