NHAI InvIT - Comprehensive Analysis Report

Summary

National Highways Infra Trust (NHAI InvIT) is an Infrastructure Investment Trust (InvIT) founded by the National Highways Authority of India (NHAI) on October 19, 2020. Its core mission is to develop India's national highway network to global standards efficiently and cost-effectively, thereby promoting economic well-being and enhancing quality of life. The vision centers on delivering excellence in infrastructure investment and user experience, with a commitment to sustainability and community well-being. NHAI InvIT plays a pivotal role in India's infrastructure sector by monetizing completed and operational national highway projects, mobilizing capital from markets, and supporting the government's asset monetization program to recycle public capital into new infrastructure development and introduce private capital for operational efficiencies.

1. Strategic Focus & Objectives

Core Objectives

Monetization of Operational Highway Assets: The primary objective is to monetize existing, operational highway assets across India to generate funds for the further development and expansion of the National Highway network.

Resource Mobilization: To mobilize additional financial resources through capital markets, contributing significantly to the government's asset monetization program and financing new infrastructure projects without increasing government debt.

Investor Base Diversification: To expand the investor base beyond traditional institutional investors to include retail investors, particularly through the establishment of a public InvIT named Raajmarg Infra Investment Trust (RIIT).

Specialization Areas

Infrastructure Investment Trust (InvIT) Model: Specializing in the InvIT financial model for structured investment, consistent cash flows, and transparent governance within the infrastructure sector.

Road Sector Assets: Focused exclusively on the investment and monetization of national highway assets, implemented and held through Special Purpose Vehicles (SPVs) like NWPPL, NEPPL, and NSPPL.

Toll-Operate-Transfer (ToT) Concessions: Managing assets under long-term concession agreements (typically 20-30 years) where NHIT collects toll revenues and is responsible for operations and maintenance.

Target Markets

Institutional Investors: Primarily targets domestic and international institutional investors, including pension funds, provident funds, insurance companies, and sovereign wealth funds.

Retail Investors: Actively expanding its reach to include individual retail investors through upcoming public InvIT offerings, aligning with the broader government strategy to democratize infrastructure investment.

2. Financial Overview

Funding History

NHAI InvIT has successfully raised over ₹46,000 crore across four monetization rounds since its inception in 2020.

Fourth Round Funding (Latest and Largest):

Date: February 2026 (implicitly, as the report date is Feb 2026 and this is the latest information).

Amount: ₹18,380 crore (₹8,340 crore in unit capital and ₹10,040 crore in debt).

Key Investors:

Employees' Provident Fund Organisation (EPFO) contributed ₹2,035 crore, marking its first investment in an InvIT.

Other domestic pension and provident funds: L&T Provident Fund, Rajasthan Rajya Vidyut Karamchari PF, Indian Oil Corporation PF.

Insurance sector investors: Axis Max Life Insurance.

Foreign institutional investors: Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board, who consistently subscribe to the maximum permissible limit of 25% each.

NHAI itself subscribed to 15% of the units.

Fund Utilization: The funds are earmarked for acquiring seven national highway stretches across Andhra Pradesh, Uttar Pradesh/Uttarakhand, Gujarat, and Chhattisgarh at a concession value of ₹17,738 crore.

Impact on Company Growth: This round significantly expands NHIT's asset base and demonstrates robust investor confidence in its model.

Previous Funding Rounds:

Third Round: Raised ₹16,000 crore to acquire 889 kilometers of operational national highways.

Initial Enterprise Value:

Based on an initial portfolio of five roads, the enterprise value was INR 80 billion (USD 1.03 billion), with INR 20 billion funded through debt.

Market Listing and Capitalization:

NHIT units were listed on the Bombay Stock Exchange and National Stock Exchange on November 10, 2021.

As of February 2026, the current market capitalization of NHIT units is approximately ₹28,000 crores.

3. Product Pipeline

Key Products/Services

NHAI InvIT's core "product" is the monetization of high-quality, operational national highway stretches.

Product Name: Monetization of National Highway Assets via InvITs.

Description: Acquisition of rights to collect toll revenues and responsibility for operations and maintenance of completed highway projects for concession periods of 20-30 years.

Development Stage: Continuous identification and acquisition of eligible operational highway assets.

Target Market/Condition: These assets are operational toll roads with established revenue streams, mitigating construction and pre-construction risks for investors.

Expected Timeline:

NHAI plans to infuse approximately 1,500 km of completed highway assets into its Public InvIT (Raajmarg Infra Investment Trust - RIIT) over the next three to five years.

In February 2026, NHAI accepted NHIT's offer of ₹6,221 crore to monetize two specific highway assets: the 255.97 km Amravati-Chikhali-Tarsod section of NH-53 in Maharashtra and the 54.38 km Gundugolanu-Chinna Avutapalli section of NH-16 in Andhra Pradesh.

Raajmarg Infra Investment Trust (RIIT) has already been seeded with five national highway sections, valued at ₹9,500 crore and covering approximately 260 kilometers, with its first issuance of units for retail and public investors expected in February 2026.

