NHIT to raise Rs 45 bn debt for 2 new road projects

14 Mar 2024 CW Team

The National Highways Infra Trust (NHIT) announced its intention to procure an additional debt amounting to Rs 45 billion. This funding aims to facilitate the acquisition of two additional operational road projects from its parent organisation, the National Highways Authority of India (NHAI).

It was indicated that the conclusion of the acquisition of road assets is scheduled for the fourth quarter, ending on March 31 (Q4FY24). NHIT, functioning as an infrastructure investment trust (InvIT), proposed to extend its portfolio by acquiring a total of seven operational road projects from NHAI, a step up from the initial plan of five, as part of its third round of asset acquisition.

To finance these acquisitions, NHIT proposed a long-term debt of Rs 90 billion, previously estimated at Rs 45 billion. Additionally, it planned to generate equity by issuing units of an infrastructure investment trust (InvIT).

India Ratings awarded AAA ratings for rupee term loans, citing the optimal combination of operational assets with long-term revenue visibility, minimal operational risks, and support from a robust and experienced parent organisation.

The projected enterprise value of the seven assets is anticipated to be approximately Rs 160 billion, pending the valuation report, compared to the earlier estimated Rs 90 billion for five assets.

As of now, the InvIT, operating through its wholly-owned subsidiary, National Highways Infra Projects (NHIPPL), oversees eight road assets with a combined length of 2,544 lane km.

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