In a significant push to expand India’s infrastructure financing options, the National Highways Authority of India (NHAI) has established a new entity Raajmarg Infra Investment Managers Pvt. Ltd. (RIIMPL) to steer its upcoming Public Infrastructure Investment Trust (InvIT) aimed at allowing citizens and institutions to invest directly in national highways.
RIIMPL will manage the Raajmarg Infra Investment Trust (RIIT), a public InvIT designed to channel long-term funds into the country’s rapidly expanding highway network. The new manager will be responsible for governance, investor management, regulatory compliance and strategic oversight of the trust’s asset portfolio.
Major banks join hands with NHAI
A key highlight of the initiative is the strong institutional support backing the investment manager. Leading financial institutions including SBI, PNB, Axis Bank, HDFC Bank, ICICI Bank, IDBI Bank, IndusInd Bank, Yes Bank, NaBFID and Bajaj Finserv Ventures have taken equity stakes in RIIMPL.
The participation of these large lenders is intended to build market confidence and provide a stable financial foundation for the InvIT as it heads toward public launch.
NRAMVK Rajendra Kumar, NHAI’s Member (Finance), has been appointed as the interim Managing Director & CEO of RIIMPL, bringing regulatory, financial and operational expertise to the new platform.
Highway assets to be monetised for public investment
NHAI plans to place a pool of fully operational national highways into the InvIT, enabling investors to earn returns from toll revenues and long-term road usage income. The authority expects to gradually add around 1,500 kilometres of mature highway stretches to the trust over the coming years, with each asset undergoing detailed valuation and due diligence.
The Public InvIT is part of NHAI’s broader monetisation roadmap, following earlier models such as TOT (Toll-Operate-Transfer) and private InvIT fundraises. The new structure is aimed at diversifying funding sources, reducing dependence on government borrowings and speeding up the rollout of new expressway and logistics corridors.
Public issue expected in early 2026
According to officials, the first tranche of RIIT units is likely to be offered to investors by February 2026, subject to regulatory approvals. The move could mark one of India’s largest public offerings of road infrastructure assets, opening the door for retail participation in what has traditionally been an institutional domain
A new model for citizen-led infrastructure funding
NHAI believes that allowing individuals to invest in highways will create a transparent, market-driven mechanism for financing large-scale public works. Investors, in return, will gain access to stable, long-term cash flows backed by regulated toll collections.
However, experts caution that returns will depend on factors such as traffic growth, toll policy, maintenance costs and broader economic conditions. As with any InvIT, investors should examine risk disclosures once the official offer documents are released.
Transforming India’s road funding landscape
With the launch of RIIMPL, NHAI is reshaping the country’s infrastructure investment framework. By combining regulatory oversight, strong institutional partnerships and a public-facing InvIT structure, the authority aims to create a sustainable pipeline of capital for future highway development.
If successful, the Raajmarg InvIT could emerge as a landmark model for citizen-inclusive infrastructure financing enabling Indians to own a share of the nation’s fastest-growing road network.
