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Macquarie turns the tables on NHAI toll roads after rivals warned it overpaid for Golden Quadrilateral
Business
Published on 24 April 2026
A deal slammed as too aggressive is suddenly paying off
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.
- Macquarie won the first NHAI TOT bundle at a premium despite criticism
- Much of the awarded stretch connects to the Golden Quadrilateral
- After 18 months, toll mop-up appears to be strengthening returns
- Rivals had called the bid overaggressive; outcomes may prove otherwise
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times