NHAI raises Rs 403.14 bn through monetisation

03 Apr 2024 CW Team

The National Highways Authority of India (NHAI) announced that it had raised Rs 403.14 billion from the monetisation of projects in the fiscal year 2023-24, marking the highest amount ever garnered in its history. This figure exceeded the government's target by nearly 30%, as per sources familiar with the matter. It was suggested that this achievement may have been the highest among all government agencies.

NHAI has now established a record by raising approximately Rs 1.2 trillion through asset monetisation since the fiscal year 2017-18. Officials highlighted that during the fiscal year 2023-24 alone, NHAI auctioned 670 km of completed highways under the Toll Operate Transfer (TOT) model, resulting in Rs 159.68 billion in revenue. Successful bidders are tasked with maintaining, operating, and collecting tolls for a period of 20 years. An official stated, "The private highway operators made the upfront payment to NHAI. We hope to get a good response during the current financial year as well."

According to information obtained, NHAI also achieved its highest-ever concession value of Rs 157 billion through Infrastructure Investment Trusts (InvITs) last year. This was accomplished by monetising 10 stretches covering approximately 890 km of National Highways in Assam, Karnataka, Madhya Pradesh, Uttar Pradesh, and West Bengal. It was regarded as one of the largest transactions in the history of Indian roads. InvITs are trusts responsible for managing income-generating infrastructure assets, providing investors with regular yields and a liquid method of investing in them.

The highway authority raised an additional Rs 86.46 billion through the securitisation of future toll revenue from the Delhi Mumbai Expressway project. Under this model, NHAI receives an upfront payment for the asset, with the amount being reimbursed in installments from the toll revenue to the lender.

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