The NIIF has been awarded the toll-operate-transfer (TOT) 9 bundle by the National Highways Authority of India (NHAI) for Rs 31.44 billion. This is the first TOT project for the NIIF. In October 2022, the highest bid submitted by India’s sovereign wealth fund, for the 72 km highway stretch on NH19 in Uttar Pradesh, was a notch below the initial estimated concession value calculated by NHAI. The project involves the collection of toll on certain stretches assigned to a concessionaire for 20 years in exchange for an upfront lump sum payment (concession fee) to the Uttar Pradesh government.