The National Highways Authority of India (NHAI) is negotiating to raise Rs 9,000 crore (approximately $1.03 billion) for its National Highways Infra Trust (NHIT), marking the largest fundraising round for the state-backed infrastructure trust to date. This move also positions NHIT for the biggest-ever capital raise by a roads-focused infrastructure investment trust (InvIT) in India. The raised funds will primarily be allocated to acquiring a significant portfolio of road assets from NHAI, notably expanding the assets under NHIT management. The fourth round of acquisitions will involve the purchase of six highways spanning 500 km in states including Andhra Pradesh, Chhattisgarh, Uttar Pradesh, Rajasthan, Uttarakhand, and Gujarat. Investors contributing to this fundraise are expected to include large institutional shareholders, such as Canada’s largest pension fund manager CPP Investments and Ontario Teachers' Pension Plan (OTPP), which together hold a 50 percent stake in NHIT. These investors, along with domestic institutional participants like insurance companies, mutual funds, and family offices, will provide a substantial portion of the funds. NHAI holds a 15.48 percent stake in NHIT, while CPP Investments and OTPP each hold 25 percent. NHIT is aiming to complete the fundraising by March 31, 2025, after delays in 2024 due to geopolitical tensions and market instability. The previous fundraise in March 2024 saw NHIT raise Rs 72.72 billion and acquire assets worth Rs 163 billion from NHAI. With a portfolio covering 1,525 km across nine states, NHIT’s assets have an enterprise valuation of Rs 290.41 billion. In alignment with the National Monetisation Pipeline (NMP), which projects Rs 1.6 trillion in revenue from the road sector, NHAI and the Ministry of Road Transport and Highways had already generated Rs 535.41 billion by FY24 through toll-operate-transfer and InvIT mechanisms, contributing to the ongoing asset recycling initiative that began in 2018-19.