Maharashtra Approves India’s First State-Level Infrastructure InvIT

02 May 2025 CW Team

The Maha InvIT is designed to serve as a platform for mobilising funds from both private and public investors, offering them stable returns while enabling the state to fast-track the development of key infrastructure assets such as roads and bridges.

Structured in line with the guidelines of the Securities and Exchange Board of India (SEBI), the trust will include designated roles for sponsors, investment managers, and project managers. The trust model is expected to facilitate efficient capital deployment and reduce dependency on high-cost borrowings.

Infrastructure Investment Trusts (InvITs) were first introduced in the United States in 1960, and in India, the National Highways Authority of India (NHAI) adopted the model in 2020 by establishing the National Highway Infrastructure Trust. Maharashtra is now the first state to implement the structure at the sub-national level.

As part of the Maha InvIT, revenue-generating assets from the Public Works Department, Maharashtra State Road Development Corporation (MSRDC), and Maharashtra Infrastructure Development Corporation will be transferred into the trust. These assets will form the basis for generating future income, which can then be reinvested into new infrastructure projects across the state.

The state has also given in-principle approval for setting up a Special Purpose Vehicle (SPV) under the trust. This structure is expected to attract long-term institutional investment, improve liquidity in the infrastructure sector, and deliver better financial efficiency compared to traditional debt funding models.

Officials believe the Maha InvIT will not only enhance the pace and quality of infrastructure development but also significantly reduce the financial burden on the state exchequer. The government is optimistic that the initiative will serve as a model for other states looking to modernise infrastructure financing.

In a pioneering move to advance infrastructure development and unlock capital for critical projects, the Maharashtra state government has approved the creation of the Maha InvIT (Maharashtra Infrastructure Investment Trust). With this step, Maharashtra becomes the first Indian state to launch its own Infrastructure Investment Trust.The Maha InvIT is designed to serve as a platform for mobilising funds from both private and public investors, offering them stable returns while enabling the state to fast-track the development of key infrastructure assets such as roads and bridges.Structured in line with the guidelines of the Securities and Exchange Board of India (SEBI), the trust will include designated roles for sponsors, investment managers, and project managers. The trust model is expected to facilitate efficient capital deployment and reduce dependency on high-cost borrowings.Infrastructure Investment Trusts (InvITs) were first introduced in the United States in 1960, and in India, the National Highways Authority of India (NHAI) adopted the model in 2020 by establishing the National Highway Infrastructure Trust. Maharashtra is now the first state to implement the structure at the sub-national level.As part of the Maha InvIT, revenue-generating assets from the Public Works Department, Maharashtra State Road Development Corporation (MSRDC), and Maharashtra Infrastructure Development Corporation will be transferred into the trust. These assets will form the basis for generating future income, which can then be reinvested into new infrastructure projects across the state.The state has also given in-principle approval for setting up a Special Purpose Vehicle (SPV) under the trust. This structure is expected to attract long-term institutional investment, improve liquidity in the infrastructure sector, and deliver better financial efficiency compared to traditional debt funding models.Officials believe the Maha InvIT will not only enhance the pace and quality of infrastructure development but also significantly reduce the financial burden on the state exchequer. The government is optimistic that the initiative will serve as a model for other states looking to modernise infrastructure financing.

Infrastructure Transport

17 Sep 2025

Gurgaon-Pataudi-Rewari Highway Set for Completion by December 2025

The National Highways Authority of India (NHAI) has set a new target to complete the four-lane Gurgaon-Pataudi-Rewari highway by December 2025, following a two-year delay.Originally planned in 2018 to upgrade the two-lane state highway into a national highway, the project is estimated to cost Rs 9 billion. Construction, which began in 2021, was initially scheduled for completion in November 2023. According to NHAI, around 70 per cent of the work is already complete, with two major structures still pending: a railway overbridge at Pahari village and a two-lane unidirectional flyover on Dwarka E..

Infrastructure Transport

17 Sep 2025

UP Plans Rs 900 Million Extensions to Hindon Elevated Road

The Uttar Pradesh state bridge corporation has prepared the detailed project report and cost estimates for two proposed extensions of the 10.3-km Hindon elevated road, officials said on Thursday. The road connects Raj Nagar Extension to UP-Gate near the east Delhi border, and the project is expected to cost around Rs 900 million.The two extensions, each 400 metres long, will be added to the existing elevated road to ensure smoother traffic flow. “One of the extensions will be from near the Kanawani culvert (near Indirapuram) to the elevated road for commuters heading towards Delhi. The other..

Infrastructure Urban

17 Sep 2025

Goa Likely to Miss October Deadline for Maritime Master Plan

Goa is expected to miss the October 31 deadline for submitting its maritime and waterways master plan, which covers the state’s 105 km coastline and river network. The delay is due to the project management consultant not yet being appointed. The plan is now anticipated to be completed by December, Captain of Ports Octavio Rodrigues stated at the India Maritime Week 2025 roadshow.“We have already selected the consultant and will bring them on board within a week. Only then can we begin drafting the master plan, which is essential to secure central government funding,” Rodrigues added.A c..