On 5-12-2025, the Ministry of Road Transport & Highways has announced that Securities and Exchange Board of India (‘SEBI’) has granted in-principle approval to register the Highways Infra Investment Trust (‘RIIT’) as an Infrastructure Investment Trust (‘InvIT’).
This step marks a significant step toward monetising National Highways assets and creating long-term investment opportunities for domestic and retail investors.
Key highlights:
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The InvIT framework is designed to unlock the earning potential of National Highways while offering investors a safe and transparent avenue for participation in infrastructure development.
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To secure final registration, RIIT must meet specific conditions within the next 6 months, including:
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Appointment of directors.
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Submission of requisite financial statements.
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Compliance with SEBI’s regulatory requirements.
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NHAI has inducted Highway Infra Investment Managers Private Limited (RIMPL) as the investment manager of RIIT. RIMPL is a collaborative venture with equity stakes from major financial institutions such as:
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State Bank of India
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Punjab National Bank
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NABFID
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Axis Bank
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Bajaj Finserv Ventures Limited
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HDFC Bank
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ICICI Bank
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IDBI Bank
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IndusInd Bank
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Yes Bank
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NHAI has already monetised assets worth ₹48,995 crore through the Toll-Operate-Transfer (ToT) model and raised around ₹43,638 crore in four rounds of private InvITs, attracting both domestic and international investors.
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The public InvIT framework, fully compliant with SEBI’s regulations, will ensure:
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Transparency in operations.
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Robust investor protection mechanisms.
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Best-in-class reporting and compliance standards.
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This initiative is expected to significantly boost public participation in financing world-class highway infrastructure, strengthening India’s road network and supporting long-term economic growth.