Road PPP Models — Summary Table

Model	Typical launch / adoption in India	Who finances capex	Revenue source	Key risks on private side	Where it fits best
EPC	Used throughout; standardized EPC agreements issued by MoRTH in the 2010s.	Govt (100%)	Budgetary support (no toll/O&M risk to contractor)	Construction time/cost, quality; no traffic/revenue risk	Low-traffic / strategic corridors; when Government wants speed and control
BOT (Toll) / DBFOT–Toll	Scaled under NHDP in the 2000s after 1995 NH Act amendment enabled tolling PPPs.	Private (majority), with VGF where needed	Tolls collected by concessionaire	High demand/traffic risk; financing/refinance risk; construction risk	Mature corridors with proven traffic; strong developers
BOT (Annuity)	2000s under NHDP	Private (majority)	Fixed annuity from Authority (no traffic risk)	Construction & availability/performance risk; payment timing risk	Where traffic is uncertain but PPP efficiency is desired
OMT	Introduced by NHAI ~2009 (for O&M of completed NHs)	Private (working capital)	Toll (or fee) during O&M period	Moderate O&M cost risk; some revenue risk depending on contract	Short/medium-term O&M of brownfield assets
HAM	Announced / rolled out ~2015–16 to revive PPPs	Split: Govt typically ~40% during construction; private ~60%	Semi-annual annuities + inflation-linked O&M from Authority; tolling stays with Govt	Construction & performance risk; no direct traffic risk; interest-rate/refinance risk	Greenfield / expansion projects needing risk balance
TOT	Monetization model launched 2018; first bundle operational Aug 29, 2018	Private pays upfront concession fee	Keeps tolls for long concession (e.g., ~20–30 yrs)	Demand/traffic risk over long term; O&M lifecycle risk	Brownfield, stable-traffic corridors; suits long-horizon investors
InvIT	Launched Oct–Nov 2021; listed Nov 10, 2021	InvIT raises equity + debt; NHAI contributes assets	Tolls/annuities from portfolio distributed to unit holders	Portfolio performance; interest-rate / traffic variability	Monetizing / owning operating road portfolios with liquidity