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NHAI Opens a New Front in Retail-Focused Asset Monetisation
The National Highways Authority of India (NHAI) has opened a significant new chapter in India’s road-sector monetisation framework with the establishment of Raajmarg Infra Investment Managers Private Limited (RIIMPL), the Investment Manager for the forthcoming Raajmarg Infra Investment Trust (RIIT), a public Infrastructure Investment Trust (InvIT) aimed at enabling broad-based public participation in national highway monetisation.
Announced through NHAI’s Press Release dated November 20, 2025, the launch of RIIMPL marks a strategic evolution from institution-dominated monetisation models toward a retail-inclusive investment ecosystem backed by strong governance and market regulation.
Over the past decade, NHAI has implemented a multi-channel monetisation strategy to unlock value from operational national highway assets. This includes Rs. 48,995 crores raised through multiple Toll-Operate-Transfer (TOT) bundles and Rs. 43,638 crores mobilized across four rounds of private InvITs, attracting leading domestic and international institutional investors.
Building on this track record, the creation of RIIT as a public InvIT represents a deliberate policy shift toward democratising infrastructure investment. By allowing retail and domestic investors to participate in predictable, infrastructure-backed cash flows, NHAI is aligning with the Government of India’s vision of deepening public participation in financing national infrastructure.
RIIMPL has been incorporated as the dedicated Investment Manager for RIIT, occupying a central role in governance, compliance, asset management, investor interface, and regulatory alignment. It is backed by a formidable consortium of leading financial institutions, namely:
- State Bank of India
- Punjab National Bank
- NaBFID
- Axis Bank
- Bajaj Finserv Ventures Ltd.
- HDFC Bank
- ICICI Bank
- IDBI Bank
- IndusInd Bank
- Yes Bank
This multi-institution shareholding underscores the sector’s confidence in the public InvIT model and positions RIIMPL as a professionally governed, financially backed entity capable of managing large-scale public investments.
NHAI Member (Finance), Shri NRVVMK Rajendra Kumar, has been appointed as Managing Director and Chief Executive Officer (CEO) (Additional Charge) of the Investment Manager, ensuring continuity between NHAI’s financial strategy and RIIT’s operational governance. The entity was formally launched in Mumbai by NHAI Chairman Shri Santosh Kumar Yadav, in the presence of senior officials and representatives of participating institutions.
NHAI intends to transfer approximately 1,500 km of completed and operational highways into RIIT over the next three to five years. The first public issuance of RIIT units is expected in February 2026, marking NHAI’s maiden retail offering in the infrastructure trust space. This transition elevates InvITs from niche institutional instruments to mainstream investment products with wider public participation.A cornerstone of RIIMPL’s mandate is strict adherence to SEBI’s InvIT Regulations, 2014, including:
- Robust corporate governance standards.
- Transparent financial reporting and disclosures.
- Independent valuation and audit mechanisms.
- Best-in-class compliance practices.
- Structured risk management for traffic variability and revenue projections.
These safeguards are central to building public trust and ensuring that RIIT functions as a transparent, credible, and professionally managed infrastructure investment vehicle.
NHAI’s launch of RIIMPL is more than a corporate incorporation it is a structural enhancement to India’s infrastructure financing ecosystem. By positioning RIIT as a well-regulated, retail-inclusive public InvIT, NHAI is setting the stage for broader financial participation in national highway development, stronger capital-market integration, and deepened transparency in monetization practices. As RIIT approaches its first public issuance in February 2026, it is poised to become a landmark platform that opens infrastructure investment to a wider public, reinforces confidence in the InvIT regime, and contributes meaningfully to India’s long-term national highway development programme.
