NHAI receives Rs 50.11 billion from Cube Highways towards TOT Bundle III

The National Highways Authority of India (NHAI) has received an upfront consideration of Rs 50.11 billion from Cube Highways and Infrastructure, under the third bundle of the toll-operate-transfer (TOT) model. The Singapore-based firm had delayed the payment to NHAI amid the uncertainties posed by the Covid-19 outbreak. TOT Bundle III, with a cumulative length of 566 km, consists of nine toll plazas in the states of Uttar Pradesh, Jharkhand, Bihar and Tamil Nadu. Cube Highways had deferred paying for the bundle as traffic density had started dwindling since March this year, when a nationwide lockdown was imposed to curb the spread of Covid-19. However, the company has not been penalised for the delay in payment as the government continues to offer relaxations in light of the pandemic.