NEW DELHI: In order to generate investment in highway sector, the National Highway Authority of India (NHAI) has started the process to setup a company that will act as an investment manager to the proposed Infrastructure Investment Trust (InvIT).
The highway body on Thursday formed a ‘search-cum-selection’ committee with NHAI chairman Sukhbir Singh Sandhu as the convenor of the Committee.
As per the authority the idea is to set up a competent entity of experts that can professionally run the InvIT to mobilise resources from the market for monetizing completed highway projects of NHAI.
The committee was formed keeping in mind to select the best talent from the market for the appointment of two independent directors and one chairman for the Investment Manager Board, said the NHAI in a statement.
Union Cabinet in December 2019 allowed NHAI to set up InvIT and approved setting up the trust under the Indian Trust Act, 1882 and complying with the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.
Other members in the committee include Deepak Parekh, Chairman, Housing Development Finance Corporation, Girish Chandra Chaturvedi, Chairman, ICICI Bank and Sanjay Mitra, Ex-Secretary, Ministry of Road Transport and Highways.
NHAI InvIT shall be the first Infrastructure Investment Trust to be sponsored by any government or semi government entity in the country.