primarily on BOT route (due to cash crunch at NHAI) with 15 BOT projects to bid in pipeline, already. The company expects to add few more projects to its portfolio. Recently IRB emerged as a preferred bidder in ~Rs26bn (18% higher than NHAI costs) BOT project- Palsit to Dankuni on NH-19; however, the bid just got terminated (our understanding is due to pricing) from NHAI. The balance sheet has strengthened with a) retention of Mumbai-Pune expressway on TOT mode (IRB tied up Rs66bn debt and completed equity infusion of Rs14.3bn equity in June'20) and b) conclusion of stake sale in a...