New Delhi: The Securities and Exchange Board of India (SEBI) has approved the National Highways Authority of India (NHAI)-sponsored Raajmarg Infra Investment Trust (RIIT) to operate as a public Infrastructure Investment Trust (InvIT). The move is expected to strengthen NHAI’s asset monetization efforts and enhance retail and domestic participation in the country’s highway infrastructure.
Focus on Operational Highway Assets and Long-Term Investment
The public InvIT has been designed to unlock value from operational national highway assets while providing a stable, long-term investment avenue. Its primary objective is to attract retail and domestic investors, thereby promoting wider public ownership of India’s national highway network.
Investment Manager Setup and Key Participants
NHAI had earlier established Raajmarg Infra Investment Managers Private Limited (RIIMPL) as the investment manager for RIIT. The company is a joint initiative with equity participation from 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
- Yes Bank
NRVVMK Rajendra Kumar, Member (Finance) of NHAI, will serve as the Managing Director and Chief Executive Officer (additional charge) of RIIMPL.
Leadership and Strategic Importance
Welcoming SEBI’s approval, NHAI Chairman Santosh Kumar Yadav described it as a significant milestone in expanding public ownership of national highway assets. He emphasized that the RIIMPL leadership team possesses strong professional expertise and is well-equipped to drive the initiative forward while creating sustainable, long-term investment opportunities.
Implications for Infrastructure Development
The launch of RIIT is expected to deepen domestic investor participation and accelerate the expansion of highway infrastructure in India. By aligning with NHAI’s broader asset monetization strategy, this initiative is poised to reinforce the role of public investment in national development and improve the country’s road connectivity.
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