National Highways Infra Trust (NHIT), the infrastructure investment trust by the National Highways Authority of India (NHAI), has successfully concluded fund-raising through 'InvIT Round-3' for national highway stretches of aggregate length of 889 km at an enterprise value of over Rs.160 billion, which is the largest monetisation by NHAI and one of the largest transactions in the history of the Indian road sector. The letter of acceptance (LOA) to raise the highest-ever concession value through 'InvIT Round-3' was issued in February 2024. In the third round of monetisation, NHIT has raised unit capital of around Rs.72.72 billion from marquee domestic and international investors and debt of around Rs.90 billion from Indian lenders to fund acquisition of national highway stretches, at a base concession fee of around Rs.156.25 billion and additional concessional fees of Rs.750 million.With completion of the third round of monetisation, the total realised value of all three rounds of InvIT stands at Rs.261.25 billion and holds a diversified portfolio of 15 operating toll roads with an aggregate length of about 1,525 km spread across the nine states of Assam, Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, Uttar Pradesh and West Bengal, with concession periods ranging between 20 to 30 years. National Highways Infra Trust (NHIT), the Infrastructure Investment Trust sponsored by NHAI, was set up in 2021 to support the national monetisation pipeline.