Australian investor Macquarie, once criticized as “too aggressive” for winning NHAI’s first TOT highway bundle at a premium, appears to be gaining the upper hand. After about 18 months, analysts suggest the investor has outwitted rivals by securing NHAI’s strongest assets, with toll collections showing signs of accelerating.
NHAI’s latest tender ecosystem is raising eyebrows as participation by listed entities has reportedly fallen sharply, while newer bidders with sizable revenue and only moderate credit risk are entering. With IT raids, unpaid dues and corporate-governance concerns already in the mix, the call is growing to add corporate governance as a third scoring pillar alongside financial and technical checks.
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