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NHAI is preparing to launch the Raajmarg Infra Investment Trust (RIIT) as a Public InvIT, offering retail investors direct opportunities to invest in operational National Highway assets. The investment trust will be managed by RIIMPL, a joint venture of leading banks and financial institutions, and aims to unlock monetization potential while ensuring strong governance and transparency. NHAI has already demonstrated success in monetizing highway assets through the TOT model and Private InvITs. The first public issuance of units is expected in February 2026, covering around 1,500 km of operational highways.
State-owned NHAI is in the process of setting up the Raajmarg Infra Investment Trust (RIIT) as a Public Infrastructure Investment Trust (InvIT) to enable monetization of National Highway assets. Public InvITs allow retail investors to directly invest in operational infrastructure projects and earn income, with units listed and traded on stock exchanges like NSE and BSE, similar to equities or mutual funds. Advertisement
To manage the proposed InvIT, NHAI has incorporated Raajmarg Infra Investment Managers Pvt Ltd (RIIMPL). This company is a joint venture with equity contributions from leading banks and financial institutions, including State Bank of India, Punjab National Bank, NaBFID, Axis Bank, Bajaj Finserv Ventures Ltd., HDFC Bank, ICICI Bank, IDBI Bank, IndusInd Bank, and Yes Bank. The collaboration is intended to create a high-quality, long-term investment product focused on retail and domestic investors while maximizing the value of National Highway assets.
NHAI Chairman Santosh Kumar Yadav noted that the organization has a strong record in asset monetization, having successfully monetized assets worth INR 48,995 crore through the Toll-Operate-Transfer (TOT) model. Additionally, NHAI raised around INR 43,638 crore across four rounds of Private InvITs, attracting both domestic and international investors. Yadav added that over the next 3-5 years, approximately 1,500 km of completed and operational National Highways will be brought into the Public InvIT, opening significant investment opportunities for the public.
NRVVMK Rajendra Kumar, Member (Finance) at NHAI, has been appointed as Managing Director and CEO (Additional Charge) of the Investment Manager company. RIIMPL will focus on implementing strong governance standards, in line with SEBI's InvIT regulations, ensuring transparency, investor protection, and best-in-class reporting and compliance frameworks. The first issuance of InvIT units for public and retail investors is scheduled for February 2026.
Source PTI
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