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.

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