At Infra Advisors, we understand that robust financial planning is the backbone of successful infrastructure projects. Our comprehensive financial advisory services are designed to address the unique complexities of infrastructure ventures, enabling our clients to make informed decisions and achieve sustainable growth. Whether you’re navigating funding challenges, structuring debt, or mitigating risks, our team provides the strategic expertise needed to unlock your project’s full potential.

DBFOT - Toll

DBFOT - Toll

Toll-based DBFOT remains the preferred model for high-traffic corridors, where revenue potential supports private financing. NHAI’s accelerated awarding under Bharatmala Phase I has kept toll project pipelines deep, with over ₹3 lakh crore in committed highway investment still under execution.
Infra Advisors provides end-to-end transaction advisory on toll DBFOT projects from traffic and revenue modelling to financial structuring, lender negotiation and bid document preparation. We have supported both concessionaires and lenders across competitive bid processes.
DBFOT – Hybrid Annuity

DBFOT - Hybrid Annuity

The Hybrid Annuity Model (HAM) has become the dominant procurement structure under NHAI, balancing construction risk with assured annuity payments. With a 40% upfront government contribution and the balance through annuities, HAM projects attract mid-sized developers and institutional debt, with defined cash flow visibility.
Our team advises on financial modelling, debt structuring and concession due diligence for HAM projects. We assist developers in optimising equity returns and support lenders in aligning financing structures to NHAI’s prescribed payment waterfall.
DBFOT - Annuity Project

DBFOT - Annuity Project

Pure annuity projects underpin NHAI’s development of strategically important corridors where traffic volumes do not support toll-based financing. Government-assured annuity payments eliminate revenue risk, making these projects attractive to infrastructure-focused institutional investors.
Infra Advisors supports clients on annuity project bids through comprehensive financial modelling, O&M benchmarking and lender advisory. We structure debt packages aligned to annuity receipt schedules, helping clients optimise project-level returns within the NHAI framework.
DBFOT - Annuity Project

DBFOT - Toll & Annuity

The toll-cum-annuity structure blends revenue certainty with user-fee upside, typically applied to mixed-traffic corridors. As NHAI refines procurement models to expand private participation, toll & annuity projects represent a growing share of the awarding pipeline.
We provide integrated advisory across the dual-revenue structure modelling toll flows alongside annuity receipts, structuring blended financing and advising on concession terms. Our experience spans both bid preparation and post-award lender syndication.
Question Mark

Frequently Asked Questions

Find practical insights into road infrastructure development, PPP models, project finance, concession bidding, and financial advisory for successful highway projects.

In HAM (Hybrid Annuity Model), the government pays 40% of project cost during construction and the balance as annuities, reducing revenue risk for the concessionaire. DBFOT-Toll transfers toll revenue risk entirely to the private party. Infra Group advises on both models, helping developers choose the right structure based on traffic forecasts, debt capacity and lender appetite.

Traffic and revenue modelling determines the bankability of a toll project by projecting long-term cash flows under base, upside and stress scenarios. Lenders require independent traffic studies before committing debt. Infra Group provides integrated traffic-to-financial-model advisory for DBFOT-Toll projects under NHAI's Bharatmala Phase I pipeline, supporting both developers and project finance lenders.

Winning an NHAI concession bid requires robust bid economics analysis, concession agreement review, financial modelling, equity-debt structuring and RFP compliance. Infra Group provides end-to-end bid advisory for highway projects, covering technical qualification support, financial bid preparation and pre-bid clarification strategy across DBFOT and HAM procurement routes.

Project finance for DBFOT-Toll road projects typically involves senior term loans from banks or NBFCs secured against toll revenues and concession rights. Infra Group assists with debt syndication, preparing information memoranda, lender presentations, financial models and independent engineer coordination, helping developers reach financial close under NHAI and state highway authority concessions.

Viability Gap Funding (VGF) is a Government of India support mechanism designed to make economically desirable but financially unviable PPP infrastructure projects commercially viable by providing grant assistance. In road PPP projects, VGF can help bridge the gap between project costs and expected revenues under applicable government frameworks. Infra Group supports developers through VGF assessment and structuring advisory, helping evaluate potential support requirements and align project planning with relevant PPP guidelines.

Build a stronger foundation for your next highway project.

Build a stronger foundation for your next highway project.