Key Features and Benefits: Offers investors stable and predictable cash flows backed by toll collections, transparent governance under SEBI regulations, and an opportunity to participate in national infrastructure development without direct construction risks.

4. Technology & Innovation

Technology Stack

Core Platforms and Technologies: NHAI InvIT's primary innovation is leveraging the Infrastructure Investment Trust (InvIT) model as a financial mechanism. This SEBI-regulated framework allows for pooled investment, structured cash flows, and transparent asset management.

Proprietary Developments: The operational success and maintenance of the highway assets are managed by National Highways InvIT Project Managers Private Limited (NHIPPL), an NHAI-owned entity, ensuring professional management and adherence to quality standards under Toll-Operate-Transfer (ToT) agreements.

Scientific Methodologies: Adherence to SEBI InvIT Regulations ensures robust governance, disclosure, and investor protection. NHAI also employs strategies such as releasing Asset Monetization Strategy Reports and refining policies (e.g., disclosure of Initial Estimated Concession Value) to enhance transparency.

Technical Capabilities: The Trust's technical capabilities are centered on the efficient operation and maintenance of highway infrastructure, facilitated by its specialized management entities and expertise in concession management and toll collection systems.

5. Leadership & Management

Executive Team

Rakshit Jain: Managing Director & Chief Executive Officer of the Investment Manager. He brings over three decades of experience in infrastructure development across various sectors (Power, Roads, Ports, Airports, Industrial infrastructure) in both Indian and international markets. His background includes associations with platforms like Autostrade Indian Infrastructure and GVK Group.

Suresh Goyal: Formerly MD & CEO of the Investment Manager. A founding employee of NHAI InvIT, he was instrumental in its fundraising efforts. His 28 years of experience span project finance, investment banking, and infrastructure investing, including a role as Head of Macquarie Infrastructure and Real Assets for the South East Asia & India region. He holds an Electrical Engineering degree and an MBA.

Rajesh Kumar Singh: Chief Human Resources Officer (CHRO) for NHAI InvIT. He joined in March 2021, previously serving as Country HR Manager for Caterpillar Rail and heading global HR operations at Tata Projects for over ten years. He holds an MBA and completed a leadership program from IIM, Calcutta.

NRVVMK Rajendra Kumar: NHAI Nominee Director on the Board of the Investment Manager and Member (Finance) of NHAI. He brings extensive experience from the Reserve Bank of India, covering public debt management, payment systems, currency management, bank supervision, and foreign exchange reserve management. He also holds additional responsibilities as Managing Director and CEO (Additional Charge) for Raajmarg Infra Investment Managers Private Limited (RIIMPL).

Recent Leadership Changes

Suresh Goyal's Transition: Suresh Goyal, who joined NHAI InvIT in October 2020, was set to step down from his role as MD & CEO of the Investment Manager.

Rakshit Jain's Appointment: Rakshit Jain is now listed as the Managing Director & Chief Executive Officer of the Investment Manager.

NRVVMK Rajendra Kumar's Additional Role: In November 2025, NRVVMK Rajendra Kumar was appointed Managing Director and CEO (Additional Charge) for Raajmarg Infra Investment Managers Private Limited (RIIMPL), the investment manager for the planned Public InvIT.

6. Talent and Growth Indicators

Hiring Trends and Workforce

NHAI InvIT is in a phase of strategic expansion, particularly with the establishment of Raajmarg Infra Investment Managers Private Limited (RIIMPL) to manage the new Public InvIT. This indicates a growing need for specialized talent in areas such as investment management, infrastructure financing, project management, and operations across functions.

Company Growth Trajectory Indicators

The ambitious plan to infuse approximately 1,500 km of completed highway assets into the Public InvIT over the next three to five years signifies substantial growth and an expanding operational footprint. This expansion is expected to drive further talent acquisition across technical, financial, and operational roles, underscoring a strong growth trajectory for the organization.

7. Social Media Presence and Engagement

Digital Footprint

NHAI InvIT's digital presence and engagement are predominantly channeled through its parent entity, NHAI. Communications focus on disseminating public information regarding infrastructure development, asset monetization initiatives, and the broader impact of the InvIT model.

Brand Messaging and Positioning

The brand messaging emphasizes:

Transparency: Highlighting the transparent fundraising achievements and project updates.

Investment Benefits: Promoting the benefits of investing in infrastructure for both institutional and retail investors, focusing on stable returns and contribution to national development.

Thought Leadership: Showcasing the InvIT model as a crucial financial innovation for infrastructure funding in India.

8. Recognition and Awards

Industry Recognition

NHAI's strategy of establishing and successfully operating InvITs, particularly through NHAI InvIT, is consistently recognized as a landmark initiative in the Indian road sector.

The latest fundraising round of ₹18,380 crore was lauded as the largest monetization transaction ever in the road sector.

The successful mobilization of over ₹46,000 crore since 2020 through various InvIT rounds has attracted significant appreciation from both domestic and international investors.

The InvIT model championed by NHAI is considered pivotal in attracting patient capital into the infrastructure sector and advancing India's National Monetisation Pipeline.