The Centre is likely to launch the second phase of its Infrastructure Investment Trust (InvIT) programme in December, with three public sector entities expected to offer operational assets for monetisation. The National Highways Authority of India (NHAI) is expected to be one of the participating entities, while the names of the other two have not been disclosed.

The programme is expected to cover assets in the roads, highways, railways and power sectors. It is intended to expand the government’s asset monetisation efforts while enabling retail investors to participate in the cash flows generated by operating infrastructure.

An InvIT pools money from investors and deploys it into revenue-generating assets such as toll roads. Returns are distributed primarily from the cash flows generated by those assets, allowing the government to unlock capital from existing infrastructure while retaining a structured ownership and investment framework.

The proceeds from the monetisation programme can support additional infrastructure investment and reduce reliance on fresh budgetary allocations. Monetisation of infrastructure assets, particularly roads and highways, remains a government priority, according to an earlier official communication.

NHAI’s first Public InvIT was established through Raajmarg Infra Investment Trust (RIIT) under the regulatory framework of the Securities and Exchange Board of India. In March 2026, RIIT launched an initial public offering of Rs. 60 bn.

RIIT secured rights to five operational national highway assets in Jharkhand, Tamil Nadu, Andhra Pradesh and Karnataka, with a total concession value of about Rs. 95 bn. The acquisition was financed through a combination of equity and debt, including the Rs. 60 bn equity issue, with the balance funded through bank financing. The second phase is expected to bring a fresh pool of NHAI road assets into the public trust structure.