The National Highways Authority of India has received the approval of the markets regulator to launch its maiden infrastructure investment trust to raise ₹5,100 crore. The Securities and Exchange Board of India (Sebi) recently approved the InvIT, which is expected to be launched in a month. In the future, the authority plans to offer 19 projects worth ₹35,000 crore under the InvIT model, which is a platform to monetize roads over the next 3-5 years. The initial set of roads are part of national corridors and provide excellent long-term prospects. The trust is being set up as a private listed InvIT to attract large institutional investors. It is an investment trust that works like a mutual fund and is regulated by Sebi. In such a model, assets are placed in an InvIT where investors put in money and income generated from such assets is paid as a dividend. NHAI's InvIT became a casualty of the Covid-19 crisis after a nationwide lockdown was imposed on March 25, 2020. It was earlier set to launch its first InvIT in May 2020. In December 2019, the Union Cabinet approved the proposal of the Ministry of Road Transport and Highways to authorize NHAI to set up InvITs to monetize national highways that have a toll collection track record of at least one year.
📅Published on:
14 June 2021
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