NHAI gets SEBI approval for Raajmarg Infra Investment Trust as Public InvIT

The National Highways Authority of India (NHAI) has received approval from the Securities and Exchange Board of India (SEBI) for Raajmarg Infra Investment Trust (RIIT) to operate as a Public Infrastructure Investment Trust (InvIT). The move is aimed at unlocking the monetisation potential of completed national highway assets while offering a long-term investment option to retail and domestic investors.

According to the Ministry of Road Transport and Highways, the Public InvIT will help NHAI raise funds from operational highway assets and channel them into further infrastructure development, while also broadening public participation in India’s highway growth story.

Boost to asset monetisation and public participation

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The approval strengthens NHAI’s asset monetisation programme and marks a key shift towards involving ordinary investors in infrastructure financing. RIIT is designed as a high-quality, long-term investment instrument, primarily targeting retail and domestic investors who were earlier unable to participate in large-scale infrastructure projects.

Commenting on the approval, NHAI Chairman Santosh Kumar Yadav said, “The SEBI approval for RIIT represents a significant milestone in expanding public participation in India’s National Highway infrastructure growth. The senior leadership team at Raajmarg Infra Investment Managers Private Limited (RIIMPL) comprises of highly experienced and accomplished professionals, well positioned to take this initiative forward and create meaningful long-term investment opportunities for the public.”

He added that the development would help achieve NHAI’s asset monetisation goals while further strengthening the national highway network.

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Dedicated investment manager with strong banking backing

Earlier, NHAI incorporated Raajmarg Infra Investment Managers Private Limited (RIIMPL) as the Investment Manager for RIIT. RIIMPL has been set up as a collaborative venture with equity participation from leading banks and financial institutions.

The shareholders include State Bank of India, Punjab National Bank, NaBFID, Axis Bank, Bajaj Finserv Ventures Ltd., HDFC Bank, ICICI Bank, IDBI Bank, IndusInd Bank and Yes Bank. NRVVMK Rajendra Kumar, Member (Finance), NHAI, will serve as the Managing Director and CEO (Additional Charge) of the Investment Manager company.

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What is RIIT and how does it work?

RIIT is a platform through which NHAI will raise funds from completed national highway assets. The core idea is asset monetisation, where a portion of the revenue generated from operational highways is shared with investors.

Unlike earlier models that were limited to large institutional investors, this Public InvIT is focused on enabling retail and domestic investors to invest in India’s highway infrastructure and benefit from stable, long-term returns.

According to the ministry, RIIT will play a key role in accelerating the development of a robust national highway network by allowing ordinary citizens to participate directly in infrastructure development. “RIIT will deepen public participation and play a pivotal role in accelerating the development of a robust National Highway network across the country by enabling domestic retail investors to participate in national infrastructure development,” the ministry said.