India is planning to launch its first public Infrastructure Investment Trust (InvIT) in 2026, marking a new phase in monetising operational national highway assets and broadening participation in road infrastructure financing.
“The first Public InvIT is planned for launch in 2026, following a successful cumulative monetisation of ₹1.52 lakh crore through Toll-Operate-Transfer projects and private InvITs,” the Economic Survey 2025-26 said.
The public InvIT is expected to build on the National Highways Authority of India’s existing asset monetisation programme, which has relied largely on Toll-Operate-Transfer bundles and privately placed InvITs to recycle capital locked in completed highway stretches.
This planned launch comes after the National Highways Authority of India-sponsored Raajmarg Infra Investment Trust received approval from the Securities and Exchange Board of India in December last year to be set up as a public InvIT.
“Strengthening its asset monetisation programme, NHAI-sponsored Raajmarg Infra Investment Trust has received approval from the Securities and Exchange Board of India as an Infrastructure Investment Trust,” the Road Transport and Highways Ministry had said in a statement in December.
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According to the ministry, the public InvIT is aimed at monetising operational national highway assets while offering a long-term investment instrument for domestic investors.
NHAI has incorporated Raajmarg Infra Investment Managers Pvt. Ltd. as the investment manager for the trust, with equity participation from multiple banks and financial institutions, including State Bank of India, Punjab National Bank, NaBFID, Axis Bank, HDFC Bank, ICICI Bank, IDBI Bank, IndusInd Bank and Yes Bank.
