NHAI may raise up to Rs 100 bn from public via InvITs

21 Sep 2022 CW Team

The National Highways Authority of India (NHAI) plans to raise close to Rs 100 billion from the capital market through infrastructure investment trusts (InvITs), according to a report citing unnamed officials.

The first of the InvITs may open around Diwali to raise Rs 30-40 billion for the operation and maintenance of completed roads and highways. An additional Rs 50-60 billion worth of highways are expected to be moved to InvITs by December, paving the way for subsequent market offers to give retail investors a chance to invest in the highway development programme. A part of the fundraising may spill over to the next year.

InvITs raise money from the public to invest in infrastructure projects such as roads and ports and, in return offer dividends to unitholders. The new initiative is expected to deepen the asset monetisation market in the roads sector. So far, all road sector InvITs are private trusts.

Only institutional investors such as insurance companies and pension funds had participated in the first InvIT round of NHAI in October last year.

The officials said NHAI had already sought approval from the Securities and Exchange Board of India (SEBI) to launch the InvIT. A senior official in the Ministry of Road Transport and Highways (MoRTH), which controls NHAI, said the plan for a market offer by National Highways Infra Trust, the first InvIT sponsored by NHAI, is at an advanced stage.

The officials said funds could also be raised by selling bonds. Another option is that highway assets worth Rs 50-60 billion will be offered by NHAI to a new InvIT, which can be a special purpose vehicle (SPV) of the existing trust.

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