New Delhi, Oct. 21 -- The National Highways Authority of India (NHAI) is in dire need of funds for expanding the road network. Towards this end, the nodal government agency has put the fourth bundle of toll projects on the block, inviting bids under the TOT (toll-operate-transfer) model.

However, here's why analysts and industry experts are sceptical about garnering any premium bids for this bundle.

What's glaring is that 35% of the toll collections over the 401km and seven highway stretches in TOT-IV accrues from the Pimpalgaon-Nashik-Gonde stretch in Maharashtra. This stretch has had a history of political agitations that disrupted toll collections.

In fact, after constructing the road, the earlier concessionaire, Larsen and Toubro L...