India's infrastructure boom: roads and renewables surge

31 Aug 2023 CW Team

Mumbai: The infrastructure development landscape in India is poised for acceleration, with a projected 25% increase in road construction and a 33% rise in renewable energy projects over the next two years. This growth is being driven by companies capitalising on asset monetisation opportunities and reducing their leverage ratios, according to the assessment of credit rating agency Crisil.

Crisil predicts that road construction projects are set to reach up to 13,000 kilometres annually, a notable increase from the current 10,000 kilometres. The driving force behind this expansion is the Hybrid Annuity Model (HAM), which was introduced in 2016. This model has mitigated completion risks associated with road projects, thereby encouraging companies to actively bid for such projects.

Manish Gupta, Senior Director and Deputy Chief Ratings Officer at Crisil commented, "Investor engagement has been positive, with approximately Rs 750-800 billion being raised through equity and asset monetisation in both sectors over the past two fiscal years."

Gupta further stated, "Sustained emphasis on asset monetisation and equity mobilisation, coupled with robust cash flows, will maintain a balanced capital structure in both sectors."

Facilitating the ease of infrastructure development in India, companies are successfully attracting investors to invest in Infrastructure Investment Trusts (InvITs). These financial instruments are backed by the revenue generated from the underlying assets. The assets under the management of road-based InvITs nearly doubled, reaching Rs 1.3 Trillion between December 2022 and July 2023.

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