The National Highways Authority of India (NHAI) on Thursday said it has garnered the highest ever monetization value of Rs 15,624.9 crore through infrastructure investment trust (InvIT) mode.

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It is achieved by monetizing 10 stretches with an aggregate length of about 890 km, NHAI said, adding that the letter of acceptance (LOA) was issued within two hours of the opening of the bid.

"NHAI has raised the highest ever concession value of Rs 15,624.90 Cr through 'InvIT Round-3," NHAI said in a statement.

InvIT is an instrument on the pattern of mutual funds, designed to pool money from investors and invest in assets that will provide cash flows over a period of time.

NHAI said during this financial year, it has already awarded four TOT bundles and monetized value of Rs 15,968 crore.

The success rate in TOT mode during FY24 was 100 per cent and LoAs were issued within one day of the financial bid opening, it added.

Earlier, under TOT mode, NHAI has successfully monetized 6 rounds (1614 km), realized Rs. 26,366 crore and two rounds of InvIT(635 km), realized Rs.10,200 crore.

Further, through securitization raised about Rs 37,000 crore till now and is likely to raise about Rs. 5,000 crore by the end of FY24.

With this, the statement said the Ministry of Road Transport and Highways (MoRTH) and NHAI's total asset monetization program has crossed Rs 1 lakh crore (Rs. 42,334 crore through TOT, Rs 26,125 crore through InvIT and Rs 42,000 crore through securitization).

NHAI is adopting three modes for monetizing, i.E. Toll-Operate- Transfer (TOT), InvIT and securitization.