NEW DELHI: After raising over Rs 5,000 crore through its Infrastructure Investment Trust (InvIT) in October 2021, the National Highway Authority of India (NHAI) is now planning to raise Rs 3,000 crore through another InvIT, which is likely to come for subscription in January 2022, a top official of the highway authority told TNIE.
The official also said that this time 2-3 road projects would be up for monetisation through the InvIT to be launched in January. The InvIT launched in October initially had a portfolio of five operating toll roads with an aggregate length of 390 kms. These five roads are located across the states of Gujarat, Karnataka, Rajasthan and Telangana. NHAI has granted new concessions of 30-years for these roads.
The units were issued under the private placement route at the upper valuation band of `101 per unit. The units will be listed on NSE and BSE. The first InvIT of NHAI attracted two international pension funds — Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan Board — as anchor investors, which together hold 25% of the units each.
The balance units were placed with a diversified set of domestic institutional investors comprising pension funds, insurance companies, mutual funds, banks and financial institutions. The InvITs are part of the government’s plan to raise Rs 1.6 lakh crore by monetising close to 27,000 km roads in next four years under the National Monetisation Pipeline. The monetisation in the road sector will be through toll-operate-transfer (ToT) and InvIT models.
Five toll roads under monetisation plan
The InvIT launched in October initially had a portfolio of five operating toll roads with an aggregate length of 390 kms. These roads are located across Gujarat, Karnataka, Rajasthan and Telangana.