In a significant step towards strengthening the asset monetisation programme of the National Highways Authority of India (NHAI), the Securities and Exchange Board of India (SEBI) has granted in-principle approval for the registration of ‘Raajmarg Infra Investment Trust’ (RIIT) as an Infrastructure Investment Trust under the SEBI (Infrastructure Investment Trusts) Regulations, 2014.
The proposed InvIT aims to unlock the monetisation potential of National Highway assets while creating a long-term investment instrument primarily targeted at retail and domestic investors.
As part of the process for securing final registration, Raajmarg Infra Investment Trust will be required to fulfil certain conditions over the next six months. These include the appointment of directors, submission of the required financial statements and compliance with other regulatory requirements.
Last month, NHAI incorporated Raajmarg Infra Investment Managers Private Limited (RIIMPL) as the Investment Manager for RIIT. The company has been established as a collaborative venture with equity participation from several leading banks and financial institutions, including State Bank of India, Punjab National Bank, NaBFID, Axis Bank, Bajaj Finserv Ventures Limited, HDFC Bank, ICICI Bank, IDBI Bank, IndusInd Bank and Yes Bank.
In recent years, NHAI has successfully monetised assets worth ₹48,995 crore through the Toll-Operate-Transfer model and raised about ₹43,638 crore through four rounds of private InvITs, attracting both domestic and global investors.
Aligned with SEBI’s InvIT regulations, the public InvIT framework will ensure transparency, strong investor protection, and high standards of reporting and compliance. These measures are expected to significantly enhance public participation in the development of world-class National Highway infrastructure across the country.
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