NHAI Launches RIIMPL to Drive Public InvIT and Boost Highway Monetization

Speaking at the launch, NHAI Chairman Shri Santosh Kumar Yadav underlined the success of NHAI’s monetization efforts.

In a significant move aimed at accelerating India’s road infrastructure development and broadening investment avenues for the public, the National Highways Authority of India (NHAI) is advancing the creation of its Public Infrastructure Investment Trust (InvIT) — the Raajmarg Infra Investment Trust (RIIT). As part of this major institutional expansion, NHAI has formally incorporated Raajmarg Infra Investment Managers Private Limited (RIIMPL), which will serve as the Investment Manager for the upcoming Public InvIT.

The launch ceremony, held in Mumbai, was led by NHAI Chairman Shri Santosh Kumar Yadav, with senior officials and representatives from several major financial institutions in attendance. This initiative signals NHAI’s strategic intent to bring India’s vast national highway network into mainstream investment channels, especially for domestic and retail investors.

A Major Collaborative Venture with India’s Leading Financial Institutions

RIIMPL represents one of the widest collaborations in India’s infrastructure investment landscape. The Investment Manager has been formed with equity participation from an impressive roster of top banks and financial institutions, including:

• State Bank of India (SBI)

• Punjab National Bank (PNB)

• NaBFID

• Axis Bank

• Bajaj Finserv Ventures Ltd.

• HDFC Bank

• ICICI Bank

• IDBI Bank

• IndusInd Bank

• Yes Bank

The participation of these major financial entities ensures that RIIT will have strong financial backing, governance support, and institutional confidence as it steps into India’s public investment ecosystem. This collaborative structure is also an important step in creating a stable, long-term investment platform designed to attract both retail and large-scale investors.

Additionally, Shri NRVVMK Rajendra Kumar, Member (Finance), NHAI, has been appointed as the Managing Director and CEO (Additional Charge) of RIIMPL. His leadership is expected to bring strategic financial oversight to the InvIT’s operations and its future growth trajectory.

NHAI’s Strong Track Record in Asset Monetization

Speaking at the launch, NHAI Chairman Shri Santosh Kumar Yadav underlined the success of NHAI’s monetization efforts. Over the years, NHAI has built one of the most successful asset monetization programs in the country through multiple channels, including:

• ₹48,995 crore earned through the Toll-Operate-Transfer (TOT) model

• ₹43,638 crore mobilized across four rounds of Private InvITs

These achievements position NHAI as a frontrunner in innovative infrastructure financing, attracting major domestic and global investors. The creation of RIIT as a Public InvIT marks a natural next step in expanding public participation in infrastructure investment.

The Chairman highlighted that in the next 3–5 years, approximately 1,500 km of completed and operational National Highways will be transferred into the Public InvIT. This sizable asset pipeline presents substantial investment opportunities for citizens and aligns with India’s broader goals of democratizing infrastructure ownership.

Vision for the Public InvIT: Transparency, Governance, and Investor Protection

RIIMPL will play a crucial role in managing the InvIT with a strong adherence to regulatory and governance frameworks. The organization will ensure:

• Full compliance with SEBI InvIT regulations

• High standards of transparency and reporting

• Strict norms for investor protection

• Adoption of best-in-class management and compliance practices

These commitments aim to build investor confidence, especially among retail participants who will be engaging with highway infrastructure as a financial asset class for the first time at a national scale.

First Public Issuance Expected in February 2026

The first issuance of InvIT units to retail and public investors is scheduled for February 2026. This timeline provides NHAI and RIIMPL sufficient space to finalize structuring, complete regulatory procedures, and prepare the asset portfolio for public offering. The issuance is expected to receive strong interest, given NHAI’s reputation, stable cash flows from highway assets, and the growing appeal of infrastructure-backed investment products.

The establishment of RIIMPL and the upcoming launch of the Raajmarg Infra Investment Trust (RIIT) signal a transformative moment in India’s infrastructure financing landscape. By enabling public and retail investors to participate in the growth of the national highway network, NHAI is not only strengthening its monetization strategy but also fostering a new era of inclusive investment.

With institutional backing, robust governance standards, and a promising asset pipeline, RIIT is poised to become a flagship platform for long-term, secure, and transparent infrastructure investment in India.