New Delhi, Sept. 26 -- The build-operate-transfer (BoT) model, is a classic public-private partnership (PPP) model India used heavily in highways before 2014. Under BoT, a private concessionaire finances, builds, and operates a tolled road for 15-30 years before transferring it back to the government.

After a long pause, the Centre has signalled a comeback of BoT (toll) projects to attract long-term private capital and diversify how highway work is awarded.

Mint explains why this model is being brought back, what it offers, and what has changed this time.

A BoT model of highway concession lets a private firm arrange design, financing, construction, and operation of a tolled road. The concessionaire recovers its investment from toll col...