EAAA Alternatives, the alternative asset management arm of Edelweiss, has won the concession rights for the National Highways Authority of India’s (NHAI) Toll, Operate, and Transfer (TOT) Bundle 19. Executed through its portfolio company, Epic Concessions 2 Private Limited, the deal is valued at an aggregate upfront payment of ₹2,259 crore.
Long-Term Toll and Operation Rights
Under the terms of the newly signed concession agreement, the Edelweiss platform secures the rights to collect toll revenue and manage operations on two critical highway stretches in Tamil Nadu for a fixed block period of 20 years:
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The Stretches: The bundle covers the Thanjavur-Trichy and Madurai-Tuticorin corridors, which span across NH-38 and NH-83.
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The Footprint: Together, these asset corridors cover a total distance of approximately 170 kilometers.
Scaling Up the Infrastructure Portfolio
The acquisition marks a major scale-up for EAAA Alternatives’ dedicated Infrastructure Yield Strategy. With the inclusion of these two highway stretches, the firm’s unified infrastructure platform expands to 26 operational roads.
This sprawling national footprint now comprises over 7,700 lane kilometers spread across 17 Indian states, positioning the alternative manager as one of the country’s most formidable private highway operators.
Capitalizing on Public Highway Monetization
The deal fits squarely into the NHAI’s broader capital recycling campaign. Under the TOT model, the central government monetizes existing, fully constructed public highways by leasing out tolling rights to institutional asset managers. The upfront cash injections are immediately redeployed to fund greenfield national highway construction projects.
Amit Agarwal, CEO of EAAA Alternatives, noted that the successful bid reflects the platform’s capacity to deploy “patient capital” into core domestic infrastructure. The structural momentum of the business follows the recent public listing of EAAA TransInfra’s Infrastructure Investment Trust (InvIT), CITIUS TransNet, highlighting strong global institutional appetite for stabilized Indian yielding assets.
