Daniels: Major Moves toll road investors “overpaid”

Indiana Governor Mitch Daniels says foreign investors overpaid for their lease of the Indiana Toll Road five years ago.   The Spanish-Australian investor group Cintra-Macquarie signed a $3.8 billion contract in 2007 to lease the road for 75 years.  At a press conference today celebrating the anniversary of Major Moves, Daniels acknowledged that Cintra-Macquarie is running into hard times.

Daniels on Major Moves Investors

According to the state Department of Transportation, Major Moves has helped fund construction of more than a hundred new road projects and more than a hundred restoration and preservation projects.  Daniels also says the toll road is a vastly better road because of improvements the investors have made.  Meanwhile, according to a May article in The Financial Times, Cintra-Macquarie is in danger of defaulting on loans it used in the toll road deal.  Daniels says if Cintra-Macquarie does default, it wouldn’t affect service on the road.   The state could terminate the agreement, keep the money, and choose a new operator. 

— Indiana Public Broadcasting


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