Epic Concessions 2 Acquires Trichy–Thanjavur and Madurai–Thoothukudi Toll Roads for ₹2,259 Crore

Epic Concessions 2, a portfolio company of EAAA Alternatives, has signed a concession agreement with the National Highways Authority of India (NHAI) to acquire two operational toll road stretches in Tamil Nadu for an upfront payment of ₹2,259 crore. The transaction marks the first highway asset monetisation by NHAI during the current financial year under its Toll Operate Transfer (TOT) programme.

The two highway stretches include the Trichy–Thanjavur section on National Highway 83 and the Madurai–Thoothukudi section on National Highway 38. Together, the corridors cover a total length of 184.5 kilometres and serve as important transport links connecting key industrial, commercial and agricultural regions across Tamil Nadu.

Under the concession agreement, Epic Concessions 2 will operate, maintain and collect toll revenue from the two highway stretches for a concession period of 20 years. In return, the company has made the one-time concession payment to NHAI, while the authority retains ownership of the highway assets.

The two corridors formed part of NHAI’s TOT Bundle 19, which was initially invited for bids in June 2024. The bidding process witnessed several deadline extensions before the concession agreement was finalised. The successful award demonstrates continued investor interest in India’s operational road assets despite evolving market conditions.

The Toll Operate Transfer model has become a key component of the government’s infrastructure monetisation strategy. Instead of constructing new roads, private investors acquire the rights to operate and maintain completed highway assets while collecting toll revenue for a fixed concession period. The proceeds generated through such transactions enable NHAI to reinvest in the development of new national highway projects across the country.

The government has set a highway monetisation target of ₹30,000 crore for the current financial year through the TOT programme and other asset monetisation initiatives. Meanwhile, NHAI continues to invite bids for TOT Bundles 20, 21 and 22 as it seeks to attract long-term infrastructure investors.

For Tamil Nadu, the transaction highlights the growing importance of strategic highway corridors such as the Trichy–Thanjavur and Madurai–Thoothukudi routes, which play a vital role in improving freight movement, regional connectivity and economic activity across the state.